Two firms, Multi-Trex Integrated Foods Plc and Infinity Trust Mortgage Bank Plc, have been asked to undergo Mandatory Compliance Training by the Nigerian Exchange Limited.
According to the latest X-Compliance report of the NGX Regulations, the companies failed to comply with some post-listing requirements, hence the sanctions.
Multi-Trex Integrated Foods Plc which processes cocoa and produces intermediate products such as cocoa butter and cocoa cake, was sanctioned for breaching Rule 19.6. which has to do with the submission of Notice and Other Information Documentation to the Exchange; Rulebook of the Exchange 2015, (Issuers Rules).
Infinity Trust Mortgage Bank, whose stocks have been seeing increased activities in weeks, had breached Rule 17.5, which has to do with price-sensitive information, the rulebook of the Exchange 2015 Issuers’ Rules and failure to disclose the confirmation of the appointment of the new Managing Director of the Bank.”
In February 2023, Infinity Trust Mortgage Bank, announced the appointment of Sunday Olumorin as its Managing Director, succeeding Olabanjo Obaleye, who completed his tenure as the bank MD.
Meanwhile, the board of NGX Regulations has approved the placement of Multi-Trex Integrated Foods Plc on its Delisting Watchlist.
Another firm that faced sanction in the year was Guinea Insurance Plc, which was fined N 453,600 for breaching “Rules 18.2(c) and 18.2(d): Issuers’ Portal Rules. Failure to utilise the Issuers Portal to file sensitive information.”
According to the NGX, every listed company is required to provide the exchange with timely information to enable it to efficiently perform its function of maintaining an orderly market.
“In accordance with the provisions of Appendix III: General Undertaking (Equities), “Rulebook of NGX, 2015 (Issuers’ Rules) and NGX’s Circular No. NSE/LARD/LRD/CIR3/17/05/12 on Publication of Announcements or Press Releases via the Issuers’ Portal, listed companies are required to obtain prior written approval from NGX RegCo before publications that affect shareholders’ interests are made in the media or via the Issuers’ Portal. In addition, companies are also required to disclose material information to NGX and publish the information in their Annual Reports,” the regulatory document said.
