NGX removes Niger Insurance and two other companies from its platform

The Nigerian Exchange Limited (NGX) has delisted shares of Niger Insurance Plc and two other companies from its platform for failing to comply with standards.

Other companies affected are – Resort Savings and Loans Plc, and RAK Unity Petroleum Plc.

NGX Head of Issuer Regulation, Godstime Iwenekhai, confirmed the development in a statement on Thursday.

The companies, according to NGX, were delisted for operating below the exchange’s listing standards.

The decision comes into effect on Thursday.

The statement reads: “Trading license holders and the investing public are hereby notified that in accordance with the provisions of Clause 15 of the General Conditions, Appendix iii of the Exchange Rule Book, 2015, Part II.

“The Issuer Regulations Delisting process states that; to acknowledge that the Board has the right to remove the name of a company from the Official List of the Exchange at its sole discretion and may, if it considers that there is insufficient public interest in the company, i.e., there are not enough shares in the hands of the public, or.

“One of the above terms and conditions is not complied with, or the company becomes a subsidiary of another company.”

NGX also said that the company’s securities were “no longer considered suitable for continued listing and trading in the market.”

The company said the operating licenses of Niger Insurance and Resort Savings and Loans were revoked by their principal regulators, the National Insurance Commission (NAICOM) and the Central Bank of Nigeria (CBN) on June 21, 2002 and May 24, 2023 respectively.

“On the other hand, RAK Unity Petroleum completed its liquidation process on September 26, 2023, and has since been dissolved “and therefore no longer needs to be listed on the NGX platform,” he added.

By: Babajide Okeowo

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