Kayode Tokede 

The Nigerian Exchange Limited (NGX) recorded an estimated N5.31 trillion worth of both Federal Government of Nigeria (FGN) Bonds and Corporates listings in the nine months of 2025 to underline capital market contribution to economy capital formulation. 

The N5.31 trillion listings on the exchange is on the backdrop of banks raising fresh equity to meet the Central Bank of Nigeria (CBN) new paid-up capital thresholds.

Data obtained from the NGX showed that in nine months of 2025, corporates listed an estimated N2.23 trillion, while FGN Bonds and Corporate bonds listing on NGX stood at N2.99 trillion and N84.5 billion, respectively. 

The trading numbers revealed 10 banks listed   N2.2 trillion or 98.7per cent out of the N2.23 trillion listed by firms in the period under review.

The 10 banks are: Wema Bank Plc, FCMB Group Plc, Guaranty Trust Holding Company Plc (GTCO), Stanbic IBTC Holdings Plc and Sterling Financial Holdings Company Plc.

Others are: United Bank of Africa Plc (UBA), First HoldCo Plc, Fidelity Bank Plc, Zenith Bank Plc and Access Holdings Plc.   UBA, N239.4billion; Fidelity Bank, N175.85billion; FCMB Group, N167.67billion; First Holdco, First HoldCo, N149.56billion; Wema Bank, N147.8billion; Stanbic IBTC Holdings, N148.71 billion and   Sterling Financial Holdings Company,   N101.64billion.  

According to THISDAY findings, GTCO, Access Holdings and Zenith Bank have listed N369.billion, N351.01 billion and N350.46 billion, respectively in the nine months under review to meet the new minimum capital requirement set by the CBN for commercial banks with international authorisation.   

The Group Chief Executive Officer of GTCO, Segun Agbaje in a statement said: “The successful recapitalisation of our flagship banking subsidiary, Guaranty Trust Bank Limited, marks a pivotal step in strengthening the foundation of our Group.

“With significant new capital secured and the CBN’s recapitalisation directive for Guaranty Trust Bank now fulfilled, we are focused on deepening innovation and service excellence, delivering improved performance, and expanding our footprint across high- growth markets, while upholding the industry-leading standards that define the GTCO brand.”

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.

During the period, Legend Internet Plc listed by introduction about N11.28 billion, while Multi-Trex Integrated Foods Plc had a private placement worth N3.25 billion

Ellah Lakes Plc listed 1,104,386,890 ordinary shares of 50 kobo each arising from the conversion of its debt to equity valued at N3.09billion. Lasaco Assurance Plc early in the year had a private placement of 9,250,000,000 ordinary shares of 50 kobo each at N1.20 per share, worth N11.1 billion.

In addition, Coronation Asset Management Limited listed 87,900,000 units of its Series 1 of Coronation Infrastructure Fund of N100 each worth N8.79 billion. 

Among the largest FGN bond listings in nine months of 2025 was valued at N605.03 billion when DMO had a supplementary listing on NGX April 25, 2025 and a N368.31 billion new listing around February 18, 2025.  

On the corporate bond, Craneburg EKSG Motorway Company Plc listed N32.5 billion; TSL SPV Plc listed N5billion, Dangote Cement Plc, N38.2 billion.

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.

Commenting, the Group Managing Director, Nigerian Exchange Group (NGX Group) Plc 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 subnational economic growth.”

Chief Executive Officer, Nigerian Exchange Limited (NGX), Mr. Jude Chiemeka underlined the exchange’s role in supporting governments with market-driven financial solutions, especially state governments, which have shown relatively low recourse to the capital market.

“The Exchange remains committed to working closely with subnational governments to structure tailored financial instruments that align with their development priorities,” Chiemeka said.

Analyst and 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   return of 38.65 per cent in nine months of 2025.

Measuring the performance by market capitalisation revealed that the stock market opened for trading in 2025 at N62.763 trillion, gained 44.3per cent or N27.82 trillion to close September 30, 2025 at N90.581 trillion.

Analysts have attributed the stock market 38.65 per cent investors average return to stability in the foreign exchange market, companies recovering from foreign exchange losses, market liquidity, capital inflow, dominance of domestic investors, increasing portfolio investment. The CBN banking sector recapitalisation and insurance sector reforms have played a critical role in overall stock market performance in the period under review.