The Nigerian Exchange Limited (NGX) has lifted the suspension placed on the shares of Aso Savings and Loans Plc, after eight years of inactivity.
Following the lifting of the suspension, trading commenced with effect from October 21, 2025,
At the close of trading on Thursday, the stock price rose by 9.9 per cent to close at N0.60 kobo per share, up from N0.55 kobo.
A total of 11, 300,155 units were exchanged in 17 trades valued at N6.78 million. Thus, the stock price rose by 10 kobo in two trading sessions between Wednesday, October 22 and Thursday, October 23.
The mortgage institution’s shares had been frozen at N0.50 since July 5, 2017, following its failure to meet statutory filing obligations under the NGX’s Default Filing Rules.
In a formal notice signed by the Head of Issuer Regulation Department, the NGX announced that Aso Savings had successfully submitted all outstanding financial statements, thereby satisfying the conditions for lifting the suspension.
“Trading License Holders and the investing public are hereby notified that the suspension placed on trading in the shares of Aso Savings and Loans Plc has been lifted,” the statement read.
With this development, investors can now review, reprice, and trade the company’s securities after years of stagnation.
The lifting of the suspension comes on the heels of a broader reform effort by Aso Savings to align its operations with market regulations and restore investor confidence.
In November 2024, the Nigerian Exchange Regulation Limited (NGX RegCo) had reclassified Aso Savings from “Delisting in Progress” to a “Delisting Watchlist” category, granting the institution a two-year window to address compliance deficiencies.
The reclassification, which followed the submission of financial statements covering 2015–2022, marked a significant milestone in the company’s rehabilitation journey. NGX RegCo directed the firm to file its 2023 audited accounts, complete interim filings for 2024 Q1–Q3 and convene all pending annual general meetings (2014–2023).
Additionally, the mortgage bank was instructed to strengthen internal capacity through the NGX Issuers Portal and submit half-year compliance reports jointly signed by the Managing Director and Company Secretary.
These measures were designed to ensure sustainable adherence to listing requirements and restore full market confidence in the institution.
For shareholders who have been unable to transact or realize value since 2017, the reopening of trading provides a long-awaited chance to reprice their holdings in line with the company’s current fundamentals.
However, the financial position of the company as of June 30, 2025, reflects a company still navigating significant financial strain, with liabilities far exceeding assets.
In its unaudited financial statement for the period ended June 30, 2025, the company reported total assets of N27.08 billion, largely driven by loans and advances (N9.58 billion), investments in properties (N9.40 billion), and other assets (N6.16 billion).
However, the firm’s cash and bank balances were negative at N95.2 million, indicating severe liquidity pressure.
On the liabilities side, total obligations stood at N78.24 billion, comprising mainly customer deposits (N24.02 billion), other liabilities (N24.82 billion), and Tier 2 capital (N16.22 billion). Consequently, the institution recorded negative net assets of N51.16 billion, translating into accumulated losses that have completely eroded shareholders’ equity.
Despite a share capital base of N7.37 billion, reserves and unappropriated profits were deeply negative, underscoring continued solvency challenges. The company remains reliant on restructuring and recapitalisation efforts to restore financial stability.
