• Business - Companies
  • Updated: October 01, 2020

MTN Nigeria, Seplat Directors, Employees, Others Barred From Trading Company Stocks

MTN Nigeria, Seplat Directors, Employees, Others Barred From

Directors, employees have been banned from dealing or trading on MTN Nigeria and Seplat stocks. The two companies barred their management and workers from trading their stocks in line with the Nigerian Stock Exchange (NSE) listing rules, this was gathered from a statement seen by AllNews.

The NSE directs companies to bar their employees and top directors from dealing in their shares when a company is set to submit or in the process of publishing their financial statement. The rule is expected to prevent the employees and company management from trading base on insider information.

In a statement released by MTN Nigeria and Seplat, AllNews gathered that both companies are preparing to release their financials this month or next month, which means the workers and management will stay away from trading in their company's stock for about 30 days.

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Aside from the employees and management, MTN Nigeria and Seplat also barred relatives of these individuals and persons linked to the company from trading in their company's stocks as well. The ban comes into effect once the companies announce a "closed period for trading."

Seplat said, "Pursuant to Clause 17.2 of the Amendments to  the Listings Rules (the “Rules”) of the Nigerian Stock Exchange (the “Exchange”) and in the run up to the announcement of SEPLAT’s Q3 2020 Financial Results, please be informed that the Company commenced its closed period for trading in its shares from Wednesday, 30th September 2020 to end on Friday, 30th October 2020 or 24 hours after the release of its financial results.

"Accordingly, no Director, Employee, Person Discharging Managerial Responsibility, Adviser(s) of the Company and their connected persons may directly or indirectly deal in the shares of the Company in any manner during the closed period." Seplat statement disclosed.

Meanwhile, MTN Nigeria scheduled a meeting of its board of directors for October 27, 2020, to consider and approve its unaudited consolidated financial statements for nine months (Q3) ending September 30, 2020.

 The employees, management, relatives, and persons linked to MTN Nigeria will be free to trade again 24 hours after the financial statements have been released.

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