NGX lifts suspension on trading in the shares C&I Leasing, Niger Insurance Plc, others

Nigerian Exchange Limited (NGX) has lifted the suspension placed on trading in the shares of C&I Leasing Plc.

The Exchange had suspended nine companies from the facilities of Nigerian Exchange Limited (NGX) having failed to file their Audited Financial Statements for the year ended 31 December 2021.

The companies according to a statement from the NGX include African Alliance Insurance Plc, Niger Insurance Plc, Royal Exchange Plc, Ekocorp Plc, C&I Leasing Plc, Mutual Benefits Assurance Plc, Coronation Insurance Plc, Premier Paints Plc and Ardova Plc.

According to the statement obtained, The Exchange said: “We refer to our Market Bulletin dated 1 July 2022 with Reference Number: NGXREG/LRD/MB37/22/07/01 wherein we notified Trading License Holders and the Investing Public of the suspension of nine (9) listed companies for non-compliance with the provisions of 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 (24) hours of the suspension.

“C & I Leasing Plc, one (1) of the nine (9) listed companies that were suspended on 1 July 2022, has now filed its Audited Financial Statements for the year ended 31 December 2021, and Unaudited Financial Statements for the quarter ended 31 March 2022.

“In view of the company’s submission of these financial statements, and pursuant to Rule 3.3 of the Default Filing Rules, which states that ‘The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange.’

“The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted. Trading License Holders and the Investing Public are hereby notified that the suspension placed on trading on the shares of C&I Leasing Plc was lifted on, 29 July 2022.”