Nigeria: NSE suspends Thomas Wyatt Nigeria from trading shares

“The suspension of trading in the shares of Thomas Wyatt 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”.

Failing to file the financial statements for 2020 Thomas Wyatt Nigeria has been debarred from trading its shares in the Nigerian Stock Exchange, according to a report by The Cable.

Singed by Lilian Dako, the head of the NSE listing regulation department, it stated that Thomas Wyatt Nigeria has been suspended since the company has failed to file its "audited financial statement" for the ending year March 31, 2020.

NSE reportedly said: “The suspension of trading in the shares of Thomas Wyatt 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”.

The statement suggested that the suspension takes effect earlier on Wednesday, January 6, 2021, and it is under the Exchange’s rule 3.1 for default filing rules.

According to the rule provides “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”.

As suggested the NSE 'listing and regulatory rules' directs that all the quoted companies should submit their yearly audited report and financial statement within 90 days after the end of one financial year. However, the company that couldn't file their financial statements within the period risks account suspension, monetary fines and delisting.