Concerns As 121 Firms Delisted From Nigeria’s Stock Exchange In 20 Years


According to data obtained, a total of 121 quoted companies have been delisted from the official list of Nigerian Exchange Limited (NGX) between 2002 to 2022 (20 years).

Investigation showS that while some firms were delisted for violating post listing requirements or due to merger and acquisition, others however chose to delist voluntarily when they no longer have the capacity to continue to play in the capital market.

It was also found out that most of the companies delisted voluntarily from the stock exchange had cited harsh economic climate and parent company buy-out as reasons.

Some of these companies that have been delisted due to one reason or the other, that were cited by Nairametrics include Pinnacle Point Group Plc, Afroil Plc, Starcomms Plc, Big Treat Plc, Starcomms Plc, Nigeria Wire & Cable Plc, Nigerian Sewing Machine Manufacturing Plc, Stokvis Nigeria Plc, Jos International Breweries, West Africa Glass Industries Plc, Navitues Energy Plc, Nigerian Ropes Plc, P.S Mandrides Plc, African Paints (Nigeria) Plc, Afrik Pharmaceuticals Plc.

Others are Great Nigeria Insurance Plc, Diamond Bank Plc, New Rest ASL Nigeria Plc, First Aluminum Nigeria Plc, Skye Bank Plc, Fortis Microfinance Bank Plc, Dangote Flour Mills Plc, AG Leventis Nigeria Plc, Cement Company of Northern Nigeria, Continental Reinsurance Plc, Anino International Plc and Law Union and Rock Insurance Plc, among others.

Concerns As 121 Firms Delisted From Nigeria’s Stock Exchange In 20 Years

Five companies were delisted during the year 2021 which include Portland Paints and Products Plc, Unic Diversified Holdings Plc, Nigerian-German Chemicals Plc and Evans Medicals Plc and 11Plc.

While Union Diagonistics and Clinical Services Plc and Studio Press Plc were delisted in January 2022.

However, the trend has continued following the approval of the shareholders of Greif Nigeria Plc at its Annual General Meeting which held on 31 January 2022. It authorized the commencement of the process of voluntary winding up of the Company and in accordance with Section 622 of the Companies and Allied Matters Act (CAMA) 2020. NGX last week suspended trading in the shares of the company effective to ensure a smooth winding up process.