Companies across the banking, insurance, oil and gas, agriculture and other sectors have listed securities worth approximately N2.7 trillion on the Nigerian Exchange Limited (NGX) in 2026, reflecting heightened capital-raising activity in the Nigerian capital market.
The funds were raised through a combination of rights issues, public offers, private placements, bond transactions and other capital-market exercises, with financial institutions accounting for a significant share of the new listings.
Data from the NGX showed that Dangote Sugar Refinery Plc recorded the largest listing among the companies reviewed, with additional shares valued at N485.9 billion.
The company listed 8.097 billion ordinary shares at N60 each following a rights issue structured on the basis of two new shares for every three existing shares held by eligible shareholders.
Presco Plc followed with N236.7 billion worth of shares listed through a rights issue priced at N1,420 per share. The offer was structured on the basis of one new ordinary share for every six existing shares.
The insurance sector also contributed substantially to the new listings, as operators responded to the recapitalisation requirements introduced by the National Insurance Commission (NAICOM).
Ten insurance companies collectively listed N118.89 billion worth of shares.
International Energy Insurance Plc accounted for N25.8 billion of the insurance-sector listings through a public offer involving 5.47 billion ordinary shares priced at N3.20 each.
Lasaco Assurance Plc listed N18.47 billion, while Linkage Assurance Plc recorded N16.26 billion. Veritas Kapital Assurance Plc followed with N15 billion, while Fortis Global Insurance Plc listed N12 billion.
Other insurance-sector listings included Coronation Insurance Plc at N9.79 billion, Sunu Assurances Nigeria Plc at N9.3 billion, Sovereign Trust Insurance Plc at N5.02 billion, Prestige Assurance Plc at N4.62 billion and Regency Alliance Insurance Plc at N2.54 billion.
Banking groups were also major contributors to the capital-market activity, with seven financial institutions collectively accounting for N652.01 billion in new listings.
The activity followed the Central Bank of Nigeria’s recapitalisation directive requiring banks to raise fresh equity to meet prescribed minimum paid-up capital thresholds.
FCMB Group Plc recorded the largest banking-related listing at N231.83 billion, followed by Fidelity Bank Plc with N227.05 billion.
United Bank for Africa Plc listed N157.8 billion, while First HoldCo Plc recorded N128.7 billion through rights issues and private placements.
Other listings included Access Holdings Plc at N21.4 billion and Guaranty Trust Holding Company Plc at N10 billion following a private placement involving 125 million ordinary shares priced at N80 each.
Sterling Financial Holdings Company Plc was also among the financial institutions that raised capital during the period.
Beyond the financial sector, Zichis Agro-Allied Industries Plc joined the NGX through an introduction, with shares valued at N1.09 billion, while Morison Industries Plc listed N400.3 million following a private placement.
AVA Capital Plc, a newly listed company, also recorded a listing of approximately N37.5 billion through an introduction.
In the oil and gas sector, Eterna Plc listed N19.41 billion following a rights issue involving 978.1 million ordinary shares priced at N22 each. The rights issue recorded a subscription rate of 90.18 per cent.
According to the NGX, the additional shares increased Eterna’s total issued and fully paid-up shares from approximately 1.3 billion to 2.19 billion ordinary shares.
Market analysts said the increased activity demonstrated the capacity of Nigeria’s capital market to mobilise long-term financing and support the government’s ambition of building a $1 trillion economy.
The anticipated listing of Dangote Refinery is expected to further increase the value of new securities on the exchange. The company is offering 4.1 billion new shares at N525 per share, targeting approximately N2.15 trillion in proceeds.
The offer, based on the company’s existing share structure, implies a post-offer equity valuation of about N65 trillion, with the possibility of additional allotments if the offer is oversubscribed and regulatory approval is obtained.
Vice President of Highcap Securities Limited, David Adnori, said the capital market was positioned to play a major role in supporting the government’s economic ambitions.
He called for policies that would encourage more businesses and public-sector institutions to utilise the capital market as a source of financing.
The surge in listings comes amid efforts by regulators and companies to deepen the Nigerian capital market, strengthen corporate balance sheets and improve access to long-term funding for businesses.
