By Niyi Jacobs
The Nigerian Exchange Ltd. (NGX) has delisted the shares of Niger Insurance Plc, along with Resort Savings and Loans Plc and RAK Unity Petroleum Plc, effective July 18, due to their failure to meet the Exchange’s listing standards.
According to the NGX’s weekly report, the three companies were removed from the official list because they operated below the required standards, and their securities were no longer deemed suitable for continued listing and trading.
The delisting is in accordance with the provisions of Clause 15 of the General Undertaking, Appendix iii of the Rule Book of The Exchange, 2015, Part II, Issuers’ Rules Delisting process. This clause grants the Exchange the discretion to remove a company’s name from the official list if it considers there is insufficient public interest, non-compliance with terms and conditions, or if the company becomes a subsidiary of another firm.
Despite this development, the Nigerian stock market experienced a significant recovery, gaining N488 billion in value. The NGX All-Share Index and market capitalization appreciated by 0.87% and 0.86%, respectively, closing the week at 100
