NSE suspends 17 firms over accounts’ renditions, others

The Nigerian Stock Exchange (NSE) has suspended trading in the equities of 17 companies over failure to adhere to best corporate governance practices, and refusal to submit their accounts and operational reports.

The suspended companies include African Alliance Insurance Plc; Equity Assurance Plc; Fortis Microfinance Bank Plc; Guinea Insurance Plc; and Premier Paints Plc.
Others are 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; and Union Dicon Salt Plc.

According to the exchange, the suspension took effect on Wednesday July 5, and will sustain until the companies submitted the relevant accounts.
NSE tags and fines on companies that fail to meet earnings reports’ deadline. Companies that also delayed their financial statements and accounts risk suspension and delisting in addition to the monetary fines.