NGX lifts suspension on Mutual Benefits Assurance shares after compliance update 

This development enables shareholders to resume trading the company’s shares on the NGX platform.

In its weekly report, the NGX stated, “We refer to our Market Bulletin dated 8 July 2024 with Reference Number: NGXREG/IRD/MB35/24/07/08, wherein we notified Trading License Holders and the investing public of the suspension in the trading on the securities of Mutual Benefits Assurance Plc.” 

The company was suspended on July 8, 2024, for failing to file its financial accounts within the stipulated timeframe, in accordance with Rule 3.1 of the NGX’s Rules for Filing of Accounts and Treatment of Default Filing.

The rule mandates that when an issuer fails to submit its accounts by the expiration of the cure period, the Exchange will issue a “Second Filing Deficiency Notification,” suspend trading in the issuer’s securities, and notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.

Providing an update, the NGX noted, “Mutual Benefits Assurance Plc has now filed its Audited Financial Statements (AFS) for the year ended 31 December 2023, as well as the outstanding Unaudited Financial Statements for 2024.” 

The NGX further stated, “In view of the company’s submission of its 2023 AFS, and pursuant to 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,’ 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 were initially notified of the suspension that the suspension has been lifted.” 

The Exchange confirmed, “Trading License Holders and the investing public are hereby notified that the suspension placed on trading on the shares of Mutual Benefits Assurance Plc was lifted on Thursday, 20 March 2025.” 

In a related development, the Nigerian Exchange Group Plc recently announced its audited financial results for the fiscal year ended December 31, 2024, posting a record-breaking profit before tax (PBT) of N13.6 billion. This represents an impressive 157.3% year-on-year growth.

As a testament to this outstanding performance, the Board of Directors approved a final dividend of N4.4 billion, equivalent to N2.00 per share—the highest dividend payout in the Group’s history.

This decision emphasized NGX Group’s commitment to delivering value to shareholders while maintaining a strong capital position.