The Nigerian Exchange Limited (NGX) has placed Union Dicon Salt Plc and four other listed companies on its Delisting Watchlist, while three additional firms have already entered the final phase of the delisting process.
The development was disclosed in the Exchange’s updated X-Compliance Report published on Wednesday, March 4, 2026.
The regulatory move is part of NGX’s ongoing efforts to enforce post-listing compliance requirements among quoted companies and ensure transparency and orderly trading in the capital market.
On Wednesday, March 4, 2026, the management of Union Dicon put up public notification filed with the NGX, saying it had not been able to establish contact with its 40% majority shareholder, Aims Limited, despite all efforts.
What the data is saying
The updated X-Compliance Report places a total of 15 companies under different regulatory monitoring categories on the NGX. These categories include Delisting In Process (DIP), Delisting Watch List (DWL), and Restructuring.
- Union Dicon Salt Plc, Deap Capital Management & Trust Plc, Multi-Trex Integrated Foods Plc, STACO Insurance Plc, and Fortis Global Insurance Plc were listed under Schedule 8 of the report as companies currently on the Delisting Watch List.
- Three companies—Greif Nigeria Plc, DN Tyre & Rubber Plc, and Ekocorp Plc—have moved into the Delisting In Process stage after spending more than two years under regulatory monitoring on the watchlist.
- The NGX Regulation Limited (RegCo) approved the commencement of delisting proceedings for Greif Nigeria Plc and DN Tyre & Rubber Plc during board meetings held on June 28 and October 10, 2024, while Ekocorp Plc received delisting approval on March 21, 2025.
- RegCo also noted in a footnote that the shares of Ekocorp Plc are currently subject to ongoing litigation, and engagement with the company has been paused pending the outcome of the court case.
The report indicates that companies typically progress from the watchlist stage to the delisting process if they fail to resolve compliance deficiencies within the monitoring period.
More insights
The DWL or DIP designation by the NGX is usually triggered when companies fail to meet key regulatory obligations required of listed entities. These may include delays in submitting financial statements, lapses in corporate governance compliance, or failure to meet disclosure requirements.
- Deap Capital Management & Trust Plc was placed on the watchlist due to issues related to the filing of its mandatory quarterly compliance reports.
- Multi-Trex Integrated Foods Plc and Union Dicon Salt Plc, alongside other firms, were placed on a two-year monitoring period after regulatory committee approvals, giving them time to correct their compliance lapses.
- STACO Insurance Plc and Fortis Global Insurance Plc were placed on an extended three-year monitoring period following a regulatory committee decision taken on February 14, 2025.
- Six other firms—FTN Cocoa Processors Plc, Thomas Wyatt Nigeria Plc, Austin Laz and Company Plc, International Energy Insurance Plc, Pharma-Deko Plc, and Premier Paints Plc—are currently undergoing restructuring under regulatory supervision.
Being placed on the watchlist does not immediately affect the trading status of the companies’ shares but signals to investors that the firms are under increased regulatory scrutiny.
What you should know
All companies listed on the NGX are required to provide timely and accurate information to the Exchange to help maintain an orderly and transparent market. These disclosure obligations are outlined in the Exchange’s X-Compliance Report.
- Under Appendix III of the NGX Rulebook (Issuers’ Rules), listed companies must obtain prior written approval from NGX RegCo before publishing announcements or press releases that may affect shareholders’ interests.
- Companies are also required to disclose material information to the Exchange and publish such information in their annual reports to ensure transparency to investors.
- Rule 3.1 on the filing of accounts stipulates that companies must submit their financial statements within the required timeframe or risk regulatory sanctions.
- If an issuer fails to file its accounts after the cure period, NGX may issue a second filing deficiency notification, suspend trading in the company’s securities, and notify the Securities and Exchange Commission and the market within twenty-four hours.
These compliance measures are designed to ensure that all listed firms meet minimum disclosure and governance standards expected in Nigeria’s capital market.
