NSE suspends trading on shares of companies from September 1
The hammer of Nigeria’s stock market regulator, the Security and Exchange Commission has landed on six quoted companies as the Nigerian Stock Exchange suspended trading on their shares over their failure to file their annual accounts.
The 6 suspended companies include:
- Capital Oil Plc
- FTN Cocoa Processors Plc
- Medview Airline Plc
- Niger Insurance Plc
- R.T. Briscoe (Nigeria) Plc
- Union Dicon Salt Plc
The NSE suspends trading on the shares of the companies with effect from Tuesday, September 1 over their failure to file their audited financial statement for the year ended December 31, 2019.
The suspension is in line with the regulatory rules at the NSE which require all quoted companies to submit their annual audited report and financial statement not later than 90 days after the end of the financial year.
More than 85 per cent of quoted companies including all banks, insurers, major manufacturers, oil and gas companies and conglomerates use the Gregorian calendar year ending December 31 as their business year.
Thus, the deadline for the submission was Monday, March 30.
The disruptions caused by the COVID-19 pandemic had led both the NSE and Securities and Exchange Commission to extend the deadline for submission of annual report and accounts by 60 days, till May 29.
The NSE stated that the companies were suspended after the expiration of the grace period and many notifications demanding the submission of the financial statements.