Zichis Agro-allied Industries Plc recently brought together its board members, shareholders, financial advisors and capital market regulators to finalise preparations ahead of its planned listing on the Nigerian Exchange Limited (NGX). The company is taking this major step through a Listing by Introduction, a process that allows its existing shares to be admitted for trading without raising fresh capital.
At the heart of this strategic move is the planned introduction of 600 million ordinary shares, each with a par value of ₦0.50 and priced at ₦1.81 per share. This exercise would value the company at roughly ₦1.09 billion and mark a notable milestone in its growth trajectory.
The board meeting in Lagos fulfilled a critical requirement for the listing process, bringing together key stakeholders including representatives from capital market regulators and the company’s joint financial advisers, QCAPITAL Limited and Cordros Capital Limited.
In his opening remarks, Board Chairman Mr. Hezekiah Oshaba highlighted the company’s commitment to corporate governance and investor confidence. In his words, “As a board, we will be guided by the best corporate practice. By the time we are listed, we will follow all the guidelines that we are supposed to follow and ensure that our investors don’t have any regret in the long run.” Oshaba emphasised that shareholders expect returns on their investments, and that Zichis is ready to uphold strong standards and deliver results.
Oshaba also pointed to the growth momentum of the NGX itself, noting that the exchange continues to expand and that more businesses are looking to tap into its potential. “As businessmen that we all are, if you put your money anywhere, you expect returns, and that’s the essence of all of it anyway… the NGX is growing in leaps and bounds, and everybody, as it were, wants to tap from the growth,” he said.
For the company’s Managing Director, Mrs. Anthonia Akabusi, the transition from a limited liability company to a publicly quoted entity is a defining chapter in Zichis’ evolution. She described the listing plan as a journey of resilience and scalability and promised ongoing transparency in regulatory reporting and stakeholder communication. Akabusi reiterated that management will align with best practices and adapt to listing requirements, emphasising the company’s focus on executing its strategy once admitted to the NGX.
Akabusi underscored that Zichis’ commitment to shareholder value goes beyond compliance. She stressed the importance of consistent performance and responsiveness to feedback from stakeholders, saying that the firm’s communication team is prepared to listen and adjust where necessary.
This latest development builds on recent growth achievements for Zichis Agro-allied. The company reported a strong financial performance for the year ending December 31, 2024, with turnover increasing from ₦132 million in 2023 to ₦289 million in 2024, a rise of about 119%, and profit after tax jumping significantly as well. In that period, it also declared a dividend of five kobo per share, giving shareholders options that included script shares instead of cash.
The board meeting’s successful conclusion clears an important hurdle in the listing timetable. With the internal approval stage complete, the company can proceed to final regulatory clearances and preparations for its official debut on the NGX Growth Board.
The listing by introduction could enhance liquidity in Nigeria’s stock market and attract more investor interest in the agribusiness sector. By broadening market participation and corporate transparency, Zichis Agro-allied’s NGX entry may also help deepen capital markets and support economic diversification beyond oil-dependent revenue streams.
