Conoil Resumes Trading as NSE Lifts Suspension on Shares

By Dipo Olowookere

The suspension earlier placed on the trading of Conoil shares at the stock market has now been lifted by the Nigerian Stock Exchange (NSE).

This was confirmed via a statement issued by the management of the stock exchange on Wednesday morning.

Authorities of the NSE had on Monday, August 6, 2018, banned trading of shares of the oil firm at the stock market over its failure to file in its financial statements.

But on Tuesday, the company released its results for first quarter of 2018 and then the first six months of this year.

Consequently, the stock market, on Wednesday, announced lifting the suspension on the shares of the company.

“We refer our Market Bulletin dated 6 August 2018 notifying the public of the suspension of Conoil Plc 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 (2) business days after the end of the Cure Period; (b) Suspend trading in the Issuer’ securities; and (c) Notify the Securities and Exchange Commission (SEC) and the market within twenty- four (24) hours of the suspension.’

“Conoil Plc has submitted its Unaudited Financial Statement for the period ended 31 March 2018.

“In view of the submission of its 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 company’s shares has been lifted effective today, Wednesday, 8 August 2018,” the notice signed by the NSE’s Head of Listings Regulation Department, Mr Godstime Iwenekhai, stated.

As at the time of filing this report on Wednesday, Conoil was trading at N24.30k per share at the stock market.