NSE Lifts Suspension on the Trading in the Shares of Unity Bank Plc

The Nigerian Stock Exchange says it has lifted the suspension placed on Unity Bank Plc, as it has submitted its outstanding Audited and Interim Financial Statements to the Exchange.

This was contained in a statement issued by the Head, Listings Regulation Department, NSE, Gods time Iwenekhai. According to him, this is in view of the submission of the Company’s accounts and pursuant to Rule 3.3 of the Default Filing Rules, which provides that, “The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange. The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension”.

It would be recalled that the NSE in its Market Bulletin dated 1 November, 2018 notified the public of the suspension of six (6) listed companies for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rule book of The Exchange (Issuers’ Rules) (Default Filing Rules).

Iwenekhai explained 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.”

Unity Bank Plc which was amongst the companies suspended has submitted its outstanding Audited and Interim Financial Statements to The Exchange.