Zenith Bank and other quoted companies on the Nigerian Exchange Limited (NGX) have started to announce board meetings and end-of-the-year closed periods in anticipation of the 2023 annual financial statements (AFS) and dividend payout to shareholders.
Access Holdings Plc, MTN Nigeria Communications Plc, Lafarge Africa Plc, Ecobank Transnational Incorporated, BUA Cement Plc, United Bank For Africa Plc and Zenith Bank Plc have notified the stock market communities of board meetings and closed periods.
The company Secretary, Zenith Bank, Michael Otu in a signed statement said, “In line with the provisions of the Rulebook of the Exchange, 2015 (issuers Rules) Zenith Bank hereby informs its shareholders, the NGX, and the investing public that the board of Directors of the Bank is scheduled to meet on Wednesday, January 31, 2024, to consider the group’s audited financial statements for the financial year ending December 31, 2023. The board may also consider issues relating to other full-year dividends.
“Consequently, and in line with the amended closed period rules of NGX, Zenith Bank hereby declares the commencement of a closed period for trading in the banks’ shares from January 1, 2024, in respect of the 2023 AFS. The closed period will run until 24 hours after the 22023 AFS is released to the public.
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“Accordingly, no insider and their connected persons may directly or indirectly deal in the shares of the Bank in any manner during the closed period. Kindly note that we are required to forward the 2023 AFS to the Central Bank of Nigeria (CBN) for approval of the release of the results on the floor of the NGX. We shall notify you of the decisions reached after the approval of the CBN is obtained.”
For UBA, Group Company Secretary, Bili Odum in a signed notice said, “In line with the rules of NGX for quoted companies, UBA hereby informs its shareholders, NGX and the investing public that the Board of Directors of the Bank is scheduled to meet on Thursday, January 25, 2024, to consider, amongst other matters, the Group Audited Account and Financial Statements for the year ending December 31, 2023, as well as proposals for the Final Dividend.
“The results would only be published after receiving regulatory approvals. In compliance with the post-listing requirements of NGX for listed companies, United Bank for Africa Plc hereby declares the commencement of the closed period for trading in the Bank’s shares from Monday, January 1, 2024.
In addition, Company Secretary/CLO, BUA Cement, Satomi Hauwa in notice said, “We are writing to inform the Nigerian Exchange Limited (NGX) and the investing public that the meeting of the Board of Directors of BUA Cement Plc (the Company) has been scheduled to take place on the 29th of February 2024 to consider the Company’s Audited Financial Statements for the period ending 31st December 2023.
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“In compliance with the post-listing requirements of Nigerian Exchange Limited for listed companies, BUA Cement Plc closed period for trading in the company’s shares will commence from 1st of January 2024 and will continue until Twenty-Four (24) hours after the Audited Financial Statements for the year ending 31st December 2023 is released to the relevant regulatory bodies and the public.
All the listed companies are required to comply with some rules and regulations, including strict adherence to high disclosure standards as prescribed in the NGX listing rules.
NGX listing requirement mandates listed companies to submit their quarterly financial statement, not later than one month after the last day of the quarter. It also mandates companies to submit their audited annual financial statements not later than three months after the last working day of the financial year.
The NGX to achieve a world-class capital market has reiterated its commitment to maintaining a zero-tolerance posture in dealing with member firms and quoted companies on violations of rules and regulations.
Capital market operators stated that late filing has the potential to adversely affect the capital market and shareholders who invested in those companies.