NGX forces Secure Electronic Technology to release 2023FY
The Nigerian Exchange Limited (NGX) forced Secure Electronic Technology as the management has released the 2023 results and accounts to the investing public.
The Exchange last week suspended eight companies for not submitting a full year ended December 31, 2023 result and accounts.
The eight companies were: Guinea Insurance Plc, Lasaco Assurance Plc, Mutual Benefits Assurance Plc, NPF Microfinance Bank Plc, Regency Alliance Insurance Plc, Secure Electronic Technology Plc, Unity Bank Plc, and C & I Leasing Plc.
The result and accounts sighted by WESTERN POST showed that the company declared an N154.4 million loss before tax in 2023 from an N15.08 million loss before tax was declared in 2022.
It also announced a loss of N187 million in 2023 from N40.88 million in 2022.
The company’s top-bottom line was poor when it declared N3.49 billion in revenue in 2023 as against N4.35 billion reported in 2022.
Post-listing rules at the NGX required quoted companies to submit their audited results, not later than 90 calendar days, or three months, after the expiration of the period. The rules also require quoted companies to submit an interim report not later than 30 calendar days after the end of the relevant period.
The Head, of the Issuer Regulation Department, NGX Limited, Mr. Godstime Iwenekhai in a signed statement notified the investing public that the suspension is based on the under Rule 3.1, Rules for filing of accounts and treatment of default filing.
The rules provide that: “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, the Exchange will: send to the Issuer a “Second Filing Deficiency Notification” within two (2) business days after the end of the Cure Period; suspend trading in the Issuer’s securities; and and notify the Securities and Exchange Commission (SEC) and the Market within 24 hours of the suspension”.
He noted that Secure Electronic Technology has filed its Audited Financial Statements for the year ended 31 December 2023 (2023 AFS) and the suspension on its share on the bourse lifted.
He added that “Given the Company’s submission of its 2023 AFS, and under Rule 3.3 of the Default Filing Rules, which states that; “The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange.
“The Exchange shall thereafter also announce through the medium by which the public and the SEC were initially notified of the suspension, that the suspension has been lifted”, Trading License Holders and the investing public are hereby notified that the suspension placed on trading on the shares of Secure Electronic Technology Plc was lifted Friday, 12 July 2024.”
