NGX Regulation, the regulatory arm of NGX Group, has suspended trading in the shares of eight listed companies effective Monday, July 8, 2024.
The affected companies failed to submit their audited financial statements for the year ended December 31, 2023.
Godstime Iwenekhai, Head of the Issuer Regulation Department, announced the suspension, citing non-compliance with post-listing requirements. The companies include Unity Bank, C&I Leasing Plc, Guinea Insurance, Lasaco Assurance, Mutual Benefits Assurance, NPF Microfinance Bank, Regency Alliance Insurance, and Secure Electronic Technology Plc.
Iwenekhai stated, “Trading in the shares of the eight companies…have been suspended…for not filing their Audited Financial Statements for the year ended 31 December 2023.” The suspension is in line with Rule 3.1 of the Default Filing Rules, which mandates the Exchange to suspend trading in a issuer’s securities for non-compliance.
The regulation noted that the suspension will be lifted upon the companies’ compliance with the regulations. The affected insurance firms faced challenges in submitting their 2023 annual reports due to the implementation of IFRS 17 standards, which require a change in accounting practices for insurance contracts.
