NGX cautions Tantalizers, NPF Microfinance Bank over insider trading breaches
The Nigerian Exchange Limited (NGX) has issued formal caution letters to Tantalizers Plc and NPF Microfinance Bank Plc, citing violations of listing rules regarding insider dealings.
The sanctions highlight a breach of market transparency, revealing that both entities conducted share transactions during “closed periods”—a timeframe when internal stakeholders are prohibited from trading to prevent unfair advantages.
Nature of the breach
According to the NGX, both companies violated Rule 17:18 (Period of Closure). This rule is designed to ensure an orderly market by requiring listed companies to disclose material information timely and transparently.
The exchange noted that these actions occurred “far from the public eye,” prompting the regulatory body to reinforce its stance on market integrity.
Tantalizers Plc: Growth amidst scrutiny
The caution letter to Tantalizers, dated February 10, comes during a period of massive stock appreciation. As of Friday, February 20, 2026, Tantalizers’ shares have surged by 116% year-to-date, reaching a price of N5.40.
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Despite the regulatory hiccup, the “foodtainment” company is moving forward with an aggressive diversification strategy. Its subsidiary, Tantainment Limited, recently secured a N2 billion equity investment from RGM Materials Solutions Limited.
The group plans to use the capital to upgrade its Ikeja-based studios and strengthen its regulatory compliance frameworks—the latter being particularly relevant following the NGX’s recent warning.
NPF Microfinance Bank: Regulatory red flag
NPF Microfinance Bank received its caution letter on February 17. Like Tantalizers, the bank was flagged for trading during a restricted window.
The bank’s stock has also seen significant movement this year, closing at N6.27 on February 20, representing a 69% year-to-date increase.
The NGX maintains that every listed company must provide timely information to maintain an orderly market. While both companies remain “visible corporate entities” with strong year-to-date performances, the sanctions serve as a reminder that the exchange is tightening its grip on internal mechanics and disclosure failures.
