Banking Sector Recapillisation, Others Push New Listings on NGX to N6.34trn

Kayode Tokede 

The  banking sector recapitalisation, Federal Government of Nigeria bond and other corporates listings pushed total listings on Nigerian Exchange Limited (NGX) to an estimated N6.34 trillion in 2025. 

The estimated N6.34 trillion listings on the NGX is on the backdrop of banks raising fresh fresh equity to meet the Central Bank of Nigeria (CBN) higher paid-up capital thresholds, listing of the federal  government band raised to bridge budget deficit and corporates listings.

Trading numbers obtained from the NGX showed that in 2025, Nigerian banks raised and listed an estimated N2.25 trillion, while FGN Bonds and other corporate listings on NGX stood at N3.79 trillion and N299.69 billion, respectively. 

The NGX data revealed 10 banks that seek to meet the new capital threshold by 2026 and companies seeking to raise fresh capital listed N2.55 trillion or 40.3 per cent out of the N6.34 trillion total listing during the period under review.

The fundraisings, experts noted, underscore the depth of the Nigerian capital market to cater to large-ticket transactions as well as other categories of issuances from small to mid-tier issuers. 

The 10 banks that have raised money from the capital market so far are: Wema Bank Plc,  FCMB Group Plc,  Guaranty Trust Holding Company Plc (GTCO), Stanbic IBTC Holdings Plc and  Sterling Financial Holdings Company Plc.

Others are:  United Bank of Africa Plc (UBA),  First HoldCo Plc,  Fidelity Bank Plc, Zenith Bank Plc and  Access Holdings Plc.   

With the support from the capital market community, most listed banks have met the CBN threshold before the  March 2026 deadline. 

A breakdown of the NGX numbers showed that GTCO, Access Holdings and Zenith Bank have listed N369.billion, N351.01 billion and N350.46 billion, respectively during the period under review.   

Other banks listing include: UBA, N239.4billion;  Fidelity Bank, N175.85billion; FCMB Group, N167.67billion; First Holdco, N149.56billion;  Wema  Bank, N147.8billion; Stanbic IBTC Holdings, N148.71 billion and   Sterling Financial Holdings Company,   N101.64billion.  

The banks’ capital-raising efforts were bolstered by NGX Invest, a digital platform launched by the Exchange, which facilitated a seamless process for selling their offerings. The NGX Invest is designed to significantly enhance the efficiency of public offering subscriptions and rights issue processes, streamlining operational workflows to better support issuers’ capital-raising efforts.

Outside the banking listings, on April 24, 2025, Legend Internet Plc listed on NGX by introduction about N11.28 billion,  while Multi-Trex Integrated Foods Plc had a private placement worth N3.25 billion

Most significant listings were Ellah Lakes Plc listing of 1,104,386,890 ordinary shares of 50 kobo each arising from the conversion of its debt to equity transaction that valued at N3.09billion. Lasaco Assurance Plc had early in the year had a private placement of 9,250,000,000 ordinary shares of 50 kobo each at N1.20 per share, worth N11.1 billion.

ARM Investment Managers Limited listed N100 billion while Chapel Hill Denham Management Limited listed  N15.34 billion  Nigeria Infrastructure debt Fund of N100.00 each arising from Series 11 issued at N109.50 per unit under the N200 Billion Issuance Programme. In addition, Coronation Asset Management Limited listed 87,900,000 units of its  Series 1 of Coronation Infrastructure Fund of N100 each worth N8.79billion as Dangote Cement ,Craneburg EKSG Motorway Company Plc and TAJ Sukuk  Issuance Programme SPV Plc listed N38.2 billion, N38.2 billion and N57.03 billion, respectively.  

Among the  largest FGN bond listings in nine months of 2025 was valued at   N605.03billion when Debt Management Office (DMO)  had  a supplementary listing on NGX April 25, 2025 and  a N368.31 billion new listing around February 18, 2025.  

Analysts attributed the strong demand for FGN Bonds to attractive yields, which offered investors high returns on their investments, stressing  that the oversubscription levels highlighted confidence in the federal government’s ability to meet its debt obligations.

They also  said the capital market has the depth and liquidity to drive the government’s $1 trillion economic agenda. They cited the bullish runs at the primary and secondary markets.

The Group Managing Director, Nigerian Exchange Group (NGX Group) Plc  Temi Popoola said the NGX would continue to leverage technology and innovation to support private and public sector financing.

Popoola said, “We are building an Exchange that extends beyond traditional securities trading. By leveraging technology, we are enhancing market accessibility, attracting capital, and creating new investment opportunities. Our goal is to develop a dynamic, inclusive, and globally competitive capital market that supports national and subnational economic growth.”

Speaking with THISDAY, the Vice President, Highcap Securities  Limited, Mr. David Adnori stated that the capital market was poised to make pivotal contributions to the achievement of the $1 trillion economic target of the government.

He called for supportive policies to encourage more companies and governments to utilise the capital market for their financing programmes.

The performance of the primary market segment further highlighted the bullishness of the Nigerian market, which had recorded a full-year return of 38.65 per cent in nine months of 2025, one of the three highest returns across the global markets.

Measuring the performance by market  capitalisation revealed that the stock market opened for trading in 2025 at N62.763 trillion, gained N35.01 trillion or 55.78 per  cent to close December 23, 2025 at N97.772 trillion. 

Analysts  have attributed the stock market N35.01 trillion average return by investors to stability in the foreign exchange market, companies recovering from foreign exchange losses, market liquidity, capital inflow, dominance of domestic investors, increasing portfolio investment, CBN’s banking sector recapitalisation  and insurance sector reforms have played a critical role in overall stock market performance in the period under review.