The suspension earlier placed on trading in the shares of Zichis Agro-Allied Industries Plc has been lifted by the Nigerian Exchange (NGX) Regulations Limited.
The regulatory subsidiary of NGX Group Plc placed an embargo on Zichis stocks after the price went up by nearly 900 per cent within one month of its listing on the NGX Limited in January 2026.
The action was taken to find out if there was any form of manipulation in the price movement of the new firm on Customs Street to protect market integrity.
Zichis was listed on the growth board of the bourse by introduction at a unit price of N1.81, but within a month, its share price rose to N17.36 per unit, indicating an 859.12 per cent surge.
In a notice to the investing community today, the Head of Issuer Regulation Department at NGX, Mr Godstime Iwenekhai, confirmed the lifting of the suspension on Zichis.
“Kindly refer to our market bulletin referenced NGXREG/IRD/MB23/26/02/23 and dated February 23, 2026, titled Notification of Suspension of Trading in the Shares of Zichis Agro-Allied Industries Plc, wherein trading license holders and the investing public were notified of the suspension of trading in the shares of Zichis Agro-Allied Industries Plc, pursuant to Rule 7.0: General, Rules on Suspension of Trading in Listed Securities, Rulebook of The Exchange, 2015 (Issuers’ Rules), as amended.
“Trading licence holders and the investing public are hereby informed that NGX Regulation Limited has concluded its investigation into the trading activities in the company’s shares and has implemented corrective measures to safeguard market integrity in line with its mandate to promote a fair, orderly and efficient market.
“Accordingly, the suspension placed on trading in the shares of Zichis Agro-Allied Industries Plc has been lifted, effective Monday, March 23, 2026,” the notice read.
Business Post reports that the share price of Zichis has been adjusted downward from N17.36 to N8.58 after the suspension was lifted.