NSE suspends trading in shares of 11 companies

The Nigerian Stock Exchange (NSE) said that it has suspended trading in the shares of 11 companies.

According to a statement on Tuesday by the NSE Head of Listings Regulation Department, Mr Godstime Iwenekhai, the affected companies were penalized over delayed filing of accounts.

He listed the companies to include, Conoil, FTN Cocoa Processors, Goldlink Insurance, Lasaco Assurance, Niger Insurance and R.T. Briscoe.

Others are Resort Savings & Loans, Royal Exchange, Standard Alliance Insurance and Universal Insurance.

Iwenekhai said, “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.

“The exchange will after the Cure suspend trading in the Issuer’s securities, and notify the Securities and Exchange Commission and the market within 24 hours of the suspension.”

“In accordance with the rules set forth above, 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,” he added.