OpeOluwani Akintayo
07 August 2018, Sweetcrude, Lagos — The Nigerian Stock Exchange, NSE, on Monday placed an embargo on trading in Conoil Plc’s shares in the stock market.
A market bulletin with reference number, NSE/RD/LRD/MB1/18/08/06 issued by the Exchange, said the suspension takes effect from same day, Monday, August 6, 2018.
It said the firm’s shares have been put on “suspension” for failing to file its account.
Explaining further, it said the order is in line with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (“Default Filing Rules”) of the market.
The rule provides that; “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will: (a) Send to the Issuer a ‘Second Filing Deficiency Notification’ within two (2) business days after the end of the Cure Period; (b) Suspend trading in the Issuer’s securities; and (c) Notify the Securities and Exchange Commission (SEC) and the Market within twenty- four (24) hours of the suspension”.
In accordance with the rules set forth above, the bulletin signed by NSE’s Head, Listings Regulation Department, Godstime Iwenekhai, said the suspension of Conoil 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.
