The Nigerian Exchange Limited (NGX) has implemented a trading suspension on the shares of Zichis Agro-Allied Industries Plc following a surge in the company’s valuation that has raised regulatory concerns.

In a Market Bulletin released on Monday, the Exchange confirmed that the halt has been triggered by “extraordinary price movements.

Since its listing on 20 January at N1.81, the stock has climbed to N17.36 as of Friday, 20 February. This 772% appreciation has prompted an immediate review to ensure investor protection and maintain the integrity of the capital market.

The suspension takes effect as of 23 February 2026, and remains active while officials investigate the transactions behind the rally. 

According to the NGX, this intervention has aligned with Rule 7.0 of the NGX Rulebook, which has granted the body the authority to stop trading when necessary to safeguard the public and adhere to Securities and Exchange Commission standards.

Zichis Agro-Allied Industries, which has a current market capitalisation of N10.4 billion, debuted on the Growth Board just over a month ago. 

During this period, the stock has outpaced the broader market, gaining 563% in the last four weeks alone. Data has shown that approximately 118 million shares have been traded across 976 deals during this window.

Analysts have noted that the move has reflected the Exchange’s commitment to swift intervention when unusual patterns have emerged. 

The suspension has frozen all further transactions in Zichis shares until the investigation into the rapid price spike has reached a conclusion.

Source: Nairametrics