Companies raised approximately ₦2.45 trillion through transactions recorded on the Nigerian Exchange Limited (NGX) between January and September 2026, reflecting sustained demand for equity financing as businesses confronted high borrowing costs and sought funds for expansion.
Figures drawn from corporate listings show that more than 40 companies participated in public offers, rights issues, private placements and supplementary share listings during the nine-month period. The activity coincided with a strong equity market performance, with the NGX All-Share Index reported to have gained 61.43 per cent year to date by September, reaching 251,211.67 points.
Banking groups were prominent among the issuers as they sought to meet the Central Bank of Nigeria’s revised minimum capital requirements. Fidelity Bank, United Bank for Africa, FCMB Group, First HoldCo, Access Holdings, Sterling Financial Holdings and Guaranty Trust Holding Company collectively accounted for about ₦883.8 billion in reported listings.
According to the figures, FCMB Group recorded ₦231.83 billion, Fidelity Bank ₦227.05 billion, UBA ₦157.8 billion, First HoldCo ₦128.7 billion, Sterling Financial Holdings ₦106.978 billion, Access Holdings ₦21.4 billion and GTCO ₦10 billion. The GTCO transaction involved a private placement of 125 million ordinary shares priced at ₦80 each.
Outside banking, Dangote Sugar Refinery was reported to have raised ₦485.88 billion through a rights issue. Other companies identified in the listings included Abbey Bank, Guinea Insurance, Regency Alliance Insurance, Sunu Assurance, Sovereign Trust Insurance, Neimeth International Pharmaceuticals, Critical Minerals Financing Corporation and Eunisell Interlinked.
Managing Director of Globalview Capital Limited, Aruna Kebira, described the volume of transactions as evidence of improving investor confidence and a stronger role for the stock market in financing productive activity. He argued that equity funding could be preferable to expensive debt for manufacturers because companies do not face fixed interest payments regardless of profitability.
Kebira also pointed to improved market processes, investor education and wider participation through digital channels. In his assessment, funds raised could support new equipment, higher output, technology adoption and employment, although the outcome would depend on how companies deployed the proceeds.
National Chairman of the New Dimension Shareholders Association, Patrick Ajudua, urged investors to distinguish successful fundraising from actual business performance. He cautioned that issuing new shares did not guarantee higher dividends or immediate job creation.
The scale of the fundraising therefore presents both an opportunity and a test: investors will be watching whether companies translate new capital into stronger balance sheets, sustainable profits and measurable benefits for the wider economy.
