Union Dicon, three others face NGX deadlines as nine firms stay under compliance watch

Union Dicon Salt Plc and three other firms face critical deadlines to complete restructuring, as NGX Regulation Limited monitors nine companies over listing compliance. The October 23, 2026 X-Compliance Report lists four companies on the Delisting Watchlist and five others undergoing restructuring. Watchlist status does not automatically mean delisting.

NGX RegCo, a subsidiary of Nigerian Exchange Group, confirmed Union Dicon has rectified its outstanding compliance deficiencies and now meets free-float requirements for the NGX Main Board. The company remains under business restructuring and must fulfil outstanding post-listing obligations by November 2026.

Four on delisting watchlist

The four companies carry the DWL Compliance Status Indicator. Critical Minerals Financing Corp Plc, undergoing restructuring, was approved for the watchlist subject to filing its Quarterly Compliance Report. Multi-Trex Integrated Foods Plc was placed after NGX RegCo approval and is expected to remain for two years. Union Dicon was approved on November 1, 2024, for two years. Fortis Global Insurance Plc was approved on February 14, 2025, for three years, the longest stated monitoring period among the four.

Five others are restructuring: FTN Cocoa Processors Plc, Thomas Wyatt Nigeria Plc, Austin Laz and Company Plc, Pharma-Deko Plc and Premier Paints Plc. Austin Laz got a two-year restructuring period. Thomas Wyatt’s wider report also recorded its previous suspension for failing to submit its 2025 audited financial statements.

Union Dicon’s compliance test

Union Dicon was placed on the watchlist over compliance deficiencies in its Compliance Status Indicator. The Exchange said those deficiencies have been rectified and any change to listing status would be communicated through its website and subsequent X-Compliance Reports.

“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 clarification means November is a regulatory review point, not a confirmed date for compulsory delisting. In March, Union Dicon and four other companies were on the watchlist, while three companies had entered the delisting process. Union Dicon had disclosed difficulties contacting Aims Limited, its 40% shareholder, despite repeated attempts. Its new management has commissioned salt and pepper production facilities, obtained NAFDAC approvals and started packaging Dicon Salt and Dicon Hot Pepper.

Operators seek balance

Mr. Aruna Kebira, chief executive officer of Globalview Securities Limited, said regulators had given Union Dicon sufficient time. He questioned its earlier explanation that it could not contact its core investor, arguing prolonged non-compliance should not continue indefinitely. Kebira said regulators must consider existing shareholders before decisions that could affect the listing.

Mr. Charles Fakrogha, chief executive officer of ECL Asset Management Limited, urged NGX to assess restructuring progress before further action. “If the efforts are not commensurate with what is expected,” the Exchange could consider regulatory delisting, Fakrogha said. He suggested another meeting with Union Dicon and others on DWL to evaluate steps taken. He also noted that companies unwilling to comply could consider voluntary delisting.

The watchlist gives issuers room to fix deficiencies. Failure may expose them to further regulatory action, including possible delisting proceedings.