Why NSE Lifts Suspension On Union Dicon Salt

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Nigerian Stock Exchange (NSE) Logo.

The Nigerian Stock Exchange (NSE) has lifted suspension placed on Union Dicon Salt Plc after the company submitted relevant financial statements to the market.

The NSE had on September 1, this year suspended Union Dicon Salt and five other companies after they failed consistently to meet extant listing rules that require quoted companies to submit their annual and quarterly financial statements within specified timelines.

In a circular, the Exchange stated that Union Dicon Salt has submitted outstanding financial statements, paving the way for the lifting of suspension placed on its shares. The lifting of suspension took effect on Monday October 19, 2020.

Listing and regulatory rules at the capital market require all quoted companies to submit their annual audited report and financial statement not later than 90 days after the end of the financial year. More than 85 per cent of quoted companies including all banks, insurers, major manufacturers, oil and gas companies and conglomerates use the Gregorian calendar year ending December 31 as their business year.

Thus, the deadline for the submission was Monday, March 30, 2020. However, with the disruptions caused by the COVID-19 pandemic, both the NSE and Securities and Exchange Commission (SEC) extended the deadline for submission of annual report and accounts by 60 days, till May 29, 2020.

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