NSE suspends trading on 17 stocks

The Nigerian Stock Exchange (NSE) has suspended trading on the shares of 17 companies following their failure to adhere to best corporate governance and the post-listing requirements of the Exchange.
According to a circular obtained from the Exchange, the companies were suspended after they failed to file their accounts and operational reports as required by the listing rules of the Exchange. The suspension will remain until the companies file the relevant accounts and reports.
African Alliance Insurance, Equity Assurance, Fortis Microfinance Bank, Guinea Insurance, Premier Paints, Resort Savings & Loans, Sovereign Trust Insurance, African Paints (Nigeria), Aso Savings & Loans, Ekocorp, Evans Medical, Goldlink Insurance, Great Nigeria Insurance, Omatek Ventures, Union Dicon Salt and Union Homes Savings & Loans and Universal Insurance Company are the suspended companies.
Investors of suspended companies will not be able to trade on the shares of the companies, thus denying them opportunities to raise funds through such investments in case of financial needs.
Post-listing requirements of the Nigerian Stock Exchange require quoted companies to submit their audited reports, not later than 90 calendar days, or three months, after the expiration of the period. Quoted companies are also required to submit interim report not later than 30 calendar days after the end of the relevant period.
The Exchange had on January 1, 2017 launched its new sanction regime for delay in submission of companies’ results. Under the new sanction regime, companies may pay fines that range from N100, 000 to more than N100 million as penalties for delay in the submission of their corporate earnings reports.
Companies that also delayed their financial statements and accounts face threats of suspension and delisting in addition to the monetary fines.