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Stock Exchange suspends Afromedia over poor governance

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Stock Exchange suspends Afromedia over poor governance

The Nigerian Stock Exchange (NSE) has suspended trading on the shares of Afromedia Plc after the media company failed to comply with global best practices and corporate governance rules enshrined in the post-listing requirements at the Exchange.

In a circular announcing the suspension, the Exchange stated that it has suspended trading in the shares of Afromedia with effect from Monday April 9, 2018.

According to the Exchange, the decision to suspend trading was taken after Afromedia failed to submit its financial statements and operational reports as required by the listing requirements at the NSE.

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Rule 3.1 of the Rulebook of the Exchange-Rules for Filing of Accounts and Treatment of Default Filing, states that if a company fails to file the relevant accounts by the expiration of the cure period, the Exchange will send a second filing deficiency notification to the company within two business days after the end of the cure period and immediately suspend trading in the company’s shares.

“In accordance with the rules set forth above, the suspension of the afore-listed company will only be lifted upon the submission of the relevant accounts, provided the Exchange is satisfied that the accounts comply with all applicable rules of the Exchange,” the circular stated.

Afromedia was incorporated in 1959 and listed on the NSE in 2009. The Afromedia Group consists of five subsidiaries and associated companies. These include Afromedia Gambia Limited, Afromedia Africa Propriety Limited, Optmedia Limited, Outdoor Exchange West Africa Limited and Independent Poster Care Limited.

 

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