NGX Lifts Suspension on Mutual Benefits After Filing Results

August 22, 2022
Mutual Benefits retail insurance

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited has announced the lifting of the suspension placed on Mutual Benefits Assurance Plc on July 1, 2022.

For nearly two months, investors could not buy and sell shares of the underwriting company because of the action of the exchange.

The insurance firm had failed to file its financial statements to the bourse for the perusal of the investing public and after efforts to make the organisation comply with the listing rules failed, the company was prohibited from trading its stocks on the platform.

Mutual Benefits was among the nine firms suspended by the NGX about two months ago. After it submitted its results, the suspension was lifted, allowing shareholders to trade their stocks from today, Monday, August 22, 2022.

In a notice issued today, the Nigerian Exchange confirmed that the insurer has filed its audited financial statements for the year ended December 31, 2021, and unaudited financial statements for the quarters ended March 31, and June 30, 2022.

“We refer to our market bulletin dated July 1, 2022, with Reference Number: NGXREG/LRD/MB37/22/07/01 wherein we notified trading license holders and the investing public of the suspension in the trading on the securities of nine listed companies for non-compliance with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (Default Filing 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 24 hours of the suspension.

“Mutual Benefits Assurance Plc, one of the nine (9) listed companies that were suspended on July 1, 2022, has now filed its audited financial statements for the year ended December 31, 2021, and unaudited financial statements for the quarters ended March 31 and June 30, 2022.

“In view of the company’s submission of these financial statements, and pursuant to Rule 3.3 of the Default Filing Rules, which 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 was initially notified of the suspension, that the suspension has been lifted, trading license holders and the investing public are hereby notified that the suspension placed on trading on the shares of Mutual Benefits Assurance Plc has been lifted on Monday, August 22, 2022,” the disclosure read.

Dipo Olowookere

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 [email protected]

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