NGX Suspend trading in shares of three insurance for failed to file their Audited Accounts


    The Management of the Nigerian Exchange Group, NGX, during the weekly market report for the month of June 30, 2021 ended disclosed in it’s report titled Notification of Suspension of Four Listed Companies.

    The statement further noted that the Trading License Holders and the investing public are hereby notified that pursuant to
    Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, (Default Filing
    Rules), which provides that:

    “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will:

    1. a) Send to the Issuer a “Second Filing Deficiency Notification” within two (2) business days after the end of the Cure Period;
    2. 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”,
      trading in the shares of the four companies below has been suspended from the facilities of the Nigerian Exchange Limited (the Exchange) effective on Friday, 2 July 2021 having failed to file their Audited Financial Statements for the year ended 31
      December 2020. They are:1. African Alliance Insurance Plc
      Niger Insurance Plc
      3. Royal Exchange Plc
      4. The Tourist Company of Nigeria Plc

    Part of the statement reads: In accordance with the Default Filing Rules set forth above, the suspension of trading in the shares of the above mentioned companies will only be lifted upon the submission of the relevant accounts, provided NGX Regulation Limited is satisfied that the accounts comply with all applicable rules of the Exchange.


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