The Nigerian Stock Exchange (NSE) has delisted 12 companies from trading on the floor of the market following their alleged dormancy.

The companies which the NSE placed under suspension for close to one year now had not been meeting their obligation in terms of fees to the market, even as some of them had not paid dividend in the last five years.

The companies delisted from the market include Nigercem Plc; Albarka Air Plc; Foremost Diaries Plc; Wiggins Teape Nigeria Plc; Okitipupa Oil Palm Plc; First Capital Investment and Trust Plc; Flexible Packaging Plc; Netpak Plc; Krabo Nigeria Plc and Tropical Petroleum Plc.

The list pasted on NSE’s website, however, did not disclose why the companies were delisted from the exchange.

It will be recalled that the NSE delisted 64 companies in 2009.

The council of the NSE said it approved nine which were dormant companies, following the expiration of time given them to regularise their status with the exchange.

The companies included Ferdinard Oil Mill Plc; Footwear Accessories Manufacturing and Distribution Plc; BCN Plc; Chrislieb Plc; Epic Dynamics Plc; Liz Olofin and Company Plc; Oluwa Glass Company Plc; Aba Textile Mill Plc and Asaba Textile Mill Plc, among others.

The council of the NSE had in early September last year approved suspension of some seven companies for failure to submit their financial statements, while 34 others had been placed on watch list for failure to submit their 2009 full year financial result.