The Nigerian Exchange Regulation Limited (NGX RegCo) is monitoring nine listed companies over outstanding listing compliance requirements and business restructuring obligations, with Union Dicon Salt Plc facing a November 2026 deadline to complete its restructuring or risk further regulatory action.
The development was disclosed in the Nigerian Exchange (NGX) X-Compliance Report dated October 23, 2026, which identified four companies on the Delisting Watchlist and five undergoing restructuring.
In a response to Nairametrics, NGX RegCo confirmed that Union Dicon had resolved its outstanding compliance deficiencies and now meets the free-float requirements applicable to companies listed on the NGX Main Board.
However, the company remains under restructuring and is expected to fulfil its outstanding post-listing obligations by November 2026.
The Exchange warned that failure to complete the restructuring within the stipulated period could trigger further regulatory review.
“Should the restructuring remain incomplete by the stipulated deadline, the matter will be presented to the appropriate committee and the Board of NGX Regulation Limited (NGX RegCo) for further deliberation,” the Exchange stated.
NGX RegCo clarified that the November deadline does not automatically translate into compulsory delisting, as any decision on Union Dicon’s listing status would follow the appropriate regulatory review process.
The Exchange also stated that changes to the company’s listing status would be communicated through its website and subsequent X-Compliance Reports.
The October 23 report identified Critical Minerals Financing Corp Plc, Multi-Trex Integrated Foods Plc, Union Dicon Salt Plc and Fortis Global Insurance Plc on the Delisting Watchlist.
Critical Minerals Financing Corp was approved for placement on the watchlist, subject to filing its Quarterly Compliance Report. Multi-Trex Integrated Foods was placed on the watchlist following NGX RegCo approval and is expected to remain there for two years.
Union Dicon was approved for placement on November 1, 2024, for a two-year period, while Fortis Global Insurance was approved on February 14, 2025, for three years.
The watchlist allows affected companies to address outstanding regulatory deficiencies, although failure to meet the applicable requirements may lead to further regulatory action, including delisting proceedings.
The report also identified FTN Cocoa Processors Plc, Thomas Wyatt Nigeria Plc, Austin Laz and Company Plc, Pharma-Deko Plc and Premier Paints Plc as companies undergoing restructuring.
Austin Laz and Company received approval for a two-year restructuring period. Thomas Wyatt’s position also drew attention because the wider compliance report recorded its previous suspension for failing to submit its 2025 audited financial statements.
The latest compliance review comes amid renewed attention to the enforcement of listing requirements and the protection of investors in Nigeria’s equities market.
Mr Aruna Kebira, chief executive officer of Globalview Securities Limited, said regulators had given Union Dicon sufficient time to address its challenges.
He questioned the company’s earlier explanation that it had been unable to contact Aims Limited, its 40 per cent shareholder.
Kebira, however, acknowledged that regulatory decisions must also consider the interests of existing shareholders, particularly where delisting could affect their ability to exit their investments.
Mr Charles Fakrogha, chief executive officer of ECL Asset Management Limited, called for NGX to assess the company’s restructuring progress before deciding on further action.
“If the efforts are not commensurate with what is expected,” the Exchange could consider regulatory delisting, Fakrogha said.
He added that the Exchange could hold further discussions with Union Dicon and other companies on the Delisting Watchlist to assess progress towards meeting their listing obligations.
Union Dicon’s compliance challenges have persisted alongside efforts to revive its operations. In March, the company disclosed difficulties contacting Aims Limited, which holds a 40 per cent stake, despite repeated attempts.
The company has since announced operational developments, including the commissioning of salt and pepper production facilities, the acquisition of necessary National Agency for Food and Drug Administration and Control (NAFDAC) approvals and the commencement of packaging operations for Dicon Salt and Dicon Hot Pepper.
The developments indicate progress in its operational recovery, although the company must still satisfy the outstanding requirements associated with its restructuring and continued listing.
