The Nigerian Exchange Limited (NGX) has issued warning letters to 12 companies for violating listing rules, including insider dealing during closed periods and the unauthorised publication of announcements.
The regulatory move was published in its X-Compliance report covering the 2025/2026 cycle on Monday.
The X-Compliance report is a transparency initiative of the NGX Regulation Limited (NGX RegCo), designed to maintain market integrity and protect investors by providing compliance-related information on all listed companies.
According to the regulator, the affected firms breached provisions of the listings rules, particularly Rule 17:18 on period of closure, which restricts trading by insiders during sensitive reporting windows.
NGX RegCo said Aradel Holdings Plc was issued a caution letter on February 17, 2025, for insider dealing in shares during a closed period.
Similarly, ABC Transport Plc received a caution letter on February 20, 2025, for insider trading during a closed period, while Secure Electronic Technology Plc also got a caution letter on February 25, 2025, for the same breach.
Cutix Plc was also issued a caution letter on February 28, 2025, for insider dealing during a closed period, while Haldane McCall Plc received a caution letter on April 16, 2025, for a similar violation.
On June 18, 2025, FCMB Group Plc was issued a caution letter for the unauthorised publication of an announcement, in breach of the requirement to obtain prior written approval from NGX RegCo before releasing information that affects shareholders’ interests.
The regulator also sanctioned Meyer Plc with a caution letter on October 21, 2025, for insider dealing during a closed period.
MUTUAL BENEFITS, STERLING FINANCIAL RECEIVED CAUTION LETTERS IN 2026
In 2026, Mutual Benefits Assurance Plc received a caution letter on January 15 for insider trading during a closed period, while Austin Laz & Company Plc was similarly sanctioned on January 16.
Sterling Financial Holdings Company Plc was issued a caution letter on January 23, for insider dealing during a closed period.
On February 10, Tantalizers Plc was sanctioned with a caution letter and an additional MCT sanction for insider trading during a closed period.
Most recently, the NPF Microfinance Bank Plc received a caution letter on February 17, for insider dealing during a closed period.
NGX RegCo reiterated that all listed companies are required to provide timely and accurate information to enable the exchange to maintain an orderly market, in line with Appendix III (General Undertaking – Equities) of the 2015 rulebook and relevant circulars on disclosure obligations.
The regulator also said companies must obtain prior written approval before publishing announcements or press releases that affect shareholders’ interests and are required to disclose material information to the exchange and in their annual reports to safeguard investor confidence and uphold market integrity.
