Shareholders of some quoted companies on the Nigerian Exchange Limited (NGX) that have not submitted 2021 financial year result and accounts have called on the companies to do so.
THISDAY gathered that some of these companies have notified the management of the NGX of reason (s) behind not filing 2021 results.
It was learnt that majority of the 11 companies that are yet to submit their results are undergoing reconstruction in compliance with NGX post-listing requirement.
THISDAY findings revealed that; Oando Plc, Capital Oil Plc, Thomas Wyatt Nigeria Plc, Rak Unity Petroleum Company Plc, Medview Airline Plc, Standard Alliance Insurance Plc and International Energy Insurance Plc are non-rendition companies that have not submitted 2021 financial year results to the NGX.
Others are Goldlink Insurance Plc, Resort Savings & Loans Plc, STACO Insurance Plc, Smart Products Nigeria Plc, Deap Capital Management & Trust and DN Tyre & Rubber Plc.
The post-listing rules of the Exchange in respect of financial accounts submission, stated: “An issuer shall announce the financial statements for the full financial year immediately after the figures are available, but in any event not later than ninety (90) days after the relevant financial period.”
The only notable company that has notified the NGX of when the 2021 result will be released is Oando.
Oando in March 2022 had notified capital market stakeholders that its financial year ended December 31, 2021 will be released October 2022.
The Chief Compliance officer and company secretary, Oando, Mr. Ayotola Jagun in a statement apologized for any inconvenience caused, maintaining that concerted efforts are being made to finalise the accounts with the external auditors and to ensure that the continue to comply with other continuous disclosure requirements within the time prescribed by the applicable regulations.
Speaking with THISDAY, the National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Dr. Anthony Omojola said the failure to disclose financial statements by these companies is affecting shareholders’ decision making in trading their stocks.
He called on market stakeholders to assist these firms in making sure audited 2021 result and accounts released to the investing public.
The Chairman, Progressive Shareholders Association of Nigeria, Boniface Okezie expressed dissatisfaction with companies not complying with post-listing requirements of the Exchange, stressing that the value of these companies are trading undervalued.
According to him: “As a shareholder, I am concerned that some listed companies have not released audited 2021 results to the public. We don’t know the problems of these companies and the management of NGX and SEC should intervene and find out their problems.”
Meanwhile, Medview Airlines on the floor of the NGX has not moved below or above N1.62 in the last two years.
As at June 17 , 2022, data obtained from the local bourse disclosed that the company recorded zero trade and zero volume within the period under review.
Also, the airline has been among companies listed on the NGX’s free float deficiencies of 14.16 per cent.
THISDAY can report that some of these companies are undergoing restructuring from the Exchange.
Union Homes Savings & Loans Plc, Goldlink Insurance Plc, International Energy Insurance Plc, Thomas Wyatt Nigeria Plc, DN Tyre & Rubber are currently undergoing restructuring on the Exchange.