NGX Suspends Zichis Agro-Allied, Probes 800% Stock Price Jump

News in Brief

-The NGX suspended trading in Zichis Agro-Allied Industries Plc shares pending a probe into suspicious activities.

-Zichis confirmed no undisclosed material information, urging investor caution as it plans to scale its poultry operations from 20,000 birds to 100,000 birds in 2026.

The Nigerian Exchange Limited (NGX) has suspended trading in Zichis Agro-Allied Industries Plc shares as it launches a probe into unusual trading patterns on the newly listed agro firm.

The suspension was announced in a bulletin issued to dealing members and signed by Godstime Iwnekhai, Head of the Issuer Regulation Department at NGX Regulations,  on Monday, February 23, 2026 and became effective the same day.

Why NGX Suspended Trading of Zichis Agro Stocks

According to reports, the suspension followed the notice of an extraordinary price movement within the first month of the agro firm’s debut on NGX. 

Zichis Agro-Allied Industries Plc, an integrated agribusiness company operating across agricultural value chains like livestock production, agro-processing, crop cultivation, and allied agricultural services, joined the NGX Growth Board on January 20, 2026, listing its entire issued and fully paid 600,000,000 ordinary shares by introduction at ₦1.81 per share.

The stocks rapidly moved up to ₦17.36 per share on Friday, February 20, recording a 772% increase within a month, raising suspicion that led to the launch of this investigation by the bourse.

The exchange invoked Rule 7.0 of the NGX Issuers’ Rulebook for the suspension. This rule allows the exchange to halt trading in any listed security when it serves the interest of investors and aligns with Securities and Exchange Commission (SEC) requirements.

According to NGX, the suspension will persist until the review of transactions in the company's shares is complete. The Exchange also advised market participants to take note of the development as part of its broader efforts to strengthen oversight and uphold orderly trading within Nigeria’s equities market.

Analysts say such measures are critical to sustain credibility, particularly at a time when the Nigerian capital market is witnessing heightened activity and growing retail participation.

Company Responds with Disclosure Assurance

In a swift response signed by Company Secretary Solomon Itsede, Zichis Agro-Allied acknowledged the significant price and volume movements in its shares.

“The company hereby confirms that, to the best of its knowledge, there is no material information or corporate development that has not been provided to the market,” the note stated.

It reaffirmed its commitment to continuous disclosure under NGX Listing Rules, pledging to notify the exchange and public of any material updates promptly.

“Accordingly, shareholders and potential investors are advised to exercise caution when dealing in the company’s shares pending further clarification,” the statement added.

Zichis Agro-Allied Industries Plc, headquartered in Ogun State, is an integrated agribusiness company incorporated in 2012, which converted to a public limited company in 2024. The company operates across the agricultural value chain, engaging in livestock production, agro-processing, crop cultivation, and allied agricultural services, including poultry, aquaculture, animal feed milling, and oil palm farming.

With facilities such as an 18-hectare oil palm plantation (expanded to 61 acres), 20,000-layer and 20,000-grower poultry operations, 22 fish ponds, and a feed mill upgrading to 5 tons per hour capacity, the company wants to build a scalable and integrated agro-allied business that contributes to food security and economic development in Nigeria.

The company aims to expand its poultry operations from 20,000 birds to 100,000 birds by the end of 2026, a scale management the company estimates could generate over N500 million in monthly revenue. The company also intends to expand its oil palm estate from 61 acres to 1,000 hectares by 2030.