Insurance

NSE cautions investors against Staco Insurance, IEI, three others for failure to file accounts

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Chuks Udo Okonta

The Nigerian Stock Exchange (NSE) yesterday advised investors to trade with caution on the securities of five insurance companies due to the absence of up to date financial information on them.

According to the NSE, the four companies are: Goldlink Insurance Plc; International Energy Insurance Plc; Staco Insurance Plc; Standard Alliance Insurance Plc and UNIC Diversified Holdings Plc.

The NSE said the companies violated Rule 1.1.2, which are rules for filling of accounts and treatment of default filing rule book of the exchange, stressing that the companies’ unaudited financial statement (UFS) became due on June 29, 2020, being the extended due date as granted by the exchange.

“By virtue of non-filing of the UFS by the due date, the companies have violated Rule 1.1.2, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange ,which provides that 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 filing, in at least two national daily newspapers, and post it on the company’s website, with the web address disclosed in the newspaper publication. An electronic copy of the publication shall be filed with the exchange on the same day as the newspaper publication.” It noted.

NSE maintained that pursuant to the provisions of Rule 2.2.1 of the Rules, it had issued a deficiency filing notice ( DFN) 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 the following information to the public through the medium of a press release.

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