Nigerian Stock Exchange Lifts Suspension on Unity Bank
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 a statement signed by Head of Listings Regulation Department, the NSE, Godstime Iwenekhai, the lifting of suspension placed on the trading of the bank’ s shares is in view of the submission of the company’s accounts and pursuant to Rule 3.3 of the Default Filing Rules.
The exchange had explained that 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 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 today, 2 November 2018″.