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By Andy Nssien, Deputy Business Editor, Lagos
The Nigerian Stock Exchange (NSE) has entered in its black book no fewer than 35 listed companies, describing their reporting pattern as below listing standard.
By this tag, it is meant that the affected companies did not comply with the post listing rules, such as late submission of financial statements and unauthorized publications.
Notable names in the list which is available at the NSE website include; Investment and Allied Assurance Plc, Nigerian Wire and Cable Plc, Big Treat Plc, Jos International Breweries, West African Aluminium Products and International Energy Insurance Plc.
Also included in the group are; Niemeth International Pharmaceuticals Plc, UNIC Insurance Plc, Nigerian German Chemicals Plc (NGC), Guinea Insurance Plc, amongst others.
While a great number of the companies defaulted in rendition of their 2011 financials, some for 2010, while one was for 2006 and few others for regulatory issues.
Daily Independent gathered that this is the first time quoted companies are being publicized for such offence.
According to an NSE source who preferred not to be mentioned, their exposure to the public serves as a punishment for the affected companies in that the public would know their health status.
It said, the publication apart from being a wake up call for the affected companies also informs the investing public to beware of where to channel their investments, to avoid burning their fingers as in the past when such information was not available.
However, the sources added that it was not a permanent list as companies who fulfil the post listing requirements are removed from the list when they so comply.
Apart from this exposure, Daily Independent gathered that the NSE imposed sanctions ranging from technical to full scale suspension of the erring companies, depending on the extent of their default.
Even so, the NSE said last month that it has secured the approval of the Securities and Exchange Commission (SEC) to delist from its daily official list this year, the shares of nine listed firms found liable of not meeting its post listing rules.