NSE Suspends Conoil, 10 Others

By Dipo Olowookere

Trading in the shares of Conoil Plc and 10 other companies on the Nigerian Stock Exchange (NSE) has been suspended.

The firms were sanctioned today by the NSE, which prohibited the exchange of their equities on the platform for failing to adhere to rules of the stock market.

A statement issued on Tuesday by the Head of Listings Regulation Department at the NSE, Mr Godstime Iwenekhai, gave the names of the other companies as FTN Cocoa Processors Plc, Goldlink Insurance Plc, Guinea Insurance Plc and Lasaco Assurance Plc.

Others are Niger Insurance Plc, R.T. Briscoe (Nigeria) Plc, Resort Savings & Loans Plc, Royal Exchange Plc, Standard Alliance Insurance Plc and Universal Insurance Plc.

Mr Iwenekhai explained in the statement that the suspended firms specifically failed to submit their financial statements as required by the listing rules.

“Dealing members are hereby notified that pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange, 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.”

“The shares of the 11 under listed companies have been suspended from trading via the facilities of the exchange, effective today, Tuesday, July 2, 2019,” the statement said.

It added that, “In accordance with the rules set forth above, the suspension of the above listed companies will only be lifted upon the submission of the relevant accounts and provided the exchange is satisfied that the accounts comply with all applicable rules of the exchange.”