Nigerian Stock Exchange sanctions 48 companies
Jack Acheme, Lagos
The Nigerian Stock Exchange (NSE) has placed on Technical Suspension, forty-eight quoted companies in default of audited account rendition, with effect from Friday, July 1, 2011.
The suspension means that there will be trading on the shares, but there will be no movement on their prices.
Offence
The affected companies failed to submit their Financial Statements for the year ended December 31, 2010, which is a violation of the Post-Listing Rules of The Exchange as contained in Key Issue No. 5 (Annual Accounts Procedures).
The Post – Listing Rules states that "Audited Annual Accounts of companies ought to be submitted within three months of year ended".
According to the Stock Exchange, ’’these companies’ stocks will be on Technical Suspension for the next one month; after which The Exchange reserves the right to take further action.’’
Need for corporate governance
This action is part of the on-going campaign for the practice of the code of corporate governance in the nation’s capital market system.
The Nigerian Stock Exchange and the investing publics need timely financial information from listed companies in other to facilitate stock transactions that are based on market fundamentals.
This is essential for fair price discovery and investor confidence in Nigeria’s capital market.
The Exchange in pursuant of Article 90 of The Exchange’s rules, shall at its discretion, at any time suspend or lift suspension in trading in particular securities.
List of sanctioned companies
S/NO |
COMPANY |
SECTOR |
YEAR 2010 |
1 |
FTN Cocoa Processors Plc |
Agriculture/Agro-Allied |
December |
2 |
Jos Int. Brew. Plc |
Breweries |
December |
3 |
Ipwa Plc |
Chemical & Paints |
December |
4 |
Premier Paints Plc |
Chemical & Paints |
December |
5 |
Omatek Ventures Plc |
Computer & Office Equipment |
December |
6 |
Scoa Nigeria Plc |
Conglomerates |
December |
7 |
Transnational Corporation Plc |
Conglomerates |
December |
8 |
Cappa & D'alberto Plc |
Construction |
MARCH |
9 |
G & Cappa Plc |
Construction |
MARCH |
10 |
Nigerian Wire & Cable Plc |
Engineering Technology |
September |
11 |
P.S. Mandrides & Co Plc |
Food/Beverages & Tobacco |
September |
12 |
Dangote Flour Mills Plc |
Food/Beverages & Tobacco |
December |
13 |
Nig Bottling Co. Plc |
Food/Beverages & Tobacco |
December |
14 |
Union Dicon Salt Plc |
Food/Beverages & Tobacco |
December |
15 |
UTC Nigeria Plc |
Food/Beverages & Tobacco |
December |
16 |
Lennards |
Footwear |
September |
17 |
Ekocorp Plc |
Healthcare |
December |
18 |
Morison Industries Plc |
Healthcare |
December |
19 |
Ikeja Hotel Plc |
Hotel & Tourism |
December |
20 |
Tourist Company Of Nigeria |
Hotel & Tourism |
December |
21 |
First Aluminium |
Industrial/Domestic Prd |
December |
22 |
Aluminium Man. Co. Of Nigeria Plc |
Industrial/Domestic Prd |
December |
23 |
Vono Products Plc |
Industrial/Domestic Prd |
December |
24 |
Etranzact Plc |
Info Comm & Telcomm |
December |
25 |
First Assurance Plc(Equity Assr.) |
Insurance |
December |
26 |
African Alliance Insurance Plc |
Insurance |
December |
27 |
Great Nigeria Insurance Plc |
Insurance |
December |
28 |
Guinea Insurance Plc |
Insurance |
December |
29 |
International Energy Insurance |
Insurance |
December |
30 |
Lasaco Assurance Plc |
Insurance |
December |
31 |
Linkage Assurance |
Insurance |
December |
32 |
Oasis Insurance Plc |
Insurance |
December |
33 |
Staco Plc |
Insurance |
December |
34 |
Standard Allance Plc |
Insurance |
December |
35 |
Crusader (Nig) Plc |
Other Fincl Institution |
December |
36 |
Chams Plc |
Info Comm & Telcomm |
December |
37 |
Mtech Plc |
Info Comm & Telcomm |
December |
38 |
Mti Plc |
Info Comm & Telcomm |
December |
39 |
Invesment & Allied Assurance |
Insurance |
December |
40 |
Daar Communication Plc |
Media |
December |
41 |
Nigeria Energy Sector |
Other Fincl Institution |
March |
42 |
Resort Savings & Loans Plc |
Other Fincl Institution |
December |
43 |
Studio Press(Nig) Plc |
Packaging |
December |
44 |
W.A Glass Ind. Plc |
Packaging |
December |
45 |
Forte Oil (African Petroleum) |
Petroleum(Marketing) |
December |
46 |
Afroil Plc |
Petroleum(Marketing) |
December |
47 |
Longman Plc |
Printing & Publishing |
December |
48 |
UNTL |
Textiles |
December |
Emma/Williams
|
