Tantalizers, NPF Microfinance Bank get NGX warning letters for insider dealings
Tantalizers Plc and NPF Microfinance Bank Plc have received caution letters from the Nigerian Exchange Limited (NGX) due to insider dealings in the shares of the companies.
The sanctions imply that behind the polished storefronts of one of the most recognisable fast-food chains in Nigeria and the sterile boardrooms of the leading microfinance bank, share dealings outside listing rules were conducted.
Every listed company is required to provide NGX with timely information to enable it efficiently perform its function of maintaining an orderly market. Companies are required to disclose material information to NGX and publish the information in their Annual Reports. These two companies breached certain provisions of the Listings Rules and were sanctioned accordingly, the NGX said.
