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NGX Halts Trading In Three Insurance Firms Over Failure To File 2024 Results
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The regulation stipulates that if an issuer fails to meet the stipulated filing deadline and the cure period lapses
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206 days agoNGX Halts Trading In Three Insurance Firms Over Failure To File 2024 Results
The Nigerian Exchange Limited (NGX) has placed an indefinite suspension on trading activities involving three insurance companies—Regency Alliance Insurance Plc, International Energy Insurance Plc, and Universal Insurance Plc—effective Monday, September 1, 2025.
According to the Exchange, the suspension became necessary after the companies failed to submit their audited financial statements for the year ended December 31, 2024, in line with Rule 3.1 of the Rules for Filing of Accounts and Treatment of Default Filing.
The regulation stipulates that if an issuer fails to meet the stipulated filing deadline and the cure period lapses, the NGX shall issue a deficiency notice, suspend trading in the securities, and notify both the Securities and Exchange Commission (SEC) and the investing public within 24 hours.
The Exchange emphasised that the suspension will remain in effect until the affected insurers file their outstanding results in full compliance with regulatory requirements.
The action underscores NGX’s renewed drive for market transparency and accountability, particularly in the insurance sector where compliance challenges have been recurring. Investors in the affected firms will be unable to buy or sell shares until the suspension is lifted.