Thomas Wyatt Nigeria Plc and Premier Paints Plc are among the bottom 10 stocks on the Nigerian stock market struggling to maintain compliance with the post-listing requirements on the Nigerian Exchange Limited (NGX), checks by Pinnacle Daily have shown.
Analysts see this non-compliance with post-listing requirements as negatively affecting companies’ overall performance and eroding investors’ sentiment toward those stocks.
The other stocks under review, listed among the 10 least capitalised stocks on the NGX, are Juli Plc, Aluminium Extrusion Industries Plc (trading as ALEX), Trans-Nationwide Express Plc (trading as TRANSEXPR), Afromedia Plc, DN Tyre & Rubber Plc (trading as DUNLOP), Pharma-Deko Plc, Greif Nigeria Plc (trading as VANLEER), and Briclinks Africa Plc (trading as BAPLC).
The significance of their stocks is reflected in their market value and in investors’ appetite for trading their shares.
With about 147 companies listed on the NGX, the bottom 10 stocks have a cumulative ₦9.28 billion market value from the NGX’s ₦97.83 trillion total market capitalisation as of the end of October 2025. This represents a 9.49 per cent stake of the total market capitalisation.
Amid their low market valuation, analysts say the absence of up-to-date quarterly and yearly financial results from listed companies creates worries, and not paying dividends to the shareholders worsens the situation.
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They believe dividends serve as a powerful signal of earnings quality, balance-sheet strength, and management confidence and could swing any stock’s outlook positively. The reverse seems to epitomise the situation that many of the stocks under review face on the NGX.
Trading at a 52-week low
The trading on the shares of Thomas Wyatt and the other companies has been at a 52-week low, a review of market data reveals. When a stock hits its 52-week low, it means the price has reached the lowest point it has traded at over the past 52 weeks, or one year.
This can signal negative sentiment towards the stock and can lead to poor performance of the stock. Some investors view this situation as a potential buying opportunity if the company’s fundamentals are strong, but this seems not to be the case for the companies under review.
Checks by Pinnacle Daily reveal that Briclinks Africa has been trading at a 52-week low at ₦6.25, Greif Nigeria at ₦5.45, Pharma-Deko at ₦1.83, and DN Tyre & Rubber at ₦0.2.
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The others have also been trading at a 52-week low. Afromedia is trading at ₦0.24, Trans-Nationwide Express at ₦2.15, Thomas Wyatt at ₦2.75, Premier Paints at ₦10, Aluminium Extrusion Industries at ₦7.15, and Juli at ₦8.06.
Market value on NGX
The NGX market data shows that as of the end of October 2025, Briclinks Africa had a market value of ₦62.5 million, followed by Greif Nigeria with ₦232.4 million, Pharma-Deko with ₦396.8 million, and DN Tyre & Rubber with ₦954.5 million.
Afromedia has ₦1.075 billion market capitalisation, Trans-Nationwide Express ₦1.071 billion, Thomas Wyatt ₦1.09 billion, Premier Paints ₦1.2 billion, Aluminium Extrusion Industries ₦1.57 billion, and Juli ₦1.611 billion
Non-compliance with regulations
A further check by Pinnacle Daily shows that many of the companies have fallen below the NGX listing standard. While some are already facing delisting, others have been flagged with various compliance status indicators (CSI) codes by the NGX and may likely be marked for delisting from the Nigerian stock market. For instance, the ‘Below Listing Standard’ code indicates that a listed company is not adhering to the NGX post-listing requirements.
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At the moment, Greif Nigeria, a company listed on the NGX on January 1, 1970, and operating in the industrial goods sector with a focus on the business of packaging/containers, is facing delisting from the NGX. The company, which is one of the longstanding industrial companies in the country, is in the final stages of its voluntary winding-up process.
For Afromedia, an advertising company listed since May 18, 2009, the company is currently flagged for missing regulatory filings and for not releasing its financial results.
The same non-compliant issues are being faced by Thomas Wyatt, a manufacturing and distribution company listed since October 26, 1978, and Premier Paints 1230, a building materials company listed since March 7, 1995.
He noted that it is the investors who have the wherewithal that are reaping the gains being recorded in the equities market.
According to market analysts, the significance of these stocks is not being felt in the market.
“It is so because these stocks that are listed on the NGX are no longer meeting post-listing requirements, and some of them have been suspended from trading, like Dunlop. All these companies, except Thomas Wyatt, have not been trading. In fact, Thomas Wyatt has been suspended from trading because of not meeting up with a post-listing requirement, which is quarterly, half-yearly and yearly submission of financial results. This is a vital aspect of post-listening requirements.
Investors’ sentiment and why the stocks remain listed
Investors will want to know how a company is faring operationally so as to make informed decisions for their clients in order not to grope in the dark. An investment and portfolio analyst, Abel Ezekiel, shared insights with Pinnacle Daily.
He stressed that as long as a listed company is not meeting this requirement, the regulatory body will definitely suspend its stock.
“Take, for instance, what has happened to DAAR Communication, which owns AIT and Ray Power. Can I tell somebody now to go and invest in their stock? The company is not meeting its post-listing requirements.
“As a listed public company, it is not submitting its report. Even if it is a loss, let’s see it. So, when a company is not meeting up, definitely investors will not be attracted to such stock,” he cited.
He noted that some companies’ stocks have remained in limbo because of the failure to meet posting-listing requirements.
“I don’t think anyone can advise investors to go and buy any of these stocks.
“I presumed that the reason the NGX regulator is still keeping these stocks on the listed plate could be with the hope that they can be revamped to become active again in the market,” Ezekiel added.
Pinnacle Daily had earlier reported that the 10 most capitalised stocks account for over 60 per cent of the NGX total market capitalisation, which analysts say is not healthy for the market as it creates over-concentration of risks.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
