The National Council of The Nigerian Stock Exchange on Tuesday approved suspension of seven companies for failure to submit their financial statements while 34 others have been placed on watch list for failure to submit their 2009 full year financial result.

The seven quoted companies were said to have defaulted in post-listing requirements, especially in financial reporting of their operations and payment of annual listing fees.

In a statement by the Nigerian Stock Exchange (NSE) on Tuesday, the suspended companies include Wiggins Taepe Nigeria Plc, Jos International Breweries Plc, Hallmark Paper Products Plc, Okitipupa Oil Palm Plc, Nigerian Wire & Cable Plc, Union Dicon Salt Plc and Ekocorp Plc.

Consequently, there will be no transaction on the shares  of the affected following their failure to submit their financial statements for more than one financial year. The suspension directives will commence on October 4.

Also for failure to submit their 2009 financial statements, a number of companies have been placed on technical suspension even as there will be no price movement on their shares.