Nigerian Stock Exchange Suspends Six Firms

Nigerian Stock Exchange Suspends Six Firms

The Nigerian Stock Exchange (NSE) has suspended trading in six companies over their inability to comply with extant corporate governance rules and best practices that mandate them to submit their financial statements within a specified period.

The 6 firms which were suspended for failing to submit their annual audited report and financial statement, were listed as FTN Cocoa Processors Plc; Medview Airline Plc; Niger Insurance Plc; R.T. Briscoe (Nigeria) Plc; Union Dicon Salt Plc and Capital Oil Plc.

Companies had been directed to submit their annual audited report and financial statement not later than 90 days after the end of the financial year (2019). The deadline for the submission was  given as Monday, March 30, 2020.

However following the disruptions caused by the COVID-19 pandemic, the NSE and Securities and Exchange Commission (SEC) extended the deadline for submission of annual report and accounts by 60 days to May 29, 2020.

The NSE announced that the suspended trading on the shares of the companies will be effective from Tuesday September 1, 2020.

The Statement Read;

“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."