• NGX suspends three insurers for failing to file 2024 accounts

• Affected firms: Regency Alliance, International Energy, Universal Insurance

• Suspension underscores push for transparency, investor protection in Nigeria
  

The Nigerian Exchange (NGX) announced on Monday, September 1, 2025, that it has suspended the trading of three insurance companies for failing to comply with financial transparency rules for listed firms.

The companies affected by the immediate suspension are Regency Alliance Insurance Plc, International Energy Insurance Plc, and Universal Insurance Plc. According to an official statement from the NGX, the three companies failed to file their audited financial statements for the fiscal year that ended on December 31, 2024.

As a result, no transactions can be executed on their shares until further notice. The exchange specified that the suspension will be lifted once the missing financial documents are submitted.

This is not the first time Nigerian insurance companies have faced such a situation. In 2024, eight companies were suspended for similar reasons. They included Guinea Insurance Plc, Lasaco Assurance Plc, Mutual Benefits Assurance Plc, C&I Leasing Plc, NPF Microfinance Bank Plc, Regency Alliance Insurance Plc, Secure Electronic Technology Plc, and Unity Bank Plc.

With this decision, the NGX is reaffirming its commitment to enforcing transparency and accountability standards for listed companies. The suspension of non-compliant firms helps to protect investors, maintain market integrity, and build confidence in financial regulation, especially in a sector that remains underdeveloped compared to other major African economies.

In 2024, Nigerian insurance companies saw their revenue increase by 56% year-on-year.

Sandrine Gaingne