The Nigerian Stock Exchange (NSE) has lifted the ban placed on the shares of Niger Insurance Plc and Guinea Insurance Plc.
The decision, according to the Exchange, was taken as after the insurance firms complied with the rules for the filing of accounts, treatment of default filing and the rulebook of The Exchange (issuers’ rules).
In a statement signed by Godstime Iwenekhai, NSE’s Head of Listings Regulation Department, it was confirmed that the suspension of trading in the issuers’ securities was lifted upon submission of the relevant accounts.
The statement read in part: “In view of the Companies’ submission of their Audited Financial Statements, and pursuant to Rule 3.3 of the Default Filing Rules, which provides that: ‘The suspension of trading in the Issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange.
“The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension’, dealing members of the capital market are hereby notified that the suspension placed on trading on the shares of Guinea Insurance Plc and Niger Insurance Plc was lifted today, Wednesday, September 25, 2019.”
Nairametrics understands that the shares of Guinea Insurance, Niger Insurance, and 9 other companies had been suspended from trading their shares over the failure to submit their financial statements.
The other suspended firms were FTN Cocoa Processors Plc, Goldlink Insurance Plc, Conoil Plc, Lasaco Assurance Plc, R.T. Briscoe (Nigeria) Plc, Resort Savings & Loans Plc, Royal Exchange Plc, Standard Alliance Insurance Plc, and Universal Insurance Plc.
A laudable move for The Exchange? The NSE has often been criticised by a section of investors for taking too long to wield the big stick on rogue listed companies who continue to flout listing rules, despite the obvious risk they pose to investor funds. It is, therefore, always good to see it act tough in order to get stuff fixed.