RAK Unity Petroleum, 2 Other Companies Delisted Over Non-Compliance on NGX
- Due to standard noncompliance, three firms have been delisted from the Nigerian Exchange Limited (NGX) platform
- Niger Insurance Plc, Resort Savings and Loans Plc, and RAK Unity Petroleum Plc are the companies that were delisted
- The Nigerian stock exchange said that the companies' shares are no longer considered suitable for listing and trading in the market
Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.
Three companies have been delisted from the Nigerian Exchange Limited (NGX) platform due to noncompliance with standards.
Source: UGC
This is contained in a statement signed by Godstime Iwenekhai, the head of NGX's issuer regulation department.
The Cable reported that the companies that were delisted are Niger Insurance Plc, Resort Savings and Loans Plc, and RAK Unity Petroleum Plc.
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The NGX stated that the companies' delisting, was a result of their operations falling short of the exchange company's listing requirements.
The statement reads,
“Trading license holders and the investing public are hereby notified that pursuant to the provisions of Clause 15 of General Undertaking, Appendix iii Of the Rule Book of The Exchange, 2015, Part II.”
“Issuers Rules Delisting the process which states that; to recognise that Council reserves the right to remove the name of a company from the Official List of The Exchange at its absolute discretion and may, if it considers there is insufficient public interest in the company, viz, insufficient shares in the hands of the public, or
“Any of the foregoing terms and conditions are not complied with, or the company becomes a subsidiary of any other company.”
The shares of the companies are no longer deemed appropriate for listing and trading in the market, according to the Nigerian stock exchange.
The National Insurance Commission (NAICOM) and the Central Bank of Nigeria (CBN), who are the companies' principal regulators, have revoked the operational licenses of Niger Insurance Plc and Resort Savings and Loans Plc, respectively, with effect from June 21, 2002, and May 24, 2023, according to a statement released by the NGX.
Also, RAK Unity Petroleum dissolved on September 26, 2023, following the completion of its liquidation procedure, and as a result, is no longer required to be listed on the NGX platform.
Dangote Confirms Date to List on NGX
Aliko Dangote, the richest man in Africa and president of the Dangote Group, revealed that the Dangote Petroleum Refinery and Fertilizer Company will list on the Nigerian Exchange (NGX) in the first quarter of 2025, allowing Nigerians to participate in the businesses.
According to him, the Nigerian National Petroleum Company Limited (NNPCL) and the Federal Government assisted in resolving the refinery's problems with crude oil supply.
As a result, the refinery is now scheduled to begin producing gasoline in August 2024.
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Source: Legit.ng
