The Nigerian Exchange (NGX) Regulation Limited (NGX RegCo) has officially delisted DN Tyre and Rubber Plc and Greif Nigeria Plc from the Daily Official List of the Nigerian Exchange Limited. This decision, ratified by the regulator's board on March 27, 2026, took effect on April 9, 2026.
DN Tyre exits the exchange after prolonged unsuccessful restructuring attempts and regulatory engagements aimed at reviving the company. Greif Nigeria's removal from the list follows the finalization of its formal liquidation process.
Regulatory Action and Rationale
NGX RegCo confirmed that the delisting of both companies aligns with its core mandate to maintain high listing standards and promote transparency within the capital market.
The regulator highlighted that DN Tyre had been the subject of extensive review and engagement for over 12 years. Despite being reclassified as a “Restructuring” company in 2018 and receiving multiple extensions, including an additional one-year window in 2023, the company failed to resolve its compliance deficiencies or secure new investment.
For Greif Nigeria, the delisting is a procedural step following the completion of its formal liquidation on November 27, 2025. This action provides clarity for investors and reinforces the integrity of the market.
Challenges for Legacy Firms
The prolonged struggle of DN Tyre underscores the significant challenges faced by older manufacturing companies listed on the Nigerian Exchange. These challenges often include weak capital structures, operational disruptions, and difficulties in attracting essential new capital.
DN Tyre's 10-year business plan, intended to run from 2020 to 2029, did not yield the expected turnaround, despite regulatory support. The company had previously received several concessions, including a delisting notice in April 2018 and subsequent extensions tied to its restructuring program.
Ultimately, the absence of credible investor commitment led to the resumption and completion of the delisting process for DN Tyre.
Understanding Delisting
Delisting from the Nigerian Exchange can occur due to various reasons, including breaches of regulatory compliance, severe financial distress, or specific corporate actions such as mergers or liquidation.
