The Nigerian capital market is set to welcome a new player as Zichis Agro-allied Industries Plc prepares to list its shares on the Nigerian Exchange Limited (NGX). The company finalized its board meeting in Lagos this Tuesday, engaging with market regulators, financial advisers, and key shareholders to move forward with a Listing by Introduction valued at approximately N1.09 billion.
Under this arrangement, the firm plans to list 600 million ordinary shares at a price of N1.81 per share on the NGX Growth Board. The move signals a major milestone for the agro-allied company, which has spent recent years positioning itself for this transition. The signing ceremony featured prominent financial advisers, including representatives from QCAPITAL Limited and Cordros Capital Limited, who are guiding the company through the regulatory process.
Addressing stakeholders during the event, Hezekiah Oshaba, the Board Chairman of Zichis Agro-allied Industries, emphasized the company’s commitment to integrity and global corporate standards. He assured the investing public that the board and management would adhere strictly to all listing guidelines to ensure that shareholders see tangible returns on their investments. Oshaba noted that as the NGX continues to expand, his team is determined to tap into that growth and deliver long-term value.
Adding to the chairman’s sentiments, the Managing Director, Mrs. Anthonia Akabusi, described the shift from a private limited company to a public limited company as a journey of resilience. She pledged that the management would prioritize transparency and timely financial reporting. Akabusi highlighted that the company is fully prepared to adapt to the rigorous demands of the exchange, noting that their communication teams are ready to maintain an open dialogue with regulators and investors alike.
The company’s move toward public listing is backed by a series of impressive financial performances. In the fiscal year ending December 31, 2024, Zichis Agro-allied reported a turnover of N289 million, marking a staggering 119 percent increase from the N132 million recorded the previous year. Even more notable was the surge in profitability; the company closed 2024 with N56.7 million in profit, a 238 percent jump compared to the N16.8 million earned in 2023.
Adeboye Teriba, the MD/CEO of QCAPITAL Limited, expressed confidence in the company’s readiness to join the exchange. He remarked on the management’s willingness to learn and adopt the best practices required for a listed firm. For investors looking for growth in the agro-allied sector, this listing represents a fresh opportunity to participate in a company that is clearly on an upward trajectory.
