NGX ‘Detains’ Police Bank, 5 Other Stocks Over Alleged Market Offence

The Nigerian Exchange Group has taken decisive action by suspending trading in the shares of Unity Bank, Nigerian Police Force Microfinance Bank, and six other companies due to their failure to submit their required financial accounts for 2023.

This regulatory measure was announced in a bulletin issued by NGX Regulation, the market’s regulatory body, and was effective immediately upon publication on Monday.

Godstime Iwenekhai, Head of NGX Regulation, highlighted the necessity of this action in ensuring compliance with market standards and transparency.

The suspended companies named in the bulletin are Unity Bank, C&I Leasing Plc, Guinea Insurance, Lasaco Assurance, Mutual Benefits Assurance, NPF Microfinance Bank, Regency Alliance Insurance, and Secure Electronic Technology Plc.

The bulletin explicitly states, “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 Regulation invoked Rule 3.1, which governs the Filing of Accounts and Treatment of Default Filing (Default Filing Rules).

This rule mandates specific actions if an issuer fails to submit required financial accounts within the specified period. It includes sending a Second Filing Deficiency Notification promptly after the expiration of the Cure Period, suspending trading in the issuer’s securities, and notifying the Securities and Exchange Commission and the broader market within 24 hours of the suspension.

These measures are designed to uphold market integrity and investor confidence by enforcing stringent compliance standards across listed companies.

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