The Nigerian Stock Exchange (NSE) has suspended trading in the shares of Unity Bank Plc and five other listed companies.
The Head, Listings Regulation, NSE, Godstime Iwenekhai, in a statement on Thursday, said the companies were suspended for failing to file their financial statements.
Iwenekhai, who announced the suspension, said it was in pursuant to Rule 3.1, Rules for the filing of accounts and treatment of default filing, Rulebook of the Exchange.
He said the rules provided that if an issuer failed to file the relevant accounts by the expiration of the cure period, the Exchange would send to the issuer a second filing deficiency notification within two business days after the end of the cure period.
He added that trading in the issuer’s securities would be suspended, after which the Securities and Exchange Commission and the market would be notified within 24 hours of the suspension.
The statement read in part, “Trading in the shares of the following companies via the facilities of the Exchange has been suspended effective today, November 1, 2018: Unity Bank Plc, Fortis Microfinance Bank Plc, Thomas Wyatt Nigeria Plc, Multi-Trex Integrated Foods Plc, Golden Guinea Breweries Plc and Deap Capital Management & Trust 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.”
