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NSE lifts suspension on African Alliance insurance
- Updated: January 21, 2019
The embargo, earlier placed on the shares of African Alliance Insurance Plc, in 2018, has now been lifted by the Nigerian Stock Exchange (NSE), after being suspended following failure of the firm to adhere to listing rules.
African Alliance Insurance was among the eight companies suspended from trading their shares at the NSE on July 5, 2018, for failing to comply with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of the NSE, which required them to file their financial statements within a speculated timeframe.
Having now submitted its audited financial statements, the NSE has announced the lifting of the suspension on African Alliance Insurance, allowing the insurer to begin trading its securities at the local stock exchange.A statement issued by the management of the NSE said the lifting of the embargo became effect from Tuesday, January 8, 2019.
“In view of the submission of the company’s accounts and pursuant to Rule 3.3 of the Default Filing Rules, dealing members are hereby notified that the suspension placed in the trading of the company’s shares was lifted on January 8, 2019,” the notice said.