Conoil leads 9 other coys on NSE breach of result filing deadline
Conoil Nigeria Plc may have consolidated on breaching the post listing rule of the Nigerian Stock Exchange (NSE) as it led nine other companies on the list of 2016 audited result default filers’ list release on Monday.
The company, in 2016, defaulted in filing its audited financial statement for 2015 financial year ended December 31, which attracted sanctions from the exchange. The trend appeared to have been consolidated in 2017.
The NSE said that it released the defaulting companies’ names pursuant to Rule 2.2.1; rules for filing of accounts and treatment of default filing, which is aimed at guarding investors on taking investment decisions. The exchange said it will place heavy sanctions on the companies should they fail to comply within 90 days.
In the report, signed by NSE Head, Listings Regulation Department, Godstime Iwenekhai, the exchange said that the companies missed the deadline to file their audited financial statements (AFS) for the year ended 31 December 2016.
The companies trailing Conoil are, A.G Leventis Nigeria, African Alliance Insurance and Austin Laz & Company. Also included are Capital Hotel, Niger Insurance and Premier Paints, while Resort Savings & Loans, Sovereign Trust Insurance and Union Diagnostic & Clinical Services joined the league of companies that have been labeled by the x-compliance division of the NSE.
According to the NSE, the companies audited financial statements became due on Friday March 31, 2017, adding that having failed to file their AFS by the due date, the companies have violated Rule 1.1.4, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of the exchange which requires listed companies to file their AFS “with The Exchange not later than ninety (90) calendar days after the relevant year end.
Rule 1.1.4 also requires that the AFS must be “published in at least two national daily newspapers not later than 21 calendar days before the date of the Annual General Meeting, and posted on the company’s website, with the web address disclosed in the newspaper publications. An electronic copy of the publication shall be filed with The Exchange on the same day as the publication.”
The NSE said that in line with its zero-tolerance policy on infractions, it has also notified the public of this rule violation by the companies through its x-compliance report. In addition, the appropriate compliance status indicator has been placed beside the names of the defaulting companies on the exchange’s trading system and ticker tape.
The NSE however assured the investing public that it would continue to engage with the companies and may take additional steps should they fail to comply, and file their AFS within the 90-day cure period stipulated in its rules.
