Bank Recapitalisation Fuels ₦6.34 Trillion Listings Boom on the NGX
Nigeria’s capital market recorded a massive surge in new listings in 2025, as banking sector recapitalisation, Federal Government bond issuances, and corporate fundraisings pushed total listings on the Nigerian Exchange (NGX) to an estimated ₦6.34 trillion.
What Drove the ₦6.34 Trillion Surge?
The listings were driven by three major forces:
1. Bank recapitalisation to meet new CBN paid-up capital thresholds
2. FGN bond issuances to finance budget deficits
3. Fresh corporate fundraisings across equities, bonds, and funds
Breakdown of Listings in 2025
According to NGX trading data:
• Banks: ₦2.25 trillion
• FGN Bonds: ₦3.79 trillion
• Other Corporate Listings: ₦299.69 billion
Combined, these accounted for ₦6.34 trillion in total listings.
Notably, 10 banks and capital-seeking companies alone listed ₦2.55 trillion, representing 40.3% of all listings during the period.
Banks Leading the Capital Raise
Ten banks have so far raised funds to meet the CBN’s new capital requirements ahead of the March 2026 deadline:
• Access Holdings Plc
• Zenith Bank Plc
• GTCO Plc
• UBA Plc
• Fidelity Bank Plc
• FCMB Group Plc
• First HoldCo Plc
• Wema Bank Plc
• Stanbic IBTC Holdings Plc
• Sterling Financial Holdings Company Plc
Top Bank Listings
• GTCO: ₦369.0 billion
• Access Holdings: ₦351.01 billion
• Zenith Bank: ₦350.46 billion
• UBA: ₦239.4 billion
• Fidelity Bank: ₦175.85 billion
Most listed banks have already met the CBN capital threshold, well ahead of the 2026 deadline.
️ Technology Boost: NGX Invest
Banks’ capital-raising efforts were supported by NGX Invest, a digital platform that:
• Simplifies public offers and rights issues
• Enhances subscription efficiency
• Reduces operational bottlenecks
This improved market participation and execution speed.
Notable Non-Bank Corporate Listings
• Legend Internet Plc: ₦11.28bn (listing by introduction)
• Multi-Trex Integrated Foods: ₦3.25bn (private placement)
• Ellah Lakes Plc: ₦3.09bn (debt-to-equity conversion)
• Lasaco Assurance Plc: ₦11.1bn private placement
️ Funds, Infrastructure & Sukuk Listings
• ARM Investment Managers: ₦100bn
• Chapel Hill Denham: ₦15.34bn infrastructure fund
• Coronation Asset Management: ₦8.79bn infrastructure fund
• Dangote Cement: ₦38.2bn
• Craneburg EKSG Motorway Co: ₦38.2bn
• TAJ Sukuk Issuance SPV: ₦57.03bn
FGN Bonds: Strong Demand Continues
Some of the largest FGN bond listings in 2025 included:
• ₦605.03bn supplementary listing (April 25, 2025)
• ₦368.31bn new listing (February 18, 2025)
Analysts attribute the heavy oversubscription to:
• Attractive yields
• Investor confidence in government debt repayment
Market Performance: A Bullish Year
• Primary market return: 38.65% (9 months of 2025)
• Market capitalisation:
• Opened 2025 at ₦62.76 trillion
• Gained ₦35.01 trillion (55.78%)
• Closed Dec 23, 2025 at ₦97.77 trillion
Why the Market Performed Strongly
Analysts link the rally to:
• FX market stability
• Recovery from FX losses by companies
• Strong market liquidity
• Increased capital inflows
• Dominance of domestic investors
• Banking recapitalisation
• Insurance sector reforms
️ NGX’s Vision
NGX Group MD, Temi Popoola, emphasized that the Exchange is:
• Leveraging technology and innovation
• Expanding beyond traditional securities
• Supporting Nigeria’s $1 trillion economic agenda
Investor Takeaway
The ₦6.34 trillion listing boom highlights:
• Deepening capital market liquidity
• Strong investor confidence
• The NGX’s growing role in national economic development
For long-term investors, this reinforces the importance of banking stocks, fixed-income instruments, and infrastructure-linked assets as key drivers of future market growth.
Nigeria’s capital market recorded a massive surge in new listings in 2025, as banking sector recapitalisation, Federal Government bond issuances, and corporate fundraisings pushed total listings on the Nigerian Exchange (NGX) to an estimated ₦6.34 trillion.
What Drove the ₦6.34 Trillion Surge?
The listings were driven by three major forces:
1. Bank recapitalisation to meet new CBN paid-up capital thresholds
2. FGN bond issuances to finance budget deficits
3. Fresh corporate fundraisings across equities, bonds, and funds
Breakdown of Listings in 2025
According to NGX trading data:
• Banks: ₦2.25 trillion
• FGN Bonds: ₦3.79 trillion
• Other Corporate Listings: ₦299.69 billion
Combined, these accounted for ₦6.34 trillion in total listings.
Notably, 10 banks and capital-seeking companies alone listed ₦2.55 trillion, representing 40.3% of all listings during the period.
Banks Leading the Capital Raise
Ten banks have so far raised funds to meet the CBN’s new capital requirements ahead of the March 2026 deadline:
• Access Holdings Plc
• Zenith Bank Plc
• GTCO Plc
• UBA Plc
• Fidelity Bank Plc
• FCMB Group Plc
• First HoldCo Plc
• Wema Bank Plc
• Stanbic IBTC Holdings Plc
• Sterling Financial Holdings Company Plc
Top Bank Listings
• GTCO: ₦369.0 billion
• Access Holdings: ₦351.01 billion
• Zenith Bank: ₦350.46 billion
• UBA: ₦239.4 billion
• Fidelity Bank: ₦175.85 billion
Most listed banks have already met the CBN capital threshold, well ahead of the 2026 deadline.
️ Technology Boost: NGX Invest
Banks’ capital-raising efforts were supported by NGX Invest, a digital platform that:
• Simplifies public offers and rights issues
• Enhances subscription efficiency
• Reduces operational bottlenecks
This improved market participation and execution speed.
Notable Non-Bank Corporate Listings
• Legend Internet Plc: ₦11.28bn (listing by introduction)
• Multi-Trex Integrated Foods: ₦3.25bn (private placement)
• Ellah Lakes Plc: ₦3.09bn (debt-to-equity conversion)
• Lasaco Assurance Plc: ₦11.1bn private placement
️ Funds, Infrastructure & Sukuk Listings
• ARM Investment Managers: ₦100bn
• Chapel Hill Denham: ₦15.34bn infrastructure fund
• Coronation Asset Management: ₦8.79bn infrastructure fund
• Dangote Cement: ₦38.2bn
• Craneburg EKSG Motorway Co: ₦38.2bn
• TAJ Sukuk Issuance SPV: ₦57.03bn
FGN Bonds: Strong Demand Continues
Some of the largest FGN bond listings in 2025 included:
• ₦605.03bn supplementary listing (April 25, 2025)
• ₦368.31bn new listing (February 18, 2025)
Analysts attribute the heavy oversubscription to:
• Attractive yields
• Investor confidence in government debt repayment
Market Performance: A Bullish Year
• Primary market return: 38.65% (9 months of 2025)
• Market capitalisation:
• Opened 2025 at ₦62.76 trillion
• Gained ₦35.01 trillion (55.78%)
• Closed Dec 23, 2025 at ₦97.77 trillion
Why the Market Performed Strongly
Analysts link the rally to:
• FX market stability
• Recovery from FX losses by companies
• Strong market liquidity
• Increased capital inflows
• Dominance of domestic investors
• Banking recapitalisation
• Insurance sector reforms
️ NGX’s Vision
NGX Group MD, Temi Popoola, emphasized that the Exchange is:
• Leveraging technology and innovation
• Expanding beyond traditional securities
• Supporting Nigeria’s $1 trillion economic agenda
Investor Takeaway
The ₦6.34 trillion listing boom highlights:
• Deepening capital market liquidity
• Strong investor confidence
• The NGX’s growing role in national economic development
For long-term investors, this reinforces the importance of banking stocks, fixed-income instruments, and infrastructure-linked assets as key drivers of future market growth.