NGX delists three companies for ‘noncompliance’ with standards

The Nigerian Exchange Limited (NGX) says it has delisted three companies from its platform for noncompliance with standards.

The delisted organisations are Niger Insurance Plc, Resort Savings and Loans Plc, and RAK Unity Petroleum Plc, according to a statement signed by Godstime Iwenekhai, head of the issuer regulation department at NGX.

The NGX said the delisting, which took effect on July 18, was because the companies were operating below the listing standards of the exchange firm.

“Trading license holders and the investing public are hereby notified that pursuant to the provisions of Clause 15 of General Undertaking, Appendix iii Of the Rule Book of The Exchange, 2015, Part II,” the statement reads.

“Issuers Rules Delisting the process which states that; to recognize that Council reserves the right to remove the name of a company from the Official List of The Exchange at its absolute discretion and may, if it considers there is insufficient public interest in the company, viz, insufficient shares in the hands of the public, or

“Any of the foregoing terms and conditions are not complied with, or the company becomes a subsidiary of any other company.”

The Nigerian bourse also said the companies’ securities “are no longer considered suitable for continued listing and trading in the market”.

In the statement, the NGX said the operating licences of Niger Insurance Plc and Resort Savings and Loans Plc have been revoked by their primary regulators, National Insurance Commission (NAICOM) and the Central Bank of Nigeria (CBN) “effective 21 June 21, 2002, and May 24, 2023, respectively”. 

On the other hand, RAK Unity Petroleum completed its liquidation process on September 26, 2023 and has since been dissolved “and on that note no longer needs to remain listed on the platform of NGX”.