The Nigerian Stock Exchange (NSE) has suspended Thomas Wyatt Nigeria Plc for failing to adhere to extant corporate governance practices that require quoted companies to submit their audited report and accounts within a stipulated period.
The NSE stated on Friday, January 8, that the suspension of Thomas Wyatt, one of Nigeria’s paper conversion, design and printing giants, took effect from Wednesday, January 6, 2021, having failed to file its audited financial statements for the year ended March 31, 2020.
In a statement ratifying the suspension of Thomas Wyatt, the NSE said:
“In accordance with the provisions of the default filing rules set by the NSE, the suspension of trading in the shares of Thomas Wyatt 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.”
Listing and regulatory rules at the capital market require all quoted companies to submit their annual audited report and financial statement not later than 90 days after the end of the financial year.
NSE tags and applies fines on companies that fail to meet earnings reports’ deadline. Companies may pay fines that range from N100, 000 to more than N100 million as penalties for delay in the submission of their corporate earnings reports.
However, companies that also delayed their financial statements and accounts face threats of suspension and delisting in addition to the monetary fines.
This is not the first time Thomas Wyatt has got into trouble with the NSE as it was suspended trading in 2019 for also failing to file the relevant accounts by the expiration of NSE’s Cure Period. The suspension was later lifted after some weeks after it made available its outstanding financial statements to the NSE.
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