NGX Group Kayode Tokede
A total of 16 companies worth N109.11billion in market capitalization have failed to comply with post-listing requirements of the Nigerian Exchange Limited (NGX) of filing audited result and accounts at stipulated period, THISDAY investigation has revealed.
THISDAY learnt that three out of the 16 companies have not remitted six years results to the bourse, a development that has kept investors in the dark over their corporate earnings and possible dividend payout.
The 16 companies include; Oando Plc, Medview Airline Plc, John Holt Plc, Thomas Wyatt Nigeria Plc, The Tourist Company of Nigeria Plc, Goldlink Insurance Plc, International Energy Insurance Plc,, Standard Alliance Insurance Plc, and STACO Insurance Plc
Others are Union Homes Savings & Loans Plc, Aso Savings & Loans Plc, Resort Savings & Loans Plc, Capital Oil Plc, Deap Capital Management & Trust, DN Tyre & Rubber Plc and Multi-Trex Integrated Foods Plc.
THISDAY investigation revealed that most of the affected companies are faced with operational and regulatory bottlenecks, making it difficult to submit audited result and accounts on the Exchange.
For instance, Oando Plc that closed 2021 with a stock price of N4.42 and N54.9billion in market capitalization has not remitted audited financial statements for 2019 and 2020.
In July of 2021, Oando entered into an arrangement with Securities and Exchange Commission (SEC) to settle all matters subject of litigation, among others.
Consequently, the company held its 20018 Annual General Meeting (AGM) and investors anticipated further release of 2019 and 2020 accounts.
However, a section of the company’s shareholders believe the Securities and Exchange Commission (SEC) should be held responsible for Oando’s problems.
Chairman, Progressive Shareholders Association of Nigeria (PSAN), Boniface Okezie, said the out of court settlement was best for the capital market and shareholders at large.
He said: “In the next few weeks, we are expecting the company to release audited 2019 results to the public. However, in other companies, we don’t know their problems. The management of NGX and SEC should intervene and find out their problems.”
Aside from Oando, Medview Airline with market capitalization N18.8billion has not submitted 2019 and 2020 results to the bourse.The company in its interim result and accounts for the full year ended December 31, 2019 reported N220.38million profit as against N3billion loss reported in 2018. The value of Medview Airlines on the floor of the NGX has not moved below or above N1.62 in the last two years.As at October 15, 2021, […]