The Nigerian Exchange Limited (NGX) has announced the lifting of the trading suspension on the shares of Mutual Benefits Assurance Plc, effective Thursday, March 20, 2025.
This decision follows the company’s successful submission of its Audited Financial Statements for the year ended December 31, 2023, along with its outstanding Unaudited Financial Statements for 2024.
Nairaconomy gathered that the suspension was initially imposed in accordance with the Default Filing Rules, which mandate a temporary halt in trading for issuers who fail to submit their financial statements within the required timeframe.
Having met its reporting obligations, Mutual Benefits Assurance Plc has now been reinstated for trading on the Exchange.
In line with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules), which provides that:
“If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, the Exchange will:
- send the Issuer a “Second Filing Deficiency Notification” within two (2) 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 twenty- four (24) hours of the suspension.”
With this investors and market participants can resume trading the company’s shares as NGX confirms compliance with all applicable regulatory requirements.
