NSE Notifies Of Trading Suspension In The Shares Of CONOIL, FTNCOCOA And Nine Other Listed Companies

The Nigerian Stock Exchange (NSE) has announced the
suspension of trading of shares in eleven companies as a result of
their failure to comply with filing rules for their audited and
periodic results, seven of the eleven companies were from the
Insurance sector. According to the Exchange’s release:

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 (Issuers’ Rules) (“Default Filing Rules”),
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 (2) 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 twenty- four (24) hours of the suspension”, the
shares of the eleven (11) under listed companies have been
suspended from trading via the facilities of The Exchange,
effective today, Tuesday, 2 July 2019:

1. Conoil Plc^[1]
2. FTN Cocoa Processors
   Plc^[2]
3. Goldlink Insurance
   Plc^[3]
4. Guinea
   Insurance Plc^[4]
5. Lasaco Assurance
   Plc^[5]
6. Niger Insurance
   Plc^[6]
7. R.T.
   Briscoe (Nigeria) Plc^[7]
8. Resort
   Savings & Loans Plc^[8]
9. Royal Exchange
   Plc^[9]
10. Standard Alliance Insurance Plc^[10]
11. Universal Insurance Plc^[11]

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.

Table: Suspended Companies And Their Default
Filings

Source NSE

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