NSE Lifts Standard Alliance’s Trading Suspension

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The Nigerian Stock Exchange (NSE) has lifted the trading suspension placed on Standard Alliance Insurance Plc.
The Exchange suspended the company for non-compliance in filing its audited account within the stipulated date as provided by Rule 3.1, Rule for filing of Accounts and Treatment of Default Filing.
The company was suspended on July 5, 2018 and the bourse also notified the public and Securities and Exchange Commission (SEC).
The insurance company according to NSE statement has now submitted its audited financial statement for the year that ended December 31, 2017.
The statement noted “in view of the submission of its 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 relevant accounts provided the Exchange is satisfied……”
Standard Alliance by the information has commenced trading of its shares on the floor of the Exchange.
In a related development, the National Insurance Commission (NAICOM) has approved the appointment of Mazars Coker &Co as External Auditors to SUNU Assurance Nigeria Plc.
The company (formerly known as Equity Assurance) called its valued shareholders and customers to note the change as it will affect the documentation of the assurance company.
The Exchange has commenced the strict application of its rules on defaulting companies that failed to submit audited accounts at the stipulated time.