Financial Statements: NSE Suspends Trading In Conoil, 10 Others
The Nigerian Stock Exchange on Tuesday suspended trading in the shares of Conoil Plc and 10 other companies for failure to submit their financial statements as and when due.
The NSE, in a statement on Tuesday, notified dealing members of the suspension, saying it was in pursuant to Rule 3.1, rules for filing of accounts and treatment of default filing, the rulebook of the exchange (Issuers’ rules).
It said the rule provided that “if an issuer fails to file the relevant accounts by the expiration of the cure period, the Exchange will send to the issuer a second filing deficiency notification within two business days.”
It added that after the end of the cure period, trading in the issuer’s securities would be suspended and the Securities and Exchange Commission and the market would be notified within 24 hours of the suspension.
The statement read in part, “The shares of the 11 under listed companies have been suspended from trading via the facilities of the Exchange, effective today, Tuesday, July 2, 2019.
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“These companies are Conoil Plc, FTN Cocoa Processors Plc, Goldlink Insurance Plc, Guinea Insurance Plc, Lasaco Assurance Plc, Niger Insurance Plc, R.T. Briscoe (Nigeria) Plc, Resort Savings and Loans Plc, Royal Exchange Plc, Standard Alliance Insurance Plc and Universal Insurance Plc.
“In accordance with the rules set forth above, the suspension of the above-listed companies will only be lifted upon the submission of the relevant accounts and provided the Exchange is satisfied that the accounts comply with all applicable rules of the Exchange.”
Lasaco said in a statement on Tuesday that its full adoption of the International Financial Reporting Standards 9 brought about the delayed submission of its financial sttaements.
The statement read in part, “Most insurance companies in Nigeria opted for a deferral option, while Lasaco Assurance Plc took the option of full adoption of IFRS 9.
“This led to extra disclosure on our 2018 financials. Submission of our IFRS 9 compliant 2018 financials to the National Insurance Commission was done on Wednesday, June 26, 2019, with the hope that approval will be received not later than June, 30, 2019
“We are confident that the approval of our 2018 financials will be released by NAICOM on or before Friday, July, 5, 2019.”
