Nigerian Exchange Lifts Suspension On Trading In The Shares C&I Leasing.

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Nigerian Exchange Limited (NGX) has lifted the suspension placed on trading in the shares of C&I Leasing Plc.

The Exchange had suspended nine companies from the facilities of Nigerian Exchange Limited (NGX); having failed to file their Audited Financial Statements for the year ended 31 December 2021.

The companies according to a statement from the NGX include African Alliance Insurance Plc, Niger Insurance Plc, Royal Exchange Plc, Ekocorp Plc, C&I Leasing Plc, Mutual Benefits Assurance Plc, Coronation Insurance Plc, Premier Paints Plc and Ardova Plc.

Why C&I Leasing suspension was lifted

According to the statement obtained by Nairametrics, The Exchange said: “We refer to our Market Bulletin dated 1 July 2022 with Reference Number: NGXREG/LRD/MB37/22/07/01 wherein we notified Trading License Holders and the Investing Public of the suspension of nine (9) listed companies for non-compliance with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (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 (24) hours of the suspension.”

Nairametrics.

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