The Nigerian Stock Exchange (NSE), recently advised investors to be wary of securities of five insurance companies because of default in filling financial statement.
The companies involved are: Goldlink Insurance Plc, International Energy Insurance Plc, Staco Insurance Plc, Standard Alliance Plc and UNIC Diversified Holdings Plc.
NSE said the companies violated Rule 1.1.2, which are rules for filling of accounts and treatment of default filling rule book of the exchange, noting that the companies unaudited financial statement (UFS) become due on June 9, 2020, being the extended due date as granted by the exchange.
According to NSE, “every issuer shall file its unaudited quarterly accounts not later than 30 calendar days after the relevant quarter, and publish it within five business days after the date of filling in at least two national daily newspaper publication, An electronic copy of the publication shall be filled with the exchange on the same day as the newspaper publication.
In executing Rule 2.2.1, it issued a deficiency filing notice to the aforementioned companies adding that the purpose of the DFN was to notify the companies of their infraction, and to grant them three days to provide information to the public through the medium of a press release.