The delistings resulted from companies' failure to meet post-listing obligations, following coordinated oversight efforts by the NGX, the Securities and Exchange Commission (SEC), the Central Bank of Nigeria (CBN), and the National Insurance Commission (NAICOM).
Companies Delisted in Q1 2025
MedView Airline Plc
MedView Airline Plc was officially removed from the exchange after prolonged operational inactivity and persistent non-compliance with regulatory requirements. The airline, which debuted on the NGX in 2017 with a listing of 9.75 billion ordinary shares at N1.50 each, initially expanded from its core Hajj charter services into broader domestic and international passenger operations.
However, financial distress soon set in. By 2018, MedView reported a staggering N10.3 billion loss after tax, following a sharp 74% drop in revenues. Operational challenges, including the suspension of international flights, culminated in a full shutdown of services by 2019. MedView exited the Exchange with a market capitalization of N15.79 billion.
Goldlink Insurance Plc
Goldlink Insurance Plc, a composite insurer licensed for both life and general business, was delisted after prolonged violations of NGX listing standards. The company failed to file mandatory audited financial reports and repeatedly fell short on corporate governance expectations, despite several regulatory warnings.
At the time of its removal, Goldlink’s market capitalization stood at N909.99 million.
Tourist Company of Nigeria Plc
The operator of the Federal Palace Hotel & Casino, Tourist Company of Nigeria Plc, was delisted on January 31, 2025. Persistent financial instability was at the heart of its removal; the company had not filed audited financial statements since 2020.
By 2023, Tourist Company reported a net loss of N31.6 billion, largely due to significant foreign exchange losses tied to $67.7 million in related-party loans. Financial difficulties worsened in 2024, resulting in negative shareholder equity of N7.8 billion.
The company exited the NGX with a market capitalization of N5.62 billion.
Union Homes Savings and Loans Plc
Also delisted on January 31, 2025, Union Homes Savings and Loans Plc had been non-compliant with post-listing obligations for over a decade. Despite extensive engagements with regulatory authorities, the mortgage financier failed to rectify its outstanding deficiencies. Union Homes exited the Exchange with a market value of N2.95 billion.
Combined, the delistings of Tourist Company and Union Homes wiped nearly N8 billion from the NGX’s capitalization.
A Look Back: Delistings in 2024
The trend of corporate exits was already evident in 2024 when six companies left the NGX:
- GlaxoSmithKline Consumer Nigeria Plc (GSK): Delisted on February 5, 2024, following a restructuring by its UK parent company. Shareholders received N17.42 per share as part of the exit.
- Arbico Plc: Voluntarily delisted on May 20, 2024, after securing shareholder approval, despite posting revenue growth but suffering a N1.08 billion loss in 2023.
- Flour Mills of Nigeria Plc (FMN): One of Nigeria’s largest agro-allied conglomerates, exited the Exchange after 45 years of trading on December 30, 2024, as part of a consolidation move by its major shareholder, Excelsior Shipping Company Limited.
- Niger Insurance Plc, Resort Savings and Loans Plc, and RAK Unity Petroleum Plc: Delisted on July 18, 2024, due to persistent breaches of listing rules.
These actions were taken in line with Clause 15 of the General Undertaking in Appendix III of the NSE Rulebook 2015, which grants the NGX Council authority to delist companies for reasons including low public interest, failure to meet listing obligations, or corporate restructuring that renders public listing unnecessary.
Positive Developments: New Listings in 2024
While 2025 began on a quiet note, 2024 had seen three major new listings that helped bolster market capitalization:
- Transcorp Power Plc: Listed on March 4, 2024, adding N1.8 trillion to the NGX through the issuance of 7.5 billion shares at N240 each.
- Aradel Holdings Plc: Listed on October 14, 2024, with a market value of approximately N3.05 trillion, following the listing of 4.34 billion shares priced at N702.69 each.
- Haldane McCall Plc: Entered the market on November 20, 2024, with a capitalization of N11.99 billion, offering 3.122 billion shares at N3.84 each.
Outlook
The first quarter of 2025 has highlighted the challenges facing Nigeria’s capital markets, with delistings outpacing new entries. As regulatory agencies tighten compliance standards, listed companies must meet evolving expectations to sustain their place on the NGX. Meanwhile, market stakeholders await fresh listings that could inject new dynamism into the exchange as the year progresses.