FGN Bond Dominates Corporates in N6.95trn New Listings on NGX 

Kayode Tokede

The Federal Government Securities (Bond and Sukuk) surpassed corporates in N6.95 trillion new listings on the Nigerian Exchange Limited (NGX) in the first five months of 2026 as the bourse sustained its critical role in capital formulation and supporting business expansion.  

According to the NGX  X-compliance report obtained by THISDAY, the FGN Bond/Sukuk contributed 69.6 per cent or N4.84 trillion out of the N6.95 trillion new listings, while corporates  accounted for 26.8 per cent or N1.87  trillion in the period under review.

The Lagos state’s bonds also contributed 3.5 per cent or N244.8 billion in the first five months of 2026.  

According to the report, on February 9, 2026, the Lagos state government listed N230 billion series 4, 10 Years 16.25% fixed rate bond due 2035 under the N1 trillion debt and hybrid instruments issuance programme and N14.815 billion Series 3, 5 years 16% fixed rate green bond due 2030 under the n1 trillion debt and hybrid instruments issuance programme. 

Of the corporate listing, Fidelity Bank Pllc, United Bank for Africa Plc (UBA), FCMB Group Plc, First HoldCo Plc, Access Holdings Plc and Guaranty Trust Holding Company Plc led listed firms with listings of N731.86 billion  in the period under review.  

The N731.86 billion listing on the NGX by these four financial institutions  is on the backdrop of the Central Bank of Nigeria (CBN) policy that mandated raising fresh equity to meet the paid-up capital thresholds.

A breakdown showed that GTCO listed N10 billion shares after a successful private placement of 125,000,000 ordinary  shares of 50 kobo each at N80.00 per share.

Also, the NGX admitted UBA and First Holdco’s N157.8billion and N83.7billion rights issue and private placement early January 2026, respectively. Access Holdings, N21.4 billion; FCMB Group, N231.83 billion and Fidelity Bank, N227.05 billion new listings on NGX.      

In the  period under review, Presco Plc listed N236.7 billion worth of shares arising from Rights Issue at N1,420.00 per share on the basis of one (1) new ordinary share for every existing six (6) ordinary shares, while  LFZC Funding SPV Plc listed N16.1 billion 7-Year  20.50% Series 1 Senior Fixed Rate Infrastructure Bonds Due 2032 under the N100,000,000,000 LFZC Funding SPV Plc Bond Issuance Programme

Also, Zichis Agro-Allied Industries Plc was admitted on NGX by introduction share worth N1.09 billion, as Morison Industries Plc listed N400.3 million when offered 266,838,125 ordinary shares of 50 Kobo each at N1.50 per share through a Private Placement.

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.

The latest on  NGX was Eterna listing of 882,064,158 ordinary shares of 50 kobo each arising from

rights issue of 978,108,485 ordinary shares of 50 kobo each at N22.00 per share.  

The Rights issue was 90.18per cent subscribed.

“With the listing of the additional 882,064,158 ordinary shares, the total issued and fully paid-up shares of Eterna Plc have now increased from 1,304,144,647 to 2,186,208,805 ordinary shares of 50 Kobo each,” the NGX disclosed. 

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.

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 gain of 60.47per cent Year-till-Date (YtD)

Analysts  have attributed the stock market average return by 60.47 per cent YtD 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.