MRS Oil Nigeria Plc has announced plans to voluntarily delist its shares from the Nigerian Exchange Limited (NGX) following a robust financial performance in 2024.
The company reported a 71.2% increase in revenue, reaching N312.2 billion, and a profit after tax of N6.49 billion, marking a 62.2% year-on-year growth. 
The decision to delist was approved by shareholders during an Extraordinary General Meeting (EGM) held on June 25, 2024.
The move aims to provide the company with greater operational flexibility and reduce the costs associated with maintaining a listing on the NGX.
Post-delist, MRS Oil intends to list its shares on the NASD OTC Securities Exchange to facilitate trading for interested investors.
MRS Oil has seen increased consumer demand following its landmark purchase of products from the Dangote Refinery, which are often perceived as superior by fuel-efficiency-conscious customers.
Despite the positive financial outcomes, the company reported that the hike in Premium Motor Spirit (PMS) prices following full deregulation adversely impacted sales volume performance. However, the overall revenue growth offset this decline. 
Share Buyback and Share Capital Reduction
In line with the delisting process, MRS Oil plans to undertake a share buyback and share capital reduction.
- This initiative aims to provide an exit opportunity for dissenting shareholders who do not wish to remain invested post-delist.
- The company has set aside necessary funds to compensate these shareholders, with the claim period running from April 4 to July 4, 2025.
Shareholders who do not opt for the buyout within this window will have their shares migrated to the NASD platform. 
MRS Oil has assured stakeholders that the delisting process will comply with all requisite regulatory approvals from the Securities and Exchange Commission (SEC) and the NGX.
The company emphasizes that this strategic move will “enable it to focus on long-term growth strategies” without the constraints of public listing requirements.
Delisting amid broader market trend
With this move, MRS Oil joins a growing list of companies that have opted to exit the Nigerian Exchange in recent years.
- Notable exits include GlaxoSmithKline (GSK) Consumer Nigeria Plc, which cited strategic business reviews and operational constraints for its delisting.
- Others like Union Diagnostics and 11 Plc (formerly Mobil Oil Nigeria) have also taken similar paths, shifting to the NASD OTC Securities Exchange or going private altogether.
MRS Oil, which had a market capitalization of around N59 billion before this announcement, represents another dent in the NGX’s overall market size, which currently stands at approximately N63 trillion.
- These delistings raise concerns about the long-term attractiveness of the NGX for mid-sized and multinational companies facing rising compliance costs, low trading liquidity, and a challenging macroeconomic environment.
- While MRS says it will continue to engage shareholders and provide updates as the delisting process proceeds, the broader picture points to a worrisome trend for the Nigerian capital market.
- The repeated exits suggest deeper structural issues that may require urgent reforms to restore investor confidence and retain listings on the bourse.
