5 Companies quietly Delisted from the Nigerian Stock Exchange in 2020

A total of five companies were quietly delisted from the Nigerian Stock Exchange (NSE) in 2020. This number is less than the seven companies that delisted from the bourse in 2019.

According to checks by Business Elites Africa, the delisted companies are: A.G Leventis (Nigeria) Plc, Cement Company of Northern Nigeria Plc, Continental Reinsurance Plc, Anino International Plc, and Law Union & Rocks Insurance Plc.

The reasons for the latest delisting (which happened between January 7th and November 5th) range from “voluntary” and “regulatory”.

The Details

1. A.G Leventis (Nigeria) Plc: According to information obtained from the NSE website, A.G Leventis (Nigeria) Plc was first to delist on January 7th, 2020. It was a voluntary decision by the company’s board.

Note that for a while, A.G Leventis was under the Nigerian bourse’ delisting radar due to various regulatory infractions ranging from failure to file it’s quarterly and annual financial reports on time. On top of that, the company was also struggling to make money. Therefore, its eventual delistment was not surprising.

2. Cement Company of Northern Nigeria Plc: 

This company voluntarily delisted on January 9th 2020 after it merged with BUA Cement Plc which in turn listed on the bourse. There were no regulatory infractions on the part of CCNN leading up to the delisting.

3. Continental Reinsurance Plc: 

This insurance firm also voluntarily delisted from the NSE after some years of being listed on the bourse.

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4. Anino International Plc:

This is another company that was on the NSE’s delistment watchlist for a long while. It was eventually delisted by the NSE on the 12th of October this year. In order words, this was not a voluntary delistment. The NSE had to delist the company after it continuously failed to meet certain regulatory provisions.

5. Law Union & Rocks Insurance Plc: 

Lastly, Law Union voluntarily delisted last month after years of being on the delisting watchlist.

Something else you should know

Between 2002 and 2020, a total of 115 companies either voluntarily delisted or were forced to delist from the Nigerian Stock Exchange. Some of these companies went on to become privately-held entities, merged with other listed corporations, or simply became liquidated.