Published On April 12, 2023
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NGX Regulation Limited (NGX RegCo) hereby informs the public that the below eight (8) Listed Companies have failed to comply with the directive to issue a Press Release as set forth in the Deficiency Filing Notices

(DFN) issued to the Companies.

  1. Champion Breweries Plc;
  2. International Energy Insurance Plc;
  3. Wema Bank Plc;
  4. Conoil Plc;
  5. Presco Plc;
  6. GlaxoSmithKline Consumer Nigeria Plc;
  7. Pharmadeko Plc; and
  8. Universal Insurance Plc.

The Companies’ Audited Financial Statements for the year ended 31 December 2022 (2022 AFS) became due on 31 March 2023, being the due date for filing of the 2022 AFS. By virtue of non-filing of the 2022 AFS by the due date, the Companies have violated Rule 1.1.4, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of the Nigerian Exchange Limited (the Exchange) (Issuers’ Rules) (Default Filing Rules), which provides that: “Audited annual accounts shall be filed with the Exchange not later than ninety (90) calendar days after the relevant year end, and published in at least two (2) national daily newspapers not later than twenty one (21) calendar days before the date of the Annual General Meeting, and posted on the company’s website with the web address disclosed in the newspaper publications. An electronic copy of the publication shall be filed with The Exchange on the same day as the publication.”

Pursuant to the provisions of Rule 2.2.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of Nigerian Exchange Limited (Issuers’ Rules), NGX RegCo had issued a DFN to the above listed Companies. The purpose of the DFN was to notify the Companies of the infraction, and to grant them three (3) days to provide the following information to the public through the medium of a press release:

  1. That the 2022 AFS had not been filed by the due date;
  2. A detailed explanation of the reason(s) for the delay; and
  3. The anticipated filing date, or state that the Company is unable to indicate an anticipated filing date, and reasons for such inability to indicate the anticipated filing date.

The Companies failed to comply with the directives set forth in the DFN and in light of the Companies’ continued breach of Rule 2.2.1 of the Default Filing Rules, and in line with the requirements of Rule 2.2.2, Rules for Filing of Accounts and Treatment of Default Filing, NGX RegCo hereby advises the investing public as follows. That:

  1. A DFN has been issued against the above listed companies; and
  2. Investors are advised to trade with caution on the securities of the Companies in the absence of up to date financial information on the Companies.

The investing public is further advised that NGX RegCo will continue to engage the Companies and may take the following additional steps should the Companies fail to comply, and file their 2022 AFS within the ninety-day (90) cure period stipulated in Rule 3.1 of the Default Filing Rules, i.e. 29 June 2023

  1. Send to the Companies, a Second Filing Deficiency Notification within two (2) business days after 29 June 2023; and
  2. Suspend trading in the Companies’ securities.
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