NSE to Sanction Oando, Dangote Flour, Eterna and 43 Other Companies

The Nigerian Stock Exchange (NSE) is to sanction several companies for violating its post listing requirements. In a report released by the bourse it marked 46 companies as BLS or falling below listing standards and 30 as ‘ARA’, meaning Awaiting Bank/Insurance Regulatory Approval.

Those marked BLS are companies that refused to transmit their financial statements to the regulator on time or embarked on its unauthorized publication.

The companies flagged as BLS are FTN Cocoa Processors Plc, International Breweries Plc, Dangote Flour Mills Plc, Scoa Nigeria Plc, Ekocorp Plc, Evans Medical Plc, Union Diagnostic & Clinical Services Plc, African Paints (Nigeria) Plc, IPWA Plc, Premier Paints Plc, Omatek Ventures Plc, Starcomms Plc and Aluminium Extrusion Nigeria Plc.

Others are Conoil Plc, Eterna Oil and Gas Plc, Oando Plc, Secure Electronic Technologies Plc, Ikeja Hotel Plc, Daar Communications Plc, RT. Briscoe Plc, McNichols Plc, Afrik Pharmaceutical, Union Ventures and Petroleum Plc, Costain (West Africa) Plc, G.Cappa Plc, Beco Petroleum Plc, John Holt Plc, Nigerian Wire and Cable Plc, Udeofson Garment Factory Plc, Union Homes Savings and Loans Plc and West African Aluminium Products Plc.

Included are MTI Plc, Union Dicon Salt Plc, Jos International Breweries Plc, Stokvis Nigeria Plc, Capital Oil Plc, Rokanna Industries Plc, West African Glass Industries Plc, Lennards Plc, Afroil Plc, Golden Guinea Breweries Plc, Rak Unity Petroleum Plc Nigerian Sewing Machine Plc, MTech Plc and Investment and Allied Assurance Plc.

The NSE said, “Consequently, companies that miss their financial filing dates or contravene any of the provisions of the Post Listing Rules will have the symbol ‘BLS’ (Below Listings Standard) appended to their name. The symbol remains in effect until the company regularizes its compliance status.”