NGX Suspends LASACO, Unity Bank, 6 Listed Companies From Trading, Gives Reason

NGX Suspends LASACO, Unity Bank, 6 Listed Companies From Trading, Gives Reason

  • The NGX has suspended eight listed companies for failing to file their 2023 financial reports as expected
  • Amongst the suspended firms are Guinea Insurance, NPF Microfinance Bank, Regency Alliance Insurance, and Unity Bank
  • The suspension takes effect from July 8, 2024, and the affected companies will not be able to trade shares until otherwise stated journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the stock market.

The Nigerian Exchange Limited (NGX) has suspended trading for eight companies because they failed to comply with a regulation mandating listed firms to submit audited annual reports by a specified deadline.

According to the document, the suspension will persist until these companies provide their pending 2023 audited financial statements to the exchange.

NGX halts trading for eight listed firms including LASACO and Unity Bank for violations
The suspension takes effect from July 8, 2024, and the affected companies will not be able to trade shares until otherwise stated. Photo credit - NGX, Vecteezy
Source: UGC

The companies facing sanctions include Mutual Benefits Assurance, Lasaco Assurance, Unity Bank, C & I Leasing, Secure Electronic Technology, Guinea Insurance, NPF Microfinance Bank, and Regency Alliance Insurance.

Read also

“Refrain from unauthorised agents” DisCo begins sharing metres, sends message to customers

Recall that in June 2024, the NGX fined nine quoted firms N76.8 million for failing to file their audited financial statements by the due date.

Unity Bank, supported by the Asset Management Corporation of Nigeria (AMCON), is the sole listed bank that has not yet released its 2023 earnings report.

AMCON, established to purchase non-performing loans from banks and subsequently recover them, is Unity Bank's principal shareholder, owning over one-third of its issued shares.

Suspension in accordance with NGX rule

Premium Times reported that the document was signed by Godstime Iwenekhai, who heads the NGX's issuer regulation department.

Iwenekhai informed the investing public that the suspension is in accordance with Rule 3.1, which pertains to the filing of accounts and the handling of default filings.

Read also

SEC to monitor weekly cryptocurrency transactions after suspending Binance services, others

He noted that the suspension was effective Monday, July 8, 2024.

The statement partly read:

“If an Issuer fails to file the relevant accounts by the expiration of the Cure Period1, the exchange will (a) send to the issuer a 'Second Filing Deficiency Notification' within two (2) business days after the end of the Cure Period.”

A cure period typically lasts 90 calendar days, starting from the beginning of the year and extending to the end of the first quarter. This period includes weekdays, weekends, and public holidays.

The document also stated that the exchange is obligated to inform the capital market regulator, the Securities and Exchange Commission (SEC), and the market within twenty-four (24) hours of the suspension.

Recall again that in 2023, the NGX applied the same sanction on Ardova Plc, Presco Plc and five other listed companies over the same offence.

Read also

EFCC, police set to prosecute directors, managers of Heritage bank as NDIC explains delay in payment

Reacting to the NGX's action, Tunde Akintoye, a Lagos-based stockbroker told that the suspension is a necessary step to uphold market integrity.

He said:

"This action highlights the importance of transparency and accountability in the financial sector.
"By enforcing strict adherence to reporting deadlines, the NSE ensures that investors have access to timely and accurate information, which is crucial for making informed decisions.
"While the suspension may temporarily disrupt trading activities, it ultimately serves to reinforce the standards expected of publicly listed companies and maintain confidence in the Nigerian financial markets."

NGX unveils electronic public offering platform

In related news, reported that the NGX and the SEC unveiled a digital platform for purchasing shares.

NGX chief executive officer Temi Popoola said the platform is embedded with capabilities to facilitate transactions.

The NGX also recently launched a shortcode or USSD to allow Nigerians to own quoted company shares.

Read also

Good news as customs resells seized petrol at discounted price to Nigerians

Proofreading by James Ojo Adakole, journalist and copy editor at


Victor Enengedi avatar

Victor Enengedi (Business HOD) Victor Enengedi is a trained journalist with over a decade of experience in both print and online media platforms. He holds a degree in History and Diplomatic Studies from Olabisi Onabanjo University, Ogun State. An AFP-certified journalist, he functions as the Head of the Business Desk at Legit. He has also worked as Head of Editorial Operations at Nairametrics. He can be reached via and +2348063274521.