The Nigerian Exchange Limited (NGX) recorded a net market capitalization loss of N25.27 billion in the first quarter of 2025 following the delisting of four companies.
The exits were driven by a mix of strategic corporate decisions and regulatory enforcement actions, with no new listings recorded during the period under review.
The affected companies were delisted for failing to meet post-listing requirements, following collaborative enforcement by the NGX, Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN), and the National Insurance Commission (NAICOM).
Companies Delisted in Q1 2025
MedView Airline Plc
MedView Airline Plc was officially delisted in Q1 2025, after years of operational inactivity and non-compliance with regulatory standards.
The airline, which listed 9.75 billion ordinary shares at N1.50 each in 2017, initially expanded from Hajj charter services into domestic and international passenger flights.
However, the company faced severe financial distress by 2018, reporting a loss after tax of N10.3 billion, following a 74% drop in revenues.
Operational disruptions worsened the situation, leading to the suspension of international flights in 2018 and the eventual grounding of all services by 2019. MedView Airline exited the NGX with a market capitalization of N15.79 billion.
Goldlink Insurance Plc
Goldlink Insurance Plc, a composite insurer licensed for life and general business, was delisted within the first three months of the year 2025 after persistent violations of listing rules.
The company failed to file audited financial reports, fell short on corporate governance standards, and remained inactive in the capital market.
Goldlink’s delisting came despite multiple warnings from regulators and the NGX. It exited with a market cap of N909.99 million.
Tourist Company of Nigeria Plc
Tourist Company of Nigeria Plc, the operator of the Federal Palace Hotel & Casino in Lagos, was delisted on January 31, 2025. The company had failed to submit audited financial statements since 2020 and battled a steep financial decline.
It reported a net loss of N31.6 billion in 2023, driven largely by foreign exchange losses on $67.7 million in related-party loans. Losses deepened in 2024, resulting in negative shareholder equity of N7.8 billion. The Tourist Company left the exchange with a market cap of N5.62 billion.
Union Homes Savings and Loans Plc
Union Homes Savings and Loans Plc was delisted on January 31, 2025, after over 11 years of non-compliance with NGX post-listing requirements.
Despite multiple engagements, the mortgage financier failed to rectify outstanding deficiencies. Union Homes exited with a market cap of N2.95 billion.
Together, the delisting of Tourist Company and Union Homes wiped off nearly N8 billion from the market’s capitalization.
Recap of delisting in 2024
In 2024, six companies exited the NGX:
GlaxoSmithKline Consumer Nigeria Plc (GSK) delisted on February 5, 2024, as part of its parent company’s broader restructuring in Africa. Shareholders received N17.42 per share as compensation.
Arbico Plc voluntarily delisted on May 20, 2024, following shareholder approval after recording a loss of N1.08 billion in 2023, despite revenue growth.
Flour Mills of Nigeria Plc (FMN), one of Nigeria’s largest foods and agro-allied companies, exited after 45 years of public trading on December 30, 2024. The delisting was driven by a strategic consolidation by its majority shareholder, Excelsior Shipping Company Limited.
Niger Insurance Plc, Resort Savings and Loans Plc, and RAK Unity Petroleum Plc were delisted on July 18, 2024, following regulatory enforcement for falling below listing standards.
The delisting was in line with Clause 15 of the General Undertaking, Appendix III of The NSE RuleBook 2015
Under this clause, the Council of the Exchange reserves the right to remove a company from the Official List at its absolute discretion. Delisting may occur if:
- The Exchange considers that there is insufficient public interest in the company (for example, too few shares are held by the public).
- The company fails to comply with listing terms and conditions; or
- The company becomes a subsidiary of another company.
Accordingly, the delisting followed the proper regulatory procedure in accordance with the agreed listing obligations.
New Listings in 2024
While 2025 began slowly, 2024 saw three major listings that boosted market capitalization:
Transcorp Power Plc was listed on March 4, 2024, adding N1.8 trillion to the NGX after offering 7.5 billion shares at N240 per share.
Aradel Holdings Plc entered the market on October 14, 2024, contributing approximately N3.05 trillion in market value, listing 4.34 billion shares at N702.69 per share.
Haldane McCall Plc was listed on November 20, 2024, with a market capitalization of N11.99 billion, offering 3.122 billion shares at N3.84 each.
