By John Okon
In adherence to the rules governing its corporate governance policy, the Nigeria Stock Exchange, NSE, on Wednesday removed three companies from its corporate governance index.
The three companies are Diamond Bank.,Plc, and two insurance firms , Nem and Continental. The order, which takes effect on January 1, 2019 also led to the removal of the affected companies from the pension index and delisting from the daily trading of the NSE.
Nem was suspended because, according the Central Bank of Nigeria, the firm had violated the corporate governance rule, while Continental Insurance Plc applied for a formal delisting from daily trading in the NSE because the big shareholders of Continental Reinsurance have moved to buy all outstanding shares of the company. Diamond Bank was delisted because it is entering into a merger with Access Bank.