By Published: September 3, 2025 Binnabook Magazine
The Nigerian Exchange (NGX) has sounded the alarm and investors would be wise to listen.
As of September 2025, a growing number of listed companies are teetering on the edge of regulatory non-compliance, financial instability, and potential delisting. The NGX has flagged these firms under four critical risk categories, each signaling a different kind of trouble:
- Delisting Watch-list (DWL)
- Delisting in Progress (DIP)
- Below Listing Standard (BLS)
- Missed Regulatory Filings (MRF)
These classifications aren’t just bureaucratic labels—they’re red flags for shareholders, analysts, and market watchers.
🔍 Who’s on the Radar?
Delisting Watch-list (DWL)
Companies showing signs of distress, from governance lapses to financial instability:
- ASO Savings and Loans Plc
- Deap Capital Management & Trust Plc
- Fortis Global Insurance Plc
- Multi-Trex Integrated Foods Plc
- STACO Insurance Plc
- Union Dicon Salt Plc
Delisting in Progress (DIP)
These firms are already in the process of being removed from the Exchange:
- Dunlop Nigeria Plc
- Ekocorp Plc
- Van Leer Containers Plc
Below Listing Standard (BLS)
Falling short of NGX’s minimum requirements for continued listing:
- Alexander Forbes Group Plc
- Champion Breweries Plc
- Honeywell Flour Mills Plc
- Infinity Trust Mortgage Bank Plc
- Legendary International Plc
- Prestige Assurance Plc
- UPDC Plc
Missed Regulatory Filings (MRF)
Companies failing to submit mandatory filings—raising serious compliance concerns:
- African Alliance Insurance Plc
- Afromedia Plc
- Pharma-Deko Plc
- Premier Paints Plc
- Regency Alliance Insurance Plc
- Smart Products Nigeria Plc
- Unity Bank Plc
- Universal Insurance Plc
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| Nigeria Exchange |
Investor Takeaway
The NGX’s categorization is more than a warning—it’s a roadmap for risk. Companies in DWL or DIP may be facing deep-rooted operational or governance issues. Those under BLS or MRF are struggling with compliance, which could erode investor confidence and trigger regulatory penalties.
For investors, this is a moment to reassess portfolios, scrutinize holdings, and stay informed. The Nigerian capital market remains a vital engine for growth, but vigilance is key.
Binnabook Magazine will continue to track these developments, offering clarity in a fast-moving financial landscape. Stay tuned for deeper dives into corporate governance, investor protection, and market resilience
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