The Nigerian Stock Exchange (NSE) has suspended Thomas Wyatt Nigeria Plc for failing to adhere to extant corporate governance practices that require quoted companies to submit their audited report and accounts within a stipulated period.
The Exchange stated that Tomas Wyatt Nigeria was suspended from trading with effect from Wednesday, January 6, 2021 having failed to file its audited financial statements for the year ended March 31, 2020.
“In accordance with the provisions of the default filing rules set forth above, the suspension of trading in the shares of Thomas Wyatt will only be lifted upon the submission of the relevant accounts and provided the Exchange is satisfied that the accounts comply with all applicable rules of the Exchange,” NSE stated.
Listing and regulatory rules at the capital market require all quoted companies to submit their annual audited report and financial statement not later than 90 days after the end of the financial year. More than 85 per cent of quoted companies including all banks, insurers, major manufacturers, oil and gas companies and conglomerates use the Gregorian calendar year ending December 31 as their business year.
NSE tags and applies fines on companies that fail to meet earnings reports’ deadline. Companies may pay fines that range from N100, 000 to more than N100 million as penalties for delay in the submission of their corporate earnings reports. Companies that also delayed their financial statements and accounts face threats of suspension and delisting in addition to the monetary fines, The Nation reports.