TEN COMPANIES BREAK NSE FILING RULES

The Nigerian stock exchange (NSE) has warned the investing public to be careful while buying and selling  securities of 10 quoted companies for breaking filing rules.

According to a press release issued yesterday each of the companies have failed to file their 2016 annual reports due since March and have also not offered any reasons for the failure.

In other to provide up to date performance information to the investing public, Rule 1.1.4 of the exchange demands that quoted companies file their annual financial reports witihin 90 days after the relevant year end or offer clear explanation of the circumstances mitigating against timely filing.

The affected companies, says the NSE, have neither filed for the year ended December 2016 or offered any explanation.


They include three insurance companies: African Alliance Insurance; Niger Insurance and Sovereign Trust Insurance; a conglomerate: A G Leventis and petroleum products marketing company: Con oil.

Others are Capital Hotels; Premier paints; Smart Products Nigeria; Austin Laz & co and Union Diagnostic & Clinical Services.

In view of the breach, the NSE has issued them first filing deficiency notice to require of them a formal press release stating why the report has not been filed; and clear statement of anticipated filing date.

By June 29, the NSE will issue second filin deficiency notice and suspend in their securities on the market.

Meanwhile, investors are advised to exercise caution while buying and selling their securities quoted on the exchange.

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