From Tyre King to NGX Delisting: Lessons from Dunlop Nigeria’s Fall

Dunlop Nigeria Plc was once a market leader in tyre manufacturing. On April 9, 2026, the NGX formally delisted the company after over a decade of inactive production. A 2006 tariff cut slashed local protection. Rising energy costs and unreliable power further eroded margins. Heavy debt on a modern plant left the company vulnerable when conditions worsened. Early warning signs included recurring losses from 2003 to 2007, falling capacity utilisation and strained cash flows. These indicators signalled deepening trouble long before delisting. Today’s investors can avoid the next “Dunlop” by scrutinising debt-funded expansions, energy exposure and import competition. They should also watch for weak governance, delayed reporting and dormant operations.

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