Nigeria Stock Exchange Lifts Suspension On Unity Bank
The Nigerian Stock Exchange (NSE) on Friday lifted the trading suspension placed on the shares of Unity Bank Plc barely one day after the bank was suspended along with five other listed firms for not filling their accounts in accordance with the post-listing requirements of the exchange.
Unity Bank was suspended along DN Tyre & Rubber Plc, FTN Cocoa Processing Plc, International Energy Insurance Plc, Thomas Wyatt Nigeria Plc and Union Dicon Salt Plc.
According to the NSE, “pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange , which provides that If an issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will: send to the issuer a second filing deficiency notification within two business days after the end of the cure period; suspend trading in the issuer’s securities and notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension, trading in the shares of the companies six companies have been suspended effective today, 8 October.”
The exchange had explained that in accordance with the rules set forth above, the suspension of the above listed companies will only be lifted upon the submission of the relevant accounts and provided the exchange is satisfied that the accounts comply with all applicable rules of the exchange.
But barely 24 hours after, the NSE lifted the suspension on Unity Bank Plc. The exchange said the bank was off the hook following the submission of its accounts.
In a notification to market operators, the NSE said: Unity Bank Plc which was amongst the companies suspended has submitted its outstanding audited and interim financial statements to the exchange.
“In view of the submission of the company’s accounts and pursuant to Rule 3.3 of the Default Filing Rules, which provides 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 was initially notified of the suspension, the general public is hereby notified that the suspension placed in the trading of the bank’s shares was lifted on November 2, 2018.”
Meanwhile, in its audited results for the year ended December 31, 2017, Unity Bank recorded a loss of N14.91 billion, compared with a profit of N2.184 billion in 2016.