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By Chinyere Joel-Nwokeoma
The Nigerian Stock Exchange (NSE) on Monday said Conoil and 10 other quoted companies have failed to file their 2016 audited results within the stipulated time.
The exchange said in a statement in Lagos that the defaulting companies included Capital Hotel, Niger Insurance, A G Leventis, African Alliance Insurance and Austin Laz Company.
Others are Resort Savings; Loans, Premier Paints, Sovereign Trust Insurance, Smart Products and Union Diagnostic & Clinical Services.
The Exchange said the companies missed the deadline to file their Audited Financial Statements (AFS) for the year Dec. 31, 2016.
It stated that the listed companies’ AFS became due on March 31, 2017.
According to the Exchange, the companies have violated the Rule 1.1.4, for Filing of Accounts and Treatment of Default Filing, Rulebook of the exchange.
It noted that the issuers’ rules require listed companies to file their AFS “with the exchange not later than 90 calendar days after the relevant year end.”
The News Agency of Nigeria (NAN) reports that rule 1.1.4 requires that the AFS must be “published in at least two national daily newspapers not later than 21 days before the date of the Annual General Meeting, and posted on the company’s website, with the web address disclosed in the newspaper publications.