January 27, 2023
Infractions: NGX Suspends Firms, Places Others On Watch-list
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Infractions: NGX Suspends Firms, Places Others On Watch-list

The Nigeria Exchange Limited (NGX) has suspended Ekocorp Plc, Premier Paints, and four other companies over failure to comply with regulatory requirements for filing their annual financial reports publicly.

The regulator also placed three companies on delisting watchlists. It approved the process of de-listing two other companies from the daily listing of the NGX over failure to comply with regulatory requirements.

According to the X-financial report, Greif Nigeria Plc was issued the suspension on June 17, 2022, for commencing a voluntary winding up.

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Ekocorp Plc, African Alliance Insurance Plc, Niger Insurance Plc, and Premier Paints Plc were all suspended on July 1, 2022, over failure to file 2021 annual financial statements after the 90-day cure period.

The NGX stated in the X-Compliance report that the companies were suspended pursuant to “The provisions of Rule 3.1, Rules for filing of accounts and treatment of default filing, rulebook of NGX (Issuers’ rules), which provides that: If an issuer fails to file the relevant accounts by the expiration of the cure period, NGX will; send to the issuer a “Second filing deficiency notification” within two business days after the end of the cure period; suspend trading in the issuer’s securities; and notify the Securities and Exchange Commission and the market within 24 hours of the suspension.”

In addition, the Deap Capital Management & Trust Plc and Multi-Trex Integrated Foods Plc were to be placed on the delisting watch-list subject to a failure to file their quarterly compliance report.

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