Zichis Agro Allied Industries’ Stock Slumps 50% Amid Corporate Action

Zichis Agro Allied Industries Plc’s stock price has tumbled by 50.58 per cent on the Nigerian Exchange Limited (NGX) following a corporate action in a week.

The Company’s stock price moved from N17.36 per share, N8.78 per share or 50.58 per cent decline to N8.58 per share, last week, which was three trading days as the federal government declared Thursday March 19 and Friday March 20, 2026, as Public Holidays to commemorate the Eid-el-Fitr Celebration.

A source attributed the 50.58 per cent decline to a price adjustment markdown comprising a bonus of 1 for 1 and a dividend of 20 kobo, after the closure of the register on March 17, 2026.

It will be recalled that the Exchange suspended it on March 2, 2026, due to an extraordinary price surge of over 800 per cent within a month of its listing. The agro-allied company was listed by issuing 600 million shares at N1.81 per share on January 20, 2026.

The company, in a corporate action, said, “A final dividend of 20 kobo per 50 kobo ordinary share, subject to withholding tax and on approval will be paid to shareholders whose names appear in the share register of members as at the close of business on 16 March, 2026

“Proposed bonus shares in the ratio of one new share for every one existing share held by shareholders whose names appear in the register of members at the close of business on March 16, 2026, subject to the approval of the shareholders at the annual general meeting.”

Capital market analysts revealed that the suspension placed on Zichis Agro Allied Industries will be lifted after the regulators conclude their investigations.

The suspension was triggered by the company’s shares, which rose from N1.81 per share to N17.36 per share, representing an 859 per cent increase.

The NGX invoked Rule 7.0 of its rulebook to halt trading in the security, ensuring market integrity and investor protection. The investigation into the company’s trading activities is ongoing, and the suspension will remain in effect until the conclusion of the review.