NGX Lifts Suspension  on  Zichis Agro-allied Shares

Kayode Tokede

NGX Regulation Limited has officially lifted the suspension on trading the shares of Zichis Agro-Allied Industries Plc, after an investigation into the company’s market activities.

The decision, communicated via a market bulletin, marks the return of the agro-allied firm to the daily official list of the Nigerian Exchange. 

The suspension, which was originally socio-economically triggered on February 23,  2026, had frozen all transaction activities involving the company’s securities to allow for a regulatory review.

The suspension, which was announced on 23rd February, was triggered by an extraordinary surge in the company’s share price — a climb of 772 per cent to N17.36 from its listing price of N1.81 on January 20th, a movement that prompted NGX Regulation Limited to intervene.

After NGX actions, the stock price of Zichis Agro Allied Industries tumbled by 50.58 per cent.

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.  

In the bulletin signed by Head of the Issuer Regulation Department, Mr. Godstime Iwenekhai, the exchange clarified that the intervention was necessary to maintain the sanctity of the trading floor.

“NGX Regulation Limited has concluded its investigation into the trading activities in the Company’s shares and has implemented corrective measures to safeguard market integrity,” the statement read.

The regulatory body emphasised that these actions were taken in line with its mandate to “promote a fair, orderly and efficient market” for all stakeholders.

Zichis Agro-Allied was initially sidelined under Rule 7.0 of the Rulebook of the NGX, which grants the NGX the authority to halt trading when there are concerns regarding price manipulation, insider information, or non-compliance with disclosure requirements.