Over 40 Companies Raise N2.45 Trillion from Stock Market in Nine Months

Kayode Tokede

Over 40 companies raised N2.45 trillion from the Nigerian capital market between January and September 2026, as businesses positioned themselves for growth amid persistent economic pressures, according to data on corporate listings on the Nigerian Exchange Limited (NGX).

The capital-raising surge underscores the NGX’s growing importance as a source of long-term financing for businesses seeking alternatives to expensive bank loans.  
Data on corporate listings on the NGX show total corporate capital raising hit about N2.45 trillion in nine months of 2026, covering public offers, private placements and supplementary listings.

The surge came as the Nigerian Exchange Limited All-Share Index gained 61.43 per cent year-to-date (YtD) as of September 2026 to 251,211.67 basis points, making Nigeria one of Africa’s best-performing exchanges.
Among the over 40 companies are: Dangote Sugar Refinery, which raised N485.88 billion through a rights issue; Abbey Bank raised N64.547 billion; Guinea Insurance listed 12.673 billion new shares; Regency Alliance 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, among others.

Of the corporate 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 firms, with listings of N883.8 billion in the period under review.  

The N883.8 billion listing on the NGX by these four financial institutions came against the backdrop of the Central Bank of Nigeria (CBN) policy mandating that firms raise fresh equity to meet paid-up capital thresholds.
 As GTCO listed N10 billion after a successful private placement of 125,000,000 ordinary shares of 50 kobo each at N80.00 per share, NGX admitted UBA’s and First Holdco’s N157.8 billion and N128.7 billion rights issue and private 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, were new listings on NGX.    

 The Managing Director of Globalview Capital Limited, Mr. Aruna Kebira, said the recent surge reflected rising investor confidence in the Nigerian Exchange, not apathy, and that confidence is key to capacity building.
Speaking on market participation, Kebira said innovations, improved transparency and the T+1 settlement cycle, where investors get proceeds a day after selling, have deepened retail participation and awareness.
Kebira cited the Dangote Refinery offer, where platforms like OPay and banks actively mobilised investors, as a driver of serious market awareness.

He said the market had evolved significantly since 2011 and was aligning with global standards, moving away from the speculative ‘kalokalo’ approach seen in 2004.
On funding options, Kebira said equity remained the cheapest way to run and expand a manufacturing organisation, as interest on bank loans must be paid regardless of profitability, while equity allowed profits to be ploughed back into the company to do more for shareholders.

He added that the funds had a multiplier effect on capacity expansion, technology adoption and job creation.
He said boards would be under pressure to deliver value, increase production, pay good dividends and put square pegs in square holes because reputation was at stake, adding that the recapitalisation in insurance was necessary to restore the ability to pay claims and rebuild public confidence in the sector.

On his part, the National Chairman of New Dimension Shareholders Association, Mr. Patrick Ajudua, however, stated that fresh capital raising did not automatically translate to higher dividends or immediate job creation.
“You need to know that investment has a risk element. Not all companies that raise fresh capital deliver better dividends,” Ajudua said.
He noted that, in fairness, many companies had delivered dividends, particularly since this administration came to power, which stabilised the economy, especially the foreign exchange market.