Union Dicon, three others face deadline as NGX flags nine firms for delisting, restructuring

Union Dicon Salt Plc and three other firms are facing critical deadlines to complete business restructuring as the Nigerian Exchange Regulation Limited (NGX RegCo) monitors nine companies with outstanding listing compliance and restructuring issues.

The subsidiary of the Nigerian Exchange Group disclosed this in a response to Nairametrics, confirming that Union Dicon has rectified its outstanding compliance deficiencies and now meets the free-float requirements applicable to companies listed on the NGX Main Board.

The development comes as the October 23, 2026 X-Compliance Report identifies four companies on the Delisting Watchlist and five others undergoing restructuring, although watchlist status does not automatically mean delisting.

NGX explains November Restructuring Deadline

NGX, alongside NGX Regulation Limited (NGX RegCo), explained that Union Dicon was placed on the Delisting Watchlist because of outstanding compliance deficiencies reflected in its Compliance Status Indicator.

The Exchange confirmed that those deficiencies have been rectified and that the company now complies with the free-float requirements applicable to Main Board issuers.

• “Should the restructuring remain incomplete by the stipulated deadline, the matter will be presented to the appropriate committee and the Board of NGX Regulation Limited (NGX RegCo) for further deliberation,” the Exchange stated.
• NGX added that Union Dicon remains under business restructuring and must fulfil its outstanding post-listing obligations by November 2026.
• The Exchange also stated that any change to the company’s listing status would be communicated through its website and subsequent X-Compliance Reports.

The clarification indicates that November represents a regulatory review point rather than a confirmed date for compulsory delisting.

Four Companies face delisting scrutiny

The October 23 X-Compliance Report identifies four companies on the Delisting Watchlist, each carrying the DWL Compliance Status Indicator.

The companies have different monitoring periods and outstanding requirements, with continued listing dependent on their compliance with applicable Exchange rules.

• Critical Minerals Financing Corp Plc which has been undergoing restructuring was approved for placement on the watchlist, subject to filing its Quarterly Compliance Report.
• Multi-Trex Integrated Foods Plc was placed on the watchlist following NGX RegCo approval and is expected to remain there for two years.
• Union Dicon Salt Plc was approved for placement on November 1, 2024, for a two-year period, while Fortis Global Insurance Plc was approved on February 14, 2025, for three years.
• Fortis Global has the longest stated monitoring period among the four companies identified in the October report.
• Nairametrics reported in March that Union Dicon and four other companies were on the NGX Delisting Watchlist, while three companies had entered the delisting process.

The watchlist provides affected issuers with an opportunity to resolve regulatory deficiencies, while failure to comply may expose them to further regulatory action, including possible delisting proceedings.

Experts urge stronger regulatory oversight

Market operators have called for a balanced regulatory approach that enforces listing requirements while protecting the interests of shareholders.

• Mr. Aruna Kebira, chief executive officer of Globalview Securities Limited, said regulators had already given Union Dicon sufficient time to resolve its challenges.
• He questioned the company’s earlier explanation that it had been unable to contact its core investor, arguing that prolonged non-compliance should not continue indefinitely.
• However, Kebira acknowledged that regulators must consider existing shareholders before taking decisions that could affect the company’s listing.

Mr. Charles Fakrogha, chief executive officer of ECL Asset Management Limited, also urged NGX to assess the company’s restructuring progress before deciding on further action.

• “If the efforts are not commensurate with what is expected,” the Exchange could consider regulatory delisting, Fakrogha said.
• He suggested that regulators could convene another meeting with Union Dicon and others on DWL to evaluate the steps taken toward meeting its listing obligations.
• Fakrogha also noted that companies unwilling to comply with listing requirements could consider voluntary delisting.

The views highlight the challenge of enforcing market rules without unnecessarily exposing existing shareholders to difficulties exiting their investments.

Union Dicon faces compliance test

Union Dicon’s position has evolved since March, when the company disclosed difficulties contacting Aims Limited, its 40% shareholder, despite repeated attempts.

The company subsequently announced steps toward reviving its operations, although engagement with its major shareholder remained important to restoring full operational and regulatory compliance.

• Recently, Union Dicon said its new management had commissioned salt and pepper production facilities, obtained the necessary NAFDAC approvals and commenced packaging operations for Dicon Salt and Dicon Hot Pepper.
• The October 23 X-Compliance Report also identified FTN Cocoa Processors Plc and Thomas Wyatt Nigeria Plc as undergoing restructuring.
• Austin Laz and Company Plc received approval for a two-year restructuring period.
• Pharma-Deko Plc and Premier Paints Plc were also approved for restructuring status.
• Thomas Wyatt’s position is notable because the wider compliance report also recorded its previous suspension for failing to submit its 2025 audited financial statements.

For Union Dicon, the November deadline will determine whether its operational revival translates into compliance with its remaining post-listing obligations. The company remains listed, and NGX has confirmed that any further regulatory decision will follow the appropriate review process if restructuring remains incomplete.