The Nigerian Stock Exchange (NSE) has suspended trading in the shares of Nigerian oil firm, Conoil Plc.
The Lagos bourse announced the suspension through a notice signed by the NSE’s Head of Listings Regulation Department, Godstime Iwenekha.
According to the notice, the suspension was due to the failure of the oil marketing firm to submit its audited financial statements as required by the market rules.
According to the market rules, if an issuer fails to file the relevant accounts by the expiration of the Cure Period, the bourse will first send to the Issuer a “Second Filing Deficiency Notification” within two business days after the end of the Cure Period; suspend trading in the Issuer’s securities; and notify the Securities and Exchange Commission (SEC) and the Market within 24 hours of the suspension.
The NSE, based on the firm’s failure, therefore announced that trading in the shares of Conoil Plc had been suspended effective Monday, August 6.
The bourse added that, “In accordance with the rules set forth above, the suspension of Conoil Plc 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.”
Exchange hits Conoil, suspends trading in shares
