NSE Suspends Thomas Wyatt Nigeria Over Financial Results

Thomas Wyatt Nigeria

By Dipo Olowookere

Holders of Thomas Wyatt Nigeria Plc stocks will no longer be able to trade them on the floor of the Nigerian Stock Exchange (NSE) at least for now.

This is because the exchange has suspended the company, prohibiting the purchase and sale of the equities in the interim.

The suspension was slammed on the firm on Wednesday, January 6, 2021, over the failure of the board to file the financial results of the organisation.

“Pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, 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 Thomas Wyatt Nigeria Plc has been suspended from trading via the facilities of the exchange, effective, Wednesday, January 6, 2021, having failed to file its Audited Financial Statements for the year ended March 31, 2020.

“In accordance with the provisions of the Default Filing Rules set forth above, the suspension of trading in the shares of Thomas Wyatt 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,” a notice from the NSE said.

Business Post reports that this is not the first time the exchange is suspending trading on the shares of Thomas Wyatt Nigeria.

One of the most recent was in November 2018. Thomas Wyatt Nigeria was one of the six companies suspended by the stock market regulator for failing to adhere to listing rules. The suspension was removed in March 2020.

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 dipo.olowookere@businesspost.ng

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