July 02, (THEWILL) – Two days after the National Insurance Commission (NAICOM) announced the revocation of registration certificate of two insurers, Niger Insurance Plc and Standard Alliance Insurance Plc, the Nigerian Exchange Limited (NGX) has suspended nine companies from its facilities, effective Friday, 1 July 2022.
The affected companies, which include five insurance firms, were sanctioned for failing to file their Audited Financial Statements for the year ended 31 December 2021, in accordance with the filing rules of the Nigerian Exchange.
The suspended companies, according to a statement from the NGX, include African Alliance Insurance Plc, Niger Insurance Plc, Royal Exchange Plc, Mutual Benefits Assurance Plc and Coronation Insurance Plc. Others are Premier Paints Plc, Ardova Plc, Ekocorp Plc and C&I Leasing Plc,
The suspension notice read, “Trading License Holders and the investing public are hereby notified that pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, (Default Filing Rules), which 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.
“Trading in the shares of the nine (9) companies has been suspended from the facilities of Nigerian Exchange Limited (NGX) effective today, Friday, 1 July 2022 having failed to file their Audited Financial Statements for the year ended 31 December 2021.
“In accordance with the Default Filing Rules set forth above, the suspension of trading in the shares of the above-mentioned companies will only be lifted upon the submission of the relevant accounts, provided NGX Regulation Limited (NGX RegCo) is satisfied that the accounts comply with all applicable rules of NGX”.
The National Insurance Commission (NAICOM) on June 29, 2022 revoked certificates of registration of Niger Insurance Plc and Standard Alliance Insurance Plc, effective from June 21 for unethical conduct.
The decision, which was contained in a statement signed by the commission’s Head, Corporate Communications and Market Development, Rasaq Salami, automatically means that both companies can no longer provide insurance policies and covers to the public.
As a result, NAICOM named Sanya, Ogunkuade Esq as receiver/liquidator for Niger Insurance Plc, while Kehinde Aina Esq emerged as receiver/liquidator for Standard Alliance Insurance.
The statement reads: “This is to notify all insurance stakeholders and members of the public that the National Insurance Commission (NAICOM) has cancelled the certificates of registration of Standard Alliance Insurance Plc, RIC – 091 and Niger Insurance Plc, RIC – 029 with effect from the 21st day of June, 2022.
“Consequently, the commission has appointed Sanya, Ogunkuade Esq of Plot 217, Upper Grace Plaza, third floor (left wing), Shettima Munguno Crescent, behind Julius Berger Equipment Yard, Utako, Abuja as receiver/liquidator for Niger Insurance Plc and Kehinde Aina Esq of Aina Blankson LP, 5/7, Ademola Street, SW Ikoyi, Lagos as receiver/liquidator for Standard Alliance Insurance Plc.
“All stakeholders are advised to forward their enquiries to the respective receivers/liquidators for each company for their necessary action.”
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
