Fortis Global Insurance Regains Market Access After Six-Year Suspension
Trading in the shares of Fortis Global Insurance Plc has resumed on the Nigerian Exchange Limited (NGX) following the lifting of a suspension that had been in place since 2019, after the company filed all outstanding financial statements required by the Exchange.
In a market notice issued to Trading License Holders and the investing public seen by THE WHISTLER, the NGX said the suspension on the insurer’s shares was lifted in line with the Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules).
The Exchange explained that the suspension, which took effect in July 2019, was imposed due to the company’s failure to submit its statutory financial statements within the prescribed timelines.
At the time, the firm was operating under the name Standard Alliance Insurance Plc before its rebranding to Fortis Global Insurance Plc.
According to the NGX, the suspension was enforced pursuant to Rule 3.1 of the Default Filing Rules, which empowers the Exchange to halt trading in the securities of any listed issuer that fails to file its accounts after the expiration of the applicable cure period, while also notifying the Securities and Exchange Commission (SEC) and the broader market.
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“The Company has now filed all outstanding financial statements due to Nigerian Exchange Limited,” the NGX stated, adding that the submissions were reviewed and found to be in compliance with the Exchange’s applicable listing requirements.
Consequently, and in line with Rule 3.3 of the Default Filing Rules, which provides that trading suspension shall be lifted upon satisfactory submission of the relevant accounts, the Exchange approved the restoration of trading in the company’s shares.
The NGX noted that the lifting of the suspension restores Fortis Global Insurance’s access to the capital market and allows investors to once again trade the company’s shares on the Exchange after nearly six years of inactivity.
Market watchers say the development underscores the Exchange’s commitment to enforcing post-listing compliance while also providing a clear pathway for defaulting issuers to return to the market once regulatory obligations are met.
