Regulatory noncompliance: NGX suspends trading in Thomas Wyatt Nigeria
The Nigerian Exchange Limited (NGX) has suspended trading in the shares of Thomas Wyatt Nigeria Plc, effective Tuesday, February 11, 2025, citing the company’s failure to meet its financial reporting obligations.
In adherence to Rule 3.1 of the Exchange’s Default Filing Rules, the suspension stems from Thomas Wyatt Nigeria Plc’s inability to submit its Audited Financial Statements for the fiscal year ended March 31, 2024, alongside its Unaudited Financial Statements for subsequent periods. This move underscores the NGX’s firm stance on transparency, accountability, and regulatory compliance within the Nigerian capital market.
The enforcement action follows the recent delisting of two companies due to persistent noncompliance with post-listing requirements, signaling the Exchange’s commitment to upholding market integrity.
The Paper/Forest Products currently trading at N1.84 per share submitted unaudited financial statements for fourth quarter ended March 31, 2024 with profit before tax at N5.55 million, about 87 per cent decline from N43.59 million declared in 2023.
Its profit closed 2024 at N4.82 million, representing a decline of 89 per cent drop from N43.1 million in 2023.
