NGX Delists 14 Companies For Listing Non-compliance

The Nigerian Exchange Limited (NGX) has delisted 14 companies from its platform due to non-compliance with listing standards.

The affected companies, including Goldlink Insurance Plc, Medview Airline Plc, and STACO Insurance Plc, failed to submit their 2023 financial year results, among other regulatory deficiencies.

According to a statement by Mr. Godstime Iwenekhai, Head of the Issuer Regulation Department at NGX, the delisting process was approved in a June 2024 meeting of the NGX RegCo board.

Several of the delisted companies faced operational challenges and regulatory bottlenecks, preventing them from submitting audited accounts.

Notably, Medview Airlines’ stock had been stagnant at N1.62 per share for the past two years, reflecting broader issues within the company.

Additional companies affected include Greif Nigeria Plc, Union Dicon Salt Plc, Austin Laz and Company Plc, ASO Savings and Loans Plc, Union Homes Savings & Loans Plc, Capital Oil Plc, and The Tourist Company of Nigeria Plc. Some of these entities had not submitted audited results for several years, failing to meet NGX’s listing standards.

The NGX emphasised that these companies’ securities are no longer suitable for listing and trading. The exchange also noted that Niger Insurance and Resort Savings and Loans had their operating licenses revoked by National Insurance Commission (NAICOM) and the Central Bank of Nigeria (CBN), respectively.

Meanwhile, Deap Capital Management & Trust Plc and Multi-Trex Integrated Foods Plc remain under a delisting watch list.