NSE suspends trading on Conoil shares over late filing of accounts

The Nigerian Stock Exchange (NSE) has suspended trading on the shares of Conoil Plc for failing to file its accounts by the expiration of the grace period.

In a statement released on Tuesday, Godstime Iwenekhai, NSE’s head of listings regulation department said a total of 11 companies were affected.

They are Conoil, FTN Cocoa Processors, Goldlink Insurance, Lasaco Assurance, Niger Insurance, R.T. Briscoe, Resort Savings & Loans, Royal Exchange, Standard Alliance Insurance and Universal Insurance.

He said that the suspension was in accordance with Rule 3.1, Rules for Filing of Accounts and treatment of default filing, and Rulebook of The Exchange.

“If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will: (a) Send to the Issuer a “Second Filing Deficiency Notification” within two business days after the end of the Cure Period,” the statement read.

“The exchange will after the Cure suspend trading in the Issuer’s securities, and notify the Securities and Exchange Commission (SEC) and the market within 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.”