By Radarr Africa Business Desk
LAGOS, October 27 (Radarr Africa) – The Nigerian Exchange (NGX) is monitoring nine listed companies with outstanding compliance or restructuring issues, including Union Dicon Salt Plc, which must complete its restructuring by November 2026, Nairametrics reported.
The outlet cited NGX Regulation Limited’s X-Compliance Report dated October 23, 2026, which lists four companies on the Delisting Watchlist and five undergoing restructuring.
Union Dicon Salt remains listed. NGX says the company has resolved its compliance deficiencies and now meets the free-float requirement for the Main Board, according to the report. The company was approved for placement on the watchlist on November 1, 2024, for two years, and is required to complete its business restructuring and outstanding post-listing obligations by November 2026.
NGX said that if the restructuring is still incomplete by the deadline, the matter will go to the appropriate committee and the NGX RegCo Board, Nairametrics reported. It described November as a review point rather than a confirmed delisting date.
Nairametrics said new management at Union Dicon has commissioned salt and pepper production, obtained approvals from the National Agency for Food and Drug Administration and Control (NAFDAC), and started packaging Dicon Salt and Dicon Hot Pepper. In March 2026, the company said it could not reach its 40 per cent shareholder, Aims Limited, despite repeated attempts.
In a March 5 statement reported by New Telegraph, Union Dicon said operations had been largely dormant for an extended period, which led to its placement on the delisting watchlist, and that NGX had granted a stay of action while the issues were addressed. The company said management had been in contact with shareholders holding 5 per cent or more to align them with its new strategic direction. It said securing the participation of its majority shareholder was “a key requirement in restoring the company’s full compliance with NGX post-listing obligations.”
The other three companies on the watchlist are Critical Minerals Financing Corporation Plc, Multi-Trex Integrated Foods Plc and Fortis Global Insurance Plc. Nairametrics said Critical Minerals is undergoing restructuring and was placed on the watchlist subject to filing its Quarterly Compliance Report. Multi-Trex was placed on the watchlist after NGX RegCo approval and is expected to remain there for two years. Fortis Global Insurance was approved on February 14, 2025, for three years, the longest monitoring period of the four.
Five further companies are undergoing restructuring: FTN Cocoa Processors Plc, Thomas Wyatt Nigeria Plc, Austin Laz and Company Plc, Pharma-Deko Plc and Premier Paints Plc. Nairametrics said Thomas Wyatt had previously been suspended for not filing its 2025 audited financial statements, and that Austin Laz has been approved for a two-year restructuring period.
Market analysts told Nairametrics that regulators should weigh progress on the ground before acting. Charles Fakrogha, chief executive of ECL Asset Management, said the Exchange could consider regulatory delisting “if the efforts are not commensurate with what is expected.” He suggested another meeting with Union Dicon and the other watchlist companies, and noted that non-compliant firms could consider voluntary delisting.
Aruna Kebira, chief executive of Globalview Securities, argued that regulators had already given Union Dicon enough time and questioned the company’s earlier claim that it could not contact its core investor, according to Nairametrics. He said prolonged non-compliance should not continue indefinitely, but that regulators must consider existing shareholders before deciding on a company’s listing.
