Nigeria: Long Trail of Exiting Companies Threatens Nigerian Exchange’s Drive to Grow Listings

MTN Nigeria’s public shares sale, held in December 2021, remains the only IPO to be recorded by the NGX in the past five years.

Between last year and now, the Nigerian Exchange (NGX) has seen a surge of voluntary exits from companies listed on the bourse as more firms, for various motivations, rejig their business models to seek greater opportunities outside public ownership.

From banking to energy and consumer goods sectors, at least seven firms have left the exchange on their own within the…