The suspension, which took effect from February 23, was announced in a market bulletin issued to dealing members on Monday. It will remain in place until the Exchange concludes its review of the circumstances surrounding the rapid price appreciation.
Zichis Agro-Allied shares closed at N17.36 on Friday, February 20 — a sharp rise from their listing price of N1.81 on January 20, 2026.
Regulatory Review Underway
According to NGX, the suspension is intended to halt further transactions in the stock while regulators examine the unusual market activity.
In an investor alert, the Exchange said it had observed significant price movements in the shares of some listed companies in recent trading sessions and reiterated the need to safeguard market integrity.
“NGX confirms that it will continue to monitor trading activity to ensure market integrity and compliance with the Exchange’s Rules,” the notice stated.
The Exchange urged investors to base their decisions strictly on publicly available information, as well as a careful assessment of companies’ fundamentals, financial performance, and risk profile.
It also advised market participants to avoid speculative trading driven by rumours or unverified information and to consult licensed stockbrokers or investment advisers where necessary.
NGX reaffirmed its commitment to maintaining a fair, orderly, and transparent market.
Company Urges Caution
In a separate statement, Zichis Agro-Allied Industries Plc issued a cautionary notice to shareholders and the investing public, acknowledging the recent spike in both the price and trading volume of its shares.
The company stated that, to the best of its knowledge, there is no undisclosed material information or corporate development that would explain the sharp rally.
It advised shareholders and prospective investors to exercise caution in dealing with its shares pending further clarification.
The suspension underscores NGX’s heightened vigilance amid increased volatility in certain newly listed and low-priced stocks, particularly where rapid gains raise concerns about possible speculative trading or market manipulation.
For now, trading in Zichis Agro-Allied shares remains frozen as regulators work to determine whether the price movement was driven by legitimate market forces or irregular activity.