Investors need to beware while seeking to buy or trade on shares of 49 quoted companies, a latest compliance assessment report by the Nigerian Stock Exchange (NSE) has shown.
The latest tracker report on corporate governance, regulation and compliance obtained by The Nation indicated that 49 companies have pending and unresolved compliance and governance issues that place them below the high standards required of quoted companies. The number of companies tagged with the red alert for various deficiencies represents about 28.5 per cent of the 172 total number of quoted companies at the Exchange.
The report was based on the Compliance Status Indicator (CSI) of the NSE, which uses three-letter codes to mark out companies that fall below the post-listing requirements at the Exchange. The tracker is updated regularly with addition of newly deficient companies and release of newly compliant companies.
The companies under the red-alert warning included Union Bank of Nigeria, Presco, Skye Bank, Transcorp Hotel, Resort Savings and Loans, Evans Medical, Academy Press, Nigerian-German Chemicals and Caverton Offsshore Support Group.
The Nation, August 23, 2017
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