The Nigerian Stock Exchange (NSE) has suspended six listed companies from trading their shares in the bourse.
In a notice issued by Godstime Iwenekhai, acting head of listings regulation department, NSE, the agency said the suspension would take effect from Monday.
The affected companies are DN Tyre & Rubber Plc, FTN Cocoa Processors Plc, International Energy Insurance Plc, Thomas Wyatt Nigeria Plc, Union Dicon Salt Plc and Unic Diversified Holdings Plc.
According to the notice, the suspension resulted from failure of the affected companies to file relevant details of their accounts to the exchange as stipulated by market regulations.
Quoting Rule 3.1 of the rule book of the exchange, the notice said if an issuer fails to file the relevant accounts by the expiration of the current period, the exchange will send to the issuer a second filing deficiency notification within two business days after the end of the Cure Period.
Furthermore trading on the Issuer’s securities would be suspended, following which the Securities and Exchange Commission (SEC) and the Market will be notified within twenty- four (24) hours of the suspension.
“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,” the notice read.