Haldane McCall Plc has come under regulatory scrutiny as the NGX Regulation Limited (NGX RegCo) sanctioned the company for engaging in insider trading during a restricted trading window, commonly referred to as a “closed period.”
In a formal letter dated April 16, 2025, NGX RegCo cited Haldane McCall for violating Rule 17:18 – Period of Closure under the Exchange’s Listings Rules. The breach was disclosed in the NGX’s X-Compliance Report, a regulatory disclosure tool designed to uphold market transparency and investor protection.
A closed period refers to a timeframe when directors, executives, and connected persons are prohibited from trading in the company’s shares, typically ahead of financial result announcements or other price-sensitive information.
Haldane Joins List of Recent Offenders
Haldane McCall joins the ranks of other publicly listed firms previously sanctioned for similar offenses. In February 2025, Aradel Holdings Plc, ABC Transport Plc, and Cutix Plc were all issued caution letters by NGX RegCo for insider trading during closed periods, also in violation of Rule 17:18.
These enforcement actions form part of NGX RegCo’s ongoing commitment to market integrity and reflect growing regulatory oversight over corporate governance practices on the Nigerian Exchange.
Corporate Actions and Capital Plans
Haldane McCall Plc, which is listed on the Main Board under the Construction/Real Estate sector, currently has 3.122 billion shares outstanding and a free float of 35.06% in full compliance with the Exchange’s requirements.
The company is scheduled to hold its Annual General Meeting (AGM) on May 14, 2025, in Lagos, where the board will seek shareholder approval for several strategic resolutions. These include:
- An increase in share capital through the creation of 2.627 billion additional ordinary shares
- A proposed capital raise via rights issue
- Approval to raise up to ₦250 billion in tranches through debt instruments, aimed at funding the group’s expansion plans
The board has also proposed a dividend of 7 kobo per share, totaling ₦220.59 million, representing 32.5% of its 2024 profit after tax, for shareholders registered as of March 31, 2025.
Strong Financial Performance in 2024
Haldane McCall Plc reported impressive financial growth in its 2024 audited results, marking a year of strategic execution and operational efficiency.
- Revenue soared by 110% compared to 2023
- Profit After Tax (PAT) surged by 164%
- Total assets grew to ₦21 billion, a 23% year-on-year increase
“Our results reflect strong commercial momentum and resilience despite a challenging macroeconomic landscape. The board remains focused on continuous growth and value creation,” the company stated.
Diversified Portfolio and Sector Leadership
Haldane McCall Plc has positioned itself as one of the most diversified players in Nigeria’s real estate space, with a robust portfolio spanning residential, commercial, retail, and hospitality assets. The company has also made significant strides in the hospitality sector, with ongoing developments across major Nigerian cities.
Listed on the Nigeria Exchange Group (NGX) in 2024, the company is among the most recent entrants with a strong development track record and a clear strategy for long-term growth.
