NGSE Suspends Trading In Unity Bank, Fortis MFB, Four Others

Barely 24 hours after the end of the regulatory one-month period given for quoted companies to file their financials for the third quarter ended September 2018, the Nigerian Stock Exchange (NSE), on Thursday announced the suspension of trading in the shares of Unity Bank Plc, Fortis Microfinance Bank and Thomas Wyatt Nigeria.
Others are Multi-Trex Intergrated Foods, Golden Guinea Breweries and Deap Capital Management & Trust.
For Thomas Wyatt, it is a return to the defaulters’ for the second time in less than one month. The company’s shares were suspended from trading on October 8, along with DN Tyre & Rubber Plc; FTN Cocoa Processors Plc; International Energy Insurance Plc; Union Dicon Salt Plc; and Unic Diversified Holdings Plc.
In a notice to dealing members (stockbrokers) on Thursday morning, the NSE said the decision is in line with the rules pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (“Default Filing Rules”), which provides that;
According to the notice, “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 (2) 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 (SEC) and the Market within twenty- four (24) hours of the suspension.”
The NSE added that as a result of the suspension, shares of the six companies would remain suspended from trading and “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.”