The Securities and Exchange Commission (SEC) on Thursday suspended trading in the shares of some Listed Companies Dealing members pursuant to Rule 3.1, which is the “Rules for Filing of Accounts and Treatment of Default Filing”
The rule-book of SEC, popularly known as “Issuers’ Rules,” 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.”
A statement made available to The Niche said “trading in the shares of the following seventeen (17) companies has been suspended today, July 5, 2017.
The 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 and Universal Insurance Company Plc.
The statement further said, “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 of The Exchange.
