NGX Reinstates Trading Of Lasaco Assurance Shares Following 2023 Financial Statements Filing

The Nigerian Exchange Limited (NGX) has lifted the suspension on the trading of Lasaco Assurance Plc shares following the company’s successful submission of its Audited Financial Statements (AFS) for the year ended 31 December 2023.

Lasaco also filed all other outstanding financial statements, bringing it into full compliance with NGX’s regulatory requirements.

The suspension, which had been in effect earlier this year, was imposed under Rule 3.1 of the NGX’s Default Filing Rules. These rules state that if a publicly listed company fails to submit its financial accounts within a specified grace period, known as the Cure Period, the Exchange will suspend trading of its securities. The suspension is part of a broader initiative by the NGX to promote transparency and accountability in financial reporting among publicly listed companies.

Lasaco Assurance had initially failed to meet its reporting deadlines, prompting the NGX to issue a ‘Second Filing Deficiency Notification’ after the expiration of the Cure Period. This led to the suspension of Lasaco’s shares, which was also communicated to the Securities and Exchange Commission (SEC) and the investing public.

However, with the recent filing of its 2023 AFS and the necessary outstanding reports, NGX confirmed that Lasaco Assurance is now in compliance with all regulatory obligations. Consequently, in line with Rule 3.3 of the Default Filing Rules, NGX officially lifted the suspension on Wednesday, 9 October 2024.

The lifting of the suspension has been publicly announced, allowing normal trading activities to resume in Lasaco’s shares. Investors and trading license holders can now engage in trading without restrictions, marking a return to normalcy for the company as it moves forward with its business plans.