NGX Lifts Suspension On Mutual Benefits Assurance Shares

Nigerian Exchange Ltd., NGX, says the suspension placed on trading in the shares of Mutual Benefits Assurance has been lifted.

The Exchange made this known in its weekly report, noting that the development allows shareholders to buy and sell Mutual Benefits Assurance shares on the NGX platform once again.

9News Nigeria reports that part of the report revealed; “We refer to our Market Bulletin dated 8 July 2024 with Reference Number: NGXREG/IRD/MB35/24/07/08 wherein we notified Trading License Holders and the investing public of the suspension in the trading on the securities of Mutual Benefits Assurance Plc.

The company was suspended on July 8, 2024 for failure to file its relevant accounts as and when due, which was in line with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing.

This provides that if an Issuer fails to file the relevant accounts by the expiration of the Cure Period, the Exchange will  send to the Issuer a “Second Filing Deficiency Notification” within two business days after the end of the cure period, suspend trading in the Issuer’s securities; and notify  SEC and the market within 24 hours of the suspension.

It said, “Mutual Benefits Assurance Plc has now filed its Audited Financial Statements for the year ended 31 December 2023 and outstanding Unaudited Financial Statements for 2024.

“In view of the Company’s submission of its 2023 AFS, and pursuant to Rule 3.3 of the Default Filing Rules, which states that; “The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided.

“The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange.

“The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted

“Trading License Holders and the investing public are hereby notified that the suspension placed on trading on the shares of Mutual Benefits Assurance Plc was lifted on Thursday, 20 March 2025.”