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NGX suspends shares of Unity Bank and seven others

NGX Regulation, the regulatory arm of the NGX Group, has suspended buying and selling in shares of eight corporations for failing to file their related 2023 annual accounts.

In a market bulletin on Monday, Godstime Iwenekhai, head of the Issuer Regulation Division, mentioned the suspension is efficient instantly.

Based on the market bulletin, the affected corporations are: Unity Financial institution, C&I Leasing Plc, Guinea Insurance coverage, Lasaco Assurance, Mutual Advantages Assurance, NPF Microfinance Financial institution, Regency Alliance Insurance coverage and Safe Digital Know-how Plc.

Iwenekhai mentioned: “Buying and selling within the shares of the eight corporations listed under has been suspended from right now, Monday, July 8, 2024, on the services of Nigerian Trade Restricted (NGX or The Trade) for failure to file their audited monetary statements for the yr ended December 31, 2023.”

Based on the post-listing necessities, corporations listed on the inventory change should submit their accounts and different paperwork inside a specified time-frame.

NGX RegCo mentioned it was performing underneath Rule 3.1 on Submitting of Accounts and Therapy of Default (Guidelines for Submitting of Accounts), which acknowledged: “If an issuer fails to file the related accounts previous to the expiry of the treatment interval, the change shall a) ship a second discover of failure to file to the issuer inside two enterprise days after the tip of the treatment interval

“b) Droop buying and selling within the issuer’s securities, and c) Notify the Securities and Trade Fee and the market inside 24 hours of the suspension.”

Underneath the rule, the suspension of buying and selling in shares of the businesses involved can be lifted as soon as they adjust to the foundations.

Insurance coverage corporations skilled delays in submitting their 2023 annual experiences because of the implementation of IFRS 17 requirements.

IFRS 17 requires an organization to recognise income when it gives insurance coverage providers (somewhat than when it receives premiums) and to reveal details about the income from insurance coverage contracts that the corporate expects to recognise sooner or later.

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