The Nigerian Exchange (NGX) Limited has launched an investigation into trading activities on the shares of Zichis Agro-Allied Industries Plc.
A notice from Customs Street on Monday disclosed that this has led to the suspension of the company for now.
This development comes about a month after Zichis was listed on the domestic bourse and placed in the growth board of the NGX.
In the circular, it was disclosed that the suspension may be lifted after the conclusion of the findings, but for now, investors will not be able to trade the organisation’s securities on the NGX platform.
“The suspension of trading in Zichis shares shall be lifted upon the conclusion of an investigation into the trading activities on the company’s shares,” a part of the disclosure stated.
The bourse explained that it wielded the big stick on Zichis in compliance with Rule 7.0, Rules on Suspension of Trading in Listed Securities, Rulebook of The Exchange (Issuers’ Rules).
This part of the law states that, “Notwithstanding any of the foregoing provisions, the exchange may, in accordance with any of its rules, place the trading of any security on suspension.
“It may also do so if it is of the view that such suspension will be in the interest of the investing public and in accordance with the SEC Rules.”
In announcing the action on the firm, the NGX declared that, “The shares of Zichis Agro-Allied Industries Plc have been suspended from trading on the facilities of Nigerian Exchange Limited (NGX), effective today, Monday, February 23, 2026.”
Business Post reports that last week, shares of Zichis appreciated by 60.74 per cent to N17.36. It joined the stock exchange at N1.81, indicating it has gained N15.55 or 859.12 per cent in one month.
Source: Business Post
