The shares of African Alliance Insurance Plc, Niger Insurance Plc, Royal Exchange Plc, The Tourist Company of Nigeria Plc have been placed on a full-suspension by Nigerian Exchange Limited.
This means holders of the company’s equities would not be able to trade them on the floor of the exchange during the time of the embargo. The suspension became effective on Friday, July 02, 2021, according to a circular issued by the management of the bourse to stockbrokers, having failed to file their Audited Financial Statements for the year ended 31 December 2020.
According to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, (Default Filing Rules), which provides:
“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 (2) business days after the end of the Cure Period;
b) Suspend trading in the Issue’s securities; and
c) Notify the Securities and Exchange Commission (SEC) and the Market within twenty- four (24) hours of the suspension”.
In accordance with the Default Filing Rules set forth above, the suspension of trading in the shares of the above-mentioned companies will only be lifted upon the submission of the relevant accounts, provided NGX Regulation Limited is satisfied that the accounts comply with all applicable rules of the Exchange.
