In News by Oluwaseun Samuel on the 02nd, September, 2020

Nigerian Inventory Alternate Suspends Six Companies

Nigerian Stock Exchange Suspends Six Firms


Nigerian Inventory Alternate Suspends Six Companies

The Nigerian Inventory Alternate (NSE) has suspended buying and selling in six corporations over their lack of ability to adjust to extant company governance guidelines and finest practices that mandate them to submit their monetary statements inside a specified interval.

The 6 companies which had been suspended for failing to submit their annual audited report and monetary assertion, had been listed as FTN Cocoa Processors Plc; Medview Airline Plc; Niger Insurance coverage Plc; R.T. Briscoe (Nigeria) Plc; Union Dicon Salt Plc and Capital Oil Plc.

Firms had been directed to submit their annual audited report and monetary assertion not later than 90 days after the tip of the monetary 12 months (2019). The deadline for the submission was  given as Monday, March 30, 2020.

Nevertheless following the disruptions attributable to the COVID-19 pandemic, the NSE and Securities and Alternate Fee (SEC) prolonged the deadline for submission of annual report and accounts by 60 days to Could 29, 2020.

The NSE introduced that the suspended buying and selling on the shares of the businesses will probably be efficient from Tuesday September 1, 2020.

The Assertion Learn;

“In accordance with the foundations set forth above, the suspension of buying and selling within the shares of the above listed corporations will solely be lifted upon the submission of the related accounts and supplied the Alternate is happy that the accounts adjust to all relevant guidelines of the Alternate.”

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