30 C
Lagos
Monday, September 28, 2020
- Advertisement -

Nigeria Stock Exchange Suspends Six Companies for Flouting Listing Rules

Opinion

What Manner of Olive Branch? By John Mayaki

Happy times are here for Godwin Obaseki, who rode into victory, courtesy of his Rivers State counterpart and comrade-in-electoral sleight of hand,...

Between ‘Dividers-in-Chief and Dividers-in-Law’ By Wole Soyinka

I am notoriously no fan of Olusegun Obasanjo, General, twice former president and co-architect with other past leaders of the crumbling edifice...

Putting our Money Where Our Mouth Is – By Femi Adesina

There is a story that President Muhammadu Buhari likes to tell. He has done so many times in public and private meetings....

El-Rufai and the next Emir of Zazzau By Aliyu Tilde

The last colonial Governor of Northern Nigeria, Sir Bryan Sharwood Smith, was the District Officer (D.O.) of Zaria when the Emir of...

The Nigerian Stock Exchange (NSE) has suspended trading in the shares of six listed companies for failure to to adhere to its listing rules.

The shareholders of the affected firms will not be able to trade the stocks of the companies at the exchange until the NSE lifts the suspension.

In a notice to stockbrokers seen by Lagos Times newspaper, the NSE’s management listed the companies as FTN Cocoa Processors, Medview Airline, Niger Insurance, R.T. Briscoe (Nigeria), Union Dicon Salt and Capital Oil.

Their suspension was in pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of the exchange also known as the issuers’ rules or default filing rules.

The rule provides that, “If an issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will: a. send to the issuer a second filing deficiency notification within two business days after the end of the cure period; b. suspend trading in the issuer’s securities; and c. notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.”

In the disclosure today, the NSE stated that “the shares of the six under listed companies have been suspended from trading via the facilities of the exchange, effective today, Tuesday, September 1, 2020, having failed to file their audited financial statement for the year ended December 31, 2019.

The circular further said, “In accordance with the rules set forth above, the suspension of trading in the shares of the above-listed companies will only be lifted upon the submission of the relevant accounts and provided the exchange is satisfied that the accounts comply with all applicable rules of the exchange.”

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Business Profiles

Okechukwu Ohanta

Okechukwu Ohanta is the Sub-Surface Manager at Tenoil Petroleum and Energy Services. Mr Ohanta is responsible for the company's subsurface studies, formation...

Chukwunonye Emenalo

Chukwunonye Emenalo is a lecturer of financial management at Lagos Business School. His teaching interests are in financial management/corporate finance. His research...

Oyewale Ariyibi

Oyewale Ariyibi is the Chief Financial Officer at FBN Holdings Plc. Before this appointment, he was Chief Finance Officer at Transnational Corporation...

Dada Awosika

Dada Awosika is the Managing Partner of D.A Awosika & Partners LLP. He started his Legal Practice in 1996 at the law...

Olamide Edun

Olamide joined Lion’s Head Global Partners in 2017 and is a member of the African Local Currency Bond Fund team, focussed on...