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According to information available on the Nigerian Stock Exchange website, about six companies are in the process of delisting their issued share capital from the Nigerian bourse. This follows the delisting of a total number of seven companies between January and November this year. On this week’s company profile, we shall be focusing on these companies as we try to understand why they could soon be gone from the NSE.

Why companies delist

There are two main reasons why companies delist from the NSE. The first one entails punishment for companies who violate NSE’s listing rules. 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 N143.6 million in 2019 by imposing fines on defaulting companies.

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

These companies could soon be delisted from the Nigerian Stock Exchange 

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.

Delisted companies in 2019

Note that so far in 2019, a total of seven companies have been delisted from the NSE. The companies are Diamond Bank Plc, Great Nigeria Insurance Plc, Newrest ASL Nigeria Plc, First Aluminium Nigeria, Fortis Microfinance Bank Plc, Skye Bank Plc, and Dangote Flour Mills Plc.

[READ MORE: Will this be the first company to delist from the NSE this year?]

Focus on the companies that could be delisting soon

Out of the six companies that are in the process of delisting (DIP) from the NSE, four could be forcefully delisted due to their persistent non-compliance to NSE’s listing rules. The remaining two, on the other hand, could be voluntarily delisting. The companies are:

  • Evans Medical Plc
  • Nigeria-German Chemicals Plc
  • Amino International Plc
  • Roads Nigeria Plc
  • Tourist Company of Nigeria Plc
  • DEAP Capital Management & Trust Plc

What you should know

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 and corporate governance lapses. The latest NSE X-Compliance report indicated that the company has not submitted any quarterly financial statements from 2016 to 2019. At this rate, the NSE may have no choice but to forcefully delist the company.

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Nigeria-German Chemicals Plc has also not been obeying the listing rules of the NSE. The latest NSE X-Compliance report also noted the company has 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.

[READ ALSO: First Aluminium finally delists shares from NSE]


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 since 2015 till date. The company, which engages in manufacturing of 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.

These companies could soon be delisted from the Nigerian Stock Exchange 

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. It is unclear whether its delisting is voluntary or regulatory. However, it appears the company is struggling financially as its latest financial disclosure shows.


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