Nigerian Exchange Limited Suspends Trading License of African Alliance Insurance Plc and Three Others

The Nigerian Exchange Limited has suspended trading licenses of African Alliance Insurance Plc, Niger Insurance Plc, Royal Exchange Plc and the Tourist Company of Nigeria Plc effective from Friday July 2, 2021 for failing to file financial reports by the expiration of the cure period.

In accordance with the Default Filing Rules, “the suspension of trading in the shares of the above mentioned companies will only be lifted upon the submission of the relevant accounts, provided NGX Regulation Limited is satisfied that the accounts comply with all applicable rules of the Exchange,” the Exchange stated in a statement released on Friday.

The suspension is in line with Rule 3.1 of Rules for Filing of Accounts and Treatment of Default Filing, (Default Filing Rules), which provides that: “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 (2) business days after the end of the Cure Period;
b) Suspend trading in the Issuer’s securities; and
c) Notify the Securities and Exchange Commission (SEC) and the Market within twenty- four (24) hours of the suspension”.