Stock Exchange Suspends Trading On Shares Of Conoil, 10 Other Firms

The Nigerian Stock Exchange (NSE) on Tuesday suspended trading on the shares of 11 companies for their failure to file their financial reports and accounts within the regulatory stipulated period.

In a statement by the local bourse, the companies were suspended in line with the Rules for filing of Accounts and treatment of default filing.
The companies are gasoline marketing firm Conoil, FTN Cocoa Processors Plc, Goldlink Insurance Plc, Guinea Insurance Plc, Lasaco Assurance Plc, and Niger Insurance Plc.
Others are R.T. Briscoe (Nigeria) Plc, Resort Savings & Loans Plc, Royal Exchange Plc, Standard Alliance Insurance Plc, and Universal Insurance Plc.
According to Rule 3.1 of the Exchange, “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 (2) 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 twenty- four (24) hours of the suspension."
The suspension takes immediate effect, which means no investor can buy or sell the shares of the affected companies on the floor of the NSE until the suspension is lifted.
"The suspension 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," the NSE said in the statement.