The board of NGX Regulation Limited has officially approved the removal of DN Tyre and Rubber Plc and Greif Nigeria Plc from the Daily Official List of the Nigerian Exchange Limited, with the enforcement action effective Thursday, 9 April 2026.
This decision, ratified during a board meeting on 27 March 2026, follows years of regulatory hurdles and internal corporate shifts that left both companies unable to meet the exchange’s stringent listing requirements.
According to the regulator on Wednesday, the move underscores a firm commitment to transparency and the protection of the investing public.
The exit of DN Tyre and Rubber Plc concludes a 12-year saga of regulatory intervention aimed at salvaging the company’s position on the exchange. Despite being reclassified as a ‘restructuring’ entity in 2018 and receiving multiple lifelines to revive its operations, the firm ultimately failed to attract the necessary capital to sustain its presence.
A spokesperson for the regulator noted that the company had been served a final delisting notice as far back as 2018 but was granted leniency to execute a turnaround strategy that never materialised.
Regarding the protracted struggle to save the rubber manufacturer, the release stated, “NGX RegCo engaged DN Tyre with a view to returning the company to its compliance status for the past twelve years.
When these efforts did not yield results, NGX RegCo served the company with a final delisting notice in April 2018.”
This engagement was further extended in 2023 when the firm was granted an additional year to find core investors, yet the company remained unable to resolve its identified deficiencies.
The regulator further clarified the company’s inability to convince the market of its long-term viability, stating, “The company has, however, been unable to secure the commitment of any prospective investor on its 10-year business plan (2020 – 2029). Given that DN Tyre did not take the requisite steps to come into compliance, NGX RegCo recommenced the delisting process.”
This failure to launch a successful restructuring plan left the board with no choice but to proceed with the formal removal of the company from the national dailies and the trading floor.
In contrast, the delisting of Greif Nigeria Plc is the result of a completed liquidation process rather than a failure to restructure. The company officially wound down its operations and concluded its legal liquidation on 27 November 2025. Consequently, its removal from the Daily Official List serves as the final administrative step in its exit from the Nigerian capital market.
As the 9 April deadline approaches, NGX RegCo emphasised that this action provides necessary clarity to shareholders and the broader market regarding the status of these entities. Addressing the finality of the decision for both firms, the official release concluded, “The Board has approved the delisting of DN Tyre and Rubber Plc and Greif Nigeria Plc from the Nigerian Exchange Limited’s Daily Official List effective 9 April 2026. The company has been duly notified of this enforcement action, and this publication serves as notification to the investing public, particularly shareholders of the company and investors in the Nigerian capital market.”
All future enquiries regarding DN Tyre have been directed to the exchange’s dedicated compliance and enforcement unit.
DN Tyre was once a giant in the Nigerian manufacturing sector, formerly known as Dunlop Nigeria Plc. Its decline is symbolic of the broader challenges faced by the Nigerian tyre industry, which saw major players like Michelin and Dunlop shut down local manufacturing plants in the mid-2000s due to high production costs, erratic power supply, and an influx of cheap imports.
While DN Tyre is being ‘pushed’ out via enforcement, Greif Nigeria, formerly Van Leer Containers, is ‘walking’ out. Greif concluded its liquidation in 2025 with high marks for corporate governance.
In late 2025, Greif approved a final distribution of approximately N399.95m to its shareholders, roughly N9.00 per share. This is a rare ‘clean’ exit in the Nigerian market, where companies often disappear into insolvency without returning value to shareholders.
