Notore, 7 Other Firms Valued at N329.6bn Delisted from NGX

Kayode Tokede

For failing to comply with the post-listing requirements, among other factors, Notore Chemical Industries,  MRS Oil Nigeria Plc led six others companies valued at N329.6billion to delist from the Nigerian Exchange Limited (NGX) in the 2025 financial year.

Other notable six companies that delisted in 2025 are: Smart Products Nigeria Plc, Capital Oil Plc, Goldlink Insurance Plc, Medview Airline Plc, Tourist Company of Nigeria Plc, and Union Homes Savings and Loans Plc.

THISDAY checks showed that six companies were delisted by the management of the Exchange while two voluntarily delisted.

Notore Chemical Industries contributed about N251.9 or 76.42 per cent of the N329.6 billion value of the delisted firms in 2025. Followed by MRS Oil Nigeria and Medview Airline that cost the NGX N51.26 billion and N15.8 billion, respectively takeaway from market capitalization in 2025.

Notore Chemical Industries had applied to the NGX for voluntary delisting of its entire 4,030,165,500 ordinary shares from the daily official list.

The company was listed by introduction on the NGX August 2, 2018, voluntary delisted July 2025 as the company received an offer from Kwararafa Africa Limited, acting along with TY Holdings Limited and Notore Chemical Industries (Mauritius) Limited (together, the “Core Shareholders”), to acquire all the shares being held by the minority shareholders in Notore.

The delisting, according to the company was  aimed at enabling internal restructuring, debt management, and operational realignment without the obligations of being a publicly listed company

Notore Chemical Industries unaudited interim financial statements for the 12months period ended December 31, 2024 shows group revenue from contracts with customers decreased to N751.361 million in 2024, from N21.545billion in 2023.

The group’s net finance cost peaked to N161.061 billion in 2024 from a low of N91.139billion in 2023. The group’s reported loss for the period widened to N191.214 billion in 2024 as against loss of N114.251 billion in 2023.

MRS Oil Nigeria, the oil & gas company voluntarily delisted its entire 342,884,708  ordinary shares from the daily official list of NGX around July 2025.

The company had moved its shares to the NASD OTC Securities Exchange, citing the need for more flexibility, reduced compliance costs, and a better fit for its ownership and trading structure.

For Medview Airline, the management of NGX  was forced to delist the company on the grounds that the company is operating below the listing standards  and its securities are no longer considered suitable for continued listing and trading in the capital market. Until it was delisted, the stock price of Medview Airlines on the floor of the NGX has not moved below or above N1.62per share in the last two years.

Other companies delisted by NGX are: Smart Products Nigeria, N32.4 billion; Capital Oil, N1.17 billion; Goldlink Insurance, N909.99 million; Tourist Company of Nigeria, N5.6 billion and Union Homes Savings and Loans, N2.95billion.

For Capital Oil,Tourist Company of Nigeria, and Union Homes Savings and Loans, the Exchange explained that these companies were operating below  the listing standards and its securities are no longer considered suitable for continued listing and trading in the capital market.