The Nigerian Exchange Limited (NGX) has suspended trading in the shares of three insurance companies, Regency Alliance Insurance Plc, International Energy Insurance Plc, and Universal Insurance Plc over their failure to meet regulatory filing requirements.
In a notice to the market on Monday, September 1, 2025, the Exchange said the suspension was in line with the provisions of Rule 3.1 of the Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules).
The companies had failed to submit their audited financial statements for the year ended December 31, 2024, after the expiration of the Cure Period allowed under the rules.
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According to NGX, the Default Filing Rules provide that where an issuer defaults in submitting its accounts, the Exchange shall issue a Second Filing Deficiency Notification within two business days, suspend trading in the issuer’s securities, and notify the Securities and Exchange Commission (SEC) and the investing public within 24 hours.
“Trading in the shares of the affected companies will remain suspended until they comply with the requirements by submitting their outstanding financial statements,” the Exchange stated.
The suspension underscores the Exchange’s efforts to enforce compliance and maintain transparency in the market. Timely submission of financial results is critical for investor confidence, as it allows shareholders and analysts to assess the financial health, performance, and corporate governance practices of listed companies.
Market analysts note that the development may further test investor sentiment in the insurance sector, which has struggled with low investor patronage, weak profitability, and repeated regulatory interventions in recent years.
Several insurers have in the past faced trading suspensions for similar breaches, with regulators insisting on stricter disclosure to boost accountability and strengthen public trust.
For investors holding shares in Regency Alliance, International Energy Insurance, and Universal Insurance, the suspension means they will be unable to buy or sell the securities on the Exchange until the companies regularise their filings. This could affect liquidity positions and limit portfolio adjustments in the short term.
While the NGX did not indicate when the firms are expected to comply, history suggests that suspensions may last weeks or months depending on how quickly the defaulting companies address the lapses.
The latest action reinforces the Exchange’s zero-tolerance stance on regulatory breaches and sends a clear message that timely financial disclosure remains non-negotiable for companies seeking to retain their listing status.
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