NGX halts Zichis trading after 772% surge, launches probe

The Nigerian Exchange Limited (NGX) has suspended trading in the shares of Zichis Agro-Allied Industries Plc following what the Exchange described as extraordinary price movements. The company’s stock price recorded extra-ordinary 772% to close at N17.36 per share on Friday, February 20, up from its January 20 listing price of N1.81. The surge came barely […]

The Nigerian Exchange Limited (NGX) has suspended trading in the shares of Zichis Agro-Allied Industries Plc following what the Exchange described as extraordinary price movements.

The company’s stock price recorded extra-ordinary 772% to close at N17.36 per share on Friday, February 20, up from its January 20 listing price of N1.81.

The surge came barely one month after the firm was listed on the Exchange.

The NGX said the suspension will be in force pending the outcome of a regulatory investigation into recent trading activities.

The suspension was announced in a Market Bulletin issued to dealing members on Monday.

According to the NGX, the stock price recorded extra-ordinary 772% to close at N17.36 per share on Friday, February 20, up from its January 20 listing price of N1.81.

The suspension takes immediate effect from Monday, 23 February 2026.

The Nigerian Exchange said the decision was taken in line with its regulatory mandate to ensure fair and orderly trading in listed securities.

The Exchange noted that the action is aimed at safeguarding investors and maintaining transparency in the capital market.

The suspension was executed under Rule 7.0 of the NGX Rulebook governing trading halts in listed securities.

The rule empowers the Exchange to suspend trading in any security where such action is considered necessary to protect the investing public and align with Securities and Exchange Commission regulations.

The Exchange also advised market participants to take note of the development as part of its broader efforts to strengthen oversight and uphold orderly trading within Nigeria’s equities market.

Zichis Agro-Allied Industries listed 600 million ordinary shares by introduction on the NGX Growth Board on 20 January 2026.

The shares were priced at N1.81 per share at listing, valuing the company at approximately N1.19 billion.

Qualinvest Capital Limited acted as Lead Issuing House, while Anchoria Investment and Securities Limited served as Lead Stockbroker.

The company’s rapid price surge since listing appears to have triggered regulatory scrutiny, especially as the rally significantly outpaced broader market performance.

Meanwhile, NGX Regulation Limited (NGX RegCo), the independent regulatory arm of Nigerian Exchange Group, has issued an advisory to the investing public in response to notable price movements observed in the shares of certain listed companies over recent trading sessions.

Issued as part of NGX RegCo’s standard market surveillance functions, the advisory serves as a measured reminder for investors to prioritize informed and disciplined decision-making.

NGX RegCo encouraged all investors to base their decisions on publicly available information, including a thorough assessment of company fundamentals, financial performance, and risk profile.

Investors are also advised to exercise due diligence, avoid speculative trading based on unverified information, and consult licensed intermediaries such as stockbrokers or investment advisers when needed.

Commenting on the advisory, Olufemi Shobanjo, CEO of NGX Regulation Limited, said: “Our primary responsibility is to maintain a level playing field where market participants can trade with confidence, backed by timely and accurate information. This advisory is a routine communication, reinforcing that sound fundamentals, not speculation, remain the foundation for sustainable investment outcomes. We are fully committed to preserving the integrity and stability of our market.”

 

 

 

NGX RegCo reassured all stakeholders that Nigerian Exchange remains stable, well-regulated, and resilient.