Union Dicon Salt Plc and three other companies on the Nigerian Exchange (NGX) Delisting Watchlist face regulatory scrutiny as the exchange tightens monitoring of listed firms with outstanding restructuring and compliance obligations.
The development comes as the Nigerian Exchange Regulation Limited (NGX RegCo) confirmed that Union Dicon has rectified its outstanding compliance deficiencies and now meets the free-float requirements for companies listed on the NGX Main Board, but must complete its business restructuring and fulfil outstanding post-listing obligations by November 2026.
NGX said the November deadline does not automatically trigger compulsory delisting, but failure to complete the restructuring could lead to a review by the appropriate committee and the board of NGX RegCo.”
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“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.
The October 23, 2026 X-Compliance Report identifies four companies on the Delisting Watchlist and five others undergoing restructuring, bringing the number of companies under the two categories of regulatory monitoring to nine.
The watchlist is designed to allow affected issuers to address outstanding regulatory deficiencies. However, companies that fail to satisfy applicable listing requirements could face further sanctions, including possible delisting proceedings.
Union Dicon was approved for placement on the watchlist on November 1, 2024, for a two-year period. Its latest compliance update indicates progress on its free-float obligations, although the completion of its wider restructuring remains a key condition for resolving its regulatory exposure.
The exchange said any change in the company’s listing status would be communicated through its website and subsequent X-Compliance Reports.
The other companies on the Delisting Watchlist are Critical Minerals Financing Corp Plc, Multi-Trex Integrated Foods Plc and Fortis Global Insurance Plc.
Critical Minerals Financing Corp was approved for placement on the watchlist, subject to filing its Quarterly Compliance Report, while Multi-Trex Integrated Foods was placed on the list following NGX RegCo approval and is expected to remain there for two years.
Fortis Global Insurance was approved for a three-year monitoring period on February 14, 2025, the longest stated period among the four companies identified in the report.
Union Dicon’s regulatory position has evolved since March, when the company disclosed difficulties contacting Aims Limited, its 40 percent shareholder, despite repeated attempts.
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The company has since taken steps to revive its operations. Its new management recently announced the commissioning of salt and pepper production facilities, securing the necessary approvals from the National Agency for Food and Drug Administration and Control (NAFDAC) and commencing packaging operations for Dicon Salt and Dicon Hot Pepper.
The operational progress offers a potential route towards rebuilding the business, but regulatory compliance remains central to its continued listing on the exchange.
Meanwhile, FTN Cocoa Processors Plc and Thomas Wyatt Nigeria Plc were among companies identified as undergoing restructuring in the October report. Austin Laz and Company Plc received approval for a two-year restructuring period, while Pharma-Deko Plc and Premier Paints Plc were also approved for restructuring status.
Thomas Wyatt’s case also highlights the broader compliance challenges facing listed companies, as the report recorded its previous suspension for failing to submit its 2025 audited financial statements.
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Chinwe Michael is a Nigerian business journalist and media professional with over 4 years of experience covering companies, financial markets, banking, fintech, economic policy, financial inclusion, and corporate affairs. She currently leads the Companies & Markets desk at BusinessDay, where she drives coverage of Nigeria’s corporate and capital markets, translates complex financial data into accessible stories, and mentors younger journalists. Prior to that, she was the head of the financial inclusion/fintech desk. With a background in banking and finance and extensive experience in media and communications, Michael has developed expertise in financial journalism, economic analysis, investigative reporting and market intelligence. Her work examines how monetary policy, corporate performance, capital flows, technology, and regulatory decisions affect businesses, investors, and households. She was selected from about 3,000 applicants as one of 20 journalists for Cohort 4 of the MTN Media Innovation Programme, gaining exposure to new approaches to journalism, technology, and media innovation. Her international journalism experience and engagement with professionals across Russia, Dubai, Saudi Arabia, and others in different sectors have further broadened her understanding of global communication and development.
