The Nigerian Exchange Limited has suspended trading in the shares of Zichis Agro-Allied Industries Plc following an extraordinary price appreciation that prompted a market integrity review.
In a regulatory bulletin circulated to dealing members on Monday, the Exchange announced that the suspension takes immediate effect and will remain in force pending the outcome of an investigation into recent trading activity surrounding the stock.
Zichis, an agro-processing firm quoted on the NGX Growth Board — a segment designed to provide capital access to small and medium-sized enterprises — recorded an unprecedented 772 percent increase in share price within weeks of listing.
The company debuted on the NGX Growth Board on January 20, 2026, with a listing price of N1.81 per share. The stock subsequently rallied to N17.36, raising red flags within regulatory circles.
The Exchange stated that the trading halt was executed pursuant to Rule 7.0 of its rulebook, which empowers it to suspend trading in securities where necessary to maintain fair and orderly markets, safeguard investor interests, and preserve market confidence.
Zichis listed 600 million ordinary shares by introduction, implying an initial market capitalization of approximately N1.19 billion at admission. However, at the last traded price of N17.36, the company’s valuation surged to roughly N10.4 billion — a dramatic expansion within a compressed timeframe.
Market data indicate that the stock experienced sustained upward momentum over a short period, including a 563 percent gain within four weeks. Between January 23 and February 20, approximately 118 million shares exchanged hands across 976 transactions, with an aggregate value of N721 million. This translates to an average daily trading volume of about 5.64 million shares.
The magnitude and velocity of the price appreciation prompted regulatory scrutiny, as exchanges globally monitor such spikes to prevent potential market distortions, insider trading, or speculative manipulation.
The NGX emphasized that its action should be viewed as a precautionary regulatory measure rather than a definitive finding of wrongdoing.
The Growth Board platform, where Zichis is listed, was established to enable emerging companies to access public capital markets under tailored compliance requirements. However, the Exchange maintains oversight to ensure that investor protection standards remain uncompromised.
The suspension will remain in place until the Exchange concludes its review of the trading patterns and determines appropriate next steps.
