Nigerian Exchange Lists N6.34trn New Issues In 2025, Led By Banks’ Recapitalisation, FGN Bonds

The Nigerian Exchange (NGX) listed  estimated  N6.34 trillion new issues in 2025, driven by the banking sector recapitalisation, Federal Government of Nigeria (FGN) bond listings and corporate listings.

The listings were dominated by banks raising fresh equity to meet the Central Bank of Nigeria’s (CBN) higher paid-up capital thresholds, with 10 banks listing N2.55 trillion, accounting for 40.3 per cent of the total listings. The NGX has seen strong demand for FGN Bonds, with listings valued at N3.79 trillion, driven by attractive yields and confidence in the federal government’s ability to meet its debt obligations; while other corporate listings stood at N299.69 billion.

Analysts attributed the strong performance of the Nigerian capital market to stability in the foreign exchange market, companies recovering from foreign exchange losses, market liquidity, and capital inflow.

The 10 banks that have raised money from the capital market so far are: Wema Bank, FCMB Group, Guaranty Trust Holding Company (GTCO), Stanbic IBTC Holdings, Sterling Financial Holdings Company, United Bank of Africa (UBA), First HoldCo, Fidelity Bank, Zenith Bank and Access Holdings.

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

A breakdown 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 (N239.4 billion); Fidelity Bank (N175.85billion), FCMB Group (N167.67 billion), First Holdco, N149.56 billion, Wema Bank (N147.8billion), Stanbic IBTC Holdings (N148.71 billion) and Sterling Financial Holdings Company (N101.64 billion).

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

Most significant listings were Ellah Lakes’ N3.09 billion arising from the conversion of its debt to equity transaction. Lasaco Assurance listed N11.1 billion private placement. ARM Investment Managers Limited listed N100 billion, while Chapel Hill Denham Management Limited listed N15.34 billion Nigeria Infrastructure debt Fund.

In addition, Coronation Asset Management Limited listed N8.79 billion fund as Dangote Cement, Craneburg EKSG Motorway Company and TAJ Sukuk Issuance Programme SPV 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 N605.03 billion 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.

The group managing director, NGX Group, 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 sub-national economic growth.”

The vice president, Highcap Securities Limited, 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.