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NSE Lifts Embargo on Trading in Equity Assurance Shares

By Modupe Gbadeyanka

Nigerian Stock Exchange (NSE) has announced lifting the suspension it place last week on trading in the shares of Equity Assurance Plc.

Precisely on Wednesday, July 5, 2017, the stock market regulator suspended trading in the shares of the firm and 16 others for failing to submit their accounts as stipulated.

Earlier this week, one of the affected companies, Sovereign Trust Insurance Plc, was pardoned after complying.

A statement signed by Mr Godstime Iwenekhai, who is the Acting Head, Listings Regulation Department at the NSE, disclosed that the embargo on Equity Assurance shares was removed on Friday after submitting its audited accounts for the period ended December 31, 2016 on July 13, 2017.

“In view of the submission of the relevant accounts and our satisfaction that the accounts complied with our applicable rules, The Exchange has lifted the suspension of trading in the shares of Equity Assurance Plc,” the statement said.

Mr Iwenekhai explained that the suspension was lifted pursuant to Rule 3.3, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules), which states that; The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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