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.”
“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.”
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.
The Punch
