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Tourist Company of Nigeria, Union Homes Savings & Loans Worth N8.6bn Delisted from NGX

Kayode Tokede
Tourist Company of Nigeria Plc and Union Homes Savings and Loans Plc worth N8.6 billion by market capitalisation have been forcefully delisted from Nigerian Exchange Limited (NGX).
Findings by THISDAY showed that Tourist Company of Nigeria was trading at N2.50 per share on NGX and has an outstanding share of 2,246,437,472.
As at January 31, 2025, when it was delisted, Tourist Company of Nigeria market capitalisation stood at N5.62 billion.
For Union Homes Savings & Loans, its stock price was delisted at N3.02 per share and 976,562,505 outstanding share, contributing N2.95 billion market capitalisation on NGX.
THISDAY further gathered that, the management of Tourist Company of Nigeria, failed to submit 2020 audited results to the investing public, while that of Union Homes Savings & Loans has not submitted over six years audited result and accounts to the Exchange.
The bourse said in its weekly report that the firms were delisted “on the grounds that they are operating below the listing standards of NGX, and their securities are no longer considered suitable for continued listing and trading in the market”.
The report added: “Trading License Holders and the investing public are hereby notified that pursuant to the provisions of Clause 14 of the Amended Form of General Undertaking, for Listing on NGX General Undertaking, which states that: the Exchange reserves the right to, at its sole and absolute discretion, suspend trading in any listed securities of the Issuer, delist such securities, or remove the name of the Issuer from the Daily Official List of The Exchange with or without prior notice to the Issuer, upon failure of the Issuer to comply with any one or more of the provisions of this General Undertaking, or when in its sole discretion.
“The Exchange determines that such suspension of trading or delisting is in the public interest, or otherwise warranted.
“The securities of the two companies below have been delisted from the facilities of NGX effective Friday, January 2025 on the grounds that they are operating below the listing standards of NGX, and their securities are no longer considered suitable for continued listing and trading in the market.”
The last time Tourist Company of Nigeria released result and accounts to the Exchange was nine months ended September 30, 2024. Amid the rumour of its delisting from the Exchange, the Company on January 30, 2025 announced unaudited fourth quarter ended December 31 2024 results.
In the results, the company posted N44.3billion loss in 2024 from N33.69billion loss declared in 2023.
Tourist Company of Nigeria in its financial statement posted on NGX stated that, “On 1 July 2015, the Nigerian Exchange Group (NGX), formerly known as the Nigerian Stock Exchange (NSE) notified the Company of its intention to delist The Tourist Company of Nigeria due to the free float deficiency.
Further according to the bourse, “A board resolution was passed on July 13, 2015 authorising the delisting, and communicated in a letter to the NSE on 20 July 2015. The Company sent a reminder to the NSE on April 27, 2016.
“The NSE responded on May 31, 2017 that the delisting process had been placed on hold until the governance problems at Ikeja Hotel Plc have been resolved.
“The board will consider its options when the Ikeja Hotel Plc’s governance issues have been resolved, but will co-operate fully with the NSE on the way forward.
“Post balance sheet date of 30 June 2024, the Company has received notification form NGX that it intends resume the delisting of the company.”