The Nigerian Stock Exchange (NSE) on Friday lifted the trading suspension placed on the shares of Unity Bank Plc barely one day after the bank was suspended along with five other listed firms for not filling their accounts in accordance with the post-listing requirements of the exchange.

Unity Bank was suspended along DN Tyre & Rubber Plc, FTN Cocoa Processing Plc, International Energy Insurance Plc, Thomas Wyatt Nigeria Plc and Union Dicon Salt Plc.


According to the NSE, “pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange , which provides that If an issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will: send to the issuer a second filing deficiency notification within two business days after the end of the cure period; suspend trading in the issuer’s securities and notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension, trading in the shares of the companies six companies have been suspended effective today, 8 October.”

The exchange had explained that 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.

But barely 24 hours after, the NSE lifted the suspension on Unity Bank Plc. The exchange said the bank was off the hook following the submission of its accounts.

In a notification to market operators, the NSE said: Unity Bank Plc which was amongst the companies suspended has submitted its outstanding audited and interim financial statements to the exchange.

“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, the general public is hereby notified that the suspension placed in the trading of the bank’s shares was lifted on November 2, 2018.”

Meanwhile, in its audited results for the year ended December 31, 2017, Unity Bank recorded a loss of N14.91 billion, compared with a profit of N2.184 billion in 2016.

https://www.akelicious.net/2018/11/nse-lifts-suspension-on-unity-bank.html

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9ja banks and their wahala ..

It very easy to be flexible when you are spineless

okay

Why

They shd just close down,sell off or re strategize to avoid such huge losses

What use is the NSE in a weak economy. Nigeria should strive on building a strong economy first. Making the country favourable for investment before NSE matter.

All these old banks smh

ok

NSE no b Nigeria society of engineers again confused country

NSE is Nigerian Stock Exchange man....

simeotexy:











NSE no b Nigeria society of engineers again confused country

I want to understand with them. Any financial institution will feel reluctant to declare their financial statements when they are consistently declring a loss. Its not easy to lose but rules must be adhered to.

You wont see them making noise here o. But if PSquare quarrels they will come and start shouting.

So much woes for my dear UB