NGX Regulation has suspended trading in the shares of eight listed firms for failure to comply with post-listing requirements in filing their 2023 financial statement.

The eight listed firms are Unity Bank, C&I Leasing Plc, Guinea Insurance, Lasaco Assurance, Mutual Benefits Assurance, NPF Microfinance Bank, Regency Alliance Insurance and Secure Electronic Technology Plc.

The post-listing requirements mandates companies on the Exchange to submit their accounts and other documents within specified time frame.

According to the Head of the Issuer Regulation Department, Godstime Iwenekhai, the suspension is with immediate effect.
It reads: “Trading in the shares of the eight companies below have been suspended from the facilities of Nigerian Exchange Limited (NGX or The Exchange) effective today, Monday, 8 July 2024 for not filing their Audited Financial Statements for the year ended 31 December 2023.”

NGX RegCo said that it acted by Rule 3.1 about the Filing of Accounts and Treatment of Default Filing, (Default Filling Rules), which said, “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The exchange will: Send to the issuer a Second Filing Deficiency Notification within two business days after the end of the cure period, suspend trading in the issuer’s securities, and Notify the Securities and Exchange Commission and the Market within 24 hours of the suspension.” Based on the rule, the suspension on trading in the shares of the affected companies would be lifted once they comply with the rules.

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