Newscenter Media News The Nigerian Exchange Limited (NGX) has delisted the shares of Niger Insurance Plc and two other companies from its platform for non-compliance with standards.
The other affected firms are – Resort Savings and Loans Plc, and RAK Unity Petroleum Plc.
The NGX’s Head of Issuer Regulation, Godstime Iwenekhai, confirmed the development in a statement on Thursday.
The companies, according to NGX, were delisted because they were operating below the listing standards of the exchange firm.
The decision took effect on Thursday.
The statement read: “Trading license holders and the investing public are hereby notified that pursuant to the provisions of Clause 15 of General Undertaking, Appendix iii Of the Rule Book of The Exchange, 2015, Part II.
“Issuers Rules Delisting the process which states that; to recognize that Council reserves the right to remove the name of a company from the Official List of The Exchange at its absolute discretion and may, if it considers there is insufficient public interest in the company, viz, insufficient shares in the hands of the public, or.
“Any of the foregoing terms and conditions are not complied with, or the company becomes a subsidiary of any other company.”
The NGX also said the companies’ securities “are no longer considered suitable for continued listing and trading in the market.”
The company said the operating licences of Niger Insurance and Resort Savings and Loans were revoked by their primary regulators, the National Insurance Commission (NAICOM) and the Central Bank of Nigeria (CBN) on June 21, 2002, and May 24, 2023, respectively.
“On the other hand, RAK Unity Petroleum completed its liquidation process on September 26, 2023, and has since been dissolved “and on that note no longer needs to remain listed on the platform of NGX,” it added.
By: Babajide Okeowo
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