Failure to release financial results for the 2024 fiscal year has led to the suspension of three insurance companies on the Nigerian Exchange (NGX) Limited.
The affected underwriting firms are Regency Alliance Insurance Plc, International Energy Insurance Plc, and Universal Insurance Plc.
As a result of the embargo, shareholders and other investors will not be able to trade their stocks on the local stock market, according to a notice signed by Obioma Oge for the Head of Issuer Regulation Department of the NGX.
In the statement, it was disclosed that the effective date for the suspension of the three organisations was Monday, September 1, 2025.
It was in line with 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 the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.
However, the embargo may be lifted if the trio released their outstanding financial statements for “the year ended December 31, 2024.”