In a statement issued on Monday, Godstime Iwenekhai, Head of the Issuer Regulation Department, announced that the suspension would be effective immediately.
The suspension affects Unity Bank, C&I Leasing Plc, Guinea Insurance, Lasaco Assurance, Mutual Benefits Assurance, NPF Microfinance Bank, Regency Alliance Insurance, and Secure Electronic Technology Plc, as detailed in the market bulletin.
Godstime Iwenekhai stated, “Trading in the shares of these eight companies has been suspended on the Nigerian Exchange Limited (NGX or The Exchange) effective today, Monday, July 8th, 2024, due to their failure to file Audited Financial Statements for the year ended December 31, 2023.”
Listed companies are required to comply with post-listing obligations by submitting their accounts and other documents within specified timelines set by the Exchange.
NGX RegCo cited Rule 3.1 on Filing of Accounts and Treatment of Default Filing (Default Filing Rules), which mandates actions if an issuer fails to meet filing requirements. This includes sending a Second Filing Deficiency Notification within two business days after the cure period ends, suspending trading in the issuer’s securities, and notifying the Securities and Exchange Commission and the market within 24 hours of the suspension.
The trading suspension on these companies’ shares will be lifted once they comply with regulatory requirements. Insurance firms faced challenges in filing their 2023 annual reports due to the adoption of IFRS 17 standards, which require recognizing profits as insurance services are provided, not when premiums are collected, and disclosing future anticipated insurance contract profits.
