The Nigerian Exchange (NGX) has placed a full suspension on the trading of shares of Fortis Global Insurance Plc, effectively halting all transactions in the company’s stock pending the completion of processes related to the listing of its reconstructed shares.

In a market bulletin dated Wednesday, June 17, 2026, NGX Regulation notified Trading Licence Holders and the investing public that the suspension took effect on the same day.

According to the notice signed by the Head of the Issuer Regulation Department, Godstime Iwenekhai, the suspension became necessary to prevent trading activities while the company’s registrars and the Central Securities Clearing System Plc (CSCS) reconcile their records ahead of the listing of the reconstructed shares on the Exchange.

The Exchange explained that the exercise is also aimed at identifying the shareholders who will be entitled to receive the reconstructed shares upon completion of the process.

“The suspension is necessary to prevent trading in the shares of Fortis Global Insurance Plc to enable the Company’s Registrars and the Central Securities Clearing System Plc (CSCS) to reconcile their books for the listing of the reconstructed shares on Nigerian Exchange Limited (NGX),” the notice stated.

The Exchange further noted that the suspension would remain in place to facilitate the identification of eligible shareholders for the share reconstruction exercise.

Fortis Global Insurance Plc, formerly known as International Energy Insurance (IEI) Plc before its rebranding and corporate restructuring, has in recent years undertaken a series of strategic reforms aimed at strengthening its capital base, improving operational efficiency, and repositioning the company within Nigeria’s insurance sector.

The company has been implementing a share reconstruction programme as part of broader efforts to streamline its share capital structure. Share reconstruction typically involves the consolidation of existing shares into a smaller number of shares with a higher nominal value, a move often designed to improve pricing efficiency, reduce excessive share dilution, and enhance investor perception.

The development comes amid heightened regulatory scrutiny across the financial services sector, where companies are increasingly undertaking recapitalisation and restructuring initiatives to meet evolving industry requirements and strengthen competitiveness.

Investors will be closely watching for further guidance from both NGX and Fortis Global Insurance regarding the completion of the reconciliation process, the effective date for the listing of the reconstructed shares, and the eventual resumption of trading in the company’s stock.

For now, shareholders and prospective investors will be unable to buy or sell Fortis Global Insurance shares on the Exchange until the suspension is lifted and the reconstruction exercise is concluded. (Nigerian Tribune)

Update news