July 10, 2024

NGX suspends 8 companies over non compliance 

NGX suspends 8 companies over non compliance 

By Peter Egwuatu  

The Nigerian Exchange Limited (NGX) has  announced  the technical suspension of trading in the shares of eight entities for non compliance with post listing requirements.

The Exchange affirmed that trading in the firm’s shares were suspended because it had yet to submit its audited financial statements for the year ended December 31, 2023, ninety (90) days (three months) after the statutory deadline for submission of returns and 180 days after the year-end.  

This action presents the NGX as being market-sensitive and devoted to ensuring that price discovery in the market is premised on the listing-mandated provisions for quoted entities on the bourse. The governance-laden move has generally been welcomed.

In the statement  published on the NGX trading suspension announcement on Tuesday the eight entities are Guinea Insurance Plc, Lasaco Assurance Plc, Mutual Benefits Assurance Plc, NPF Microfinance Bank Plc, Regency Alliance Insurance Plc, Secure Electronic Technology Plc, C & I Leasing Plc and Unity Bank Plc.

  The market advocated for this as a critical component of building market confidence in the bourse, and indeed, all bourses in the Nigerian capital market are subject to best regulatory governance practices.