The Nigerian Stock Exchange (NSE) has lifted the suspension it placed on the trading shares of Guinea Insurance Plc and Niger Insurance Plc after both companies met the stipulated conditions demanded by the exchange commission.
The Exchange commission had suspended the two insurance companies along with nine other companies for what it described as ‘non-compliance with its rule 3 which bothers on filing of accounts and treatment of default filing according to its market bulletin published recently.
According to the commission, the rule 3 provides that ‘if an issuer fails to file the relevant accounts by the expiration of the Cure Period, the Exchange commission should send the issuer a Second Filing Deficiency Notification within two business days after the end of the Cure Period; suspend trading in the issuer’s securities’ and notify the Security and Exchange Commission (SEC) and the market within 24 hours of the suspension.
Guinea Insurance Plc and Niger Insurance Plc and the other nine suspended companies failed to comply with the Exchange’s provision and this was believed to be the reason behind their suspension.
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But the companies have now filed their Audited Financial Statements for the year ended 31 December 2018 with The Exchange. This resulted in the lifting of their suspension according to the statement released by the Exchange on Wednesday.
The statement reads in part: ‘In view of the Companies’ submission of their Audited Financial Statements, and pursuant to Rule 3.3 of the Default Filing Rules, which provides that: ‘The suspension of trading in the Issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange’.
‘The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension”, dealing Members are hereby notified that the suspension placed on trading on the shares of Guinea Insurance Plc and Niger Insurance Plc was lifted today, Wednesday, 25 September 2019,’ the statements added.
Samson Oyedeyi
