Emmanuel Ochayi
The Nigerian Exchange Limited has taken decisive action against Multi-Trex Integrated Foods Plc and Infinity Trust Mortgage Bank Plc, instructing them to undergo Mandatory Compliance Training after non-compliance with post-listing regulations.
In the latest X-Compliance report, these companies were found in violation of specific rules outlined in the Exchange’s Rulebook, resulting in sanctions.
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Speaking on the matter, a representative from the NGX Regulations emphasized the importance of timely and accurate information submission from listed companies. “In accordance with our regulations, every listed entity is mandated to provide timely and precise information to uphold market orderliness,” the representative stated.
Multi-Trex Integrated Foods Plc faced sanctions for breaching Rule 19.6 related to documentation submission, while Infinity Trust Mortgage Bank violated Rule 17.5 concerning price-sensitive information disclosure, including the confirmation of their new Managing Director in February 2023.
Furthermore, Guinea Insurance Plc was also penalized earlier for failing to utilize the Issuers Portal to file sensitive information, highlighting the Exchange’s strict adherence to compliance protocols.
Consequently, Multi-Trex Integrated Foods Plc has been placed on the Delisting Watchlist by the NGX Regulations board, underscoring the severity of non-compliance repercussions.
The regulatory document released by the NGX emphasized, “Listed companies are obliged to obtain prior approval from NGX RegCo before disseminating announcements affecting shareholders’ interests. Moreover, disclosure of material information to the Exchange and in their Annual Reports is a mandatory requirement.”
This move by the Nigerian Exchange Limited signals a robust commitment to enforcing compliance standards and maintaining a transparent and well-regulated market environment.
