NGX Lifts Suspension on Fortis Global Insurance

By Aduragbemi Omiyale

The suspension placed on trading in the shares of Fortis Global Insurance Plc has been lifted by the Nigerian Exchange (NGX) Limited after six years.

The embargo arose from the company’s violation of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules).

The underwriting firm, formerly known as Standard Alliance Insurance Plc, was suspended by the exchange on July 2, 2019, after the board failed to file the necessary financial statements.

Rule 3.1 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.

A notice from the bourse last week disclosed that the company has now filed all outstanding financial statements due to the NGX, and in view of this, the embargo has been lifted pursuant to Rule 3.3 of the Default Filing Rules.

This section states 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 were initially notified of the suspension, that the suspension has been lifted.”

The bourse informed trading license holders and the investing public “that the suspension placed on trading on the shares of Fortis Global Insurance was lifted on Wednesday, February 4, 2026.”