NSE lifts suspension on Deap Capital Management
Authorities at the Nigerian Stock Exchange (NSE) have lifted suspension clamped on Deap Capital Management and Trust Plc, after nearly 10 months of disallowing trading in the shares of the company for breach of corporate governance rules.
The NSE had on November 1, 2018 suspended trading on Deap Capital Management and five other companies for failing to adhere to best corporate governance and extant post-listing requirements that make it mandatory for quoted companies to submit their financial statements within stipulated timelines.
Post-listing rules at the NSE require quoted companies to submit their audited earnings reports, not later than 90 calendar days after the expiration of the period. The rules also require quoted companies to submit interim report not later than 30 calendar days after the end of the relevant period.
Not less than 83 per cent of quoted companies use the 12-month Gregorian calendar year as their business year. The business year thus terminates on December 31. While March 31 is usually the deadline for submission of annual report for companies with Gregorian calendar business year, the deadline for the quarterly report is a month after the quarter.
The NSE stated that the lifting of suspension was due to the submission of outstanding financial statements by Deap Capital Management.