Dipo Olowookere
By Dipo Olowookere
Trading on the shares of Unity Bank Plc and five other publicly quoted companies have been suspended by the Nigerian Stock Exchange (NSE).
A statement issued by the Head of Listings Regulation Department at the NSE, Mr Godstime Iwenekhai, disclosed that the suspension takes effect from Thursday, November 01, 2018 (today).
Apart from Unity Bank, the other affected firms are Fortis Microfinance Bank Plc, Thomas Wyatt Nigeria Plc, Multi-Trex Intergrated Foods Plc, Golden Guinea Breweries Plc and Deap Capital Management & Trust Plc.
The six companies were suspended because they failed to file in the necessary financial accounts as at when due.
“Dealing members are hereby notified that pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules), which provides that; ‘If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will: (a) Send to the Issuer a ‘Second Filing Deficiency Notification’ within two (2) business days after the end of the Cure Period; (b) Suspend trading in the Issuer’s securities; and (c) Notify the Securities and Exchange Commission (SEC) and the Market within twenty-four (24) hours of the suspension’, the shares of the six (6) under listed companies have been suspended from trading via the facilities of The Exchange, effective today, 1 November 2018.
“In accordance with the rules set forth above, the suspension 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,” the statement said.
