National Wire About Nigerians, Nigerian Business and Other Stories
The management of the Nigerian Stock Exchange (NSE) on Thursday suspended trading in the shares of Unity Bank Plc, Fortis Microfinance Bank Plc and four others over their continued delay in releasing their financial statement for verification by the exchange after several couple of months
Other companies that came under the hammer of the self-regulatory body includes Thomas Wyatt Nigeria Plc, Multi-Trex Intergrated Foods Plc, Golden Guinea Breweries Plc and Deap Capital Management & Trust Plc respectively.
In a notice to dealing members and the investing community yesterday, signed by the Head, Listings Regulation Department, Godstime Iwenekhai, the Exchange said that pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (“Default Filing Rules”), which provides that; “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 (2) business days after the end of the Cure Period; (b) Suspend trading in the Issuer’s securities; and (c) Notify the Securities and Exchange Commission (SEC) and the Market within twenty- four (24) hours of the suspension”, the shares of the six (6) under listed companies have been suspended from trading via the facilities of The Exchange, effective today, 1 November 2018.
The Exchange noted that, 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.
It will be recall that only recently, the Central Bank of Nigeria (CBN) revoked the licence of Skye Bank Plc, now Polaris Bank after several year when the bank became distressed and the management failed to recapitalise the financial going concern.
