1 Aftermath of NSE Suspension: Our 2016 Financials Awaiting CBN Approval, Says Fortis MFB – Invest Data
Aftermath of NSE Suspension: Our 2016 Financials Awaiting CBN Approval, Says Fortis MFB

Aftermath of NSE Suspension: Our 2016 Financials Awaiting CBN Approval, Says Fortis MFB

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Post Views: 1,241 Following the suspension of trading on its shares on Thursday afternoon by the Nigerian Stock Exchange (NSE) for failing to present ...

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Following the suspension of trading on its shares on Thursday afternoon by the Nigerian Stock Exchange (NSE) for failing to present its audited results for December 31, 2016 in line with the post-listing requirement, the board of Fortis Microfinance Bank Plc, says it is awaiting approval of the Central Bank of Nigeria (CBN), its primary regulator to do so.
A statement by Victor Aderemi Emerson, Fortis MFB’s company Secretary and Chief Legal Officer, dated Friday, July 7, 2017, assured that the account would “be filed within the shortest possible time post-approval from the Central Bank of Nigeria.”
The NSE had on Thursday announced the full suspension of trading on the shares of 17 companies, including Fortis MFB, for failing to file their relevant accounts at the end of the permissible periods.
A breakdown of the list showed that the insurance sub-sector of the financial services sector was the most prominent with six listed companies: African Alliance Insurance Plc; Equity Assurance; Goldlink Insurance, Guinea Insurance; Sovereign Trust Insurance; Great Nigeria Insurance; and Universal Insurance Company.
Others are: Evans Medical and Ekocorp (owners of Eko Hospital); Resort Savings & Loans; and Union Homes Savings & Loans (subsidiary of Union Bank of Nigeria); and Fortis Microfinance Bank.
Also on the list are: Omatek Ventures, the only computer manufacturing firm listed on the NSE in 2008 and founded by late Mrs. Florence Seriki; as well as two chemical and paint makers- Premier Paints and African Paints; as well as Union Dicon Salt.
The NSE in the notice to dealing members explained that the suspension is “pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of the Exchange (Issuers’ Rules).
The NSE in a statement by Godstime Iwenekhai, acting head of its Listings Regulation Department explained that “in accordance with the rules set forth above, the suspension of the afore-listed companies will only be lifted upon the suspension of the relevant accounts, provided the Exchange is satisfied that the accounts comply with all application rules of the Exchange.”
The board of Guinea Insurance, had shortly after the announcement on Thursday written to the exchange saying its 2016 full year result had been submitted to “the National Insurance Commission (NAICOM), its primary regulator for verification and subsequent approval, before dissemination to other stakeholders.”
It could not however give a specific date for submission of the said audited financials, because, according to the statement by jointly signed by Pius Edobor, its Executive Director (Finance & Admin) and Oluranti Oke, Team Lead (Legal Advisory Services), “we are not in control of the approval process of the National Insurance Commission.”

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