Kayode Tokede
Over 40 firms raised N2.45 trillion from the Nigerian capital market between January and September 2026, as companies positioned themselves for development amid persistent financial pressures, in accordance with information on company listings on the Nigerian Exchange Limited (NGX).
The capital-raising surge underscores the NGX’s rising significance as a supply of long-term financing for companies in search of options to costly financial institution loans.
Data on company listings on the NGX present whole company capital elevating hit about N2.45 trillion in 9 months of 2026, overlaying public gives, non-public placements and supplementary listings.
The surge got here because the Nigerian Exchange Limited All-Share Index gained 61.43 per cent year-to-date (YtD) as of September 2026 to 251,211.67 foundation factors, making (*40*) one in all Africa’s best-performing exchanges.
Among the over 40 firms are: Dangote Sugar Refinery, which raised N485.88 billion via a rights subject; Abbey Bank raised N64.547 billion; Guinea Insurance listed 12.673 billion new shares; Regency Alliance Insurance raised N6.051 billion; Sunu Assurance raised N9.339 billion; Sovereign Trust Insurance raised N5.022 billion; Neimeth International Pharmaceuticals raised N2.442 billion; Critical Minerals Financing Corporation raised N1.807 billion and Eunisell Interlinked raised N200 million, amongst others.
Of the company listings, Fidelity Bank Plc, United Bank for Africa Plc (UBA), FCMB Group Plc, First HoldCo Plc, Access Holdings Plc, Sterling Financial Holdings Company Plc and Guaranty Trust Holding Company Plc led the listed corporations, with listings of N883.8 billion in the interval underneath assessment.
The N883.8 billion itemizing on the NGX by these 4 monetary establishments got here towards the backdrop of the Central Bank of (*40*) (CBN) coverage mandating that corporations elevate recent fairness to fulfill paid-up capital thresholds.
As GTCO listed N10 billion after a profitable non-public placement of 125,000,000 abnormal shares of fifty kobo every at N80.00 per share, NGX admitted UBA’s and First Holdco’s N157.8 billion and N128.7 billion rights subject and personal placement in early January 2026, respectively. Access Holdings, N21.4 billion; FCMB Group, N231.83 billion; Sterling Financial Holding Company, N106.978 billion; and Fidelity Bank, N227.05 billion, have been new listings on NGX.
The Managing Director of Globalview Capital Limited, Mr. Aruna Kebira, stated the latest surge mirrored rising investor confidence in the Nigerian Exchange, not apathy, and that confidence is vital to capability constructing.
Speaking on market participation, Kebira stated improvements, improved transparency and the T+1 settlement cycle, the place buyers get proceeds a day after promoting, have deepened retail participation and consciousness.
Kebira cited the Dangote Refinery supply, the place platforms like OPay and banks actively mobilised buyers, as a driver of significant market consciousness.
He stated the market had advanced considerably since 2011 and was aligning with international requirements, transferring away from the speculative ‘kalokalo’ strategy seen in 2004.
On funding choices, Kebira stated fairness remained the most cost effective method to run and increase a producing organisation, as curiosity on financial institution loans should be paid no matter profitability, whereas fairness allowed income to be ploughed again into the corporate to do extra for shareholders.
He added that the funds had a multiplier impact on capability growth, know-how adoption and job creation.
He stated boards could be underneath strain to ship worth, improve manufacturing, pay good dividends and put sq. pegs in sq. holes as a result of repute was at stake, including that the recapitalisation in insurance coverage was essential to revive the flexibility to pay claims and rebuild public confidence in the sector.
On his half, the National Chairman of New Dimension Shareholders Association, Mr. Patrick Ajudua, nonetheless, acknowledged that recent capital elevating didn’t routinely translate to larger dividends or rapid job creation.
“You need to know that investment has a risk element. Not all companies that raise fresh capital deliver better dividends,” Ajudua stated.
He famous that, in equity, many firms had delivered dividends, significantly since this administration got here to energy, which stabilised the financial system, particularly the overseas alternate market.
