By Peter Egwuatu
LAGOS — The Nigerian Stock Exchange, NSE, has placed full suspension on 15 quoted companies for non compliance with its listing requirements on financial reporting for 2008.
The Exchange also placed no fewer than 28 companies on technical suspension following default on financial reporting for 2009.

The companies placed on full suspension are Wiggins Teape Nigeria Plc, Jos International Breweries Plc, Hallmark Paper Products Plc, Okitipupa Oil Palm Plc, Nigerian Wire & Cable Plc, Union Dicon Salt Plc, Ekocorp Plc, Nigercem Plc, Golden Guinea Breweries Plc, Daily Times of Nigeria Plc,Albarka Air Plc.

Others are Foremost Dairies Plc, Arbico Plc, First Capital Invest Trust Plc and Stokvis Plc.

The implication of the full suspension is that the shares of the affected companies would no longer be traded on the floors of the Exchange pending when the suspension would be lifted.

It also means that investors in these companies that are cash strapped would no longer have opportunity of disposing their shares for cash until the suspension is lifted.

The following 28 companies would be placed on technical suspension (they will be trading but no price movement on their shares) as from Monday, October 4, 2010. These include: Lennards Nigeria Plc, PS Mandrides Co. Plc, Aluminum Manufacturing Co. of Nigeria Plc, Chams Plc, Ikeja Hotels Plc, Nigerian-German Chemical Plc, Pharma Deko Plc, Studio Press Nigeria Plc, Tourist Company of Nigeria Plc, Union Diagnostic & Clinical Services Plc, Nigeria Energy Sector Fund Plc, Vono Products Plc, M-Tech Plc, G. Cappa Plc, Nigerian Wire Industries Plc, Interlinked Technologies Plc, Big Treat Plc and MTI Plc.

Others are African Petroleum Plc, Conoil Plc, Nigerian Ropes Plc, SCOA Plc, Dangote Flour Mills Plc, Evans Medical Plc, Daar Communications Plc, Crusader Plc, IPWA Plc, and Nigerian Sewing Machine Manufacturing Co. Plc.

The action came after the Securities and Exchange Commission, SEC, removed the former Director-General of the NSE, Prof. Ndi Okereke-Onyiuke, and some members of its Governing Council last month over a crisis that resulted from allegation of financial impropriety and issues of corporate governance. SEC thereafter appointed Mr. Emmanuel Ikazoboh as the Interim Administrator while Mallam Ballama Manu was made the Interim President of the NSE Council.

Consequently, the Commission ordered a probe into the finances of the NSE and mandated it to commence the process to recruit a substantive Director-General.

Indications have continued to emerge that the NSE management and Council may have been violating laws guiding its operations. The Council as gathered may have disregarded provision the Companies and Allied Matters Act ( ACAMA) and MEMART, a development that may have made its external auditors, Akintola Williamso Deloitte, to qualify the 2009 accounts.

However, official statement from Akintola Deloitte has not yet been released to the public as the SEC is still awaiting the results of the investigation of the alleged mis appropriation of funds by management of the Exchange.