NSE lifts trading suspension of Unity Bank shares after 24hrs

In a notice to the investing public on Friday, the Nigerian
Stock Exchange (NSE) stock market regulator announced lifting of
the suspension on trading in the shares of Unity Bank.

“We refer to our Market Bulletin dated November 1, 2018
notifying the public of the suspension of six listed companies for
non-compliance with Rule 3.1, Rules for Filing of Accounts and
Treatment of Default Filing, Rulebook of The Exchange (Issuers’
Rules), which provides that; ‘If an Issuer fails to file the
relevant accounts by the expiration of the Cure Period, The
Exchange will: (a) Send to the Issuer a ‘Second Filing Deficiency
Notification’ within two business days after the end of the Cure
Period; (b) Suspend trading in the Issuer’s securities; and (c)
Notify the Securities and Exchange Commission (SEC) and the Market
within 24 hours of the suspension.’

“Unity Bank Plc, which was among the companies suspended has,
submitted its outstanding Audited and Interim Financial Statements
to The Exchange.

“In view of the submission of the company’s accounts and
pursuant to Rule 3.3 of the Default Filing Rules, which provides
that; ‘The suspension of trading in the issuer’s securities shall
be lifted upon submission of the relevant accounts provided The
Exchange is satisfied that the accounts comply with all applicable
rules of The Exchange. The Exchange shall thereafter also announce
through the medium by which the public and the SEC was initially
notified of the suspension.’

“The general public is hereby notified that the suspension
placed in the trading of the bank’s shares was lifted today,
November 2, 2018.

“This is for your information and update,” the notice signed by
Mr Godstime Iwenekhai, the Head of Listings Regulation Department
at the NSE, said.