NGX suspends Unity Bank, NPF Microfinance Bank, six other companies shares

The Nigerian Exchange group has suspended shares trading of Unity Bank, Nigerian Police Force Microfinance Bank, and six other companies that defaulted in filing their relevant accounts for 2023.

NGX Regulation, the regulatory arm of the market, disclosed this in a bulletin on Monday, by its head, Godstime Iwenekhai.

NGX said the suspension was effective immediately.

According to Bulletin, the suspended companies include Unity Bank, C&I Leasing Plc, Guinea Insurance, Lasaco Assurance, Mutual Benefits Assurance, NPF Microfinance Bank, Regency Alliance Insurance, and Secure Electronic Technology Plc.

“Trading in the shares of the eight companies below have been suspended from the facilities of Nigerian Exchange Limited (NGX or The Exchange) effective today, Monday, 8 July 2024 for not filing their Audited Financial Statements for the year ended 31 December 2023.”

NGX RegCo said it acted according to Rule 3.1 about the Filing of Accounts and Treatment of Default Filing, (Default Filling Rules), which said, “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will a) Send to the issuer a Second Filing Deficiency Notification within two business days after the end of the Cure Period.

“b) Suspend trading in the issuer’s securities, and c) Notify the Securities and Exchange Commission and the Market within 24 hours of the suspension.”