We are committed to credibility, transparency, says NSE

…suspends Fortis, Goldlink, 15 others from trading

The Nigerian Stock Exchange (NSE) has sustained its commitment towered investors’ guided direction on listed companies with the suspension of companies that have violated post listing rules of the NSE.

Daily Times gathered that more companies would soon be suspended by the NSE, following grace period extended to them by the bourse, just as fear has gripped boards of many companies that have remained negligent in meeting their post -listing commitments.

The Exchange had earlier stated that, it was committed to ensuring that companies at all times, render timely and current information on developments in the firms to the market, in order for investors to be guided in taking investment decisions.

During the week, ended 7th July, 2017, the NSE wielded the big stick by suspending from trading, companies that have failed to meet the post-listing rules of the Exchange in filling of audited and periodic results.

The exchange had earlier sent warning signals to the defaulting companies, just as periods of grace were extended to them, but decided to bare its fangs on 17 companies, which have failed to comply with the post-listing rules in delivery of their audited financial statements (AFS).

Companies listed on the NSE are expected to file their yearly and quarterly financial reports 30 days after the end of the quarter, in accordance with the NSE’s post- listing rules requirement.

The companies suspended form transaction on their shares on the exchange are, Fortis Microfinance Bank , Premier Paints , Resort Savings & Loans and African Paints,

Others are, Aso Savings and Loans, Ekocorp, Evans Medicals, Omatek Ventures, Union Dicon Salt and Union Homes Savings & Loans.

The companies barred from trading on the floor of the NSE, also included African Alliance, Equity Assurance, Guinea Insurance and Sovereign Trust Insurance. Also included, were, Goldlink Insurance, Great Nigeria Insurance, and Universal Insurance Company.

According to the NSE, the shares of 17 companies were suspended from trading for the failure of the companies to file their various financial statements as at when due.

The suspension, which took effect from July 5, 2017, according to the NSE, would be lifted upon the submission of the relevant delayed statements.