In 2021, seven firms delisted their shares from the Nigerian Exchange Limited (NGX), an increase from five in 2020.
On the other side, the stock market reported four company listings, up from one in 2020.
This is according to data from NGX obtained by Ripples Nigeria on Wednesday.
The delisted companies included 11 Plc, Evans Medical Plc, Nigeria-German Chemicals Plc, Roads Nigeria Plc and Unic Diversified Holdings Plc, Studio Press Nigeria Plc, Union Diagnostic and Clinical Services Plc.
While Briclinks Africa Plc, Guaranty Trust Holding Company Plc (GT HoldCo), Nigerian Exchange Group and Ronchess Global Resources Plc were the listed companies.
Four out of the delisted companies were excluded by the NGX due to nonconformity to its regulations and three companies voluntarily delisted.
11 Plc, formerly Mobil Oil Plc, voluntarily delisted on May 7, 2021, after 43 years of trading on the Nigerian Stock Exchange.
In March, 11 Plc had told its minority shareholders that they could still retain their shares as the company was not willing to forcefully acquire their shares.
“The delisting of 11 Plc’s shares from NSE is not meant to make the company private. It is only a cessation of trading of the company’s shares on the NSE platform,” 11 Plc had said.
“Hence, there is no forceful acquisition of shares from minority shareholders.
The company’s shares will be listed on the NASD OTC, thus still making its shares tradable.”
Other companies that willfully delisted from the NGX include Studio Press Nigeria Plc and Union Diagnostic and Clinical Services Plc.
Evans Medical Plc, Nigeria-German Chemicals Plc, Roads Nigeria Plc, and Unic Diversified Holdings Plc were delisted by the NGX due to noncompliance with the post-listing requirement of filing of results at the appropriate time.