NSE lifts suspension on FTN Cocoa Processors

Taofik Salako


AUTHORITIES at the Nigerian Stock Exchange (NSE) on Tuesday lifted suspension clamped on FTN Cocoa Processors Plc, more than five months after the Exchange disallowed trading in the shares of the agricultural company for breach of corporate governance rules.

The NSE had on July 02, 2019 suspended trading on FTN and 10 other companies for failing to adhere to best corporate governance and extant post-listing requirements that make it mandatory for quoted companies to submit their financial statements within stipulated timelines.

Post-listing rules at the NSE require quoted companies to submit their audited earnings reports, not later than 90 calendar days after the expiration of the period. The rules also require quoted companies to submit interim report not later than 30 calendar days after the end of the relevant period. Not less than 83 per cent of quoted companies use the 12- month Gregorian calendar year as their business year. The business year thus…

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