In a decisive regulatory move that signals the end of an era for one of Nigeria’s pioneering agrochemical companies, the Nigerian Exchange Limited (NGX) has formally suspended trading in the shares of Notore Chemical Industries Plc ahead of the company’s impending voluntary delisting from the Exchange.
The announcement, made public through a market bulletin issued on Wednesday, June 11, 2025, and signed by Godstime Iwenekhai, Head of the Issuer Regulation Department at NGX, confirmed that the suspension was necessary to halt any further trading of Notore’s shares as the company transitions out of the public equity market.
“The suspension is necessary to prevent trading in the shares of the company in preparation for the delisting of the securities of the company in line with the approval obtained from Nigerian Exchange Limited,” the bulletin stated.
The company had earlier submitted an application for voluntary delisting from the Exchange, citing strategic business considerations as the primary reason. Although specific details about the internal strategy remain undisclosed, industry analysts believe the move could be driven by the firm’s need for corporate restructuring, cost reduction, or a shift toward private ownership to allow for greater operational flexibility.
Notore Chemical Industries Plc, one of the country’s foremost producers of fertilisers and agrochemicals, was first listed on the NGX in 2018. Its delisting would mark a significant shift in Nigeria’s industrial equities landscape, especially within the agricultural value chain.
Following the suspension, investors can no longer trade Notore’s shares on the Exchange. Shareholders will now await further instructions regarding share buyback offers, settlement procedures, or potential re-registration as a private entity.
Earlier, the listing of 2.4 billion ordinary shares of 50 Kobo each by Notore had pushed the company’s market capitalisation to ₦55.72 billion, a notable footprint in the Nigerian capital market. With this suspension, that capitalisation figure will no longer be reflected on the NGX’s daily trading sheet.
This development adds to a growing trend of voluntary delistings from the NGX, raising concerns about market depth, investor confidence, and corporate governance in Nigeria’s equities market. Market analysts point out that while some delistings are due to strategic repositioning, others highlight challenges such as regulatory burden, low liquidity, or shareholder dissatisfaction.
Speaking on the trend, Lagos-based financial analyst Bode Okunade told The Punch:
“The exit of a company like Notore shows that firms are rethinking the benefits of being listed in the Nigerian capital market, especially when capital access through the bourse is weak or regulatory compliance becomes burdensome.”
The Nigerian Exchange has reiterated its commitment to upholding transparency and investor protection. According to NGX officials, companies seeking to delist must undergo rigorous scrutiny, meet corporate governance standards, and ensure that minority shareholders are not left at a disadvantage.
In recent years, NGX has taken steps to attract new listings while retaining existing ones, including offering listing incentives, enhanced digital platforms, and sector-specific listing boards. However, voluntary delistings like Notore’s indicate that more comprehensive reforms may be necessary to retain mid-sized and industrial corporations.
While Notore Chemical Industries is now in the process of being removed from the NGX official list, its operational business is expected to continue. The company has been a key player in Nigeria’s agricultural productivity drive, supplying urea-based fertilisers to farmers and exporters. It remains to be seen whether the company will seek alternate funding routes, strategic partnerships, or foreign investments following its delisting.