NGX Removes Flour Mills of Nigeria From Daily official List

The Nigerian Exchange (NGX) has removed Flour Mills of Nigeria Plc from its Daily Official List, marking the end of the company’s trading presence on the exchange.

This development follows an earlier notification issued on December 16, 2024, when the NGX suspended trading in the company’s shares as part of the delisting process.

In its first weekly market report for 2025, the NGX confirmed that the delisting became effective on December 30, 2024. According to the statement, the suspension and subsequent delisting were approved after Flour Mills of Nigeria met all regulatory requirements for exiting the exchange.

The delisting process began on September 24, 2024, when Flour Mills of Nigeria announced a proposal by its majority shareholder, Excelsior Shipping Company Limited, to acquire all shares held by minority shareholders. This move, aimed at consolidating ownership and streamlining operations, was supported by a “no objection” ruling from the Securities and Exchange Commission (SEC), fulfilling a crucial regulatory condition.

The acquisition plan was executed under Section 715 of the Companies and Allied Matters Act (CAMA) 2020, which allows a majority shareholder to acquire minority-held shares under a scheme of arrangement. A court order subsequently clarified that all scheme shares would be transferred to Excelsior Shipping Company Limited and its Nigerian subsidiary, Greywise Investment Solutions Limited, without requiring any further action from shareholders.

Shareholders approved this acquisition during a court-ordered meeting on November 14, 2024. The following day, Flour Mills of Nigeria formally disclosed the outcome to the NGX, setting the stage for the final delisting process.

As part of the agreement, holders of scheme shares will receive compensation of ₦86 per share. With the delisting now complete, all related share certificates will be dematerialised, and the Board of Directors is authorised to oversee any required regulatory modifications.

Flour Mills of Nigeria shares last traded on December 13, 2024, closing at ₦81.80, with a monthly market volume of 11 million shares and an impressive year-to-date performance of 147.50 percent.

The delisting marks the end of Flour Mills of Nigeria’s journey on the Nigerian Exchange, as the company transitions to a privately held structure under the ownership of Excelsior Shipping Company Limited and its subsidiary, Greywise Investment Solutions Limited.