The Nigerian Exchange (NGX) has delisted three companies—Niger Insurance Plc, Resort Savings and Loans Plc, and RAK Unity Petroleum—citing failure to meet the necessary standards for publicly quoted companies.
This move follows the NGX’s enforcement of Clause 15 of the General Undertaking, Appendix iii Of the Rule Book of The Exchange, 2015, Part II, Issuers’ Rules Delisting Process.
The delisting decision was based on the companies operating below the listing standards, rendering their securities unsuitable for continued market listing and trading.
Specifically, the NGX reserves the right to delist companies lacking sufficient public interest, failing to comply with listing conditions, or becoming subsidiaries of other companies.
Niger Insurance had been under regulatory watch by the National Insurance Commission (NAICOM) since 2020, with restrictions on asset disposal and mandatory NAICOM attendance at board meetings as an observer.
RAK Unity Petroleum had entered liquidation, leading to an earlier suspension of its shares.
The company’s shareholders approved the voluntary winding up process in June 2021.
Incorporated in 1982 and converted to a public company in 1987, RAK Unity Petroleum’s exit marks the end of its operational journey on the NGX.This delisting highlights NGX’s commitment to maintaining high standards and protecting investor interests in the Nigerian capital market.
(The Nation)