Lagos (INVESTADVOCATE) – The Nigerian Stock Exchange today Tuesday March 08 2011 delisted 10 Companies from its Daily Official List.

InvestAdvocate gathered that the delisting of the Companies from the Nigeria’s Exchange is effective Tuesday March 08 2011.

The firms delisted include Nigercem Plc; Albarka Air Plc; Foremost Diaries Plc; Wiggins Teape Nigeria Plc; Okitipupa Oil Palm Plc; and First Capital Investment & Trust Plc.

Others are Flexible Packaging Plc, Netpak Plc, Krabo Nigeria Plc and Tropical Petroleum Plc.

In his reaction Emmanuel Ikazoboh, Interim Administrator of the NSE confirmed exclusively to investadvocate that the process of delisting these Companies from the Daily Official List of the Nigeria’s Exchange has been on since October year 2010.

He further affirmed that the Companies were given the opportunity to get back on track at the Exchange to avoid delisting; subsequently they were given notified that they would be delisted. “But since they cannot meet up with the requirements put forward, “we had to delist them, we didn’t just take the decision, and there was due process; before the Exchange finally delisted them” he said.

On his part, Wole Tokede of Corporate Communications of the NSE affirmed that these Companies has been moribund for sometime and have been given the chance to bounce back; which they failed thereby leading to their delisting.

“However, the Exchange didn’t just delist them, there was a process in doing this, and at the end of the process, we had to delist them for the interest of the Market” Tokede affirmed.

This is coming on the heels of the ongoing transformation at the Nation’s Stock Exchange; since the coming on Board of Ikazoboh as the Interim Administrator following the removal of Professor (Mrs) Ndi Okereke-Onyiuke early August year 2010 by the Securities and Exchange Commission (SEC).