NSE Lifts Suspension on Unity Bank Shares at Stock Market

By Dipo Olowookere

Yesterday, the Nigerian Stock Exchange (NSE) announced suspending trading in the shares of Unity Bank Plc and five others.

This was because the affected companies failed to release their financial statements as required by the listing rules.

Hours after the embargo, Unity Bank, which had not explained the main reason for the delay in filing its results, quickly ‘unleashed’ them.

In a notice to the investing public on Friday, the stock market regulator announced lifting of the suspension on trading in the shares of Unity Bank.

“We refer to our Market Bulletin dated November 1, 2018 notifying the public of the suspension of six listed companies for non-compliance with 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 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.’

“Unity Bank Plc, which was amongst the companies suspended has, submitted its outstanding Audited and Interim Financial Statements to The Exchange.

“In view of the submission of the company’s accounts and pursuant to Rule 3.3 of the Default Filing Rules, which provides 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. The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension.’

“The general public is hereby notified that the suspension placed in the trading of the bank’s shares was lifted today, November 2, 2018.

“This is for your information and update,” the notice signed by Mr Godstime Iwenekhai, the Head of Listings Regulation Department at the NSE, said.