New Telegraph

Delisting: Aso Savings Gets Regulatory Reprieve, Placed On Watchlist

In a commendable demonstration of corporate resilience and regulatory compliance, Aso Savings and Loans Plc has been officially reclassified by the Nigerian Exchange Group (NGX) from “Delisting in Progress” to the status of “Delisting Watchlist.”

This decision effective November 14, 2024, underscores the institution’s unwavering commitment to financial probity and transparency.

The NGX letter detailing the reclassification of Aso Savings and Loans Plc, which the Company Secretary, Mr Akachukwu Okechukwu, made available to New Telegraph, showed that the firm was granted a two-year reprieve to rectify all outstanding regulatory deficiencies.

The company wrote in response to a news publication on December 31, 2024, in which the firm was listed among 14 others delisted by the NGX in 2024.

According to correspondence from the NGX Regulation Limited, a subsidiary of the Nigerian Exchange Group, the Regulation and New Business Committee of the NGX Regco approved the reclassification during its meeting on November 1, 2024, following its submission of outstanding financial statements for 2015–2022 and a subsequent appeal to halt the delisting process.

“The NGX reclassified Aso Savings and Loans Plc from “Delisting in Progress” status to a “Delisting Watchlist” as of November 14, 2024, granting the institution a two-year window to address outstanding compliance requirements,” the company revealed in its correspondence to New Telegraph.

This reclassification grants Aso Savings a two-year window, from November 14, 2024, to November 14, 2026, to fulfil specific regulatory milestones advised by the NGX including the submission of its audited financial statement for the year ending December 31, 2023.

Also, NGX Regco directed the completion of interim financial accounts for the 2024 fiscal quarters including Q1 – Q3, 2024. The company was also mandated to convene all outstanding annual general meetings from 2014 to 2023.

The management was mandated to ensure capacity-building measures for staff to facilitate compliance via the NGX Issuers Portal.

Finally, Aso Savings was advised on the submission of half-year compliance reports jointly signed by the Managing Director and Company Secretary.

This regulatory reprieve reflects the institution’s steadfast efforts to uphold corporate governance and compliance with listing obligations.

By addressing the deficiencies outlined by the NGX, Aso Savings has taken critical strides to restore investor confidence and reinforce investor confidence in the market.

Industry stakeholders have hailed the decision as a testament to the NGX’s commitment to fostering accountability while providing firms with the opportunity to rehabilitate their compliance status.

Aso Savings’ transition to the Delisting Watchlist symbolises a crucial milestone in its journey toward full regulatory reinstatement.

With this renewed mandate, Aso Savings and Loans Plc is poised to set a benchmark in the Nigerian financial sector, showcasing the rewards of diligent compliance and strategic recovery efforts.

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