IN 2025, the Nigerian Exchange (NGX) intensified market reforms, removing 8 companies from its official list in what has become a defining year of regulatory enforcement and structural consolidation. The exits, driven by voluntary withdrawals, persistent non-compliance, insolvency concerns, and the closure of a market segment, underscore the Exchange’s resolve to reinforce transparency, governance standards, and investor protection.

The development reflects a broader continental shift. Similar to trends seen on the Stock Exchange of Mauritius, where 8 companies were also delisted within the year, African capital markets appear to be entering a phase where regulatory discipline is tightening and only issuers with strong governance frameworks and consistent disclosure practices can sustain listings.

Collectively, the removals signal a structural recalibration of Nigeria’s capital market. By phasing out dormant, distressed, or non-compliant issuers, the NGX aims to enhance overall market integrity, restore investor confidence, and improve the quality of listed securities, according to the African Markets, a platform that x-rays the continent’s markets.

Below is a breakdown of the affected companies and the circumstances surrounding their delisting.

Tourist Company of Nigeria Plc – January 31, 2025

Tourist Company of Nigeria Plc, a long-standing hospitality operator best known for managing the Federal Palace Hotel in Lagos, had been listed since 2004. Years of operational setbacks, financial strain, and inadequate disclosures left the company unable to meet NGX’s minimum standards on governance and performance.

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Following a regulatory assessment, the Exchange determined that the company’s securities were no longer fit for continued listing. Its shares were consequently delisted on January 31, 2025, under Clause 14 of the Amended Form of General Undertaking.

Union Homes Savings & Loans Plc – January 31, 2025

Union Homes Savings & Loans Plc, listed in 2006, operated in the mortgage and housing finance segment. Prolonged operational weakness and declining financial stability undermined its ability to comply with NGX requirements on capitalisation, governance, and disclosure.

Delisted the same day as Tourist Company of Nigeria Plc, Union Homes was judged to be operating below listing standards, prompting its removal as part of the Exchange’s quality enforcement drive.

In December 2025, the Central Bank of Nigeria (CBN) revoked the license of Union Homes Savings and Loans Plc for violating guidelines in the Banks and Other Financial Institutions Act (BOFIA).

Medview Airline Plc – April 3, 2025

Medview Airline Plc, listed in 2017, once operated domestic and regional flight services before ceasing operations. The airline failed to publish financial statements from 2019 through 2023, breaching post-listing obligations. Its shares had become illiquid, trading at N1.62 and flagged for free float deficiency.

Citing persistent non-compliance with disclosure requirements, the NGX delisted Medview on April 3, 2025. At the time, its market capitalisation stood at approximately N15.8 billion.

Goldlink Insurance Plc – April 3, 2025

Goldlink Insurance Plc, listed since 2007, faced prolonged financial distress. The insurer had become technically insolvent, with liabilities exceeding assets, compounded by industry pressures such as high claims and weak premium growth.

The company also failed to file audited accounts between 2020 and 2023 and faced a N1.24 billion winding-up petition in 2023. It was delisted on April 3, 2025, with a market capitalisation of about N910 million.

Capital Oil Plc – April 3, 2025

Capital Oil Plc, listed since 1990, had largely ceased active operations. The company stopped publishing financial statements after 2018, violating NGX disclosure rules.

In addition, a House of Representatives subcommittee in 2018 had reportedly called on the SEC to intervene over allegations of a N5 billion fraud against shareholders. The Exchange removed Capital Oil from its list on April 3, 2025, when its market capitalisation was about N1.17 billion. Its majority owner, Mr Ifeanyi Patrick Uba, a Nigerian senator, died in July, 2024.

Notore Chemical Industries Plc – July 4, 2025

Notore Chemical Industries Plc, listed in 2018, operates a major urea production facility in Onne. Unlike the other cases, its exit was voluntary.

The delisting followed a full buyout offer by Kwararafa Africa Limited, TY Holdings Limited, and Notore Chemical Industries (Mauritius) Limited, its controlling shareholders. The transaction, structured as a Scheme of Arrangement and approved at a Court-Ordered Meeting on March 27, 2025, offered minority investors N62.60 per share. The NGX approved the process on June 3, 2025, with final delisting completed on July 4.

MRS Oil Nigeria Plc – July 28, 2025

MRS Oil Nigeria Plc, originally listed in 1970 as Texaco Nigeria Limited, had maintained an uninterrupted presence on the Exchange for 55 years.

In 2025, the company chose voluntary delisting in order to migrate trading to the NASD OTC Securities Exchange, an over-the-counter platform with less stringent listing requirements. Shareholders had approved the decision in June 2024, and the shares were officially delisted on July 28, 2025.

Smart Products Nigeria Plc – October 13, 2025

Smart Products Nigeria Plc was listed on the NGX’s Alternative Securities Market (ASeM). However, the Exchange shut down the ASeM Board effective July 1, 2025, as part of broader restructuring.

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Only companies that satisfied migration criteria were permitted to transition to the newly created Growth Board. Smart Products failed to meet those thresholds and was therefore suspended on October 8 before being formally delisted on October 13, 2025.

A year of enforcement and restructuring

The 2025 delistings illustrate a decisive regulatory posture by the NGX. Whether through sanctioning prolonged non-compliance, removing insolvent entities, facilitating corporate restructurings, or streamlining underperforming segments, the Exchange signaled its commitment to strengthening Nigeria’s capital market architecture.

Rather than isolated corporate failures, the exits collectively mark a transition toward a leaner, more disciplined marketplace, one where transparency, capitalisation, and governance standards are no longer optional, but fundamental conditions for continued listing.