Finance: Nigerian Stock Exchange suspends Mike Adenuga’s Conoil Plc from trading on the stock market

The NSE said the suspension of Conoil Plc will only be lifted upon the submission of the relevant accounts.

The Nigerian Stock Exchange (NSE) has suspended Conoil Plc from trading in shares for failing to file relevant accounts within the stipulated period.

Godstime Iwenekhai, NSE's Head, Listings Regulation Department made this known in a circular posted on the stock exchange website on Monday, August 6, 2018.

The regulatory authority said the suspension was because Conoil Plc failed to file in its financial statements as required by the rules governing the market.

“Dealing members are hereby notified that pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ 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 Conoil Plc has been suspended effective today, 6 August 2018,” the circular reads.

The NSE said the suspension of Conoil Plc will only be lifted upon the submission of the relevant accounts and provided regulator is satisfied that the accounts comply with all applicable rules of The Exchange.

The company submitted its annual financial statement for 2017 in May 2018, about three months late. It is yet to file its first quarter and half-year 2018 reports.

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