The embargo earlier placed on the shares of Mutual Benefits Assurance Plc by the Nigerian Exchange (NGX) Limited has been lifted.
The suspension was removed last Thursday, allowing investors to resume trading in the company’s securities.
Recall that on July 8, 2024, trading in the shares of Mutual Benefits on the floor of the NGX was prohibited following the refusal of the board to file the audited financial statements of the organisation for the 2023 fiscal year.
Last week, the company released the outstanding financial statements, prompting the stock exchange to lift the suspension in compliance with the rules.
Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing, 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 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.
After submitting the results, the NGX declared that it has removed the restriction in compliance with Rule 3.3 of the Default Filing Rules, which states 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, that the suspension has been lifted.
The Nigerian Exchange in a statement over the weekend confirmed lifting the embargo, saying shareholders and others may begin to trade the shares.