Aradel, Sterling, Haldane, Cutix, Meyer, FCMB, among 12 firms cautioned by NGX over rule breaches

THE Nigerian Exchange Limited (NGX) has issued warning letters to 12 listed companies for infractions ranging from insider dealing during closed periods to the unauthorised release of corporate announcements.

The sanctions were disclosed in the Exchange’s X-Compliance Report for the 2025/2026 cycle, published on Monday as part of its ongoing regulatory oversight of quoted firms.

The X-Compliance report is a transparency initiative of NGX Regulation Limited (NGX RegCo). It is designed to strengthen market discipline by publishing compliance-related information on listed companies, thereby safeguarding investors and preserving the integrity of the capital market.

According to the regulator, several of the affected companies violated key provisions of the Rulebook, particularly Rule 17:18, which governs closed periods. The rule prohibits directors, executives and other insiders from trading in their company’s shares during sensitive financial reporting windows.

Among those sanctioned, Aradel Holdings Plc received a caution letter dated February 17, 2025, for insider dealing in its shares during a closed period. ABC Transport Plc was similarly cautioned on February 20, 2025, while Secure Electronic Technology Plc received a warning on February 25, 2025, for the same violation.

Further actions followed as Cutix Plc was issued a caution letter on February 28, 2025, and Haldane McCall Plc was sanctioned on April 16, 2025, both for insider trading during restricted periods.

On June 18, 2025, FCMB Group Plc was cautioned for the unauthorised publication of an announcement. NGX RegCo said the company failed to obtain prior written approval before releasing information capable of influencing shareholders’ interests, contrary to established disclosure procedures.

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Later in the year, Meyer Plc received a caution letter on October 21, 2025, over insider dealing during a closed period.

More sanctions recorded in 2026

The enforcement actions extended into 2026. Mutual Benefits Assurance Plc was issued a caution letter on January 15, 2026, for insider trading during a closed period, while Austin Laz & Company Plc was similarly sanctioned on January 16.

Sterling Financial Holdings Company Plc followed on January 23, 2026, with a caution letter for insider dealing during a restricted trading window.

On February 10, 2026, Tantalizers Plc was sanctioned with a caution letter and an additional MCT penalty for insider trading during a closed period. Most recently, NPF Microfinance Bank Plc received a caution letter dated February 17, 2026, for insider dealing during a closed period.

NGX RegCo reiterated that all listed entities must comply strictly with disclosure requirements under Appendix III (General Undertaking – Equities) of the 2015 Rulebook and related circulars. Companies are obligated to provide timely, complete and accurate information to the Exchange to ensure an orderly market.

The regulator further stressed that any announcement or press release that could materially affect shareholders’ interests must receive prior written approval before publication. Firms are also required to disclose material information promptly through the Exchange and reflect such disclosures in their annual reports, a measure aimed at sustaining investor confidence and maintaining overall market integrity.

The warning letters underscore the exchange’s heightened scrutiny of insider trading and concerns about the transparency of transactions executed outside public view.

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Economy Post had earlier reported that NGX’s cautionary letter to Tantalizers was dated February 10, while the notice issued to NPF Microfinance Bank was dated February 17, drawing attention to governance practices within the two companies.

Explaining the breach, the NGX had stated that Tantalizers engaged in insider trading during a closed period, contravening Rule 17:18 on periods of closure.

Tantalizers secured a N2 billion equity investment in its entertainment and media subsidiary, Tantainment Limited, as it deepens its push beyond fast food into Nigeria’s growing digital entertainment space, the company said in a statement to the Nigerian Exchange on Wednesday signed by Company Secretary, Olamide Babawale-Mo.