Again, NSE suspends trading in Conoil shares over late filing of account

The Nigerian Stock Exchange (NSE) has suspended trading on the shares of Conoil Plc and 10 others for failing to file its accounts by the expiration of the normal and grace period.

A statement released by Godstime Iwenekhai, NSE’s head of listings regulation department, listed the 11 companies affected to include: Conoil, FTN Cocoa Processors, Goldlink Insurance, Lasaco Assurance, Niger Insurance, R.T. Briscoe, Resort Savings & Loans, Royal Exchange, Standard Alliance Insurance and Universal Insurance.

This would be the third year in a roll that Conoil Plc would be lagging in filing its result within the regulatory time frame.

In 2017, the management of Conoil Plc notified its esteemed shareholders, stakeholders and the general public of its lateness in filing the Audited Financial Statement for the year ended 31 December 2017.

“This lateness inadvertently resulted from the challenges the company experienced with its server which hosts its software applications. This inevitably interrupted the compilation of accounting records longer than envisaged,” they said.

It was not until August 8th, 2018 that the NSE lifted the suspension.

Similarly in 2016, the company failed to meet up, blaming the change in the board of directors and company secretary as the reason.

Iwenekhai said the suspension was in accordance with Rule 3.1, Rules for Filing of Accounts and treatment of default filing, and Rulebook of The Exchange.

“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 business days after the end of the Cure Period,” the statement read.

“The exchange will, after the Cure, suspends trading in the issuer’s securities, and notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.

“In accordance with the rules set forth above, the suspension of the above-listed companies 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.”