The Nigerian Exchange Group (NGX) has suspended trading of shares for Unity Bank, Nigerian Police Force Microfinance Bank, and six other companies for failing to file their 2023 audited financial statements. The suspension, effective immediately from Monday, July 8, 2024, was announced by NGX Regulation head Godstime Iwenekhai in a regulatory bulletin.
The companies affected by the suspension include:
- Unity Bank
- C&I Leasing Plc
- Guinea Insurance
- Lasaco Assurance
- Mutual Benefits Assurance
- NPF Microfinance Bank
- Regency Alliance Insurance
- Secure Electronic Technology Plc
The suspension was implemented under Rule 3.1 of the NGX’s Default Filing Rules, which stipulates that if an issuer fails to submit their audited financial statements by the end of the Cure Period, the exchange will:
- Issue a Second Filing Deficiency Notification within two business days after the end of the Cure Period.
- Suspend trading in the issuer’s securities.
- Notify the Securities and Exchange Commission and the market within 24 hours of the suspension.
NGX Regulation emphasized that this measure is a routine procedure aimed at ensuring compliance with the exchange’s financial reporting requirements.
The affected companies now face the challenge of resolving their filing deficiencies to have the suspension lifted and resume trading activities.
