NGX suspends trading in Zichis Agro-Allied as price surges 772.36% in one month

The Nigerian Exchange Limited (NGX) has moved to protect the investing public by suspending all trading activities in the shares of Zichis Agro-Allied Industries Plc (Zichis), effective today, Monday, February 23, 2026.

The intervention comes amid growing concerns about a liquidity trap affecting retail investors, who have been caught up in extreme price volatility and speculative trading patterns surrounding the company’s stock.

Zichis Agro Allied Industries Plc was listed on the NGX Growth Board on January 20. The company is listed with 1.086 billion shares at N1.81 per share, it has since grown by 772.36 percent year-to-date.

Related News

In a notice to Trading License Holders and the investing public, the NGX cited Rule 7.0 of the Rules on Suspension of Trading in Listed Securities. The exchange stated that the suspension is necessary to maintain market integrity and is in the “interest of the investing public and in accordance with SEC Rules.

The Exchange confirmed that the freeze on Zichis shares will remain in place until the conclusion of a formal investigation into the recent trading activities of the company.

The suspension follows a period of erratic price movements that market analysts say bore the hallmarks of a liquidity trap. Retail investors, lured by massive paper gains, found themselves entering positions in Zichis at prices that appeared disconnected from the company’s underlying fundamentals.

Eniola Olatunji

Eniola Olatunji is an experienced journalist at BusinessDay, where she has specialized in reporting on personal and business finance since March 2022. She focuses on creating engaging and precise news stories, with a keen emphasis on the fixed-income market, banking, personal finance, cost of living, and the Nigerian economy. Her work also encompasses extensive market research and economic trend analysis. Eniola is passionate about empowering individuals to make informed financial decisions and is dedicated to shedding light on the intricate workings of the economy. She holds a Bachelor of Science degree in Pure & Applied Chemistry from the University of Lagos. Eniola Olatunji was shortlisted for The Future Awards Africa Prize for Journalism..