BY ELO ADAMS
THE Nigerian Stock Exchange has suspended Thomas Wyatt Nigeria Plc from trading for failing to submit its audited financial statement for the year ended March 31, 2020.
The company was suspended from trading with effect from Wednesday, January 6, 2021, according to the Exchange.
Quoted companies on the Nigerian bourse are expected to comply strictly with corporate governance rules of the NSE, which includes filing audited financial reports within a given period.
The NSE said the suspension of Thomas Wyatt would only be lifted upon the submission of the relevant accounts, provided the reports satisfied the standards of the Exchange.
“In accordance with the provisions of the default filing rules set forth above, 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 regulator said.
According to listing and regulatory rules, quoted companies are expected to submit annual audited report and financial statement not later than 90 days after the end of a financial year.
Failure to adhere to the guidelines attract up to N100m fines for erring companies as penalties, including suspension, and in some cases, delisting.
