The Nigerian Exchange Limited has announced the suspension of trading in the shares of Thomas Wyatt Nigeria Plc, effective Tuesday, February 11, 2025.
The suspension comes as a result of the company’s failure to file its required financial statements, raising concerns about transparency and regulatory compliance.
This is contained in the NGX’s information bulleting shared on Tuesday with investment analysts, traders and other market participants.
The NGX took this action following Rule 3.1 of its Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules). This rule mandates the exchange to suspend trading in a company’s securities if it fails to submit its financial reports within the stipulated timeframe.
Thomas Wyatt Nigeria Plc has yet to file its audited financial statements for the year ended March 31, 2024, as well as its unaudited financial statements for the periods ended June 30, 2024, and September 30, 2024.
“This suspension is a necessary step to maintain the integrity of the market and ensure investors have access to timely and accurate information.
“We have clear rules in place regarding financial reporting, and we must enforce them to protect the investing public,” stated the NGX
The NGX emphasised that the suspension will be lifted as soon as the company submits the outstanding financial statements. The exchange has also notified the Securities and Exchange Commission and the market of the suspension, as required by its rules.
“We understand that companies may face challenges in meeting reporting deadlines.
“However, timely and accurate financial reporting is crucial for investor confidence. We urge Thomas Wyatt Nigeria Plc to submit their outstanding reports as quickly as possible”, NGX added.
The suspension raises questions about the company’s internal controls and financial management. Investors are now left in limbo, unable to trade their shares until the company rectifies the situation.
Market analysts suggest that this incident could negatively impact investor sentiment towards the company and potentially the broader market.
“This kind of situation erodes investor confidence,” commented a financial analyst who wished to remain anonymous.
“It’s critical for listed companies to adhere to reporting requirements to maintain transparency and trust. The longer this suspension lasts, the more damage it could do to Thomas Wyatt’s reputation.”
The NGX has reiterated its commitment to upholding regulatory standards and ensuring a fair and transparent market for all participants.
The exchange has also urged other listed companies to prioritise timely financial reporting to avoid similar consequences.
