Nigeria: NSE Suspends MedView Airline, Capital Oil, Four Other Companies

2 September 2020

The Nigerian Stock Exchange (NSE) has suspended trading in six companies.

The NSE said the move was a sequel to the companies' inability to comply with corporate governance rules which mandate them to submit financial statements within a specified period.

In a notice to investors, the NSE said that the suspended companies are FTN Cocoa Processors Plc, Medview Airline Plc, Niger Insurance Plc, R.T. Briscoe (Nigeria) Plc, Union Dicon Salt Plc and Capital Oil Plc.

The suspension was over their failure to "file their audited financial statement for the year ended December 31, 2019," the NSE said.

The notice said the suspension becomes effective from Tuesday, September 1.

The NSE said the companies were suspended after the expiration of an extended period offered them and many notifications demanding the submission of the financial statements.

"In accordance with the rules set forth above, the suspension of trading in the shares of the above listed companies will only be lifted upon the submission of the relevant accounts and provided the Exchange is satisfied that the accounts comply with all applicable rules of the Exchange," the NSE stated.

Listing and regulatory rules at the capital market require all quoted companies to submit their annual audited report and financial statement not later than 90 days after the end of the financial year.

This year, due to the disruption brought by COVID-19, the regulatory body extended the deadline for submission of annual reports and accounts by 60 days, till May 29.

On Tuesday, the NSE said the suspension would be lifted when the accounts are submitted provided "the exchange is satisfied that the accounts comply with all applicable rules of the exchange."

Last July, the NSE warned investors to be careful when dealing with the shares of 13 companies after their failure to meet regulatory deadlines for the submission of their financial statements.

The 13 companies included Aso Savings and Loans Plc, Deap Capital Management & Trust Plc, DN Tyre & Rubber Plc, FTN Cocoa Processors Plc, Goldlink Insurance Plc, International Energy Insurance Plc, Medview Airline Plc, Resort Savings & Loans Plc, Staco Insurance Plc, Standard Alliance Insurance Plc, UNIC Diversified Holdings Plc, Union Dicon Salt Plc and Union Homes Savings and Loans Plc.

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