₦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 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