The Nigerian Exchange (NGX) has lifted the suspension on the shares of Zichis Agro-Allied Industries Plc following a regulatory review triggered by an over 800% surge in its stock price within one month.
The development was disclosed in an official statement issued by NGX Regulation Limited (NGX RegCo) to dealing members of the Exchange and seen by Nairametrics. The decision allows trading in the company’s shares to resume after weeks of scrutiny over unusual market activity.
Trading on the company’s shares resumed on Monday, March 23, 2026, with the stock exchanging at N9.43 as of 2:00 pm, representing a 9.91% gain from its opening price of N8.38.
The price adjustment reflects the impact of a one-for-one bonus issue and a 20 kobo dividend, which brought the ex-bonus price a little above half from N17.36 recorded before the suspension on February 23, 2026.
What they are saying
NGX RegCo confirmed that it has concluded its investigation into the unusual trading patterns observed in Zichis Agro-Allied shares and has taken steps to ensure market integrity. The regulator emphasized its commitment to maintaining a fair and orderly market environment.
- “Trading Licence Holders and the investing public are hereby informed that NGX Regulation Limited has concluded its investigation into the trading activities in the Company’s shares and has implemented corrective measures to safeguard market integrity in line with its mandate to promote a fair, orderly and efficient market”.
- “Accordingly, the suspension placed on trading in the shares of Zichis Agro-Allied Industries Plc has been lifted, effective Monday, 23 March 2026. This is for your information,” NGX RegCo stated.
On February 23, 2026, the Exchange had initially imposed the suspension, citing Rule 7.0 of its General Rules on Suspension of Trading in Listed Securities, allowing it to review trading patterns and address any irregularities in the market.
More insights
Zichis Agro-Allied Industries Plc was admitted to trading on the NGX Growth Board on January 20, 2026, via a listing by introduction at N1.81 per share. The listing was facilitated by Anchoria Asset Management Limited as the lead stockbroking firm.
- Within four weeks of listing, the company’s share price surged to N17.36 by February 20, marking a gain of over 800%.
- The rapid appreciation raised concerns among regulators, prompting the NGX to halt trading on February 23 to investigate potential irregularities.
- The company has a paid-up share capital of 600 million shares, with approximately 150 million shares (25%) available as free float, exceeding the NGX Growth Board minimum requirement of 15%.
The sharp rally was largely attributed to the limited supply of shares in the market, despite meeting the required free float threshold.
What you should know
The extraordinary rise in Zichis’ share price was driven by its low entry price and scarcity of available shares, which created strong buying pressure among investors. Market participants reportedly struggled to acquire the stock, with many buy orders unmet due to limited sell-side activity.
- The company was listed at N1.81 per share, making it highly attractive to early investors seeking quick gains.
- Scarcity of shares led to prolonged buy queues, as existing shareholders were reluctant to sell.
- Management has been advised to consider an initial public offer (IPO) to improve liquidity and expand market participation.
- The firm recently hinted at expansion plans, including the acquisition of additional land in Ogun State.
For the year ended December 31, 2025, Zichis reported revenue of N675.6 million, up from N288.9 million in 2024, while profit after tax surged by 478% to N328.1 million, supported by strong performance in its poultry and palm oil segments.
