NGX Issues Advisory on Zichs Agro, Others over Price Movements

Kayode Tokede 

NGX Regulation Limited (NGX RegCo), the independent regulatory arm of Nigerian Exchange Group, yesterday issued an advisory to the investing public in response to notable price movements observed in the shares of some listed companies over recent trading sessions.

Specifically, the  notice by the regulator is in the backdrop of suspension placed on trading in the shares of Zichis Agro-Allied Industries Plc pending the outcome of a regulatory investigation into recent trading activities.

A market bulletin issued to dealing members stated that Exchange actions followed on what is  described as extraordinary price movements in which the stock price of Zichis Agro-Allied  recorded extra-ordinary 772per cent to close at N17.36 per share on Friday, February 20, up from its January 20 listing by introduction price of N1.81per share.

The Agro-Allied company listed 600 million ordinary shares by introduction on the NGX Growth Board on 20 January 2026. The shares were priced at N1.81 per share at listing, valuing the company at approximately N1.19 billion. Qualinvest Capital Limited acted as Lead Issuing House, while Anchoria Investment and Securities Limited served as Lead Stockbroker.

The company’s rapid price surge since listing appears to have triggered regulatory scrutiny, especially as the rally significantly outpaced broader market performance.

NGX RegCo in a statement stated market bulletin issued is  standard market surveillance functions, the advisory serves as a measured reminder for investors to prioritize informed and disciplined decision-making. 

“The Exchange continues to monitor market activities closely in line with its mandate to ensure a fair, orderly, and transparent market.

NGX RegCo encourages all investors to base their decisions on publicly available information, including a thorough assessment of company fundamentals, financial performance, and risk profile. Investors are also advised to exercise due diligence, avoid speculative trading based on unverified information, and consult licensed intermediaries such as stockbrokers or investment advisers when needed,” the statement added.   

Commenting on the advisory,CEO of NGX Regulation Limited, Olufemi Shobanjo in a statement said: “Our primary responsibility is to maintain a level playing field where market participants can trade with confidence, backed by timely and accurate information. This advisory is a routine communication, reinforcing that sound fundamentals, not speculation, remain the foundation for sustainable investment outcomes. We are fully committed to preserving the integrity and stability of our market.”

NGX RegCo reassures all stakeholders that Nigerian Exchange remains stable, well-regulated, and resilient. The Exchange continues to foster an environment where investors can participate with confidence, supported by robust oversight and transparent market operations.