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Corporate News roundup for the week ended November 11, 2017




This Corporate News Compilation for the week ended November, 11th 2017 is brought to you by Bluechip Technology Ltd Nigeria.

  1. The Nigerian Stock Exchange approved the listing by introduction of Global Spectrum Energy Services Plc, an indigenous oil and gas services company. The company will be listing about 800 million ordinary shares of 50 kobo each at N5 per share. The company is expected to launch an IPO next year. Backstory on this company suggest the company is backed by one time, speaker of the House of Rep, Chibudom Nwuche. Other sources suggest, the IPO could pave the way for the company to raise cash to pay off some of its debt.

Image result for Global Spectrum Energy Services Plc,2. Brazil’s Petrobras reported last week that it was leading an effort to sell Petrobras Oil and Gas BV (Petrobras Africa), its African subsidiary. Petrobras and its other shareholders in the company, Grupo BTG Pactual SA and Helios Investments, will be joining in the sale. Petrobras Africa apparently owns interest in the 175,000 bpd Akpo field and the 250,000 bpd Agbami oil field operated by Total SA and Chevron Corp, respectively. In 2013, Petrobras sold 50% of its stake in its African unit to BTG Pactual for about $1.5 billion. 4 years later, both companies, along with Helios now wants to exit the African operations completely. Petrobras owns 16% of Akpo field and 13% in Agbami. Petrobras is regarded as the most indebted oil company in the world and is selling assets worldwide to pay down its loans.Image result for Petrobras Oil and Gas3. Niger Delta Exploration and Production Company (NDEPC) and NILEPET Joint Venture won a contract in far war South Sudan to construct a 5,000 barrels per day capacity diesel refinery.The refinery is expected to meet the country’s 15 per cent diesel consumption per day. NDEPC has 10,000 barrels per day Ogbelle mini diesel refinery which it claims earns it about $1 million income per month. . It also plans to upgrade the refinery to 10,000 bpd and will produce petrol, aviation fuel, kerosene, LPFO and Marine diesel. ICYDK, NDEPC is a publicly owned company with over 700,000 shareholders. It was founded by ex NNPC officials and had former NNPC GMD, late Aret Adams as its CEO. The company got its first break following a loan from Intercontinental Bank Plc.Image result for Niger Delta Exploration and Production Company4. So, last week, the world was exposed to treasure trove of information, now termed, Paradise Papers. In contains information about financial dealings of some of the world’s largest businesses using tax havens. One of those caught up in the web was Nigerian Billionaire banker, Jim Ovia and current CBN Governor, Godwin Emefiele. According to Premium Times, Oviation, a shell company owned by Jim Ovia had acquired two jets and imported it into the Isle of Man, a European territory where Oviation is registered. They then leased the jet to another company, which then leased the jet to Zenith Bank. This transaction helped is void a VAT payment of about £11m which Mr Ovia has now agreed to repay. Typically, nonresidents who purchase items from the UK are VAT exempt and can reclaim VAT refunds. It appears that Jim Ovia, through the advice of EY, exploited this loophole and had Oviation purchase the Jets and then lease it to another company and then to Zenith Bank, helping it avoid VAT payment.Image result for ZENITH BANK5. Nigeria’s Property & Real Estate listing platform, ToLet announced on Friday that it had acquired Jumia House, a property listing rival for $500k and agreed to sell It’s investment in Afribaba is valued at about $580,489. According to the company, ToLet’s 60,000 and Jumia House 22,000 listing, gives the company a 66% share of Nigeria’s property listing market, making it the market leader. Following the acquisition, ToLet and Jumia House will merge to become The deal was facilitated by FDV, which owns about 39% of ToLet and valued at about US$1,262,859. The company also owns, a leading property portal in Ghana as well as AngoCasa, an early stage property listing company in Angola. According to its annual report, ToLet generated annual revenue of about $103,785 as at 2016 and is loss making.Image result for tolet acquires jumia house6. In the twilight of Lucky Igbenedion, former Governor of Edo State, he announced to the world that he was setting up AVA Cement Factory, a cement making plant that was allegedly owned by Edo State Government and the Chinese. He claimed they were constructing 2500 tons per day clinker cement factory and two by 10MW captive gas turbine power plant as well as associated facilities in the sleepy, hilly and rusty village of Egbigere in Akoko Edo Local Government Area of the state. 10 years later, the factory is yet to be completed and has now been taken over by AMCON. Current Governor, Godwin Obaseki announced last week that he was shopping for investors for the factory. Depending on who you ask, there can only be one buyer in this market. Your guess is as good as mine.Image result for ava cement Nigeria7. In our “One chance” story of the week, Swissgolden announced last week that it plans to “assist the Federal Government reduce unemployment, especially among youths in the country.” It plans to achieve this by helping over two million Nigerians to become millionaires and employers through its investment scheme. According to the scheme owners, they have produced about 170,000 millionaires out of the 220,000 Nigerians running the program.Image result for swissgolden nigeria8. Guinness Nigeria Plc is pushing harder into the value segment of the alcohol market. Last week, it announced that its expanded its portfolio by going into the production of locally manufactured spirits. It has now launched additional brands such as Smirnoff X1 Intense Chocolate Vodka, and Gordons Dry Gin with Moringa Citrus Blend, while it has also started producing brands like McDowell’s, which we got distribution rights from United Spirits Limited , owned by Diageo. Guinness has been struggling with sales of its premium beer, Stout, leading to record losses in 2016. However, it has pivoted to the spirit segment of the alcohol market hoping to capture a demographic of alcoholic drinkers who prefer cheaper spirits to cheaper beer.Image result for guinness nigeria9. Dufil Prima Foods Plc, achieved a major milestone last week after it listed its N10bn Series 1 Fixed Rate Bond under its N40bn Bond Issuance Programme (the Dufil Prima Bond) on the OTC Exchange. This allows holders of its debt trade it on the securities market, giving the Indomie maker access to a growing debt market. We got a look at the company’s annual report which revealed it posted revenues of about N103.8 billion in 2015 up from N45.8 billion in 2011. The company also reported a profit after tax of N1.3 billion down from N4.5 billion in 2011. The company also has a Net Assets of N10.8 billion which has more than doubled from N4.9 billion in 2015. However, before this bond offering it carried a debt of about N40 billion and has a negative cash balance. The company also reported that its Noodles segment posted about N64.7 billion in revenues in 2015 alone but posted a loss of N2.2 billion. It claims Indomie Noodles has about 60.7% of market share.Image result for Dufil prima10. Tizeti a startup cofounded in 2012, Kendall Ananyi announced that it partnering with Facebook to expand the social network’s Express Wi-Fi offering in Nigeria. Tizeti graduated from Y Combinator’s Winter 2017 batch and recently raised a $2.1 million seed round from investors that include YC, Social Capital, and Zeno Ventures. The company said it has 60 solar-powered Wi-Fi towers across Lagos that provides high-speed, unlimited Wi-Fi access to two-thirds of the city. The company’s website claims it has over 5000 internet hot spot locations. The deal with facebook allows users to connect to its platform via a onetime password for a fee ranging from N50 per day for N100mb and N2k a month for 10GB. Its service also cost around N9.5k per month for unlimited wifi and comes with an installation cost of N35. I don’t have data on how many subscribers they have. I haven’t seen anyone who uses it either.Image result for tizeti11. A Startup named introduced a business directory social network in Nigeria that lets users find companies using chatbot. The company said its business directory has products, companies and people with over 50,000 registered members. According to the developers, the site is free to use. It also said the site lets people find companies based on a sector, sub-sector as well as a business goal, such as companies looking for distributing partners. Searchers can then see the company’s registration number, it’s employees’ names and much more. The company’s founder and CEO is Bertrams Lukstins, a UK based investor who also founded Startup West Africa. Apparently, you will have to sign up to view some of the information they have on listings.

  1. An Aviation expert, Mr Nick Fadugba, advised the Federal Government to merge Arik Air and Aero Contractors to form a new national carrier like the defunct Nigerian Airways. According to him, since AMCON effectively owned both airlines it should merge them both. Fadugba, is a former Secretary General of African Airlines Association (AFRAA). Looks like he forgot, there are other shareholders involved and AMCON would need their consent for any sale to see the light of day.

Image result for Arik Air and Aero Contractors

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CFOs of FUGAZ and their 3-year performance record

CFO is to ensure that the company is highly profitable so that no matter how high it’s share price might be, if listed on the floor of the Nigerian Stock Exchange, it would still be termed undervalued.



Among many executive positions in an organisation, the Chief Financial Officer (CFO) is sometimes considered to be one of the most strategic, and rightly so. When the firm in question is an operator in the financial services sector, then the office becomes even more critical to be thrown to just anyone.

Besides being responsible for fiscal operating results, the CFO is the senior executive directly responsible for managing the financial strategy, decision and actions of a company. He tracks cash flow, analyses the company’s financial strengths and weaknesses, and fill in for the lapses, reducing operations costs and increasing income.


In other words, we can say that the job of the CFO is to ensure that the company is highly profitable so that no matter how high it’s share price might be, if listed on the floor of the Nigerian Stock Exchange, it would still be termed undervalued.

This article looks at the CFOs in Nigeria’s tier one banks, their profiles, their last 3 years records and projections for 2020.

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Ugo Nwaghodoh, Group CFO, United Bank for Africa Plc (UBA)

Ugo is a seasoned financial analyst and accountant with experience spanning assurance, advisory, financial control, financial modelling & programming, strategy and business transformation, investor relations, corporate restructuring, risk management, mergers & acquisition, business integration and project management.

He has been the Group CFO at United Bank for Africa Plc since 2011, managing the performance, financial control, portfolio investment and investor relations among others.  Before then he was the Divisional Head, Financial Control and Investor Relations between 2008 and 2011.

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He also had a brief stint as Group Chief Compliance Officer, and as Head of Special Project (Corporate Mergers). He was Head, Performance Management, Strategy and Business Transformation for about 3 years, where he drove the cost optimization initiatives of the bank, and engaged in policy formulation.

Before UBA, he had worked as Manager, Assurance and Business Advisory Services with PriceWaterhouseCoopers Nigeria for 8 years, and 2 years in Kenya on secondment.


He has a degree in Accounting and Finance, and MSc in Finance & Management from the Cranfield School of Management, Cranfield University.


He is a fellow, Institute of Chartered Accountants of Nigeria (FCA).

His last 3 years performance

UBA, under Nwaghodoh’s watch, had a fairly unfavourable 2018 as cost to income ratio increased from 57.8% in 2017 to 64% in 2018, and profit after tax almost remained the same increasing only slightly from N78.59 billion in 2017 to N78.60 billion in 2018.

The bank, however, staged a comeback in 2019 with cost to income ratio reduced to 62.7% while profit after tax increased by over N10 billion to N89.08 billion.

Share price however declined from N10.3 in 2017 to N7.7 in 2018 and N7.15 in 2019, probably not Nwaghodoh’s fault though, since this happened across most financial services institutions. In addition, the bank also paid N30 million as fine to the CBN in 2018, a situation which led shareholders to cry out to Apex bank for what was termed ‘unfair penalties’.


Nwaghodoh, however, has a beautifully designed investor relations page to his credit, with answers to Investors FAQs, analysts reports and credit ratings for the bank, shareholders information and news among others.

Oluseyi Kumapayi, CFO Access Bank Plc

Kumapayi got his MBA from the Kellogg school of management, Northwestern University, and  has been severally endorsed in Corporate finance, risk management, financial analysis, mergers and acquisitions, business strategy, financial modelling and investment banking.

Now let’s look at the bank’s three years performance under Kumapayi. 

For the cost to income ratio, Access bank has remained profitable over the last three years, but now the question would be how profitable?

Cost to income ratio reduced from 72.40% in 2017 to 65.30% in 2018 showing that the bank’s strategies succeeded in reducing the ratio of cost to income and making more profits. However, 2019 recorded a negative progression to 68.7%.

This is in spite of the fact that profit after tax grew significantly to N97.5 billion in 2019, from N94.98 billion in 2018 and N53.6billion in 2017.

Overall, we can say the indices point to greater progress made in 2018, compared to 2019.

Note also that the merger between Access Bank and Diamond bank started in 2018, running through 2019 before it was eventually sealed with the launching of the new Access logo, and the slogan ‘access more’. The role of a CFO in a merger of this magnitude is ourightly priceless, given that not all merger talks result in a successful merger of assets, shareholders, and even management team.

There is also the acquistion of controlling equity interest in Transnational Bank Kenya Plc, which Access Bank undertook in October 2019.

Share price at last day of the year progressed from N10.45 to N6.8 to N10, showing that share price dropped most in 2018, which interestingly happened to be the most profitable year so far. In the same 2018, Access bank paid N20 million in fines to the Central Bank of Nigeria.

Kumapayi has kept the investor relations page of the bank’s website duly updated with annual financial reports, investor news, credit ratings, upcoming events, shareholders information and news.


Oyewale Ariyibi, CFO, First bank of Nigeria Plc

Oyewale Ariyibi, CFO, FBN Holdings

Before becoming Chief Financial Officer at FBN Holdings Plc, Oyewale Ariyibi had worked with Transnational Corporation of Nigeria Plc (Transcorp) as Chief Finance Officer, and at Standard Chartered Bank, Nigeria as Country Financial Controller.

He has a cumulative 23 years experience in banking and financial services, business assurance, tax management, business process review and consulting across several institutions.

He has been certified in areas such as capital raising, tax planning and cost management, operational risk management, strategic and corporate planning, compliance and business assurance amongst others, and is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA), Associate of the Chartered Institute of Taxation (ACIT) and Certified Pension Institute of Nigeria (ACIP).

So what has he done with First Bank in the last three years?

Profit after tax has been on an increase, from N47.78 billion in 2017 to N59.74 billion in 2018 and N62.09 billion in 2019. This is laudable given that 2016/17 was not the best times for the Nigerian economy.

Share price has however dropped from N8.8 in 2017 to N7.95 in 2018 and N6.15 in 2019.

This may be no fault of his given that he has managed to keep the cost to income ratio stable at 80.17% in 2017, 80.15% in 2018, but it increased slightly in 2019 to 81.31%.

Note that the FBN Holdings also paid a fine of N32.65 million to the CBN in 2018.

This trend can be considered worrisome not only because FBN holdings has the highest cost to income ratio among the tier one banks, but because it is the only of the five banks where cost to income ratio did not reduce over the last 3 years.

This probably explains why shareholders earned 0.25 dividends per share in 2017, 0.26 in 2018 and 0.38 in 2019, the least dividends declared by any of the top banks.

The investors’ relations page of the bank’s site is a bit unclear and it is not easy to access needed information, but once a site visitor gets past the initial confusion, one can see shareholders information, corporate governance reports, financial highlights, unclaimed dividends, press releases and news.

Ariyibi might need to ask some pointers from his colleagues in other tier one banks.

Recently, Ariyibi led engagements with regulators towards FBN’s intention to divest its 65% holdings in FBN insurance Limited.


Mukhtar Adam, CFO Zenith Bank Plc.

Mukhtar Adam was appointed Chief Financial Officer (CFO) of Zenith Bank in 2018, and is currently the Group Head, Financial Control and Strategic Planning Group of the bank.

Before this, he was the bank’s Deputy CFO, and sometime before 2014, he headed the Financial Reporting, Tax Management and Strategic Planning Groups, overseeing the entire Zenith Group’s financial reporting.

Adams worked in Financial Services Group of the Nigerian and Ghanaian practices of PricewaterhouseCoopers (now PwC), as a Senior Consultant, before joining Zenith Bank in 2007.

Adam holds a PhD in Finance from the Leeds Beckett University (UK); M.Sc. (Finance – Financial Sector Management) from University of London’s School of Oriental and African Studies, (UK); MBA (Finance) from the University of Leicester (UK) and B.Ed. Social Sciences (Economics and Management) from the University of Cape Coast (Ghana).

Many feathers for one man’s cap, we must agree!

He also holds a Diploma in International Financial Reporting Standards (IFRS) from the Institute of Chartered Accountants in England and Wales (ICAEW).

He is a member of the Institute of Chartered Accountants of Nigeria (ICAN), Chartered Institute of Taxation of Nigeria (CITN), and Institute of Chartered Accountants of Ghana (ICAG).

So, what has Mukhtar Adam achieved for Zenith bank since he took over from Stanley Amuchie in 2018?

It’s been three progressive years for this tier one bank as cost to income ratio has continued to decline from 52.70 in 2017, to 49.30 in 2018 and further down to 48.8% in 2019. Commendably, this progression is not just a result of cutting down operation costs, but increasing income.

Profit after tax for 2017 stood at N173.79 billion and increased to N193.42 billion in 2018 and spiked further to N208.84 billion in 2019.

Whatever magic wand Adams holds over the bank, it must be working well because among the five tier one banks, Zenith bank has consistently had the highest profit after tax for the past three years.

Share price of the bank also moved from N25.6 in 2017 to N23.5 in 2018 and further down to N18.6 as at last day of 2019.

However, this cannot be counted against him as share price is subject to a whole range of extraneous factors. In the 2018, the bank paid N10 million fine to the CBN.

With his input, the bank also maintains a detailed investors relations page with press releases, credit ratings, corporate governance reports and financial updates. In addition to the BOT which pops up to help guide a visitor through the page and answer inquiries, Adams also appears to be one CFO who spells out his key financial strategies on all aspects of the banks operations, on the investors relations page.

Adebanji Adeniyi, CFO, GT Bank

Adeniyi became CFO of GT bank in 2013.

Adeniyi has been certified competent in risk management, portfolio management, risks and investments, Operational dynamics and Associated Risks among others, and has over two decades of professional experience.

He gained his early experience from notable companies including PricewaterhouseCoopers, and Arthur Andersen (now KPMG).

Adebanji Adeniyi, Chief Financial Officer, GT Bank

His banking experience comes from his stint with Lead Bank Plc, and his years at GT Bank. He is a Fellow of Institute of Chartered Accountants (FCA), and also holds a MBA.

So, what has he been up to in the last 3 years.

For Guaranty Trust Bank Plc, cost to income ratio reduced from 38.2% in 2017, to 37.2% in 2018, and to 36.1% in 2019

In addition to its gradual improvement, GT bank has maintained the best cost to income ratio among the top banks.

The bank has also maintained a high profit after tax after Zenith bank. GT Bank recorded N170.47 billion profits after tax in 2017 and this increased to N184.64 billion in 2018 and N196.86 billion in 2019.

Like other banks, however, share price has dropped over the years – from N40.75 in 2017 to N34.45 in 2018 and N29.7 in 2019. In addition to this, GT Bank also received a heavy penalty of N24 million in 2018 from the CBN.

In terms of profitability, both for the bank and for investors, Adeniyi is getting it right.

The bank also has a well laid out investors relations page detailing corporate and financial information, outlooks and insights, upcoming events and investors news, shareholders information and annual reports.


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Endeavour honours founders of Kobo360

Fixing Africa’s supply chain is clearly important for commerce on the continent.




Endeavour, a leading global movement for high-impact entrepreneurship, has honoured the founders of Kobo360, Obi Ozor and Ife Oyedele as Endeavor Entrepreneurs.

Kobo360 is a digital logistics platform that uses big data and agile technology to reduce friction and improve efficiency in the African logistics ecosystem.


Managing Director, Endeavor in Nigeria, Gihan-Mbelu, explained that the company is excited to welcome Kobo360 into Endeavor’s network which includes some of the world’s most exciting scale-up entrepreneurs and most experienced mentors and investors.

He said, “Fixing Africa’s supply chain is clearly important for commerce on the continent, and Kobo360’s rapid growth over the past 3 years is evidence that the company’s valuable services are in critical demand. Obi and Ife are inspiring founders and their relentless focus on scaling Kobo360 serves as an inspiration to high-impact entrepreneurs everywhere.”

Meanwhile, since launching in 2017, Kobo360 has surpassed several milestones, including a $30 million Series A in August 2019.

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“It’s an honour to be joining this global network of high-impact entrepreneurs and to have Endeavor recognise our efforts to transform Africa’s logistics sector using technology. As entrepreneurs, we wanted to turn African problems into African opportunities.

“Focusing on logistics, Ife and I started Kobo360 to not only fix the inefficiencies that exist, but to build opportunities for the businesses we serve and most importantly, the hundreds of thousands of truck drivers across Africa. This is a fundamental milestone in Kobo360’s journey; our Global Logistics Operating System [GLOS] will revolutionize supply chain across emerging markets, Ozor, Co-founder & CEO of Kobo360.

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Why these companies remain on NSE’s delisting radar

The Regulation Committee of the National Council of The Exchange (RegCom) has given approval to The Exchange to proceed with the delisting process.



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Data obtained from the Nigerian Stock Exchange (NSE) has revealed that about seven companies have been on the delisting radar of the Exchange since December 2019.

They have been either in the process of delisting their issued shares from the bourse or on the delisting watchlist of the Exchange. This was stated in the Exchange’s X-Compliance report.


The report, which is released by the Exchange every Friday and seen by Nairametrics, stated that the Regulation Committee of the National Council of The Exchange (RegCom) has approved for the Exchange to proceed with the delisting process of Evans Medical Plc, Tourist Company of Nigeria, Anino International Plc, Nigerian German Chemicals Plc, and Roads Nigeria Plc since last December.

On the other hand, Omatek Ventures and Deap Capital Management & Trust have been placed on the NSE’s delisting watch-list over their failure to comply with some post-listing requirements, including failure to file their quarterly and annual reports within a stipulated time.

Why companies delist 

There are two main reasons why companies delist from the NSE or are forced to delist from the market. The first one entails punishment for companies that violate NSE’s listing rules.

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The NSE periodically fines defaulting companies, whilst demanding that such companies address their corporate governance lapses. As Nairametrics reported recently, the latest X-Compliance report showed that the NSE made as much as N154 million by imposing fines on defaulting companies.

But sometimes, fines are not enough. The NSE is often forced to voluntarily delist companies whose infractions have become persistent.

On the other hand, a good number of companies have also voluntarily delisted from the NSE for various reasons, including the desire to become privately owned entities.

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What you should know

In the case of Omatek Ventures, the company’s fate has been dwindling since the departure of its founder, Dr Florence Seriki. Nairametrics reported when it was accused of defaulting on its credit facility agreement with the Bank of Industry (BOI).


According to the development bank, the company has refused to service the N5.81 billion which it obtained in 2012. The bank disclosed that several measures had been employed to ensure that Omatek kept to the loan agreement, all to no avail. One of such efforts was the appointment of Ade Oyebanji as a receiver, who took inventory of all items located at Omatek’s premises at Plot 11, Kudirat Abiola Way, Oregun,  Ikeja, Lagos, in January 2017.


Summary of the loan detail

In December 2012, the Bank of Industry loaned Omatek Ventures N5,808,429,033.95 in a term loan and working capital facilities agreement. The loan was disbursed to finance the procurement of assembly components for the production of laptops.

Also, as part of the requirements for obtaining the loan, the development finance bank said that it requested an Irrevocable Standing Payment Order arrangement with the defunct Skye Bank Plc in favour of BoI, all assets debenture, and an Irrevocable Personal Guarantee of the late Seriki.

Evans Medical Plc is a Nigerian pharmaceutical company that was established in 1954 and listed on the Nigerian Stock Exchange in 1979. Over the years, the company has been plagued by many challenges, ranging from increasing competition to corporate governance lapses. The latest NSE X-Compliance report indicated that the company has not submitted any quarterly financial statement from 2016 to 2019. At this rate, the NSE may have no choice but to forcefully delist the company.

Nigeria-German Chemicals Plc has also not been obeying the listing rules of the NSE. The latest NSE X-Compliance report also noted that the company had not filed any financial statement since Q3 2014 till date. It will not come as a surprise if the company is delisted from the Nigerian bourse any moment from now due to regulatory reasons.


Note that the company is a chemical/healthcare company which was incorporated in 1964. It was initially known as Nigerian Hoechst Plc before it rebranded and changed to its name in 1995. It was listed on the NSE in 1979.

Amino International Plc is also in the process of delisting, primarily because it abused NSE rules by not disclosing its quarterly financial statements from 2015 till date. The company, which engages in manufacturing different kinds of personal and industrial products, was incorporated in 1981 and listed on the NSE in 1990.

Roads Nigeria Plc is a civil engineering firm that is in the business of construction of roads, bridges, dams, airfields, and real estate. The company was incorporated in 1974 and is headquartered in the Northern Nigerian city of Sokoto.

Unfortunately, the company has not released its quarterly financial statements since 2014. This is a major violation of the NSE listing rules, which could result in the company being delisted soon.

The delisting of the Tourist Company of Nigeria Plc from the Nigerian Stock Exchange may be a voluntary move by the company’s owners. The company has recently been plagued by ownership tussles, with some shareholders calling for it to be liquidated. The hospitality company was incorporated in 1964.

DEAP Capital Management Trust Plc was incorporated in 2002 and listed on the NSE in 2007. Though Nairametrics had reported earlier that it was unclear whether its delisting was voluntary or regulatory with the recent X-Compliance report, it appears that the company is struggling financially as it has failed to turn in its quarterly reports to the Exchange.

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