The Nigerian Exchange Limited (NGX) has suspended trading in the shares of Regency Alliance Insurance Plc, International Energy Insurance Plc, and Universal Insurance Plc, effective Monday, 1 September 2025, after the firms failed to meet regulatory disclosure deadlines.
According to a statement on Monday, signed by Obioma Oge, Head of Issuer Regulation at NGX, shareholders of the affected insurers would not be able to trade their shares until the companies submit their outstanding accounts.
“Trading License Holders and the investing public are hereby notified that trading in the shares of the three listed companies below has been suspended from the facilities of Nigerian Exchange Limited (NGX or The Exchange),” the statement said.
The suspension was triggered by the insurers’ failure to file their audited financial statements for the year ended December 31, 2024, a breach of NGX Rule 3.1 on Filing of Accounts and Treatment of Default Filing.
The rule requires that when an issuer misses the submission deadline, the NGX issues a deficient filing notice and, if unremedied within the cure period, suspends trading and notifies the Securities and Exchange Commission (SEC) within 24 hours.
The Exchange stressed that trading will remain suspended until the companies fully comply. The SEC has also been formally informed of the action.
Timely disclosure is central to investor confidence, as audited reports provide critical insights into a company’s financial health. Prolonged non-compliance can dent liquidity and valuation for affected stocks.
While NGX did not specify how long the suspensions may last, past cases suggest they could remain in place for weeks or even months, depending on how quickly the insurers regularise their filings.
Two of the companies have already taken steps to comply. As of September 2, Universal Insurance Plc submitted three reports — its audited financial results for 2024, as well as its first and second quarter 2025 filings. International Energy Insurance has also filed its 2024 audited accounts alongside its Q2 report.
The swift response reflects the urgency with which the firms are working to restore compliance and reassure investors. For Regency Alliance, however, no update had been made at press time.
The development underscores the NGX’s tougher stance on disclosure defaults as Nigeria’s capital markets push for greater transparency and stronger investor protection.
