The Nigerian Exchange Limited (NGX) has suspended, effective September 1, 2025, the trading of shares in three insurance companies: Regency Alliance Insurance Plc, International Energy Insurance Plc, and Universal Insurance Plc.
The suspension follows the failure of these companies to file their audited financial statements for the year ended December 31, 2024, within the stipulated deadline, even after the expiration of the regulatory Cure Period.
As a reminder, the Exchange’s Default Filing Rules stipulate that when an issuer fails to meet its filing obligations, the Exchange must:
- issue a second filing deficiency notification within two business days,
- suspend trading in the issuer’s securities,
- and notify the Securities and Exchange Commission (SEC) as well as the investing public within 24 hours.
This suspension underscores NGX’s efforts to enforce compliance and maintain market transparency. The timely release of financial results is critical for investor confidence, as it allows shareholders and analysts to assess the financial health, performance, and governance practices of listed companies.
Several insurers have previously faced similar suspensions for comparable breaches, with regulators increasingly insisting on strict and transparent disclosure to enhance corporate accountability and strengthen public trust.
For investors holding shares in Regency Alliance, International Energy Insurance, and Universal Insurance, the suspension means they will be unable to buy or sell these securities on the Exchange until the companies regularize their filings. This could affect portfolio liquidity and limit short-term investment adjustments.
Uncertain Duration of Suspension
The NGX has not specified a timeline for the companies to meet their obligations. However, past experience shows that such suspensions may last several weeks, or even months, depending on how quickly the defaulting companies remedy the lapses.
