Fortis Global Insurance Resumes Trading After Six-Year Ban

Fortis Global Insurance Plc has resumed trading on the Nigerian Exchange Limited (NGX), ending a six-year regulatory suspension. Trading recommenced on Wednesday, triggering strong investor interest and a 30% surge in share value.

The company’s shares, previously suspended since 2 July 2019 for failure to file financial accounts within the required “Cure Period,” reopened at N0.20 and closed the week at N0.26. This gain made Fortis one of the top performers on the local bourse.

The NGX confirmed that trading was reinstated after Fortis successfully submitted all outstanding financial statements, in compliance with the exchange’s regulations. Despite the stock’s strong performance, the broader NGX Insurance Index declined 2.33%, weighed down by losses in other insurance companies.

The recovery in Fortis shares coincided with an overall bullish week on the exchange, with the All-Share Index rising 3.84% and market capitalization reaching N110.2 trillion.