Nigerian Stock Exchange lifts suspension placed on trading of Conoil Plc shares

August 8, 2018 4:55 PM

The suspension was lifted after Conoil Plc submitted its financial statements for the first quarter and half-year.

The Nigerian Stock Exchange (NSE) has lifted the suspension placed on the trading of shares of Conoil Plc., over late submission of financial reports.

The suspension was lifted on Wednesday, August 8, 2018, a day after the oil company owned by the second richest man in Nigeria, Mike Adenuga, submitted its Unaudited Financial Statement for the period ended 31 March 2018.

Godstime Iwenekhai, NSE's Head, Listings Regulation Department in a statement released on Wednesday, said, “...the suspension of Conoil Plc for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (‘Default Filing Rules’)” has been lifted.

He urged the public to note that the Company’s shares have been lifted effective today, Wednesday, 8 August 2018.

The Nigerian regulatory agency suspended Conoil Plc from the stock market trading on Monday, August 6, 2018, over its failure to file in its financial statements as required by the rules governing the market.

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Aderemi Ojekunle

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