The Nigeria Exchange Group failed to state the reason and the outcome of its investigation in its latest compliance report that revealed Zichis Agro Allied Industries Plc it suspended February 23 got back to trading after a month.
In the latest X-Compliance report the Exchange published, the livestock and agriculture management firm became the first and only listed company that has got a sanction in 2026. It share price before the suspension stood at over N17, a 722 percent price spike that raised a red flag.
“The company was suspended in line with the provisions of Rule 7.0, Rules on Suspension of Trading in Listed Securities, Rulebook of The Exchange,” the Exchange noted in the report, deviating from its standard practice of stating reasons for suspension or any kind of sanction.
It’s not clear why the regulator refused to state the reason and the investigation findings on this. The same rule ensures the Exchange discloses details of other cases in its X-compliance report.
In a notice it issued to the wider public after suspending Zichis which had its Initial Public Offer in January, the Exchange explained it had started investigation, and the company remained suspended.
Rule 7.0 of the Exchange Rulebook prescribes investigation into unusual share price movement, non-compliance with filing requirements, and non-disclosure of material information.
Zichis’ financial year ends December like many other companies who have yet to file their audited financial statements (AFS) for 2025. None of them got a suspension, suggesting the Exchange would not have penalized the agro-allied company for failing to file its AFS.
But on restoration March 23, the company’s share price adjusted to N8.58, confirming media reports on share price manipulation.
Zichi’s share currently trades at over N13
