NSE Fines Conoil N.4m, May Delist Omatek

By Dipo Olowookere

The Nigerian Stock Exchange (NSE) has asked Conoil Plc, an energy company trading its shares on the local bourse, to pay a fine of N400,000.

Business Post gathered this money is to be paid by the firm, which has billionaire businessman, Mr Mike Adenuga, as its chairman, for filing its financial statements late.

Recall that few days ago, the NSE suspended trading in the shares of the company and 10 others for failing to submit their financial statements for the year ended December 31, 2018 and the first quarter of 2019.

“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, 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 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 24 hours of the suspension.

“The shares of the 11 under listed companies have been suspended from trading via the facilities of the exchange, effective today, Tuesday, July 2, 2019,” a statement from the NSE had said.

But nearly 48 hours after the suspension, the board of Conoil released the results and the embargo later lifted by the NSE.

“Dealing members are hereby notified that the suspension placed in the trading of the shares of Conoil Plc was lifted today, Friday, July5, 2019,” a part of the statement later released by the NSE said.

However, for delaying the results, the NSE has placed a fine of N.4 million on the company. This is to serve as a deterrent.

Meanwhile, the NSE has placed Omatek Ventures Plc on listing watchkist.

This followed the approval given by the Regulation Committee of the National Council of the NSE (RegCom).

According to a regulatory document, RegCom approved that the firm be placed on delisting watch-list subject to filing its quarterly compliance report.

The Lagos-based company is the first factory to locally assemble computer cases, speakers, keyboards and mouse, other than computer systems and notebooks in Africa.

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. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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