NSE Suspends Trading In Shares of Unity Bank, Others

• NSE Suspends Trading In Shares of Unity Bank, Others

The Nigerian Stock Exchange (NSE) has suspended trading in the shares of Unity Bank Plc; and five other listed companies from Nigeria’s stock market.

The five Companies also in suspension alongside Unity Bank Plc includes; Golden Guinea Plc, Thomas Wyatt Nigeria Plc, Fortis Microfinance Bank Plc, Deap Management & Trust Plc and Multitrex Integrated Foods Limited.

Mr Godstime Iwenekhai, the Head, Listings and Regulation, NSE, in a statement released on the Nigerian Stock Exchange website, made known that the companies were suspended for the failure to file their financial statements.

The Head, Listings and Regulations, NSE, justified the suspension with a remark, that the suspension was in pursuant of Rule 3.1, Rules for the filing of accounts and treatment of default filing, Rule book of the Exchange.

The rule states, ‘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 after the end of the cure period; suspend trading in the issuer’s securities and notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension’.

Iwenekhai further stated that the suspension will only be lifted upon the submission of relevant accounts.

“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 statement read in part.

The Nigerian Stock Exchange had earlier on October 8, this year, suspended on similar issues, the trading on the shares of six companies; 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; after which the suspension of the companies’ shares were however, lifted following the submission of their financial statement.