The Nigerian Exchange Limited (NGX) has issued warning letters to 12 listed companies for breaches of its post-listing rules, including insider dealing during closed periods and the unauthorised release of corporate announcements.
The sanctions were disclosed in the latest X-Compliance report published by NGX Regulation Limited (NGX RegCo), covering the 2025/2026 compliance cycle. The X-Compliance report is part of NGX RegCo’s transparency initiative aimed at safeguarding market integrity and protecting investors through periodic disclosure of compliance infractions.
According to the regulator, most of the affected companies violated Rule 17:18 of the listing rules, which governs the “closed period” — a sensitive window during which insiders are prohibited from trading in company shares ahead of financial disclosures.
2025 Infractions
In February 2025, Aradel Holdings Plc was issued a caution letter for insider dealing during a closed period. ABC Transport Plc and Secure Electronic Technology Plc were similarly sanctioned later that month for the same breach. Cutix Plc also received a caution letter on February 28 for insider trading during a restricted window.
Haldane McCall Plc was penalised on April 16, 2025, for insider dealing during a closed period.
Beyond insider trading violations, FCMB Group Plc was issued a caution letter on June 18, 2025, for the unauthorised publication of an announcement without first obtaining written approval from NGX RegCo — a requirement for disclosures capable of influencing shareholders’ decisions.
Meyer Plc was also sanctioned on October 21, 2025, for insider dealing during a closed period.
2026 Sanctions
The trend continued into 2026, with Mutual Benefits Assurance Plc and Austin Laz & Company Plc receiving caution letters on January 15 and January 16, respectively, for insider trading during restricted periods.
Sterling Financial Holdings Company Plc was sanctioned on January 23, 2026, for insider dealing during a closed period.
On February 10, Tantalizers Plc received both a caution letter and an additional MCT sanction for insider trading infractions. Most recently, NPF Microfinance Bank Plc was issued a caution letter on February 17, 2026, for similar violations.
Reinforcing Market Discipline
NGX RegCo reiterated that listed companies are obligated to provide timely, complete and accurate disclosures to ensure an orderly market, in line with Appendix III (General Undertaking – Equities) of the 2015 Rulebook and other disclosure-related circulars.
The regulator stressed that companies must secure prior written approval before publishing announcements or press releases that may affect shareholders’ interests. Furthermore, material information must be disclosed promptly to the Exchange and reflected in annual reports to uphold transparency and sustain investor confidence.
The warning letters underscore NGX’s renewed focus on strengthening corporate governance standards and enforcing compliance among listed entities in Nigeria’s capital market.