NSE suspends Resort Savings as regulators probe insider dealings

Nigerian Stock Exchange (NSE) Logo.

The Nigerian Stock Exchange (NSE) will today place full suspension on the shares of Resort Savings and Loans Plc as capital market regulators launched investigation into allegations of corporate governance abuses against the management and directors of the mortgage banker.

A circular issued by the NSE indicated that Securities and Exchange Commission (SEC) had directed that a full suspension be placed on Resort Savings, implying that there will be no trading on the shares of the company as from today.

“In compliance with the provisions of Section 35 of the Investments and Securities Act, 2007 and in order to give effect to the above directive, the Exchange will suspend full trading in the securities with effect from Tuesday 06 December 2016. The suspension will remain in force until further directives from the SEC,” the circular indicated.

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