The Nigerian Stock Exchange (NSE) has debarred Thomas Wyatt Nigeria from trading their shares.
A statement signed by Lilian Dako, head of NSE listing regulation department, said the company was suspended for failing to file its audited financial statements for the year ended March 31, 2020.
NSE said: “The suspension of trading in the shares of Thomas Wyatt will only be lifted upon the submission of the relevant accounts and provided the exchange is satisfied that the accounts comply with all applicable rules of the exchange”.
According to the statement, the suspension takes effect on January 6, 2021, and it is in pursuant to the Exchange’s rule 3.1 of the rules for filing of accounts and treatment of default filing, also known as default filing rules.
The rule provides that “if an issuer fails to file the relevant accounts by the expiration of the cure period, the exchange 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 (SEC) and the market within 24 hours of the suspension”.
NSE listing and regulatory rules demand that all quoted companies submit their annual audited report and financial statement not later than 90 days after the end of the financial year.
Companies that delay in filing their financial statements and accounts risk suspension, delisting and monetary fines.