The Nigerian Stock Exchange (NSE) on Monday suspended trading in the shares of Nigerian oil firm, Conoil Plc.
The Nigerian bourse announced the suspension via a notice signed by the NSE’s Head of Listings Regulation Department, Godstime Iwenekha.
According to the notice, the suspension was due to the failure of the oil marketing firm to submit its audited financial statements as required by the market rules.
According to the market rules, if an issuer fails to file the relevant accounts by the expiration of the Cure Period, the bourse will first 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.
The NSE, based on the firm’s failure, therefore announced that trading in the shares of Conoil Plc had been suspended effective Monday, August 6.
The bourse added that, “In accordance with the rules set forth above, the suspension of Conoil Plc 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.”
It was reported in April that a number of companies listed on the Exchange failed to submit their accounts by the end of NSE deadline as required by law. Among the companies are some of Nigeria’s foremost commercial banks.