Lagos, Nigeria – The Nigerian Exchange Limited has issued warning letters to Tantalizers Plc and NPF Microfinance Bank Plc for engaging in insider dealings during their respective closed periods, contrary to listing rules governing trading when material information has not been disclosed.
Okay News reports that the Exchange disclosed this in separate cautionary letters issued to the two listed companies in February 2026 and published on its latest X-Compliance Report. In letters dated February 10 and February 17, the Exchange stated that both companies breached Rule 17:18 of its Listings Rules, which restricts insiders and connected persons from trading during sensitive windows when privileged information has not been made public.
Closed periods typically precede the release of financial results or other material disclosures, making trading restrictions essential to ensuring market fairness and transparency. The rule is designed to prevent information asymmetry between insiders and the investing public, as trading during such periods can undermine market integrity and erode investor confidence. The Exchange’s warnings underscore its commitment to enforcing listing rules and strengthening investor protection in the Nigerian capital market.
Trading data shows Tantalizers Plc has recorded a 116 percent year-to-date gain, closing at N5.40 on Monday, February 23, after the warning letter. The quick-service restaurant chain’s diversification into entertainment and digital media has triggered renewed investor interest. Its subsidiary, Tantainment Limited, recently secured a N2 billion equity investment from RGM Materials Solutions Limited for studio development and expansion of its flagship live-game show. NPF Microfinance Bank Plc has posted an 85.7 percent year-to-date gain, closing at N6.89 on Monday, driven by the lender’s recent rebound to profitability after years of losses.
The Exchange’s recent actions, including warnings and trading suspensions, signal heightened scrutiny of insider dealing amid rapid price appreciation in select stocks. Market analysts say sustained enforcement of listing rules will be critical to maintaining investor confidence and protecting minority shareholders from the risks associated with undisclosed material information. The warnings follow the suspension of trading in Zichis Agro-Allied Plc after an extraordinary 772 percent price surge within one month of listing, reflecting the Exchange’s focus on market discipline. Preventing insider dealing remains a priority for regulators seeking to ensure fair and orderly markets.
