The Nigerian Exchange has suspended trading in the shares of MRS Oil Nigeria Plc effective Friday, July 25, 2025, halting all transactions in the company’s stock.

The suspension follows MRS Oil’s decision to voluntarily delist from the Exchange, a move approved by shareholders at an Extraordinary General Meeting held on June 25, 2024.

In a notice to Trading License Holders and the investing public, the NGX, in a statement signed by Godstime Iwenekhai, Head of the Issuer Regulation Department, said the suspension was necessary to facilitate the delisting process.

“The suspension is necessary to prevent trading in the shares of the company in preparation for the delisting of the securities of the company in line with the approval obtained from the NGX,” the notice stated.

This development comes despite a strong performance by MRS Oil in 2024, when the company posted a profit after tax of ₦6.49 billion — a 62.2% increase compared to the previous year.

Following its delisting, MRS Oil intends to list its shares on the NASD OTC Securities Exchange, enabling continued trading of the stock in the over-the-counter market.

As part of the delisting process, the company carried out a share buyback and share capital reduction exercise, providing an exit opportunity for dissenting shareholders who chose not to remain invested after its withdrawal from the NGX.

MRS Oil allocated the required funds to compensate shareholders who opted for the buyback, with the claim period running from April 4 to July 4, 2025. Shareholders who did not participate within this window will have their shares migrated to the NASD OTC Securities Exchange.

The company affirmed that the delisting process will be conducted in full compliance with the regulatory requirements of both the Securities and Exchange Commission and the NGX.

MRS Oil maintains that the strategic decision to delist will enable the company to focus on long-term growth initiatives without the limitations of a public listing.

The company’s departure adds to the rising number of firms that have chosen to exit the Nigerian Exchange in recent years, reflecting a broader trend among businesses seeking operational flexibility outside the public market.