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The Nigerian Stock Exchange suspends six companies: the Nigerian Stock Exchange (NSE) has suspended transactions in six companies due to their inability to comply with corporate governance regulations and practices that require them to file their monetary statements within a specific time limit.
Those suspended included FTN Cocoa Processors Plc, Medview Airline Plc, Niger Insurance Plc, RT Briscoe (Nigeria) Plc, Union Dicon Salt Plc and Capital Oil Plc.
The NSE suspended trading of companies’ shares as of Tuesday, September 1, 2020 because they did not “submit their audited monetary statements for the year ended December 31, 2019.”
The capital market directory and regulatory regulations require all indexed corporations to submit their audited annual reports and monetary statements no later than 90 days after the end of the fiscal year. More than 85% of indexed corporations, adding all banks, insurers, primary manufacturers, oil and fuel and conglomerate companies, use the Gregorian calfinishar year ending December 31 as a business year, so the filing deadline is Monday, March 30, 2020.
However, with the interruptions caused by the COVID-19 pandemic, the NSE and the Securities and Exchange Commission (SEC) extended the deadline for submitting the annual report and accounts for 60 days until 29 May.
The NSE stated that corporations had been suspended after the expiration of the “grace” era and notifications requiring the filing of monetary states.
“In accordance with the regulations set forth above, the suspension of trading of the shares of previously indexed corporations will be lifted until after the relevant accounts have been filed and provided that the Exchange is convinced that the accounts comply with all applicable Regulations of the Stock Exchange.NSE said.
In July 2020, the NSE warned investors to be wary of dealing with the shares of thirteen corporations after not complying with regulations to present their monetary statements without any explanation.
Also read: Banks reject the CBN directive to clear checks in savings accounts
Thirteen corporations included Aso Savings and Loans Plc, Deap Capital Management
“Investors should industrialize the values of these companies cautiously in the absence of up-to-date monetary data on them,” the NSE said.
The exchange warned that it may suspend trading of shares of companies if they do not comply with existing regulations within the specified timeframe.
According to the Stock Exchange, the deadline for the filing of the unudited monetary statements of the companies expires on June 29, 2020, the extended adulthood date granted through the Stock Exchange.
Due to the non-submission of the unudited report on the due date, corporations have violated NSE regulations that require corporations to register their unudited quarterly accounts no later than 30 calendar days after the relevant quarter and publish them within five business days.the filing date, in at least two national newspapers, Array and publish it on the company’s website, with Internet coverage indexed in the newspaper.
The regulation also required that an electronic provisional monetary publication be filed on the inventory exchange on the same day as the newspaper’s publication.
The Head of the Nigerian Securities Exchange (NSE) Department of Registration Regulation Godstime Iwenekhai stated that the NSE had issued a notice of non-compliance to corporations notifying them of their violations and ordering them to publicly disclose the violation, the reasons for the violation and the date of publication of the unpaid monetary state.
According to the Stock Exchange, bankrupt corporations did comply with the rules of the Deficiency Deposit Notice.
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