Dunlop Nigeria Tyre Plc and Greif Nigeria Plc got delisted from the Nigerian Exchange Group 22 months after the Exchange initiated the process.
The tyre maker and the metal product manufacturer remained under watch according to the X-Compliance Report the Exchange published early in April, days before it delisted both April 9.
The report stated the companies failed to file their audited financial statements (AFS) and the unaudited financial statements (UFS) for years.
Regulatory filings for disclosure are among the provisions of the Exchange Rulebook for regulating all listed companies in Nigeria.
For the UFS, Greif defaulted from the second quarter of 2022 to 2025; DN from Quarter 3 of 2016 to Quarter 1 of 2026.
DN also missed the AFS regulatory filing from 2014 to 2025 while Greif missed its own filing from 2021 to 2025
Before now, the Exchange board met in June 2024, following the presentation of the Regulation and New Business Committee (RNBC)’s report of its earlier meeting.
The report, the regulator said, approved the commencement of the delisting process of Greif. A similar report in October same year approved the delisting of Dunlop, too.
The former Nigeria’s tyre maker slid into a tailspin before its parent body closed its factory in 2009. The federal government had reduced tariffs on imported tyres, and power supply became more unsustainable. Dunlop has been struggling since then despite pivoting into rubber production and export.
Listed companies struggling to stay afloat have two options: to voluntarily exit the capital market or get the Exchange push.
No fewer than 92 companies got the push in the last 10 years, 18.5 percent of them did in 2016. The Exchange delisted five last year.
