NGX Suspends Zichis after 772% Price Appreciation
The Nigerian Exchange Limited (NGX) has suspended trading in Zichis Agro-Allied Industries Plc shares due to significant price movements that triggered a regulatory review.
Zichis is an agro-processing company listed on the NGX Growth Board, a platform designed for small and medium-sized enterprises seeking access to public capital markets.
The suspension, announced in a market bulletin to dealing members on Monday, takes immediate effect and will remain in place pending the outcome of an investigation into recent trading activity in the stock.
Zichis saw its share price surge by 772% to N17.36 from its listing price of N1.81 on January 20, 2026, raising concerns over market integrity and investor protection.
The NGX said the action was taken under Rule 7.0 of its rulebook, which allows the exchange to halt trading in securities where necessary to ensure fair and orderly markets and to protect investors.
The company listed 600 million ordinary shares by introduction on the NGX Growth Board in January, implying an initial market capitalisation of around N1.19 billion. At its last traded price, the company’s valuation stood at approximately N10.4 billion.
Trading data show the stock recorded rapid gains over a short period, including a 563% increase over four weeks. Between January 23 and February 20, around 118 million shares were traded in 976 deals with a total value of N721 million, averaging about5.64 million shares per session
