NSE lifts suspension on Conoil Plc’s shares

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The Nigerian Stock Exchange (NSE) has lifted the suspension on the shares of Conoil Plc. This follows the company’s submission of its outstanding Audited and Interim Financial Statements to The Exchange.

In a statement signed by Godstime Iwenekhai, NSE’s Head of Listings Regulation Department, it was confirmed that the suspension of trading in the Issuer’s securities was lifted upon submission of the relevant accounts.

Nairametrics had earlier reported that Conoil was suspended from trading its shares alongside 10 other firms for their failure to submit their statements.

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The other suspended firms were – FTN Cocoa Processors Plc, Goldlink Insurance Plc, Guinea Insurance Plc, Lasaco Assurance Plc, Niger Insurance Plc, R.T. Briscoe (Nigeria) Plc, Resort Savings & Loans Plc, Royal Exchange Plc, Standard Alliance Insurance Plc, and Universal Insurance Plc.

Perpetual offender: Conoil Plc is one of the usual suspects with respect to late submission of financial statements.

The company’s audited results for the 2017 financial year were submitted on the 1st of June, nearly six months after the financial year end of December. Conoil blamed the delay on challenges with its accounting software. FY 2016 results were submitted on the 21st of June 2017. FY 2015 results were submitted on the 8th of September 2016.

Q1 2017 results were submitted on the 22nd of June 2017. Q1 2016 results were submitted on the 16th of September 2016. Q1 2015 results were submitted on the 21st of September 2015.

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A laudable move for The Exchange? The NSE has often been criticised by a section of investors for taking too long to wield the big stick on rogue listed companies who continue to flout listing rules, despite the obvious risk they pose to investor funds. It is, therefore, always good to see it act tough in order to get stuff fixed.

Conoil Plc traded N23.80 during the NSE’s last trading session.