NGX suspend Regency Alliance, International Energy, Universal Insurance companies over failure to file 2024 audited financial statements

The Nigerian Exchange Limited (NGX) has suspended trading in the shares of three listed insurance companies for failing to file their audited financial statements for the year ended December 31, 2024.

The NGX has suspended trading in the shares of three companies on September 1, they include: Regency Alliance Insurance Plc (RAIP), International Energy Insurance Plc (IEI Plc.), and Universal Insurance Plc (UNIVINSURE).

This action was taken in accordance with the Default Filing Rules of the NGX.

These rules state that a company that fails to submit its required financial accounts after a grace period will receive a second notification, have its shares suspended from trading, and be reported to the Securities and Exchange Commission (SEC) within 24 hours.

It said, “Trading Licence Holders and the investing public are hereby notified that, pursuant to Rule 3.1 of the Rules for Filing of Accounts and Treatment of Default Filing.

“if an issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will send a second filing deficiency notification within two business days, suspend trading in the issuer’s securities, and notify the SEC and the market within 24 hours.

“Trading in the shares of Regency Alliance Insurance Plc, International Energy Insurance Plc, and Universal Insurance Plc has been suspended from the facilities of the Nigerian Exchange Limited, effective Monday, September 1, for not filing their audited financial statements for the year ended December 31, 2024.

“The suspension will be lifted once the outstanding financial statements are submitted.”

According to the Exchange, trading in the shares of the affected companies will remain suspended until the outstanding audited financial statements are submitted.

NGX said it is taking the action to protect investors and ensure compliance with its regulatory framework.

The SEC has been duly notified of the suspension, and investors are advised to monitor updates from NGX regarding the reinstatement of trading once the companies comply with the filing obligations.