Would you like to receive notifications on latest updates of the following headlines?

NGX Suspends Unity Bank, Seven others’ Shares

POSTED ON July 9, 2024 •   Business      BY Abiodun Saheed Omodara •   VIEWS 95
NGX Trading Floor

NGX Regulation, the regulatory arm of the NGX Group, has suspended trading in the shares of eight companies for default in filing their relevant accounts for 2023.

In a market bulletin on Monday, the Head of the Issuer Regulation Department, Godstime Iwenekhai, said the suspension was effective immediately.

According to the market bulletin, the affected 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 said, “Trading in the shares of the eight companies below have been suspended from the facilities of Nigerian Exchange Limited (NGX or The Exchange) effective today, Monday, 8 July 2024 for not filing their Audited Financial Statements for the year ended 31 December 2023.”

As per post-listing requirements, companies on the Exchange are mandated to submit their accounts and other documents within specified time frame.

NGX RegCo said that it acted by Rule 3.1 about the Filing of Accounts and Treatment of Default Filing, (Default Filling Rules), which said, “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 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 and the Market within 24 hours of the suspension.”

Based on the rule, the suspension on trading in the shares of the affected companies would be lifted once they comply with the rules.

Insurance companies had experienced delays in filing their 2023 annual report due to the adoption of IFRS 17 standards.

IFRS 17 requires a company to recognise profits as it delivers insurance services (rather than when it receives premiums) and to provide information about insurance contract profits the company expects to recognise in the future.

RECOMMENDED FOR YOU
IMF pledges support for Tinubu's reforms
BY Abiodun Saheed Omodara November 21, 2024 0

The President of the International Monetary Fund (IMF), Kristalina Georgieva has expressed strong ba...

RECOMMENDED FOR YOU
Amazon Shares Show Resilience Amid Market Fluctuations
BY Suleiman Kelvin Jimoh November 21, 2024 0

Amazon.com Inc (AMZN) has demonstrated a remarkable rebound in the stock market, showing a year-to-d...

RECOMMENDED FOR YOU
Gombe gov presents N320bn 2025 budget to assembly
BY Abiodun Saheed Omodara November 20, 2024 0

Gombe State Governor, Muhammadu Yahaya, presented a proposed budget of N320.11 billion for the 2025...

RECOMMENDED FOR YOU
NNPCL: Coalition group vows protest, says 1.6bn litres PMS will cripple economy
BY Benedicta Bassey November 20, 2024 0

NIGERIA—Following the decision by the Nigeria National Petroleum Company Limited (NNPCL), to i...

RECOMMENDED FOR YOU
FG reviews housing budget to N500bn for 2025
BY Benedicta Bassey November 19, 2024 0

NIGERIA —The Federal Government on Tuesday said it is reviewing it's annual housing budget to...

RECOMMENDED FOR YOU
Naira appreciates, hit N1,735/$ in parallel market
BY Benedicta Bassey November 19, 2024 0

The Naira appreciated to N1,735 per dollar in the parallel market from N1,740 per dollar last weeken...

RECOMMENDED FOR YOU
Tinubu, India PM sign pacts to foster collaboration in defence, economy
BY Benedicta Bassey November 18, 2024 0

NIGERIA — Nigeria and India have entered into partnership to foster collaboration in  def...

RECOMMENDED FOR YOU
UK regular pay growth slows, offering Bank of England hope for easing inflation pressures
BY ROCKETPARROT.com staff November 12, 2024 0

LONDON, Nov. 12 – British wage growth excluding bonuses hit a two-year low in the third quarte...

OUR CHANNELS:

OTHER ARTICLES ::

25th November, 2024
Tinubu eyes livestock sector reform, investment to curb farmer-herder clashes
BY Abiodun Saheed Omodara November 25, 2024 0

President Bola Tinubu has reaffirmed his administration’s commitment to resolving the farmer-h...


Katsina Govt. applauds  NAF  strike against bandits, vows to sustain regional stability
BY Abiodun Saheed Omodara November 25, 2024 0

KATSINA – The Katsina State Government has commended the Nigerian Air Force (NAF) for successf...


Breaking : Supreme court voids National Lottery Act
BY Abiodun Saheed Omodara November 25, 2024 0

The Supreme Court, on Friday, nullified the National Lottery Act 2005 enacted by the National Assemb...


ECB's renews integration call as trade war looms
BY Abiodun Saheed Omodara November 25, 2024 0

European Central Bank, President Christine Lagarde renewed her call for economic integration across...


China expands Visa-free entry to more countries to boost economy
BY Abiodun Saheed Omodara November 25, 2024 0

On Friday, China announced that it would expand visa-free entry to citizens of nine more countries a...


FAO aims key outcomes at COP16 Saudi Arabia
BY Abiodun Saheed Omodara November 25, 2024 0

The assistant Director-General of the Food and Agriculture Organization (FAO), Dr. Abdul Hakim Elwae...


Illegal detention: Bizman slams N50m suit on NDLEA
BY Benedicta Bassey November 25, 2024 0

NIGERIA — A businessman, Damilare Samuel, has slammed the National Drug Law Enforcement Agency...


Appeal Court invalidates verdict against Rivers LG election
BY Benedicta Bassey November 25, 2024 0

ABUJA, Nigeria —The Court of Appeal, sitting in Abuja has nullified the judgement that prevent...


Man in Police net for defiling, impregnating 15-yr-old daughter
BY Benedicta Bassey November 25, 2024 0

CALABAR, Nigeria —A 48-year-old man, Mallam Adamu Umaru, was paraded by the Zone 6 Police Comm...


Trump picks Pam Bondi as Attorney General following Gaetz withdrawal
BY Benedicta Bassey November 25, 2024 0

WASHINGTON, United States  — US President-elect Donald Trump has nominated Pam Bondi, a v...


Menu