The Nigerian Exchange Limited (NGX) has lifted the suspension placed on trading in shares of African Alliance Insurance Plc and Royal Exchange Plc following their failures to filed their audited financial statements for the year ended 31 December 2020 and unaudited financial statements for the quarter ended 31 March 2021.

The companies were among the four companies suspended on 2 July 2021. However, the suspension was lifted after the two companies filed their audited financial statements and unaudited financial statements as required. The other two companies are the Niger Insurance Plc and the Tourist Company of Nigeria Plc.

NGX disclosed in a statement published on its website.

The statement reads, “African Alliance Insurance Plc and Royal Exchange Plc, two (2) of the four (4) listed companies that were suspended on 2 July 2021, have now filed their Audited Financial Statements for the year ended 31 December 2020 and Unaudited Financial Statements for the quarter ended 31 March 2021.

“In view of the companies’ submission of these financial statements, and pursuant to Rule 3.3 of the Default Filing Rules, which states that; “The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange. The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted”, Trading License Holders and the Investing Public are hereby notified that the suspension placed on trading on the shares of African Alliance Insurance Plc and Royal Exchange Plc was lifted on Monday, 4 October 2021.”

Airtel Africa, a leading provider of telecommunications and mobile money services, with offices in 14 nations across Africa, on Monday announced that its subsidiary Airtel Networks Limited (‘Airtel Nigeria’), a leading provider of telecommunications services in Nigeria, has initiated a process under which it seeks to buy back the 8.27 percent minority shareholdings at an offer price of N55.81 per share.

The company disclosed in a statement filed with the Nigerian Exchange Limited and seen by Investors King.

According to the statement if all holders agreed to sell their shares, the total buy back is estimated at N61.24 billion  (c$148.1mn using an exchange rate of 413.38 NGN/USD).

Therefore, the telecommunication giant, disclosed that this represents an open offer to all shareholders.

A share buyback or repurchase is the re-acquisition by a company of its own shares. It represents an alternate and more flexible way of returning money to shareholders.

Share buyback sends a positive signal as the company is investing in its own shares because it is positive about its own future prospects.

The Nigerian Exchange Limited (NGX) has suspended the trading in the shares of Chellarams Plc for failing to file its Auidted Financial Statements for the year eneded 31, March 2021 after the expiration of the Cure Period.

In a letter released by the Exchange, the suspension Chellarams Plc 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.

“Trading License Holders and the Investing Public are hereby notified that pursuant to Rule 7.1(b): Rules for Listing on the Growth Board of the Nigerian Exchange Limited (the Exchange) (Growth Board Rules) which states 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”,

Trading in the shares of Chellarams Plc was suspended from the facilities of the Nigerian Exchange Limited (the Exchange) effective, Thursday, 30 September 2021 having failed to file its Audited Financial Statements for the year ended 31 March 2021 after the expiration of the Cure Period. In accordance with the Growth Board Rules set forth above, the suspension of trading in the shares of Chellarams Plc 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.