NSE Lifts Suspension on African Alliance’s Shares

• NSE Lifts Suspension on African Alliance’s Shares

The Nigerian Stock Exchange has lifted the suspension of trading in the shares of African Alliance Insurance Plc.

The NSE, in a statement on Friday, referred to its Market Bulletin dated July 5, 2018, which notified the public of the suspension of eight listed companies for non-compliance with the rules for filing of accounts and treatment of default filing and the rulebook of the exchange.

It said the rule 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 period.

The bourse added that trading in the issuer’s securities would be suspended and the Securities and Exchange Commission and the market would be notified within 24 hours of the suspension.

The statement read in part, “African Alliance Insurance Plc, which was among the companies suspended, has submitted its outstanding audited and interim financial statements to the Exchange.

“In view of the submission of the company’s accounts and pursuant to rule 3.3 of the default filing rules, which provides that ‘the suspension of trading in the issuer’s securities will be lifted upon submission of the relevant accounts provided the Exchange is satisfied that the accounts comply with all applicable rules of the Exchange.’”

According to the rule, the Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension.

“Dealing members are hereby notified that the suspension placed in the trading of the company’s shares was lifted on 8th January 2019.”