All posts tagged "13 companies red Category NASD Red"

By Adedapo Adesanya A total of 13 companies have been flagged and placed under the red category by the NASD Over the Counter (OTC) Securities Exchange over their failure to comply with listing rules of the trading platform for unlisted securities in Nigeria. In its weekly newsletter last Friday, NASD said based on the information it compiled as at Thursday, October 31, 2019, it found out that 13 companies on its platform fell short of the requirements and have been placed under the red category. NASD said it carried out the categorisation following the mandate established by the Securities and Exchange Commission (SEC) to regularly conduct a categorization exercise on securities on its platform. The NASD noted that all securities fell under certain categorization based off the capabilities of the companies to meet the set criteria and are scored into one of three categories such as the NASD Blue, NASD pink, and NASD Red. As a result, these erring companies were placed under the red category following their failure to meet criteria that show a sound corporate governance and adherence to timely report of financial activities for transparency. Business Post understands these 13 companies under the NASD Red are Costain West Africa Plc; Spring Mortgage Bank; Free Range Farms; Vital Products Plc; Geo-Fluids Plc; Riggs Venture West Africa; Famad Nigeria Plc; International Packaging Industries of Nigeria Plc. Others include: Acorn Petroleum; Providus Bank Limited; Resourcery Plc; Swap Technologies; Golden Capital Plc; and Mass Telecom Innovation. On the other hand, the NASD Blue reflect shares of companies with a history of sound financial performance that display a high level of corporate governance and only 8 companies met this. These companies are also compliant with timely disclosure of their financial statements, same as establishing a regular communication with shareholders and meet minimum requirements of the Securities and Exchange Commission (SEC). Those under this premium category are eight and they include FrieslandCampina WAMCO Nigeria Plc, UBN Property Company Plc, Niger Delta Exploration and Production (NDEP) Plc, NASD Plc, Central Securities Clearing Systems (CSCS) Plc, ARM Life Plc, AG Mortgage Bank Plc, and Afriland Properties. For the third category, the NASD Pink, it denotes shares of companies that do not comply with the minimum disclosure and reporting requirements of SEC and NASD. They also include companies without current information available to the public. The NASD disclosed that 14 securities fall under this category and they include: Cappa and D’Alberto, Fumman Agric Product Industries Plc, Food Concept Plc, Mixta Real Estate Plc, Lighthouse Financial Services Plc, Air Liquide Plc, Industrial & General Insurance Plc, NIPCO Plc, Trustbond Mortgage Bank Plc, Fan Milk Plc, CR Services Plc, Allianz Insurance Nigeria Plc, Nigeria Mortgage Refinance Company Plc, and Dufil Prima Foods Plc. The exchange has reiterated that it would continue to encourage good governance and timely financial disclosure among securities listed on its market for the benefit of all stakeholders.

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All posts tagged "13 companies red Category NASD Red"

NASD Exchange Places ‘Red Flag’ on 13 Companies