NGX Sanctions 8 Firms Over Non-submission Of Financial Statements

The Nigerian Exchange (NGX) has sanctioned 8 listed equities over failure to submit their audited financial statements for the year ended December 31, 2023.

The other companies are: Guinea Insurance, Lasaco Assurance, Mutual Benefits Assurance Plc, NPF Microfinance Bank, Regency Alliance Insurance, Secure Electronic Technology, Unity Bank and C & I Leasing Plc.

Post-listing rules at the NGX require quoted companies to submit their audited earnings reports, not later than 90 calendar days, or three months, after the expiration of the period. The rules also require quoted companies to submit interim report not later than 30 calendar days after the end of the relevant period.

NGX, in a statement, said the companies listed have been suspended from trading in their shares by the Exchange effective from July 8, 2024.

“This action was taken due to the failure of these companies to file their audited financial statement for the year ended December 31, 2023 within the stipulated time frame. The suspension will be lifted upon the submission of the relevant financial statements by these companies,” it said.