Kayode Tokede
Over 40 corporations 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 response to 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 searching for 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, protecting public presents, 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 Nigeria certainly one of Africa’s best-performing exchanges.
Among the over 40 corporations are: Dangote Sugar Refinery, which raised N485.88 billion by a rights challenge; Abbey Bank raised N64.547 billion; Guinea Insurance listed 12.673 billion new shares; Regency (*40*) 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 companies, with listings of N883.8 billion in the interval underneath evaluation.
The N883.8 billion itemizing on the NGX by these 4 monetary establishments got here in opposition to the backdrop of the Central Bank of Nigeria (CBN) coverage mandating that companies increase contemporary 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 challenge 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, had been new listings on NGX.
The Managing Director of Globalview Capital Limited, Mr. Aruna Kebira, stated the current surge mirrored rising investor confidence in the Nigerian Exchange, not apathy, and that confidence is essential to capability constructing.
Speaking on market participation, Kebira stated improvements, improved transparency and the T+1 settlement cycle, the place traders get proceeds a day after promoting, have deepened retail participation and consciousness.
Kebira cited the Dangote Refinery provide, the place platforms like OPay and banks actively mobilised traders, as a driver of great market consciousness.
He stated the market had advanced considerably since 2011 and was aligning with world requirements, transferring away from the speculative ‘kalokalo’ strategy seen in 2004.
On funding choices, Kebira stated fairness remained the most cost effective strategy to run and develop a producing organisation, as curiosity on financial institution loans have to be paid no matter profitability, whereas fairness allowed earnings to be ploughed again into the corporate to do extra for shareholders.
He added that the funds had a multiplier impact on capability enlargement, 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 status 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, said that contemporary capital elevating didn’t robotically translate to greater dividends or instant 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 corporations had delivered dividends, significantly since this administration got here to energy, which stabilised the economic system, particularly the overseas trade market.
