So far in the year 2025, the Nigerian Exchange Limited (NGX) has witnessed a contraction in its overall market capitalisation, following the exit of eight listed companies that collectively wiped off an estimated N330.7 billion from the equities market.

 

The delisting of these companies, a mix of regulatory actions and voluntary withdrawals, reflected persistent structural challenges within Nigeria’s capital market, including weak corporate governance, non-compliance with post-listing obligations, and high regulatory costs.

According to corporate filings from the NGX, the companies delisted between January and October 2025 include Tourist Company of Nigeria Plc, Union Homes Savings & Loans Plc, Capital Oil Plc, Goldlink Insurance Plc, Med-View Airline Plc, Notore Chemical Industries Plc, MRS Oil Nigeria Plc, and Smart Products Nigeria Plc.

The wave began in January when the NGX removed Tourist Company of Nigeria and Union Homes for prolonged regulatory breaches.

In April, Capital Oil, Goldlink Insurance, and Med-View Airline were also delisted for failing to meet post-listing and disclosure requirements.

 

The trend continued into the second half of the year with the voluntary exits of Notore Chemical and MRS Oil, while Smart Products was removed in October for non-compliance and prolonged suspension.

Market data indicated that Notore Chemical Industries Plc accounted for the largest single exit, with a market capitalisation of about N252 billion, representing roughly 0.27 percent of the NGX’s total value of N93 trillion. MRS Oil Nigeria Plc followed with N51.3 billion, while Med-View Airline Plc contributed N15.79 billion. Smaller exits such as Tourist Company of Nigeria, Union Homes, Capital Oil, and Goldlink Insurance had market values ranging between N0.9 billion and N5.6 billion at the time of delisting.

In total, the eight firms collectively accounted for about 0.35 percent of the Exchange’s total capitalisation, according to data compiled from NGX disclosures.

Although the losses seem modest relative to the size of the market, analysts warn that the trend signals deep-seated issues within the capital market ecosystem.

 

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