By Kayode Ogunwale
The Nigerian Stock Exchange (NSE) has placed 67 quoted companies below the listing standards for non rendition of audited financial statements 2013.
According to X-Compliance report of NSE released last Friday, the exchange identified 67 companies that fell short of the minimum listing standards in terms of timely disclosure of their audited annual financial performance and are operating or operated 'Below the Listing Standards (BLS)' of the exchange in the course of the year.
NSE said the sanctions for non-compliance with periodic financial disclosure obligations were clearly spelt out in Appendix 111 of the listing rules and the exchange will protect the integrity of its rules.
X-Compliance report is a transparency initiative of the exchange which is designed to maintain market integrity and protect the investors by providing compliance related information on all listed companies.
Companies that listed on the Nigeria bourse are required to adhere to high disclosure standards prescribed in Appendix 111 of the listing rules.
"Financial information which is periodic disclosure and on-going material events disclosure should be released to the exchange in a timely manner to enable it efficiently perform its function of maintaining an orderly market, NSE said.
NSE post listing rule demanded companies to submit their yearly audited financial statement not less than three months after the year ended.
Although, the NSE early in April announced it has given erring companies on the rendition of accounts a grace of one month to comply or face sanctions.
The NSE, in a notice to the companies, said it was concerned and mindful of the challenges being encountered by these companies in the rendition of their accounts.
The affected companies, according to X-Compliance report are FTN Cocoa Processors, National Salt Company Nigeria, UTC Nigeria, African Alliance Insurance, Aiico Insurance, Consolidated Hallmark Insurance, Continental Reinsurance, Cornerstone Insurance, Equity Assurance, Great Nigeria Insurance, Guinea Insurance, Intercontinental Wapic Insurance, International Energy Insurance, Lasaco Assurance, Law Union And Rock Insurance, Linkage Assurance, Mutual Benefit Assurance, Nem Insurance Company, Niger Insurance Company, Oasis Insurance, Prestige Assurance Company, Regency Alliance Insurance, Sovereign Trust Insurance, Staco Insurance, Standard Alliance, Unic Insurance, Unity Kapital Assurance, Universal Insurance Company, Fortis Microfinance Bank, Royal Exchange, Ekocorp, Evans Medical, Omatek Ventures, NCR (Nigeria) and E-Tranzact International.
Others are Starcomms, Mti Plc, African Paints (Nigeria), Ipwa Plc, Austin Laz & Company, Nigerian Wire & Cable, Oando Plc, Beco Petroleum Product, Conoil Plc, Ikeja Hotel, Daar Communications, Studio Press(Nigeria), Smart Products Nigeria, Rokana Industries, Capital Oil Plc, Union Ventures & Petroleum, Multi-Trex Integrated Foods Plc, C & I Leasing Plc, Tourist Company of Nigeria Plc, Aso Savings & Loans Plc, Costain (W.A) Plc, Thomas Wyatt Nigeria, Premier Breweries, Rak Unity Petroleum, Golden Guinea Breweries, Premier Breweries, Lennards (Nigeria), Dn Tyre & Rubber Plc, P.S Mandrides & Company, John Holt, Deap Capital Mgt & Trust and Juli Plc.
Source Daily Trust
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