Home General News 20 Companies Risk Removal from Stock Market

20 Companies Risk Removal from Stock Market

Twenty companies listed on the Nigerian Stock Exchange risk being removed.

According to data gotten from the NSE, 26 companies were on suspension as of November 1, 2018 for refusing to file their financial statements as at when due.

The bourse stated that 13 companies were suspended last year, and three later filled their financial statements and the suspension was lifted from them.

The suspension of trading in the shares of Academy Press Plc, Austin Laz & Company Plc, Premier Paints Plc and Ekocorp Plc was lifted on November 6, 2018 while the suspension on FTN Cocoa Processors Plc was lifted last Friday.

Nigerian German Chemical Plc and Roads Nigeria Plc were suspended on October 4, 2017.

While Great Nigeria Insurance Plc, Resort Savings & Loans Plc, Aso Savings & Loans Plc, Evans Medical Plc, Goldlink Insurance Plc, Omatek Ventures Plc, and Union Homes Savings & Loans Plc were all suspended on July 5, 2017.

Fortis Microfinance Bank Plc, Thomas Wyatt Nigeria Plc, Deap Capital Management & Trust Plc, Golden Guinea Breweries Plc, Trex Integrated Foods Plc, International Energy Insurance Plc, Unic Diversified Holdings Plc, DN Tyre & Rubber Plc, African Alliance Insurance Plc, STACO Insurance Plc, and Afromedia Plc were all suspended this year and had yet to file their financial statements.

Skye Bank Plc was suspended following the cancellation by the Central Bank of Nigeria of its operating licence.

The Quotations Committee of the National Council of the Exchange placed two companies ― Deap Capital Management Plc and Great Nigeria Insurance Plc ― under supervisory watch list subject to the filing of their quarterly compliance reports.

The bourse said Evans Medical Plc had obtained the QCN approval and was currently undergoing restructuring, while DN Tyre & Rubber Plc was currently being removed.

It added that Tourist Company of Nigeria Plc had concluded the first stage of the transaction and the management of the NSE had engaged the company on the next stage.

According to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, any member that breaches any of the NSE’s corporate governance rules shall be subject to as fines, suspension from trading, and removal from the Exchange in irredeemable cases of defaulting.

It said where a firm is removed for nonfulfillment with the listings rules of the Exchange, the firm and its promoters would not be able to seek listing for a period of three years from the date of such removal.


Arierhi Odjirighohttps://360aproko.com/
Music lover, writing gives me joy and am a proud one. The secret of getting ahead is getting started

Must Read

6 Things To Remember When It Feels Like Everyone Else Is Getting Married

I know a thing or two about “single anxiety.” There’s a massive amount of pressure resting on your bony prepubescent shoulders to get hitched and...

8 Ways To Enjoy Your New Relationship Instead Of Worrying That You’ll Ruin It

A new relationship can be as exhilarating as it is terrifying. You finally found that guy you click with, someone you really enjoy spending...


Acts 24:24-25 One great mistake some people make is to trust their feelings. I am sure you have heard people making statements like; "I trust...

Aisha Buhari warns Police IG against intimidating Timi Dakolo and his wife

First lady, Aisha Buhari has warned the Inspector General of Police against intimidating Busola Dakolo and her husband, Timi over the rape allegation against...

Terror Scare: British Airways cancels all flights to Cairo for a week as a security “precaution”

British Airways has cancelled all flights to the Egyptian capital Cairo for a week as a security "precaution".     Passengers who were about to board...