NGX Lifts Suspension On Lasaco Assurance After Filing Of 2023 Financial Statements

The Nigerian Exchange Limited (NGX) has lifted the suspension on trading of Lasaco Assurance Plc shares following the company’s compliance with regulatory requirements.

This comes after Lasaco Assurance filed its Audited Financial Statements (AFS) for the year ended 31 December 2023, along with all other outstanding financial statements.

The suspension, which took effect earlier in the year, was imposed in accordance with Rule 3.1 of the NGX’s Default Filing Rules.

These rules stipulate that if a company fails to file its financial accounts by the expiration of a given grace period, known as the Cure Period, the Exchange will suspend trading of the company’s securities.

The suspension is part of a wider effort to ensure transparency and accountability in the financial reporting of publicly listed companies.

In Lasaco’s case, the NGX issued a “Second Filing Deficiency Notification” after the Cure Period expired, notifying the company of its failure to meet the reporting deadlines.

This notification was followed by the suspension of trading in Lasaco shares, which was also communicated to the Securities and Exchange Commission (SEC) and the investing public, as required under the Exchange’s rules.

However, with the recent submission of the 2023 AFS and the outstanding financial statements, the NGX has determined that Lasaco Assurance is now in full compliance with its regulatory obligations.

As a result, pursuant to Rule 3.3 of the Default Filing Rules, the suspension on Lasaco’s shares was officially lifted on Wednesday, 9 October 2024.

The lifting of the suspension has been publicly announced, restoring normal trading activities in the company’s shares.

Investors and trading license holders are advised that they can now resume trading in Lasaco Assurance Plc’s shares, and the company can move forward with its plans without the restriction of a trading suspension.