NGX suspension: Multiple regulations cause of default in Audited Financial Statements — C&I Leasing Plc
C&I Leasing Plc has attributed a delay in filing its Audited Financial Statements for the year ended 31 December 2021 to multiple regulators.
This was contained in a statement from the management of C&I Leasing Plc after the company along with eight others was suspended from the facilities of Nigerian Exchange Limited (NGX).
The statement of the management read in parts, “Our attention has been drawn to media reports regarding the temporary suspension of Trading in our Shares by the Nigerian Exchange.
“We wish to clarify as follows: Significantly, our operations are guided by multiple regulators for the different aspects of our services to various industries, which has delayed our filings even though our financial reports are presently up to date.
“We are actively engaging with the Nigerian Exchange (NGX) to resolve all outstanding regulatory obligations. Nonetheless, we would submit our 2021 filings as soon as the necessary regulatory approvals have been obtained.
“We crave the indulgence, and understanding of the general public, and also wish to reassure our shareholders and other stakeholders including all our esteemed customers of Management’s commitment to good corporate governance and global best practices in all our dealings.”
Recall that the Nigerian Exchange Limited (NGX) suspended nine companies from its facility on Friday, 1st of July 2022, 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.
The suspension statement obtained noted: “Trading License Holders and the investing public are hereby notified that pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, (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.
“Trading in the shares of the nine (9) companies has been suspended from the facilities of Nigerian Exchange Limited (NGX) effective today, Friday, 1 July 2022 having failed to file their Audited Financial Statements for the year ended 31 December 2021.
“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 (NGX RegCo) is satisfied that the accounts comply with all applicable rules of NGX.”
