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.
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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.
