NGX RegCo Lifts Embargo on Royal Exchange After Two Months

Image

By Dipo Olowookere

The suspension earlier placed on Royal Exchange Plc by the regulatory subsidiary of the Nigerian Exchange (NGX) Group Plc, NGX Regulation Limited, has been lifted.

Royal Exchange is a leading asset management company in Nigeria, which also offers insurance protection to its clients.

On July 11, 2023, trading in the shares of the company was prohibited as a result of the failure of the board to file its financial statements for the perusal of the investing community.

But after filing its outstanding financial accounts, the embargo placed on the firm has now been lifted. This action was done last Wednesday, according to a circular issued by NGX Limited.

“We refer to our market bulletin dated July 11, 2023, with Reference Number: NGXREG/LRD/MB26/23/07/11 wherein we notified trading license holders and the investing public of the suspension in the trading on the securities of Royal Exchange Plc 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), which provides that, If an Issuer fails to file the relevant accounts by the expiration of the Cure Period1, 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.

“Royal Exchange Plc, whose securities were suspended on July 11, 2023, has now filed its outstanding financial accounts.

“In view of the company’s submission of the outstanding 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 Royal Exchange Plc was lifted on September 13, 2023,” the disclosure stated.

Share
Related Stories
Image
29-September-2023

Oil Market Dips on Profit Taking, High Rates Worries

By Adedapo Adesanya The oil market retreated on Thursday, as traders took profits after prices soared recently while the space worried that high interest rates may weigh on demand. During the trading session, Brent futures fell by $1.17 or 1.2 per cent to settle at $95.38 a barrel and the US West Texas Intermediate crude (WTI) declined by $1.97 or 2.1 per cent to close at $91.71 per barrel. The market had reached a 10-month high as some traders worried high oil prices would stoke inflation, encouraging the US Federal Reserve and other central banks to persist with rate hikes.

Image
27-September-2023

Afreximbank to Use Oil Traders to Fund $3bn Nigerian Crude Swap Loan

By Adedapo Adesanya  The African Export-Import Bank (Afreximbank) is planning to use oil traders to fund a $3 billion loan to the Nigerian National Petroleum Company (NNPC) Limited, which is aimed at stabilising the weakening Naira. According to a Reuters report, the Cairo-based bank has made contact with traders to gauge their interest in lending their support to the oil-backed loan to Nigeria’s national oil company. The sources who spoke to the publication also disclosed that Afreximbank has made an attempt to come up with the terms that they will present to trading houses. “There is a lot of interest,

Image
29-September-2023

FG, States, Local Councils Get N1.1tn As September Allocation

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

More Stories
Image
06-September-2017

APC Group Warns Critics to “Leave Aisha Alone”

By Dipo Olowookere A group known as APC Youths Renaissance has warned those it called “political detractors” to leave Minister of Women Affairs, Mrs Aisha Alhassan, alone. This followed a video making the rounds showing the Minister endorsing the 2019 presidential ambition of former Vice President, Mr Atiku Abubakar. In a statement signed by its National Secretary, Mr Collins Edwin, the group said it was wrong to accuse Mrs Alhassan of disloyalty to the present administration of President Muhammadu Buhari. In the statement, the APC group said Mr Buhari would have been very suspicious of Mrs Alhassan if she had

Image
01-January-2018

Naira Appreciates Across Most Market Segments

By Cowry Asset Last week, the local currency appreciated week-on-week in most foreign exchange market segments. The Naira/Dollar appreciated at the I&E FX window (I&E FXW), Bureau De Change (BDC) and the parallel (black) market by 0.14 percent, 0.28 percent and 0.27 percent to N360.33/$, N360/$ and N364/$ respectively while it dosed steady against the US Dollar at the interbank foreign exchange market segment at N330/$. Meanwhile, all dated forward contracts at the interbank OTC segment appreciated amid sustained increase in the foreign exchange reserves – the spot, 1 month, 2 months, 3 months and 6 months contracts appreciated w-o-w

Image
29-July-2017

SEC Issues Circular on Rendition of Various Returns for AML/CFT, NFIU

Consolidated grid for rendition of Various Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) returns by Capital Market Operators (CMOs) to the Securities and Exchange Commission (SEC) and the Nigerian Financial Intelligence Unit (NFIU). Please be notified that the Commission has approved and uploaded reporting templates required for rendition of other categories of AML/CFT returns in line with the SEC AML/CFT regulations for Capital Market Operators in ADDITION to reports on FTRs, STRs and CTRs required to be rendered in accordance with the provisions of the Money Laundering Prohibition Act, 2011 (as amended) and Terrorism Prevention Act, 2011 (as

Image
02-September-2021

Nigeria to Prioritise Private Sector for $520m SAPZ Programme

By Adedapo Adesanya The Nigerian government has pledged to prioritise the private sector for the Special Agro-industrial Processing Zones (SAPZ) scheme aimed at developing priority value chains through developing infrastructure in rural areas, focused on finishing and transforming raw materials and commodities. The Nigeria SAPZ programme consists of four mutually reinforcing components – infrastructure development and agro-industrial hubs management; agriculture productivity and production; policy and institutional development; and programme coordination and management. Earlier in the week, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, reaffirmed the federal government’s commitment to put in place enabling policies and incentives

Image
29-December-2022

Crude Oil Dips on Soaring China COVID-19 Cases

By Adedapo Adesanya  Crude oil settled lower on Wednesday as traders weighed concerns over a surge in COVID-19 cases in China, the world’s top oil importer. Brent crude futures fell by $1.07 or 1.3 per cent to settle at $83.26 a barrel, while the US West Texas Intermediate (WTI) crude futures lost 57 cents or 0.7 per cent to trade at $78.96 per barrel. China has said it will stop requiring inbound travellers to quarantine from January 8, a major step towards relaxing stringent curbs on its borders. However, Chinese hospitals have been under intense pressure due to a surge

Image
12-April-2019

Mary Kay Sustains Support for Women’s Empowerment, Leadership

More than 55 years after Mary Kay Ash founded what is now one of the world’s leading corporate champions of women’s empowerment and entrepreneurship, Mary Kay Inc. continues its support of female leadership as a presenting sponsor of the International Women’s Forum (IWF) Cornerstone Conference. The event, held April 10-12 in Barcelona, Spain, brings together thought leaders, innovators and trailblazers from around the world to explore global issues through a woman’s lens. The IWF Cornerstone Conference provides a dynamic opportunity to support female leadership on a global and local level. IWF is a member-and-mission driven organization of more than 7,000

Image
24-November-2020

Drop in Federal Allocation Worries Bayelsa Government

By Modupe Gbadeyanka The decline in the federal allocation to Bayelsa State has become a source of worry for the state government, which is experiencing a rise in its expenditures. The Commissioner for Finance in the state, Mr Maxwell Ebibai, said what is coming into the purse of the state government was more than what it spends monthly. It stated that for instance, last month, Bayelsa State had a gross inflow of N10.2 billion comprising statutory allocation of N1.9 billion, derivation of N3.8 billion, Value Added Tax of N1.2 billion and forex equilisation fund of N1.9 billion. He said total

Image
07-January-2022

World Food Prices Jumped 28.1% in 2021—FAO

By Adedapo Adesanya The Food and Agriculture Organisation (FAO) said that the food and commodity prices index rose sharply on average in 2021 compared with the previous year. The United Nations agency’s Food Price Index, which tracks monthly changes in international prices, averaged 125.7 points or 28.1 per cent in the year compared with 2020. At the end of the year, world food prices fell slightly, as international prices for vegetable oils and sugar fell significantly, the data shows. The Food Price Index averaged 133.7 points, a 0.9 per cent decline from November, but was still up 23.1 per cent from

Ad
Ad
Recent Stories
Image
29-September-2023

FG, States, Local Councils Get N1.1tn As September Allocation

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

Image
29-September-2023

Erisco Product Reviewer Fights Back, Threatens 500m Suit

By Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

Image
29-September-2023

Scoring Success: How Data Analytics Revolutionizes Football Predictions Strategies

Data analytics is transforming football predictions as tools and techniques are consistently being designed to enhance accuracy and precision in football betting. In this article, we uncover the huge impact of data analytics in football betting. The Power of Data in Football Predictions In football betting, data analytics is used to collect, analyse, and interpret data to make informed predictions. This includes several metrics, such as player stats, team performance, head-to-head results, and external factors like injuries, fatigue, and weather conditions. Data analytics in football predictions is useful in the following ways:  Transforming Raw Data to Useful Piece of Information

Image
29-September-2023

Alleged Assault: Manchester United Recall Anthony to Squad

By Dipo Olowookere Brazilian winger, Anthony, is now eligible to make the Manchester United squad again, a statement from the football club has disclosed. A few weeks ago, the footballer was suspended by the English sports outfit over allegations of assault in his home country. His former girlfriend, Rosilene Silva, accused the footballer of assaulting her, prompting the police in Brazil to launch an investigation into the claims. The police in the United Kingdom also took an interest in the matter, forcing the Old Trafford team to ask Anthony to stay away from the team. In an update on Friday,

Image
29-September-2023

How to Find The Best Marine Insurance Provider For You

For maritime businesses, the stakes are high, and the seas can be unpredictable. Whether you own a shipping fleet, operate a fishing company, or oversee marine logistics, safeguarding your assets with the right marine insurance is prudent. It’s also essential for the sustainability of your enterprise. Here are some tips for how to find the best marine insurance provider. By following these strategic steps, you can ensure your business remains afloat, even in the face of unforeseen challenges. 1. Assess Your Maritime Needs The first crucial step towards securing the ideal marine insurance provider is a comprehensive assessment of your

Image
29-September-2023

Abdullahi Atewe, Emmanuel Dairo to Relaunch Future Brand Idol

By Adedapo Adesanya After a two-year hiatus, the prestigious Future Brand Idol (FBI), an advertising contest, is making a return on a bigger scale following a new partnership with Forbes Black Member community member, Mr Emmanuel Dairo. The competition, which seeks to discover and breed young creative talents in Nigerian tertiary institutions, has created top talents who have gone to explore new grounds in their respective endeavours. Through this newly forged relationship, the founder of the contest, Mr Abdullahi Ahmed Atewe, and Mr Dairo will be seeking to expand the horizon of the challenge to offer more value. This will

Image
29-September-2023

Oyedele Clarifies Transfer of Funds for Tax Reform Committee

By Adedapo Adesanya The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

Image
29-September-2023

Lagos Shuts Down Alaba Market

By Bliss Okperan The Lagos State Waste Management Authority (LAWMA) has announced the immediate closure of the popular spare parts market, Ladipo Market, over an “unhygienic environment.” In a statement on Friday, the waste management agency said it shut down the market due to the unwholesome environmental practices by traders who refused to pay for waste services alongside the poor waste management. The Commissioner for Environment and Water Resources in Lagos, Mr Tokunbo Wahab, said the market would remain closed until the mandatory conditions of redress have been met by traders and market stakeholders. “It is imperative that markets in

Image
29-September-2023

Delisting: Capital Hotels Opens Escrow Account to Pay Off Minority Investors

By Dipo Olowookere The board of Capital Hotels Plc has announced the creation of an escrow account for the payment of about N1.6 billion to minority shareholders of the company. The hospitality firm is leaving the Nigerian Exchange (NGX) Limited after years on the nation’s main stock exchange. In a notice signed by Alex Ugwuanyi, the organisation said the account was created with CardinalStone Registrars Limited and has been sufficiently funded for payment “to shareholders” who “have accepted to exit” the firm by selling their holdings. Recall that in March 2023, shareholders of Capital Hotels approved the request of the

Image
29-September-2023

VFD Group Quits NASD OTC Securities Exchange After Delisting

By Adedapo Adesanya VFD Group Plc has been officially delisted from the NASD Over-the-Counter (OTC) Securities Exchange months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited. The bourse on Thursday confirmed the development in a notice seen by Business Post. “Pursuant to the company’s request to delist from the NASD OTC Exchange, we wish to inform you that VFD Group PLC shares will be delisted with effect from the close of business (COB) today, Thursday, September 28, 2023,” the notice read. Last Friday, after three years of trading on the