More than half of Zichis Agro-Allied Industries Plc’s explosive stock market gains have been erased after the Nigerian Exchange Limited (NGX) lifted a month-long trading suspension and applied what it described as “corrective measures” to stabilise the market.
Shares of the agribusiness firm reopened at ₦8.38 on Monday—down sharply from the ₦17.36 level at which trading was halted in February—indicating a regulatory adjustment rather than a market-driven selloff.
The stock later closed at ₦9.43 and held that level into Tuesday afternoon, suggesting some renewed investor interest following the reset.
In a notice, NGX said its regulatory arm had concluded an investigation into trading activity in Zichis shares and implemented measures “to safeguard market integrity in line with its mandate to promote a fair, orderly and efficient market.”
The exchange did not provide details of the corrective steps, but the sharp downward price adjustment points to an intervention aimed at unwinding what had become one of the most dramatic rallies on the Nigerian bourse.
Unfair Rise
Zichis had surged 859% within weeks of listing on the NGX Growth Board in January, climbing from ₦1.81 to ₦17.36 by late February. The rapid rise drew retail investors but also triggered complaints over limited share availability and concerns about possible price manipulation.
The exchange suspended trading on February 23, citing the need to protect investors and preserve market integrity while it reviewed transactions in the stock.
Monday’s reopening suggests regulators concluded that the previous price levels did not reflect a fair or orderly market, effectively resetting the stock to a lower base before allowing trading to resume.
While the reset may help restore confidence in the integrity of the market, it also highlights the risks faced by late investors who bought into the rally at elevated prices.
Zichis, an integrated agribusiness spanning oil palm, poultry and fish farming, had attracted strong investor enthusiasm on the back of expansion plans but without commensurate public disclosures to justify the sharp valuation jump.
The company reported a revenue of N675.6 million in 2025, up from N288.9 million in 2024, while profit after tax surged by 478% to N328.1 million, with strong performance in its poultry and palm oil segments.
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