₦329.6bn Wiped Off NGX: Why Notore, MRS Oil & 6 Others Exited the Market in 2025
In 2025, eight companies worth a combined ₦329.6 billion were delisted from the Nigerian Exchange Limited (NGX)—a significant shake-up for the Nigerian capital market.
Let’s break down what happened, why it happened, and what investors should learn
Big Picture at a Glance
• Total companies delisted: 8
• Total market value lost: ₦329.6 billion
• Mode of exit:
•
6 companies forcefully delisted by NGX
•
2 companies voluntarily delisted
Notore Chemical Industries: The Biggest Exit
• Market value: ₦251.9 billion
• Share of total delisting value: 76.4%
Notore Chemical Industries voluntarily delisted all its 4.03 billion shares in July 2025.
Why Notore exited:
• Internal restructuring
• Heavy debt burden
• Desire to operate without public market pressure
Financial red flags before exit:
• Revenue crashed from ₦21.5bn (2023) to ₦751m (2024)
• Net finance cost ballooned to ₦161bn
• Loss widened to ₦191bn
Takeaway: Delisting here was a survival and restructuring move, not strength.
MRS Oil Nigeria: Strategic Exit
• Market value: ₦51.26 billion
• Exit type: Voluntary
MRS Oil Nigeria Plc delisted from NGX and moved to the NASD OTC Exchange.
Reason:
• Lower compliance costs
• More flexibility
• Better alignment with ownership structure
This is not distress, but a strategic repositioning.
Medview Airline: Forced Out
• Market value: ₦15.8 billion
• Exit type: Regulatory delisting
Medview Airline Plc was delisted for:
• Operating below listing standards
• Prolonged stagnation (stock stuck at ₦1.62 for 2+ years)
This was a classic case of operational weakness meeting regulatory action.
️ Other Companies Delisted by NGX
These firms were forcefully removed due to poor compliance and weak operations:
• Smart Products Nigeria Plc – ₦32.4bn
• Capital Oil Plc – ₦1.17bn
• Goldlink Insurance Plc – ₦909.99m
• Tourist Company of Nigeria Plc – ₦5.6bn
• Union Homes Savings & Loans Plc – ₦2.95bn
Common issue: Falling below NGX listing standards
Key Lessons for Investors
Delisting is not always bad (e.g. MRS Oil)
But forced delisting often signals deep financial or governance issues
Huge market cap doesn’t guarantee safety
Always watch:
• Compliance status
• Debt levels
• Revenue trends
• Trading activity
In 2025, eight companies worth a combined ₦329.6 billion were delisted from the Nigerian Exchange Limited (NGX)—a significant shake-up for the Nigerian capital market.
Let’s break down what happened, why it happened, and what investors should learn
Big Picture at a Glance
• Total companies delisted: 8
• Total market value lost: ₦329.6 billion
• Mode of exit:
•
6 companies forcefully delisted by NGX•
2 companies voluntarily delistedNotore Chemical Industries: The Biggest Exit
• Market value: ₦251.9 billion
• Share of total delisting value: 76.4%
Notore Chemical Industries voluntarily delisted all its 4.03 billion shares in July 2025.
Why Notore exited:
• Internal restructuring
• Heavy debt burden
• Desire to operate without public market pressure
Financial red flags before exit:
• Revenue crashed from ₦21.5bn (2023) to ₦751m (2024)
• Net finance cost ballooned to ₦161bn
• Loss widened to ₦191bn
Takeaway: Delisting here was a survival and restructuring move, not strength.
MRS Oil Nigeria: Strategic Exit• Market value: ₦51.26 billion
• Exit type: Voluntary
MRS Oil Nigeria Plc delisted from NGX and moved to the NASD OTC Exchange.
Reason:
• Lower compliance costs
• More flexibility
• Better alignment with ownership structure
This is not distress, but a strategic repositioning.
Medview Airline: Forced Out• Market value: ₦15.8 billion
• Exit type: Regulatory delisting
Medview Airline Plc was delisted for:
• Operating below listing standards
• Prolonged stagnation (stock stuck at ₦1.62 for 2+ years)
This was a classic case of operational weakness meeting regulatory action.
️ Other Companies Delisted by NGX
These firms were forcefully removed due to poor compliance and weak operations:
• Smart Products Nigeria Plc – ₦32.4bn
• Capital Oil Plc – ₦1.17bn
• Goldlink Insurance Plc – ₦909.99m
• Tourist Company of Nigeria Plc – ₦5.6bn
• Union Homes Savings & Loans Plc – ₦2.95bn
Common issue: Falling below NGX listing standards
Key Lessons for Investors
Delisting is not always bad (e.g. MRS Oil) But forced delisting often signals deep financial or governance issuesHuge market cap doesn’t guarantee safety
Always watch:
• Compliance status
• Debt levels
• Revenue trends
• Trading activity