The Nigerian Exchange Limited (NGX) has sent a market notice that it has suspended trading in the shares of International Energy Insurance Plc (IEI), Regency Alliance Insurance Plc, and Universal Insurance Plc, effective September 1, 2025.
The suspension follows their alleged failure to file 2024 Audited Financial Statements (AFS) within the stipulated period.
While we acknowledge the action as necessary in line with the NGX rulebook after the expiration of the 90-day cure period, this needs to be done with circumspection and transparency.
Our quick check shows that Universal Insurance Plc released its Audited Financial Statement for 2024 on August 29, 2025, which was published on the NGX Corporate Disclosure page.
Meanwhile, Regency Alliance Insurance Plc has also informed the market that, on July 8, 2025, it experienced a delay in filing its AFS 2024 due to a regulatory review by the National Insurance Commission (NAICOM).
Proshare analysts contend that in situations where regulatory considerations are present, it is essential for the NGX to acknowledge these in its dealings with Issuers.
According to the market bulletin, numbered NGXREG/IRD/MB64/25/09/01 and dated September 01, 2025, the Trading License Holders and the investing public are hereby notified that pursuant to 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 (Cure Period means ninety (90) calendar days from the applicable due date), The Exchange will Send to 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.
Hence, the Exchange suspended trading in the shares of the three (3) listed companies for not filing their Audited Financial Statements for the year ended 31 December 2024.
The Market Bulletin Reads:
Trading License Holders and the investing public are hereby notified that pursuant to 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 to 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.”,
Trading in the shares of the three (3) listed companies below has been suspended from the facilities of Nigerian Exchange Limited (NGX or The Exchange) effective today, Monday, 1 September 2025, for not filing their Audited Financial Statements for the year ended 31 December 2024:Nigeria Real Estate Market Trends
Regency Alliance Insurance Plc
International Energy Insurance Plc
Universal Insurance Plc
In accordance with the Default Filing Rules set forth above, the suspension of trading in the shares of the above-mentioned companies shall be lifted upon the submission of the outstanding financial statements.
