UACN Property Development Company (UPDC) Plc has secured a crucial regulatory reprieve after NGX Regulation Limited approved its request for a two-year extension to meet the Nigerian Exchange’s free float requirements.

In a regulatory filing issued on February 13, the company disclosed that the approval grants it until 2028 to achieve the prescribed free float threshold, providing breathing room to restore compliance with its post-listing obligations on the Main Board of Nigerian Exchange Limited.

Under the Exchange’s rules, companies listed on the Main Board are required to maintain a free float of at least 20 percent of issued and fully paid share capital or a minimum free-float market capitalisation of N20 billion.

Failure to meet this requirement within the stipulated timeframe could trigger sanctions, including suspension of trading in the company’s securities.

The company referenced Rule 3.1.4 of the Exchange’s Rules Governing Free Float Requirements, which empowers the Exchange to suspend trading if a listed company fails to achieve the required free float within the approved timeline.

The extension, covering the 2026–2028 period, is expected to enable UPDC to implement strategic measures aimed at broadening its shareholder base and improving liquidity in its shares.

By granting the waiver, NGX RegCo has effectively provided the real estate firm with a structured pathway to cure its free float deficiency while maintaining market stability.

The Board of Directors and majority shareholders reaffirmed their commitment to sound corporate governance and regulatory compliance, assuring investors that necessary steps would be taken to resolve the deficiency within the timeframe granted by the regulator.

The development underscores the Exchange’s balanced approach to enforcement, safeguarding market integrity while allowing issuers reasonable time to address compliance gaps. The decision also removes immediate uncertainty over the company’s trading status, which could have been at risk without the extension.

UPDC, headquartered at UAC House on Odunlami Street, Lagos, remains one of Nigeria’s notable property development companies.

The firm encouraged shareholders and prospective investors to engage through its dedicated investor portal on its corporate website, noting that its Investor Relations team remains available to address enquiries.

The extension signals a critical period for the company as it works to align fully with listing standards and strengthen investor confidence. With the clock now ticking toward 2028, stakeholders will be watching closely to see how UPDC navigates the path back to full compliance and positions itself for sustained growth within Nigeria’s capital market.

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