Between 2021 and 2023, about 15 firms have been delisted from the Nigerian Exchange Limited (NGX) due to varying reasons ranging from breach of regulatory requirements to voluntary delisting and merger.

    The cumulative market cap of the companies amounted to N335.5 billion.

    However, within the same period, eight companies listed on the exchange with a cumulative market cap of N1.17 trillion, representing a net market cap gain of N832.3 billion based on listing, were delisted.

    Within the period under review, here are the 15 firms that have been delisted from the NGX.



    Union Bank

    In lieu of its complete takeover by Titan Trust Bank, Union Bank of Nigeria was delisted from the NGX in 2023. The bank had a market cap of N193.65 billion before its shares were suspended from trading on the NGX on November 14, 2023.

    However, the takeover move by Titan Trust Bank has been put on hold by the Central Bank of Nigeria (CBN), with the board of the Union Bank being sacked by the apex bank in January 2024.


    Ardova Plc

    Ardova Plc went off the exchange in July 2023 as a change in shareholding structure saw the majority shareholder buy out the minority shareholders.

    The company, which listed on the NGX in 1970 as British Petroleum, was later transformed to African Petroleum in 1979. Before delisting, Ardova had a market cap of N21.5 billion.


    Courteville Business Solution

    In November 2023, the NGX delisted the entire share capital of Courteville Business Solution. The company, which was one of the few e-businesses trading on the exchange, noted its reason for exiting the NGX as “low market share value”.

    As of the time of delisting, Courteville had a market cap of N2.13 billion, despite posting a revenue of N1.74 billion in FY 2022.


    Capital Hotels

    Capital Hotels, the owners of Abuja Continental Hotel, delisted from the NGX in 2023 with a market cap of N9.55 billion.

    According to company’s statement explaining the reason for the delisting, the action was to allow the hotel “explore strategic opportunities, alliances, and collaborations that can bolster earnings and/or provide synergized benefits with little or no regulatory obligations.”


    Global Energy Spectrum Services

    The company, which provides oilfield support services, finally delisted from the NGX in July 2023 with a market cap of N400 million.

    No reason was provided by the company’s board for the decision to delist from the NGX. However, the group’s decline in profit to N127 million in 2021 from N210 million in 2020, plus its extremely low market value, were assumed to be contributory factors.


    GSK Consumer Nigeria

    Although GSK Nigeria finally delisted from the NGX in February 2024, it appears in this list because the process of delisting GSK began in 2023.

    The reason for delisting was due to the parent company’s decision to effectively end its Nigerian operations and switch to a third-party marketing model for selling its products in Nigeria.


    RAK Unity Petroleum

    In October 2023, RAK Unity Petroleum completed its liquidation process, representing 40 years of existence. The company came into existence in December 1982 and was completely dissolved by 2023, representing about 40 years of existence.

    RAK Unity was also the first indigenous company to be listed on the NGX Alternative Securities Market board in 1989. As of the time of delisting, it had a market cap of N17.0 million.


    Studio Press Nigeria

    Studio Press Nigeria, which was one of the few printing companies listed on the NGX, delisted in January 2022 with a market cap of N1.06 billion.

    Reasons for the delisting were not outlined. However, the drop in the company’s operating profit in 2021, as well a very low market cap were catalysts for the decision.


    Union Diagnostic and Clinical Services

    One of the leading medical and diagnostic centres in Lagos, Union Diagnostic and Clinical Services delisted from the NGX in 2022.

    The company listed a number of factors that necessitated its decision to go private. These included: difficulties in getting funds for growth, tough conditions in the business environment, and specific challenges like Nigerians not seeking healthcare promptly. Others were insufficient funding for healthcare, and currency values dropping, making it harder for the company to import needed goods.

    Cedar Advisory Partners Limited became the largest shareholder in the company after going private.


    11 Plc

    11 Plc which was formerly known as Mobil Oil Nigeria Plc. It delisted in 2021 with a market cap of N82.2 billion. Since delisting from NGX, 11 Plc has gone on to list on NASD OTC Securities Exchange.


    Portland Paints and Products Nigeria

    Portland Paints and Products Nigeria with a market cap of N2.09 billion delisted in 2021 due to its merger with Chemical and Allied Products Plc.

    The two companies were subsidiaries of UAC Nigeria Plc, and a strategic action was taken to merge them into Nigeria’s largest chemical and paint company.


    Regulatory Breaches

    In 2021, the NGX took a decision to delist Evans Medical, Nigeria-German Chemicals, Roads Nigeria Plc, and Unic Diversified Holdings Plc due to various regulatory non-compliances.

    Evans Medical Plc was delisted with a market cap of N336 million. It was noted that between 2016 and 2020, the company failed to file any quarterly financial report.

    Nigeria-German Chemicals was delisted with a market cap of N557 million due to the company’s failure to file any financial statement from Q3 2014 till the time of delisting.

    Roads Nigeria Plc and Unic Diversified Holdings were delisted with market caps of N165 million and N516 million respectively. Both companies were delisted because they failed to comply with the post-listing requirement of submitting financial results within the specified timeframe.



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