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NSE bars six companies from trading

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The Nigerian Stock Exchange (NSE) has barred six quoted companies — Medview Airlines Plc, FTN Cocoa Plc, Union Dicon Salt Plc, Niger Insurance Plc, Capital Oil Plc and R.T. Briscoe Nigeria Plc— from trading over their failure to file corporate accounts as required.

It “suspended trading on the shares of the companies with effect from Tuesday, September 1, 2020, over their failure to file their audited financial statement for the year ended December 31, 2019.”

NSE regulations demand that all listed firms submit their annual audited report and financial statement not later than 90 days after the end of the financial year.

Over 85 per cent of the companies on the Nigerian bourse including insurers, manufacturers, banks, oil and gas firms, and conglomerates adopt the Gregorian calendar year ending 31st December as their financial year, making the deadline for the submission of the company financial statements to be 30th March.

In view of the disruption of commercial activities by the coronavirus pandemic, the NSE and the Securities and Exchange Commission extended the deadline for submission of annual report and accounts by 60 days till 29th May.

READ ALSO: NSE: Oil & gas, industrial stocks drive N9.3bn gain

The NSE said the firms were suspended following the expiration of the “grace” period and several notifications requesting the submission of the financial statements.

“In accordance with the rules set forth above, the suspension of trading in the shares 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,” NSE stated.

In July, the NSE warned investors to be careful when dealing with the shares of 13 companies after their failure to meet regulatory deadlines for the submission of their financial statements without offering reasons for doing so.

The 13 companies comprised Aso Savings and Loans Plc, Deap Capital Management & Trust Plc, DN Tyre & Rubber Plc, FTN Cocoa Processors Plc, Goldlink Insurance Plc, International Energy Insurance Plc, Medview Airline Plc, Resort Savings & Loans Plc, Staco Insurance Plc, Standard Alliance Insurance Plc, UNIC Diversified Holdings Plc, Union Dicon Salt Plc and Union Homes Savings and Loans Plc.

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