The suspension placed on trading in the shares of International Energy Insurance Plc by the Nigerian Exchange (NGX) Limited has been lifted.
This followed the company’s filing of its Audited Financial Statements for the year ended December 31, 2024, and the outstanding Unaudited Financial Statements for 2025.
On September 1, 2025, the big stick of the nation’s flagship bourse was wielded on the underwriting firm after its failure to submit the necessary financial statements for the perusal of the investing community.
After investors were prevented from trading its securities, including its stocks on the NGX platform, the board filed the outstanding results, prompting the lifting of the embargo.
In a statement, the stock exchange said it allowed the trading in the shares of the insurance company in line 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 (Securities and Exchange Commission) was initially notified of the suspension, that the suspension has been lifted.”
Business Post learned that the embargo was removed last Thursday as confirmed by the disclosure.
“Trading license holders and the investing public are hereby notified that the suspension placed on trading on the shares of International Energy Insurance Plc was lifted today, Thursday, October 2, 2025,” a part of the notice read.
Last month, the NGX suspended the company based on the powers conferred on it by Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing (Default Filing 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 business days after the end of the cure period, b) suspend trading in the issuer’s securities, and c) notify SEC and the market within 24 hours of the suspension.”