NSE Suspends Aso Savings, African Alliance Insurance, 15 Others From Trading

This was made known in a statement signed by Godstime Iwenekhai, acting head, listings regulation department, NSE.

According to Iwenekhai, the decision was taken due to failure of the listed companies from submitting some relevant documents to NSE and the suspension would be lifted when the documents are submitted.

The statement reads in part, “Dealing members are hereby notified that pursuant to rule 3.1, rules for filing of accounts and treatment of default filing, rulebook of The Exchange (issuers’ 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 business days after the end of the cure period.

“Suspend trading in the issuer’s securities; and (c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.

“Trading in the shares of the following seventeen (17) companies have been suspended today, July 5, 2017.

“In accordance with the rules set forth above, the suspension of the afore-listed companies will only be lifted upon the submission of the relevant accounts, provided the exchange is satisfied that the accounts comply with all applicable rules.”

The affected companies are:

African Alliance Insurance Plc
Equity Assurance Plc
Fortis Microfinance Bank Plc
Guinea Insurance Plc
Premier Paints Plc
Resort Savings & Loans
Sovereign Trust Insurance Plc
African Paints (Nigeria) Plc
Aso Savings & Loans Plc
Ekocorp Plc
Evans Medical Plc
Goldlink Insurance Plc
Great Nigeria Insurance Plc
Omatek Ventures Plc
Union Dicon Salt Plc
Union Homes Savings & Loans Plc
Universal Insurance Company Plc