By Aduragbemi Omiyale
The suspension earlier placed on Secure Electronic Technology Plc last Monday has been lifted by the Nigerian Exchange (NGX) Limited.
The authorities of the NGX had suspended trading in the shares of the company and seven others over their failures to file their accounts to the bourse.
The others punished were Unity Bank, C & I Leasing, Guinea Insurance, Lasaco Assurance, Mutual Benefits Assurance, NPF Microfinance Bank, and Regency Alliance Insurance.
The stock exchange in a notice to the investing community said these organisations failed to submit their audited financial statements for the year ended December 31, 2023.
“In accordance with the Default Filing Rules set forth above, the suspension of trading in the shares of the above-mentioned companies shall be lifted upon the submission of the relevant accounts,” a part of the notice read.
But last Friday, the NGX issued another statement to announce the lifting of the embargo on Secure Electronic Technology, saying investors were free to trade the securities of the organisation.
“Secure Electronic Technology Plc has now filed its Audited Financial Statements for the year ended 31 December 2023 (2023 AFS).
“In view of the Company’s submission of its 2023 AFS, 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 Secure Electronic Technology Plc was lifted on Friday, July 12, 2024,” the statement said.