By Aduragbemi Omiyale

The Nigerian Exchange (NGX) Regulation Limited has allowed the trading in the shares of Fortis Global Insurance Plc.

This followed the completion of the share capital reconstruction of the organisation, which triggered the suspension a few weeks ago.

In a notice dated June 17, 2026, NGX RegCo announced the suspension of the underwriting company because of the exercise.

Yesterday, another notice was issued to inform the investing public of the lifting of the embargo on the securities of the organisation.

A total of 12,911,030,586 ordinary shares of Fortis Global Insurance were delisted, with 3,227,757,647 ordinary shares relisted at N3.96 per share.

“We refer to our market bulletin with reference number NGXREG/IRD/MB68/26/6/17, dated June 17, 2026, wherein the Market was notified that trading in the shares of Fortis Global Insurance Plc was placed on suspension effective Wednesday, June 17, 2026, in preparation for the share reconstruction of the company’s issued shares.

“The market is hereby notified that the entire 12,911,030,586 ordinary shares of Fortis Global Insurance were delisted from the daily official list of Nigerian Exchange Limited (NGX) on July 2, 2026, while the newly reconstructed issued share capital of 3,227,757,647 ordinary shares of 50 Kobo each were also listed on the daily official list of NGX at N3.96 per share.

“The delisting of 12,911,030,586 ordinary shares and listing of 3,227,757,647 ordinary shares on NGX is pursuant to the approval received from the company’s shareholders at its Extraordinary General Meeting (EGM) of April 4, 2025, and the no-objection received from the Securities and Exchange Commission (SEC).

“Consequently, following the completion of the share reconstruction, the suspension placed on the securities of the company has been lifted,” the circular signed by Bonaventure Onwuji, on behalf of the Head of Issuer Regulation Department at NGX RegCo, stated.

By Adedapo Adesanya

The Lagos Chamber of Commerce and Industry (LCCI) has urged the Nigeria Revenue Service (NRS) to grant a one-month extension for the filing of Company Income Tax (CIT) returns.

The appeal followed widespread technical glitches that occurred on the newly introduced Rev360 tax platform, which restricted organisations from meeting the June 30 deadline.

The Director General of the think tank, Mrs Chinyere Almona, in a statement, also appealed to the NRS to waive penalties for companies that were unable to file their returns by the Tuesday statutory deadline due to the portal’s failure.

Mrs Almona explained that the prolonged downtime experienced on the Rev360 platform on the deadline day prevented thousands of companies from completing their tax filings, noting that though some businesses waited until the last minute to file their returns, the widespread system failure could not be blamed on taxpayers.

“Rev360 inaugurated about two months ago, suffered prolonged downtime on Tuesday, leaving thousands of companies unable to file with only hours to spare.

“This is a platform failure, not a taxpayer failure,” she said.

The LCCI director general noted that while teething challenges were expected with a newly deployed digital platform, inaugurating it close to a major statutory deadline exposed businesses to avoidable risks.

According to her, the heavy volume of last-minute users reveals shortcomings in the platform’s capacity, resulting in login failures, validation errors and unsuccessful submissions when taxpayers need reliable access.

She, therefore, appealed to the tax body to immediately extend the CIT filing deadline by one month and waive all penalties for companies that attempted to file on or before the deadline but were prevented from doing so by the system outage.

The LCCI head also appealed to the revenue agency to urgently improve the platform’s capacity and reliability ahead of subsequent filing deadlines.

“The LCCI appeals to the NRS to announce the extension and penalty waiver as soon as possible to avoid apprehension and confusion within the business community,” Mrs Almona said.

She added that in the interest of ensuring a smooth implementation of the new tax administration system, granting an extension had become necessary. According to her, adopting a cautious regulatory approach during the rollout of the new platform will help build confidence among taxpayers while supporting compliance.

By Adedapo Adesanya

Four price decliners further weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.46 per cent on Thursday, July 2.

FrieslandCampina Wamco Nigeria Plc went down by N5.55 to N146.46 per unit from N152.01 per unit, Nitrox Industrial Gases Plc fell by N1.10 to N20.30 per share from N21.40 per share, UBN Property Plc lost 11 Kobo to sell at N1.99 per unit versus the previous day’s N2.10 per unit, and Mass Telecoms Innovation Plc depreciated by 4 Kobo to 32 Kobo per share from 36 Kobo per share.

Consequently, the NASD Unlisted Security Index (NSI) dropped 19.74 points to close at 4,248.46 points compared with Wednesday’s closing value of 4,268.20 points, while the market capitalisation decreased by N11.85 billion to N2.549 trillion from N2.561 trillion.

Yesterday, the volume of transactions went up by 92.9 per cent to 440,653 units from 229,238 units, and the number of deals rose by 77.8 per cent to 32 deals from 18 deals, while the value of trades contracted by 51.4 per cent to N10.5 million from N21.5 million.

At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units traded for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 68.9 million units exchanged for N4.8 billion.

GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.