NSE suspends trading in 7 insurance firms
The Nigerian Stock Exchange (NSE) has suspended trading in the shares of seven insurance companies and RT Briscoe for not submitting their 2017 audited accounts and statements.
The exchange, in a notice to dealing members obtained by the News Agency of Nigeria (NAN), listed the insurance companies as African Alliance Insurance, Cornerstone Insurance, Royal Exchange and STACO Insurance.
Others are Standard Alliance Insurance, Universal Insurance Company and Veritas Kapital Assurance.
It said the suspension of trading in the shares of the affected companies took effect from July 5, and that the suspension would only be lifted upon the submission of the relevant accounts.
The notice said the accounts must comply with all applicable rules of the exchange.
Commenting on the issue, Malam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd. , said the companies were suspended for failure to submit their 2017 financial accounts.
Kurfi said companies with Dec. 31, 2017 financial year-end were expected to submit their accounts in March.
He said even as at July, the affected companies had failed to submit their accounts for informed investment decision.
According to him, trading in their stocks was based on speculation and was not good for the market.