UNION Dicon Salt Plc and eight other companies are under regulatory scrutiny by the Nigerian Exchange (NGX) as they face outstanding listing obligations, restructuring requirements or possible delisting proceedings.
The companies were identified in the Nigerian Exchange Regulation Limited’s October 23, 2026, X-Compliance Report, which placed four firms on the Delisting Watchlist and five under restructuring.
However, being on the watchlist does not automatically mean a company will be delisted.
Union Dicon has resolved its outstanding compliance deficiencies and now meets the free-float requirements for companies on the NGX Main Board, according to a clarification by NGX RegCo.
The company, however, remains under restructuring and must fulfil its remaining post-listing obligations by November 2026.
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The NGX warned that failure to complete the process within the stipulated period could lead to further regulatory action.
“If the restructuring remains incomplete by the stipulated deadline, the matter will be presented to the appropriate committee and the Board of NGX Regulation Limited for further deliberation,” the Exchange said.
It added that any decision affecting Union Dicon’s listing status would be communicated through its website and subsequent X-Compliance Reports.
The November deadline therefore represents a regulatory review point, rather than a confirmed date for the company’s compulsory delisting.
Four firms on delisting watchlist
The October report identified Critical Minerals Financing Corporation Plc, Multi-Trex Integrated Foods Plc, Union Dicon Salt Plc and Fortis Global Insurance Plc as companies on the Delisting Watchlist.
Critical Minerals Financing Corporation was placed on the watchlist following approval, subject to filing its Quarterly Compliance Report.
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Multi-Trex Integrated Foods was also placed on the list following regulatory approval and is expected to remain there for two years.
Union Dicon’s placement was approved on November 1, 2024, for a two-year period, while Fortis Global Insurance was approved for a three-year monitoring period beginning February 14, 2025.
The watchlist allows companies to address outstanding regulatory deficiencies, although failure to meet the applicable requirements could expose them to further sanctions, including delisting proceedings.
In March, Union Dicon disclosed difficulties reaching Aims Limited, its 40 percent shareholder, despite repeated attempts.
The company has since announced steps to revive its operations, including commissioning salt and pepper production facilities, securing the necessary National Agency for Food and Drug Administration and Control (NAFDAC) approvals, and beginning packaging operations for Dicon Salt and Dicon Hot Pepper.
Its operational recovery, however, must be accompanied by compliance with the Exchange’s listing requirements.
Five companies undergo restructuring
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 raises compliance concerns, as the wider report recorded its previous suspension for failing to submit its 2025 audited financial statements.
The restructuring process is intended to give affected companies an opportunity to address their challenges and meet the requirements for continued listing.
