Stock Price of Zichis Agro Allied Industries Slumps by 50.58% Amid Corporate Actions

Kayode Tokede

Following a corporate action, the stock price of Zichis Agro Allied Industries Plc has tumbled by 50.58 per cent on the Nigerian Exchange Limited (NGX).

According to information obtained by THISDAY, the stock price moved from N17.36 per share, about N8.78 per share or 50.58 per cent decline to N8.58 per share on the floor of the Exchange. 

A source attributed the 50.58 per cent decline to a mark down for price adjustment comprising a bonus of 1 for 1 and a dividend of 20kobo after the closure of the register on March 17, 2026.

As at the time of filing this report, the management of the Exchange has not announced lifting suspension on the agro-allied company that was listed by introduction 600,000,000 units of shares at N1.81 per share on January 20, 2026.

The company in a corporate action said, “A final dividend of 20 kobo per 50 kobo ordinary share, subject to withholding tax, and on approval will be paid to shareholders whose name appear in the share register of members as at the close of business on the 16 March, 2026.

“Proposed Bonus Bonus shares in the ratio of One (1) new share for every One (1) existing share held by shareholders whose names appear in the Register of Members at the close of business on March 16, 2026, subject to the approval of the shareholders at the annual general meeting.”

The source revealed to THISDAY that suspension placed on Zichis Agro Allied Industries was expected to be lifted next week after the regulators concluded their investigations.

The company was on March 2, 2026 placed on suspension  due to an extraordinary price surge of over 800per cent within a month of its listing.

The suspension was triggered by the company’s shares, which rose from N1.81 per share to N17.36 per share, representing an 859per cent increase.

The NGX invoked Rule 7.0 of its rulebook to halt trading in the security, ensuring market integrity and investor protection.

The investigation into the company’s trading activities is ongoing, and the suspension will remain in effect until the conclusion of the review.