The NSE said they have not met listing requirements by failing to file their quarterly and annual financial reports and account with the Nigerian bourse, while some other ones failed to regularise their listing status after being given time to do so.
The affected companies are Daar Comunication, Goldlink Insurance, Aluminum Manufacturing Company of Nigeria, MTI Plc, Beco Petroleum Product Plc, Unic Insurance Plc, Adswitch Plc, Jos International Breweries Plc, Stockvis Nigeria Plc, Nigerian Sewing Machine Plc and G Cappa Plc.
Others are Golden Guinea Breweries Plc, IPWA Plc, Nigeria Wire and Cable Plc, West Africa Glass Industry Plc, Mtech Plc, Investment and Allied Insurance Plc and FTN Cocoa Processors Plc.
The NSE says its X-Compliance report is a transparency initiative designed to maintain market integrity and protect the investors by providing compliance related information on all listed companies.
According to the NSE, companies that are listed on its bourse are required to adhere to high disclosure standards which are 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,” the NSE affirmed.
