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These 21 Firms Still Remain Suspended on Nigerian Stock Exchange

By Dipo Olowookere

A total of 21 public quoted companies are still not allowed to trade their shares on the floor of the Nigerian Stock Exchange (NSE).

The affected firms were hit with the big hammer for various offences, checks by Business Post at the weekend revealed.

As a result of their suspensions, investors with their shares cannot trade on them, making their prices static until the embargoes are removed.

According to a document from the NSE obtained by Business Post at the weekend, some of the affected companies have been on suspension since 2017, while the others since the second quarter of this year.

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The 21 firms still under suspension are Fortis Microfinance Bank, Thomas Wyatt Nigeria, Deap Capital Management & Trust, Golden Guinea Breweries, Multi-Trex Integrated Foods, International Energy Insurance, Unic Diversified Holdings, DN Tyre & Rubber, and Skye Bank.

Others are African Alliance Insurance, STACO Insurance, Afromedia, Nigerian German Chemical, Roads Nigeria, Great Nigeria Insurance, Resort Savings & Loans, Aso Savings & Loans, Evans Medical, Goldlink Insurance, Omatek Ventures and Union Homes Savings & Loans.

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Apart from Skye Bank, which suspended following the regulatory action of the Central Bank of Nigeria to revoke its banking license, every other company were suspended for failing to file the relevant accounts by the expiration of the cure period.

Great Nigeria Insurance, Resort Savings & Loans, Aso Savings & Loans, Evans Medical, Goldlink Insurance, Omatek Ventures and Union Homes Savings & Loans were all suspended on July 5, 2017 by the regulator, while Nigerian German Chemical and Roads Nigeria were both suspended on October 4, 2017.

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Skye Bank received the hammer on September 24, 2018, while International Energy Insurance, Unic Diversified Holdings, and DN Tyre & Rubber were suspended on October 8, 2018.

Business Post reports that Fortis Microfinance Bank, Thomas Wyatt Nigeria, Deap Capital Management & Trust, Golden Guinea Breweries, and Multi-Trex Integrated Foods were suspended from trading their shares on November 1, 2018.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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