NGX suspends trading in MRS oil shares as company prepares for voluntary delisting

The Nigerian Exchange (NGX) has suspended trading in the shares of MRS Oil Nigeria Plc, effective Friday, 25 July 2025, halting further transactions in preparation for the company’s voluntary exit from the bourse.

The decision follows shareholder approval for the delisting at an Extraordinary General Meeting held on 25 June 2024.

In a notice to trading licence holders and the investing public, the NGX, through a statement signed by Head of Issuer Regulation Department, Godstime Iwenekhai, stated that the suspension was necessary to facilitate the delisting process in line with regulatory approval.

“The suspension is necessary to prevent trading in the shares of the company in preparation for the delisting of the securities of the company in line with the approval obtained from the NGX,” the statement read.

The move comes after a robust financial performance in 2024, when MRS Oil posted a profit after tax of ₦6.49 billion, marking a 62.2 per cent year-on-year increase.

Following its delisting, the company intends to list its shares on the NASD OTC Securities Exchange, enabling investors to continue trading them in the over-the-counter market.

As part of the delisting, MRS Oil carried out a share buyback and share capital reduction scheme, giving dissenting shareholders an option to exit the company. 

Funds were allocated to settle these claims, with the exercise running between 4 April and 4 July 2025. Shareholders who did not participate will have their holdings migrated to the NASD OTC platform.

The company has pledged full compliance with all regulatory requirements of the Securities and Exchange Commission (SEC) and the NGX, stressing that the decision allows it to focus on long-term strategic growth without the obligations tied to a public listing.

MRS Oil’s withdrawal adds to the number of companies leaving the NGX in recent years. In 2024, GSK Consumer Nigeria, Arbico Plc, and Flour Mills of Nigeria were delisted due to strategic restructuring and regulatory decisions. 

Other firms, such as Union Diagnostics and 11 Plc (formerly Mobil Oil Nigeria), have also either moved to the NASD OTC Exchange or opted to go private.