NGX suspends Royal Exchange, Ardova, five others for default in filing financial statements
Written by Broadstreet Admin on July 11, 2023
The Nigerian Exchange Limited (NGX) has officially announced the suspension of trading in the shares of seven companies. This notification was made through a press release provided to Nairametrics.
According to the NGX, effective from today, Friday, July 11, 2023, the seven companies have been suspended from trading on the facilities of the Nigerian Exchange Limited (NGX). The reason behind this action is their failure to submit their Audited Financial Statements for the year ended December 31, 2022.
The companies affected by the suspension, as stated in the NGX’s release, include Afromedia Plc, Pharmadeko Plc, Royal Exchange Plc, International Energy Insurance Plc, C&I Leasing Plc, Presco Plc, and Ardova Plc.
According to the statement signed by Godstime Iwenekhai, Head of, the Listings Regulation Department, the NGX noted:
- “Trading License Holders and the investing public are hereby notified that under Rule 3.1, 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”,
- “Trading in the shares of the seven (7) companies has been suspended from the facilities of Nigerian Exchange Limited (NGX) effective today, Tuesday, 11 July 2023 having failed to file their Audited Financial Statements for the year ended 31 December 2022.
- “By the Default Filing Rules set forth above, 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 (NGX RegCo) is satisfied that the accounts comply with all applicable rules of NGX”.
