N42.89bn Raised As 6 Firms List New Shares On Nigerian Exchange

Six companies have raised a total of N42.89 billion and listed 15.437 billion new ordinary shares on the Nigerian Exchange Limited between August 31 and September 4, 2026.

The listings comprise two private placements, three rights issues and one debt-to-equity conversion across insurance, financial services and energy sectors. With the additions, the NGX’s total listed equities have increased significantly.

Leading the raise was the financial services sector, Sterling Financial Holdings Company Plc listed 2.573 billion ordinary shares of 50 kobo each at N4.00 per share following a private placement. The issue raised N10.29 billion and increased the company’s total issued and fully paid-up share capital from 65.929 billion to 68.502 billion shares.

Coronation Insurance also completed a private placement, listing 4.534 billion ordinary shares of 50 kobo each at N2.16 per share. The exercise raised N9.79 billion, pushing its total issued shares from 23.991 billion to 28.525 billion. Both placements were listed on August 31, 2026.

Three insurance firms strengthened capital through rights issues. Sovereign Trust Insurance Plc listed 2.511 billion shares at N2.00 per share on the basis of three new shares for every 17 held as at March 17, 2026. The offer raised N5.02 billion and lifted its issued capital to 16.739 billion shares.

Sunu Assurances Nigeria Plc listed 2.075 billion shares at N4.50 per share on a 5-for-14 basis as at February 12, 2026. The rights issue raised N9.34 billion, increasing total shares to 7.886 billion.

Regency Alliance Insurance Plc listed 2.674 billion shares at N0.95 per share from a 1-for-5 rights issue held as at May 8, 2026. The company raised N2.54 billion, with issued capital rising to 18.679 billion shares.

In the energy sector, Eunisell Interlinked Plc listed 68.729 billion ordinary shares at N2.91 per share on September 4, 2026, following the conversion of N200 million debt to equity. The transaction increased its issued capital from 236.7 million to 305.428 million shares.

Market operators said the wave of capital raises reflects growing investor appetite for recapitalization ahead of stricter regulatory requirements in insurance and financial services.

They added that the listings will deepen liquidity and broaden options for both retail and institutional investors on the Exchange.

The chief operating officer of InvestData Consulting Limited, Ambrose Omordion, said the listings show confidence returning to the primary market.

“This wave of private placements and rights issues tells you companies are positioning early. The insurance and financial services sectors especially need capital, and investors are responding because they see value,” Omordion said.