The Nigerian Exchange (NGX) has suspended trading in the shares of MRS Oil Nigeria Plc, effective Friday, 25th July 2025, halting further transactions in the stock.
The move follows the company’s decision to voluntarily delist from the NGX, a plan that received shareholder approval at an Extraordinary General Meeting held on June 25, 2024.
In a fresh bulletin addressed to Trading License Holders and the investing public, the NGX, through a statement signed by Godstime Iwenekhai, Head of the Issuer Regulation Department, explained that the suspension was necessary to pave the way for the delisting process.
“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 notice stated.
This comes despite a strong performance in 2024, when the company reported a profit after tax of N6.49 billion, representing a 62.2% year-on-year growth.
Following its delisting, MRS Oil plans to list its shares on the NASD OTC Securities Exchange, allowing interested investors to continue trading the stock in the over-the-counter market.
As part of the delisting process, MRS Oil undertook a share buyback and share capital reduction exercise.
The initiative was designed to offer an exit route for dissenting shareholders who did not wish to remain invested in the company after its exit from the NGX.
According to the MRS Oil, the delisting process will be carried out in full compliance with all regulatory requirements of the Securities and Exchange Commission (SEC) and the NGX.
The company maintains that this strategic decision will allow it to concentrate on long-term growth initiatives without the constraints associated with a public listing.
The delisting of MRS Oil adds to the growing list of companies that have opted to exit the Nigerian Exchange in recent years.
In 2024 alone, firms such as GSK Consumer Nigeria, Arbico Plc, and Flour Mills of Nigeria were delisted—driven by a mix of strategic restructuring decisions and regulatory actions.
Others, including Union Diagnostics and 11 Plc (formerly Mobil Oil Nigeria), have also pursued similar routes, either transitioning to the NASD OTC Securities Exchange or going fully private.