The Nigerian Exchange Limited (NGX) has suspended all trading in the shares of Zichis Agro-Allied Industries Plc, effective Monday, February 23, 2026, following concerns over a liquidity trap impacting retail investors.
Zichis, listed on the NGX Growth Board on January 20 with 1.086 billion shares at N1.81 per share, has surged by 772.36 percent year-to-date. The exchange cited Rule 7.0 of the Rules on Suspension of Trading in Listed Securities, stating that the intervention is necessary to maintain market integrity and protect the investing public, in line with Securities and Exchange Commission regulations.
In a notice to Trading License Holders and the public, NGX said the freeze will remain in place pending the conclusion of a formal investigation into the company’s recent trading activities. Analysts have attributed the erratic price movements to a liquidity trap, noting that retail investors, enticed by rapid paper gains, entered positions disconnected from Zichis’ underlying fundamentals.
The suspension underscores the exchange’s commitment to safeguarding investors and ensuring orderly market operations.
