Niger Insurance Plc, Goldlink Insurance Plc, STACO Insurance Plc, Standard Alliance Insurance Plc, and the Tourist Company of Nigeria Plc are among the insurance companies delisting from the Nigerian Exchange Limited (NGX) this year due to non-compliance with listing requirements.
The NGX announced the delisting of these companies after they failed to submit their 2023 financial year results. Godstime Iwenekhai, head of the issuer regulation department at NGX, confirmed the decision in a recent statement.
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The delisting also affects Standard Alliance Insurance Plc, which, along with other listed insurance firms, failed to meet the Exchange’s post-listing standards. The NGX had previously noted that some companies were experiencing operational and regulatory challenges, hindering their ability to submit the required audited results.
In particular, the Tourist Company of Nigeria Plc and Standard Alliance Insurance Plc have not submitted their 2020 audited results. Furthermore, Union Homes Savings & Loans Plc and Aso Savings & Loans Plc have not provided audited results for over six years.
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The NGX explained that the delisting process aligns with Clause 15 of the General Undertaking, Appendix III of the Rule Book of The Exchange, 2015, Part II, which allows for the removal of companies not meeting listing standards or those with insufficient public interest.
The operating licenses of Niger Insurance and Resort Savings and Loans have been revoked by the National Insurance Commission (NAICOM) and the Central Bank of Nigeria (CBN), further supporting their delisting from the NGX.
