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Nigeria Stock Exchange Suspends Six Companies for Flouting Listing Rules

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The Nigerian Stock Exchange (NSE) has suspended trading in the shares of six listed companies for failure to to adhere to its listing rules.

The shareholders of the affected firms will not be able to trade the stocks of the companies at the exchange until the NSE lifts the suspension.

In a notice to stockbrokers seen by Lagos Times newspaper, the NSE’s management listed the companies as FTN Cocoa Processors, Medview Airline, Niger Insurance, R.T. Briscoe (Nigeria), Union Dicon Salt and Capital Oil.

Their suspension was in pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of the exchange also known as the issuers’ rules or default filing rules.

The rule provides that, “If an issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will: a. send to the issuer a second filing deficiency notification within two business days after the end of the cure period; b. suspend trading in the issuer’s securities; and c. notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.”

In the disclosure today, the NSE stated that “the shares of the six under listed companies have been suspended from trading via the facilities of the exchange, effective today, Tuesday, September 1, 2020, having failed to file their audited financial statement for the year ended December 31, 2019.

The circular further said, “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.”

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