Nse suspends trading in shares of six nigerian companies

The Nigerian Stock Exchange (NSE) has suspended trading in the shares of six Nigerian companies due to various reasons. Here are the details:

1. Union Bank of Nigeria Plc: The NSE suspended trading in the shares of Union Bank of Nigeria Plc due to the bank's failure to submit its audited financial statements for the year ended December 31, 2020, as required by the exchange's listing rules.
2. Fidelity Bank Plc: Fidelity Bank Plc's shares were suspended due to the bank's failure to submit its unaudited financial statements for the quarter ended March 31, 2021, as required by the exchange's listing rules.
3. Sterling Bank Plc: Sterling Bank Plc's shares were suspended due to the bank's failure to submit its unaudited financial statements for the quarter ended March 31, 2021, as required by the exchange's listing rules.
4. Transcorp Plc: Transcorp Plc's shares were suspended due to the company's failure to submit its unaudited financial statements for the quarter ended March 31, 2021, as required by the exchange's listing rules.
5. Oando Plc: Oando Plc's shares were suspended due to the company's failure to submit its audited financial statements for the year ended December 31, 2020, as required by the exchange's listing rules.
6. African Alliance Insurance Plc: African Alliance Insurance Plc's shares were suspended due to the company's failure to submit its unaudited financial statements for the quarter ended March 31, 2021, as required by the exchange's listing rules.

The suspension of trading in these companies' shares is aimed at protecting investors and maintaining market integrity. The NSE requires listed companies to submit their financial statements in a timely manner to ensure that investors have access to accurate and reliable information about the companies' financial performance.

It's worth noting that the suspension of trading in these companies' shares does not necessarily mean that the companies are insolvent or that their shares are worthless. The suspension is a temporary measure aimed at ensuring that the companies comply with the exchange's listing rules and regulations.