NSE lifts trading suspension on Universal insurance’s shares
The Nigerian Stock Exchange has lifted the suspension it placed on trading in the shares of Universal Insurance Plc.
In a notice on Wednesday, the NSE referred to its market bulletin dated July 2, 2019, with reference number: NSE/RD/LRD/MB34/19/07/02, wherein it notified dealing members of the suspension of 11 listed companies for non-compliance with Rule 3.1, rules for filing of accounts and treatment of default filing, and the rulebook of the Exchange.
It said the rule provided that “if an issuer fails to file the relevant accounts by the expiration of the cure period, the Exchange will send to the issuer a ‘second filing deficiency notification’ within two business days.”
It added that after the cure period, it would suspend trading in the issuer’s securities and notify the Securities and Exchange Commission and the market within 24 hours of the suspension.
In a statement signed by the Head, Listings Regulation Department, NSE, Godstime Iwenekhai, the NSE said Universal Insurance had submitted its outstanding audited and interim financial statements.
The statement read in part, “Rule 3.3 of the Default Filing Rules states that the suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts, provided the Exchange is satisfied that the accounts comply with all applicable rules.
“The Exchange shall thereafter also announce through the medium by which the public and the Securities and Exchange Commission were initially notified of the suspension.”
Iwenekhai said in view of the submission of the company’s accounts and pursuant to Rule 3.3 of the Default Filing Rules, the general public was hereby notified that the suspension placed on the trading of the bank’s shares had been lifted with effect from August 7, 2018.
To provide insurance cover for bus passengers
In a related development, Universal Insurance announced a strategic partnership with the National Union of Road Transport Workers to provide insurance cover to passengers in the Passenger Manifest Scheme Project.
Universal Insurance, in a statement on Wednesday, said PAMS was a project of the NURTW and that it would be acting as the official underwriter of the scheme.
It said the partnership with NURTW was in a bid to play a significant role in the insurance industry retail space.
According to the statement, the PAMS initiative is designed to ensure that passengers travelling by road across the country have their names authenticated on the union’s digital manifest and covered with genuine insurance policy, which Universal Insurance provides.
The company said it believed the partnership with NURTW would go a long way in improving insurance awareness and penetration in the country, as well as boost public confidence in the industry through prompt settlement of claims.