Trading in C&I Leasing Stocks Resume on Stock Exchange

By Aduragbemi Omiyale

The suspension placed on C&I Leasing Plc by the Nigerian Exchange (NGX) Limited has finally been lifted after the organisation did the needful.

On July 1, 2022, the NGX announced that its regulating sister company, NGX Regulation, approved the suspension of the firm over its failure to file its financial statements.

C&I Leasing was among the other organisations prevented from trading their equities on the stock exchange over the same issue.

But after filing the results, the embargo was lifted last week, allowing investors to buy and sell the company’s shares again on the bourse without hassle.

In a circular issued on Friday, July 29, 2022, the local bourse confirmed that “the suspension placed on trading on the shares of C&I Leasing” has been lifted.

Earlier in the month, the exchange had announced the “suspension 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).”

This rule authorised the bourse to suspend any firm that “fails to file the relevant accounts by the expiration of the cure period.”

Before this sanction is given, the exchange must have sent “to the issuer a second filing deficiency notification within two business days after the end of the cure period” and then send a notice to the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.”

In the disclosure last Friday, the NGX said it removed the embargo because the company “has now filed its audited financial statements for the year ended December 31, 2021, and unaudited financial statements for the quarter ended March 31, 2022.”