NGX halts trading for eight companies over financial reporting delays

By Esther Agbo

The Nigerian Exchange Limited (NGX) has announced the technical suspension of trading in the shares of eight companies due to non-compliance with post-listing requirements.

According to the Exchange, trading in these companies’ shares was suspended because they failed to submit their audited financial statements for the year ending December 31, 2023, within 90 days (three months) after the statutory deadline and 180 days after the year-end.

This decision emphasises NGX’s commitment to ensuring that market price discovery in the market adheres to the listing requirements for quoted entities. The governance-focused move has been generally welcomed.

In a statement released, the NGX named the affected companies as Guinea Insurance Plc, Lasaco Assurance Plc, Mutual Benefits Assurance Plc, NPF Microfinance Bank Plc, Regency Alliance Insurance Plc, Secure Electronic Technology Plc, C & I Leasing Plc, and Unity Bank Plc.

The market views this action as crucial for building confidence in the Exchange and ensuring adherence to best regulatory governance practices across all Nigerian capital markets.