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Report Reveals How Six Listed Firms Violated Listing Rules In 2022

 

The Nigerian Exchange Limited X-Compliance report has revealed how six listed companies on the local bourse violated varying listing rules of the Nigerian Exchange Limited (NGX) in 2022.

Naija News reports that the six firms which were said to have violated listing rules include Living Trust Mortgage Bank Plc, AIICO Insurance Plc, BUA Foods Plc, United Bank for Africa Plc, Nigerian Exchange Group Plc and Ecobank Transnational Incorporated.

The Nigerian Exchange Limited X-Compliance report points out that every listed company is expected to furnish NGX with timely information to enable it efficiently perform its function of maintaining an orderly market.

It was learnt that while the Living Trust Mortgage Bank Plc and AIICO Insurance Plc violated NGX amendments to chapter 17 of information disclosure rules on closed period, rules of NGX issuers rule, BUA Foods Plc violated the rule against unauthorised publication.

The reports also indicated that in 2022, the United Bank for Africa Plc also violated the provisions of rule 1.1.5, rules for the filing of accounts, and treatment of default filing.
Nigerian Exchange Group Plc and Ecobank Transnational Incorporated also violated rule 19.2 on disclosure for board meetings, amendments to the rules relating to board meetings and general meetings and the breach of the exchange process for filing financial statements.

In the report, NGX Regulation Limited stated that “In accordance with the provisions of Appendix III: General Undertaking (Equities), Rulebook of NGX, 2015 (Issuers’ Rules) and NGX’s Circular No. NSE/LARD/LRD/CIR3/17/05/12 on Publication of Announcements or Press Releases via the Issuers’ Portal, listed companies are required to obtain prior written approval from NGX RegCo before publications that affect shareholders’ interest are made in the media or via the Issuers’ Portal.

“In addition, companies are also required to disclose material information to NGX and publish the information in their Annual Reports.”

This platform also understands that all six companies were sanctioned to undergo Mandatory Compliance Training.

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