Niger Insurance Plc, Resort Savings and Loans Plc, and RAK Unity Petroleum Plc are part of the group of 14 companies that will be removed from the Nigerian Exchange Limited (NGX) this year due to their failure to meet post-listing requirements.

The NGX has informed investors about the removal of these three companies from its daily market operations for not providing their financial results for the year 2023.

In an official statement signed by Godstime Iwenekhai, the head of the issuer regulation department at NGX, it was confirmed that three companies have been delisted.

Goldlink Insurance Plc, Medview Airline Plc, STACO Insurance Plc, Standard Alliance Insurance Plc, Greif Nigeria Plc, Union Dicon Salt Plc, and Austin Laz and Company Plc, have decided to delist from the Exchange this year.

Additionally, ASO Savings and Loans Plc, Union Homes Savings & Loans Plc, Capital Oil Plc, and The Tourist Company of Nigeria Plc are also part of the delisting process.

The board of NGX RegCo, the regulating body of the Exchange, approved the commencement of the delisting process for these 14 companies during a meeting held in June 2024.

Our investigation has shown that the majority of the companies affected are encountering operational and regulatory challenges, which are hindering their ability to submit audited results and accounts to the Exchange.

The stock price of Medview Airlines remained stagnant at N1.62 per share on the NGX floor until it was removed from the listing.

According to information from the local bourse as of October 15, 2021, there were no trades or volume recorded for the company during the specified period.

Additionally, Medview Airlines was identified as one of the companies with a free float deficiency of 14.16 percent on the NGX.

The airline's chairman, Sheik Abdul-Mosheen Al-Thunayan, attributed the company’s performance to geopolitical tensions and limited financial liquidity.

Separately, RAK Unity Petroleum successfully concluded its liquidation process on September 26, 2023, resulting in its dissolution. Consequently, its continued listing on the NGX platform is no longer necessary.

It has come to our attention that The Tourist Company of Nigeria Plc and Standard Alliance Insurance Plc have not yet submitted their audited results for the year 2020.

Union Homes Savings & Loans Plc and Aso Savings & Loans Plc have failed to submit their audited financial results and accounts for more than six years to the Exchange.

The NGX stated that the delisting of these three companies, which became effective on July 18, was due to their failure to meet the listing standards of the exchange.

 “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 and Resort Savings and Loans 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”.

Deap Capital Management & Trust Plc and Multi-Trex Integrated Foods Plc are the sole two companies currently being monitored for delisting.