₦airaland Forum

Dangote refinery IPO meets target as investors from 119 countries apply – Report

Dangote Petroleum Refinery and Petrochemicals FZE has reportedly enough commitments from Nigerian and retail investors to meet its initial public offering (IPO) fundraising target, with investors from 119 countries applying for shares in the company.

This is according to a Bloomberg report citing people familiar with the matter, who disclosed that the offering had attracted between $1.5 billion and $1.6 billion in fully funded commitments from domestic and retail investors.

The development comes as the refinery’s IPO is scheduled to close today, October 27, 2026, following a two-week extension of the application period, with strong demand potentially creating an allocation squeeze for international investors.

Dangote IPO attracts global investors

According to people familiar with the offering, investors from all 54 African countries have requested allocations, while applications have been received from 119 countries worldwide.

The sources, who requested anonymity because the process is ongoing, said commitments from Nigerian and retail investors mean the refinery has effectively reached its fundraising target before accommodating international demand.

The offering includes nominee arrangements involving Standard Bank Group, Egypt and Ethiopia, alongside global depositary receipts being sold through exchanges in Kenya and Botswana to facilitate participation by investors outside Nigeria.

The company is expected to use a 30% over-allotment option, potentially increasing the amount raised to about $2.1 billion and creating additional room for overseas investors, although foreign demand could still exceed available allocations.

Speaking in Gaborone, Botswana, on October 14, Aliko Dangote said the refinery had already surpassed its fundraising target, with investor interest exceeding the amount being sought by more than three or four times.

Bloomberg also reported that Dangote could consider selling part of his stake through a secondary sale to investors who miss out on IPO allocations, although this would depend on his assessment of the final order book.

The Dangote refinery IPO opened on September 14, 2026, with the company seeking to raise approximately $1.6 billion, equivalent to N2.15 trillion, through the sale of 4.1 billion ordinary shares at N525 each.

The offering has a minimum subscription of 10 shares, valued at N5,250, and is targeting as many as 10 million investors, particularly retail investors across Nigeria and other African markets.

Proceeds from the offering are intended to support the expansion of the Lagos-based refinery, with plans to increase its processing capacity to 1.4 million barrels per day by the first quarter of 2029.

The subscription period was initially scheduled to close on October 13 but was extended by two weeks to October 27 following approval from the Securities and Exchange Commission (SEC).

As Nairametrics previously reported, the extension was intended to support wider investor participation and provide additional time for prospective subscribers to complete account opening, identity verification and other regulatory requirements.

African markets expand IPO access

The Dangote refinery IPO has attracted participation across several African markets, with the company pursuing regulatory approvals and trading arrangements to facilitate cross-border investment.

These arrangements cover East and Southern Africa, alongside initiatives in Ethiopia and Egypt aimed at expanding access to the refinery’s shares.

In East Africa, regulators in Kenya and Uganda cleared routes for eligible investors to participate in the IPO, with the regional offering expected to raise up to $300.4 million.

In Southern Africa, Gaborone, Botswana’s capital, was selected as a trading venue for depositary receipts targeting investors across the region, with the programme expected to raise $500 million.

Ethiopia’s capital markets regulator approved an arrangement allowing the refinery to offer IPO-linked securities to up to 100 qualified investors in the country.

In Egypt, Dangote Group held discussions with the Egyptian Exchange over a proposed depositary receipt programme that would allow eligible investors to gain exposure to shares in the refinery.

The refinery said the extension of the subscription deadline would support efforts to expand access across African markets, including through additional distribution channels and depositary receipt programmes, while giving prospective investors more time to complete regulatory requirements.

Nigeria’s Commercial Paper market has surpassed N1.9 trillion, says SEC DG

NAIRAMETRICS; by Israel Ojoko

Nigeria’s commercial paper market has grown beyond N1.9 trillion, with the Securities and Exchange Commission (SEC) positioning the short-term debt market as a pipeline for companies seeking to raise capital through public offerings.

The SEC Director-General, Emomotimi Agama, disclosed this while speaking on the Duke in Business podcast, noting that the market was expanding rapidly as companies increasingly use commercial paper to meet short-term financing needs.

According to Nairametrics Research, 23 companies brought commercial paper offers to the Nigerian money market in the third quarter of 2026, targeting a combined N446.1 billion across 43 series under programmes with a total registered size of N1.98 trillion.

Unbelievable market expansion

Agama described the market’s expansion as “unbelievable,” highlighting its potential to prepare companies for broader participation in Nigeria’s capital market.

“We have instituted the market, which is called the commercial paper market. The commercial paper market is growing at a speed that is unbelievable. As we speak today, the commercial paper market is over 1.9 trillion,” he said.

Agama acknowledged that companies issuing commercial paper are not necessarily listed on the stock exchange but said their participation in the market could help prepare them for eventual public offerings.

He described the market as a stepping stone for companies to become more familiar with capital-raising requirements and investor expectations.

“It brings something we call encouragement. And of course, we are leading them towards IPO. So it becomes a pipeline,” he said.
According to the SEC chief, the commission is encouraging companies with appropriate corporate structures, governance standards, annual financial statements and transparent operations to participate in the market.

He said the experience gained through commercial paper issuance could help these businesses prepare for future initial public offerings (IPOs), potentially broadening the range of companies available to investors.

SEC targets broader market participation

Commenting on concerns that five stocks account for more than 67% of the Nigerian stock market’s total valuation, Agama said the priority should be to expand participation rather than focus solely on market concentration.

He said financial literacy, investor advocacy and demonstrating the value of the capital market were central to attracting more companies and investors.

“It’s not having an issue. What is important, which is good for us, is to expand the space. And expanding the space is literacy. Expanding the space is advocacy. Expanding the space is making sure that the people involved see the value of the market,” he said.

Agama also said the SEC’s regulatory approach over the past two and a half years had focused on encouraging compliance rather than relying primarily on penalties.

According to him, the commission’s income from non-compliance has declined as more companies comply with regulatory requirements.

“If I get you to comply, I don’t need to fine you,” he said.

He compared the approach to parenting, arguing that regulators should help businesses understand and meet their obligations rather than rely exclusively on punishment.

“Yours is not always to flog your child. Yours is to make sure that your child understands what he or she should do. And then you guide the child to succeeding,” he said.

10 offers dominate third-quarter issuance

Data tracked by Nairametrics Research showed that the ten largest commercial paper offers by target size in the third quarter of 2026 collectively sought to raise N350 billion, accounting for 78.5% of the total issuance targeted during the period.

All ten offers were primarily directed at working capital financing, highlighting the role of commercial paper in helping Nigerian companies meet short-term liquidity requirements.

Two of the ten offers were structured as non-interest commercial paper under a Murabahah arrangement.

Under this structure, a special purpose vehicle procures commodities or assets on behalf of the borrower and sells them on a deferred-payment basis at an agreed profit rate. This provides a Shariah-compliant alternative to conventional discount-based commercial paper.

The figures point to continued use of the market by companies seeking short-term funding, while the SEC is looking to use participation in the market to encourage stronger corporate governance and create a potential pipeline of future IPO candidates.

AFRICA PRUDENTIAL PLC LAGOS, NIGERIA
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2026

Summary of Africa Prudential Plc Q3 2026 Unaudited Financial Statements (9 Months Ended 30 September 2026)

The latest unaudited results show that Africa Prudential Plc (AFRIPRUD) continued to grow strongly during the first nine months of 2026. The company earned more money, increased its profits, and maintained a healthy financial position.

1. Profit Increased Significantly

The company's profit after tax (the money left after all expenses and taxes) rose to ₦2.69 billion from ₦2.05 billion in the same period of 2025. This represents an increase of about 31%.

For an ordinary investor, this means the company generated substantially more earnings than it did a year ago.

2. Total Income Was Stronger

AFRIPRUD's net operating income increased to ₦6.91 billion, compared with ₦5.11 billion in the previous year's corresponding period.

A major contributor was interest income, which climbed to ₦5.85 billion from ₦4.00 billion. This suggests the company benefited from returns on its investments and cash holdings.

3. Core Business Continued to Grow

Revenue from its main business activities increased to ₦1.07 billion, up from ₦965 million a year earlier.

This indicates that the company's registrar and investor-services operations were still attracting business and generating more income.

4. Cost Profile

Like many growing businesses, AFRIPRUD spent more money to support its operations:

Personnel expenses increased to ₦1.39 billion from ₦970 million.
Other operating expenses rose to ₦1.33 billion from ₦962 million.

While costs increased, profits grew even faster, which is generally a positive sign.

5. Shareholders Benefits

The company reported earnings per share (EPS) of 67 kobo, up from 51 kobo in the same period of 2025.

In simple terms, every share in the company generated more profit than it did last year, which is usually good news for shareholders.

Additional Good News

Apart from profit, the company recorded gains on some of its investment holdings, helping total comprehensive income rise to ₦3.02 billion from ₦2.42 billion in the comparable period of 2025.

Overall verdict: Africa Prudential Plc delivered a strong Q3 2026 performance. The company appears financially healthy, with growing profits driven by both its core business and higher investment income.

GTCO, Stanbic IBTC and PZ reveal dates for dividends qualifications

https://nairametrics.com/2026/10/07/gtco-stanbic-ibtc-and-pz-reveal-dates-for-dividends-qualifications/

Three companies listed on the Nigerian Exchange (NGX) will pay dividends ranging from N1 to N4.50 per share in the fourth quarter of 2026, with qualification dates scheduled for October....

My questions:
1. How many drops of oil has the refinery produced in 10 years?
2. What is the salary being paid for, both old and new structure?
3. If nothing happens in 48 hours, who will suffer for it: Nigerians or the refinery workers?
4. Would the strike affect the stock market or supply of fuel nationwide?

Enquiring minds want to know.



PH Refinery Workers Threaten Shutdown Over Seven Months’ Unpaid Salaries

https://diasporadigitalmedia.com/ph-refinery-workers-threaten-shutdown-over-seven-months-unpaid-salaries-2/

by Hope Nwankwo

Workers at the Port Harcourt Refining Company have threatened to shut down operations over seven months of unpaid salaries.

The workers, under the Support Staff Union of the Port Harcourt Refining Company, protested at the refinery in Eleme, Rivers State, demanding urgent action from management.

The protest also centred on the delayed implementation of a new salary structure reportedly approved by the Nigerian National Petroleum Company Limited.

The union said the new remuneration package was expected to take effect from October 1, 2026.

However, workers alleged that the structure has yet to be implemented despite the reported approval.

The union has given NNPCL management a 48-hour ultimatum to address the outstanding issues.

It warned that failure to resolve the matter could lead to a shutdown of the refinery.

Beyond the unpaid salaries, the workers are demanding the immediate payment of their outstanding entitlements.

They are also asking for a one-time ₦1 million housing or rent relief for eligible support staff.

The workers said the continued delay has placed significant financial pressure on employees, particularly as living and accommodation costs continue to rise.

The union also called for improved communication between refinery management and labour representatives on matters affecting workers’ welfare.

The dispute adds another layer of pressure around the Port Harcourt refinery, which has remained an important part of Nigeria’s efforts to strengthen domestic petroleum refining.

Attention is now on NNPCL management as the 48-hour ultimatum runs its course and workers await a response to their demands.

Critical Minerals Financing Corp leads NGX gainers in September with 55.96% surge

https://bizwatchnigeria.ng/critical-minerals-financing-corp-leads-ngx-gainers-in-september-with-55-96-surge/


Critical Minerals Financing Corporation (CMFC) Plc emerged as the top gainer on the Nigerian Exchange (NGX) for September 2026, appreciating by 55.96 per cent.

The broader equities market experienced robust growth as total market capitalization rose by N5.37 trillion to close the month at N163.105 trillion, while the All-Share Index gained 2.87 per cent to reclaim the 250,000-point threshold.

CMFC’s stellar market performance coincided with the recognition of its President and Co-Chief Executive Officer, Dr. Israel Ovirih, among Nigeria’s Top 25 CEOs by BusinessDay in collaboration with the NGX.
The Nigerian equities market wrapped up September 2026 on a bullish note, propelled by strong value stock accumulation, portfolio rebalancing, and corporate restructuring.

Data from the NGX revealed that the All-Share Index advanced by 2.87 per cent during the month, climbing from 244,199.39 points to 251,211.67 points and successfully reclaiming the 250,000-point level, while total market capitalization expanded by N5.37 trillion to close at N163.105 trillion.

Leading the performance chart was Critical Minerals Financing Corp (CMFC) Plc, which surged 55.96 per cent after recording 4,895 deals involving 253.25 million shares valued at N700.12 million.

The rally pushed CMFC’s market valuation past N11.10 billion and generated approximately N3.98 billion in shareholder capital gains. Other notable gainers included UPDC REIT (45.42 per cent), Zichis Agro Allied Industry (36.77 per cent), and NGX Group (35.68 per cent). Conversely, International Energy Insurance led the losers’ chart with a 20.21 per cent decline, followed by Chams Plc and Austin Laz.

Market analysts attributed CMFC’s exceptional run to investor enthusiasm surrounding its specialized focus on Africa’s critical minerals and metals sector, alongside strong corporate governance.

The company’s momentum was further amplified when its President and Co-Chief Executive Officer, Dr. Israel Ovirih, was honored among Nigeria’s Top 25 CEOs by BusinessDay Media in partnership with the NGX. NGX CEO Jude Chiemeka and BusinessDay CEO Frank Aigbogun praised Ovirih’s strategic leadership and CMFC’s pivotal role in bridging global mineral demand with African value chains through structured financing and regulatory compliance.

Expanding capital market access for specialized sectors like critical minerals requires robust institutional financing frameworks and strong corporate governance standards.

Managing primary market listings and capital additions is essential for sustaining long-term market capitalization growth alongside index fluctuations.

“CMFC remains committed to unlocking value in Nigeria and Africa’s critical minerals and metals sector through structured financing… helping African countries formalise their mining sectors through governance structures, financing and technical expertise.”

CMFC will advance its strategic financing initiatives to formalize Africa’s mining value chain, while market participants monitor early-fourth-quarter trading patterns for sustained liquidity.

Critical Minerals Financing Corporation led September gains on the NGX with a 55.96 per cent rally, capping a strong month that saw market capitalization expand by N5.37 trillion.

A friend of mine just left a meeting with ARM Securities customer service, saying the ARM system makes it difficult for customers to withdraw funds after stock sale.

Does anyone have that same experience? Is this a deliberate measure on their trading apps?

NGX sheds N1.67 trillion as sell-off deepens across sectors

… BUA Cement, Nestlé, NB, Transcorp tumble as market breadth stays weak at 11 gainers against 44 losers

https://nairametrics.com/2026/09/10/ngx-sheds-n1-67-trillion-as-sell-off-deepens-across-sectors/


The Nigerian equities market remained under pressure for a second straight session on Wednesday, September 9, 2026, as the benchmark All-Share Index (ASI) declined 1.05% to close at 242,223.10 points, erasing approximately N1.67 trillion in market capitalisation.

The pullback, triggered by a massive sell-off in heavyweight stocks including BUA Cement, Nestlé, Nigerian Breweries, Transcorp Plc, extends Tuesday’s steep N1.88 trillion loss, taking the ASI down to its lowest level of the week.

The index is now down 5,476.68 points from Monday’s high of 247,699.78 points.

The two-day rout suggests investors continue to sell down, mopping up funds ahead of the Dangote Refinery IPO subscription window, which opens September 14, even as market breadth remained weak, with just 11 stocks advancing against 44 decliners, though an improvement on Tuesday’s 4-to-62 split.

Market summary:

All-Share Index (ASI): 242,223.10 points, down 1.05% from 244,802.11 points.
Market capitalisation: N157.05 trillion, down 1.05% from N158.72 trillion.
Market value lost: Approximately N1.67 trillion.
Year-to-date (YTD) market return: +55.66%, moderated from +57.31% on Tuesday.
Trading volume: 534.45 million shares, down 29.04% from 753.17 million shares.
Market turnover (value traded): N22.28 billion, down 19.94% from N27.82 billion.
Total deals: 46,943, down from 54,051.
Market breadth: 11 stocks gained during the session, while 44 declined.

Top 5 Gainers:
Champion Breweries: up 9.90% to N11.10, from N10.10.
VFD Group: up 9.52% to N11.50, from N10.50.
UPDC: up 5.88% to N3.60, from N3.40.
Ikeja Hotel: up 4.58% to N44.50, from N42.55.
Cutix: up 3.06% to N2.36, from N2.29.

Top 5 Losers:
BUA Cement: down 10.00% to N278.10, from N309.00.
FTN Cocoa: down 10.00% to N7.65, from N8.50.
Japaul Gold: down 10.00% to N2.34, from N2.60.
NSL Technologies: down 10.00% to N0.63, from N0.70.
Omatek Ventures: down 10.00% to N1.35, from N1.50.


Driving the numbers:

BUA Cement was Wednesday’s most significant large-cap decliner, tumbling 10.00% to N278.10 and shedding N30.90 per share in the session.

The weakness spread across consumer goods heavyweights, with Nigerian Breweries easing 9.76% to N74.00.

Nestlé Nigeria fell 6.51% to N2,800.00, and Cadbury Nigeria retreated 9.94% to N58.45.

Together, these names weighed heavily on the Consumer Goods and Industrial indices.

Transcorp Plc declined 5.57% to N33.05, FCMB slipped 4.87% to N10.75, and AccessCorp eased 4.16% to N26.50, extending the pressure seen in banking-adjacent names since Tuesday.


On the gainers chart, Champion Breweries led with a 9.90% advance, while VFD Group, UPDC, Ikeja Hotel and Cutix posted more modest but still notable gains.

Among banking names, Zenith Bank added 1.64% to N124.00, Sterling Financial Holdings gained 2.67% to N7.70, and UBA edged up 0.47% to N42.95 while NGX Group rose 0.83% to N133.00,— a marked improvement from Tuesday, when banking stocks led the rout.


Sector performance:

Sectoral performance was broadly negative on Wednesday, reversing some of the divergence seen a day earlier.

The Industrial Index recorded the steepest decline at 3.10%, falling to 9,999.13 points from 10,318.23 points.

The Insurance Index followed closely with a 3.07% decline to 1,043.11 points, extending Tuesday’s 4.38% drop.

The Consumer Goods Index eased 2.09% to 4,051.24 points, a reversal from its modest 0.49% gain the previous session.
The Banking Index declined a more modest 0.53% to 2,493.73 points, stabilising sharply after Tuesday’s steep 5.29% plunge.

The Oil & Gas Index was the most resilient, slipping just 0.20% to 5,761.75 points after Tuesday’s 5.76% rally while the Commodity Index held unchanged at 1,877.46 points, following Tuesday’s 4.04% gain.


Volume and value contribution:

Unlike Tuesday’s surge in activity, Wednesday’s decline came alongside a sharp pullback in trading volumes, suggesting reduced participation rather than aggressive repositioning.

Volume fell 29.04% to 534.45 million shares traded, while deal count declined to 46,943 transactions from 54,051. Turnover value dropped 19.94% to N22.28 billion.

Sterling Financial Holdings (STERLINGNG) dominated the volume tally with 78.11 million shares traded.

Nestlé Nigeria led by value at N3.20 billion, reflecting continued institutional interest in the consumer goods bellwether despite its price decline.


What you should know:

With two grave consecutive sessions of huge losses, the market has now wiped out a combined N3.55 trillion in market capitalization between Tuesday and Wednesday, with market capitalization declining sharply from Monday’s record N160 trillion milestone.

The notable slowdown in trading volumes — in contrast to Tuesday’s activity surge — may indicate that the most aggressive portfolio repositioning ahead of the Dangote Refinery IPO has already occurred.

Investors now appear more selective as the September 14 subscription window approaches.

Despite the pullback, the ASI remains exceptionally strong at 55.66% year-to-date.
With Nigeria’s reclassification to Frontier Market status by FTSE Russell taking effect from September 21, attention will likely remain split between the refinery listing and index-eligibility flows in the sessions ahead.

Dangote refinery: NMDPRA mulls legal battle over access restriction

https://bizwatchnigeria.ng/dangote-refinery-nmdpra-mulls-legal-battle-over-access-restriction/

By Annette Ikponmwonba | September 9, 2026



• NMDPRA is considering its next legal move after a Federal High Court restrained it from interfering with Dangote Refinery’s operations.

• The court said the refinery had satisfied the conditions for an interim injunction.

• Dangote Refinery argued that NMDPRA lacks regulatory authority. Nigerian Midstream and Downstream Petroleum Regulatory Authority is weighing its next move following a Federal High Court order restraining it from shutting down or interfering with the operations of Dangote Petroleum Refinery in the over operations within free trade zones.

• An earlier Attorney-General of the Federation letter reportedly stated that NMDPRA could not exercise regulatory oversight over free zones.

• NMDPRA had previously maintained that petroleum companies operating in free zones remain subject to the Petroleum Industry Act.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority is weighing its next move following a Federal High Court order restraining it from shutting down or interfering with the operations of Dangote Petroleum Refinery in the Lekki Free Zone, Lagos, Justice Akintayo Aluko issued the interim injunction after hearing an application filed by Dangote Petroleum Refinery Nigeria Limited.

The refinery approached the court after NMDPRA allegedly directed it, in a letter dated August 24, 2026, to suspend the loading and truck-out of petroleum products from its facility, Dangote argued that NMDPRA lacked regulatory and oversight powers over operations within free zones, including the Dangote Industrial Free Zone.

In granting the interim injunction, Justice Aluko said he had considered the application, affidavit evidence, exhibits and submissions from both sides, The judge also referred to a March 2, 2026 letter from the Attorney-General of the Federation, which reportedly stated that NMDPRA was not entitled to exercise regulatory powers or oversight functions over operations within free zones.

The dispute centres on whether petroleum facilities operating within free trade zones are subject to NMDPRA’s regulatory authority under the Petroleum Industry Act 2021, Dangote Refinery maintains that its location within the Dangote Industrial Free Zone limits NMDPRA’s regulatory jurisdiction.

NMDPRA, however, has previously taken the opposite position, arguing that petroleum companies operating in free zones, export processing zones and other designated areas remain subject to the Petroleum Industry Act and regulations issued under it, The disagreement could have implications beyond Dangote Refinery, particularly for other oil and gas companies operating within Nigeria’s free zones.

NMDPRA spokesman George Ene-Ita declined to comment further on the matter, saying he could not comment on a case before the court, Senior officials within the regulator indicated that the agency’s legal team and management would determine its next course of action, In May, NMDPRA issued an industry circular stating that petroleum companies operating in free zones, export processing zones and other designated areas remain fully subject to the Petroleum Industry Act 2021.

NMDPRA’s legal team and management are expected to determine whether to challenge the court’s interim order or pursue another legal option, The substantive legal dispute over regulatory authority within free zones could become more important as the case progresses, The outcome could also establish a significant precedent for the regulation of petroleum companies operating within Nigeria’s free trade zones.

The dispute between Dangote Refinery and NMDPRA is fundamentally about who has regulatory authority over petroleum operations inside free zones. The court has temporarily restricted NMDPRA’s intervention, while the regulator is considering its next legal move.

I thought Access had soft-pedalled in their aggressive acquisition in Africa after govt cautioned them. it seems the energy is back.

I just hope this translates to their overall profitability that will favour investors on NGX.

mikeapollo:
Access Bank Vying to Acquire Societe-Generale Bank Ghana

https://thehighstreetjournal.com/secret-banking-battle-in-ghana-bright-simons-reveals-moroccan-and-nigerian-giants-vie-for-societe-generale/

If this bloodbath continues throughout the one month that the DR IPO will run its course, what will become of the market thereafter?

Is this a good omen for the market?

Some stocks might run under water for all you know....or even disappear sef...especially the insurance stocks.

I don't think so. The electronic option will make it easier to control since people will apply using their BVN. Except people want to use multiple BVN and other data sets.

chimex38:
Using digital method won't affect affect it much.
Non-tech savvy investors have banks managers, brokers, aids etc that will willingly collect paper copy/hard copy and help them digitize it.

It's no big deal.

Rather the electronic method will even skyrocket the oversubscription.

Mass dumping on NGX today. This Dangote Refinery effect is sure kicking in so fast that many don't want to be left out, now that they know the share price and the close proximity of the purchase.

What a week this will be.

How many Dangote Cement shares do you need for N10 million annual dividends?

https://nairametrics.com/2026/09/07/how-many-dangote-cement-shares-do-you-need-for-n10-million-annual-dividends/

By Idika Aja


What would it take to earn N10 million from Dangote Cement dividends for the 2026 financial year?

Using the company’s 2025 financial year dividend of N45 per share, the answer is about 222,223 shares.

At the current share price of N1,034, an investor would need about N230 million to build that position.

That sounds like a lot of money for N10 million in annual income. But Dangote Cement is not an ordinary dividend stock.

The company has paid a dividend every year at least since 2013, and the payout has generally increased over time, rising from N7 per share in 2013 to N45 in 2025. The 2025 N45 dividend was a 50% increase from the previous year’s N30.

The question, therefore, is not whether Dangote Cement has a history of paying dividends. It clearly does. The bigger question is whether the company can sustain its solid H1 2026 performance through the second half of the year.

For now, the odds appear to favour Dangote, as the forces supporting its earnings look stronger than those that could derail them.

The next six months will tell us whether those advantages are strong enough to carry the company into another record year, but first let us look at the transaction.

The transaction

If you decide to invest once, it means you will spend N230 million to buy 222,223 units at the current market price of N1,034.

But the investment does not have to be made in one transaction. You can decide to stagger the purchases while keeping the money not yet invested in another interest-bearing investment, provided the full Dangote Cement position is accumulated before the relevant qualification date. For the 2025 financial year dividend, the qualification date was June 17, 2026.

That approach sacrifices some potential upside if the shares rise rapidly but protects the investor from putting all N230 million into the market at one price.

This matters because Dangote Cement has not been a low-volatility investment. The shares have gained about 322% over five years, but annualized volatility over the period was about 34%.

This means the stock has historically experienced sizeable price swings around its normal pattern of returns. The volatility was even higher in 2026, at about 37%.

That makes the timing of a N230 million investment important and gives some justification for an investor who prefers to stagger purchases rather than invest everything at once.


The N45 dividend may not be the ceiling


Our calculation uses N45 as the base case for the FY2026 dividend, assuming it is paid around the same period in 2027.

But Dangote Cement’s H1 2026 results suggest there could be room for more.

The company made N638.5 billion in profit in six months, already equivalent to about 63% of the N1.01 trillion it made in all of 2025.
Earnings per share also rose to N38.22, compared with N59.86 for the whole of 2025.
If the second half were to match the first, full-year EPS could reach about N76.


That does not mean the dividend will automatically rise to a particular level. But it gives the company more room to reward shareholders if the board maintains a strong payout.


With the dividend income settled, what could N230 million be worth in a year?


If Dangote Cement repeats its 33% annualised five-year share-price growth, the shares could move from N1,034 to around N1,300–N1,400.

The N230 million investment would then be worth roughly N307 million, before adding the N10 million dividend.

That would put the total value at about N317 million, representing a potential gain of about N87 million, or about 38%, including the dividend.

That is our base-case scenario, not a requirement for investing in Dangote Cement. An investor does not need N230 million to participate in the company’s dividend or growth story.

The amount can simply be scaled to match the investor’s available capital and outlook. If you are investing N23 million, for example, you would be targeting about N1 million in annual dividends at the same N45 payout, while a N46 million investment would target about N2 million


What could push Dangote Cement higher or derail the return?


The first major test comes with the 9M 2026 results in October. They will tell investors whether the strong H1 performance is continuing or whether the first six months were unusually strong.

So far, the evidence points to a positive outlook. Nigeria remains the engine of the business.

Demand for cement continues to be supported by construction, housing and infrastructure spending.
More importantly, Dangote Cement operates in an industry where producers have significant pricing power.
When costs rise, cement manufacturers have generally been able to adjust prices, helping protect their profit margins.


That was evident in H1 2026. Revenue increased 21.4%, but operating profit grew much faster, by 30.7%, showing that the company was able to retain more of each additional naira of revenue as profit. This pricing power could remain one of Dangote Cement’s biggest advantages in the second half.

Another catalyst is Dangote Cement’s ongoing Pan-African expansion, which is beginning to add new capacity to the business. Its 3Mta Côte d’Ivoire plant is still ramping up production, while management has said expansion projects in Itori and Ethiopia remain on track.

Commenting on the company’s H1 2026 results, Arvind Pathak, Chief Executive Officer of Dangote Cement, said:

“We are equally encouraged by the progress of our expansion programme. Construction and commissioning activities at our new 6Mta Itori plant are now at an advanced stage, and we remain on track to complete the project before year-end. Once operational, Itori will enhance our production footprint, expand our export capacity, and move us closer to achieving our long-term ambition of 80Mta in installed production capacity by 2030.”


There is also a major change in the company’s financial position. Dangote Cement moved from net debt at the end of 2025 to net cash of about N150 billion by June 2026, while operating cash flow reached about N1.06 trillion.

Then there is the London listing. Dangote Cement plans to host investors in London on September 21 ahead of its proposed secondary listing.

The listing could broaden the company’s international investor base and bring more foreign attention to the shares.
But there are things that could derail the story.

The first is tax. Profit before tax increased more than 34% in H1, but profit after tax grew only 23% because the effective tax rate increased. If that pressure continues, earnings available to shareholders may grow more slowly than the underlying business.

The second is Pan-African performance. Volumes recovered, but margins remained under pressure in markets such as Cameroon and Ghana.


Perspectives


Based on the earnings trajectory, dividend history, and the outlook for the cement business, Dangote Cement is most likely to remain profitable in 2026 and increase its dividend payout.

The cement giant has consistently returned a large portion of its earnings to shareholders. Applying a similar payout to our estimated 2026 earnings points to a dividend of about N55–N60 per share, compared with the N45 paid for 2025.

For an investor targeting N10 million in annual dividend income, this would mean needing roughly 167,000–182,000 shares, rather than the 222,223 shares required at a N45 dividend.

At the current share price of N1,034, that represents an investment of approximately N173 million–N188 million.

On the share-price side, Dangote Cement can move towards N1,300–N1,400 over the next year, if investor sentiment is sustained.

Chams makes N7.7 billion from cards, biometrics services as H1 profit rises
NAIRAMETRICS; by Samuel Daniel


Chams Holding Company Plc generated N7.7 billion from the supply of cards and biometrics-related services in the first half of 2026, as the company continued to expand its presence in Nigeria’s payments and identity infrastructure businesses.

The two businesses accounted for the bulk of the company’s revenue during the period, even as total revenue declined 0.9% to N9.79 billion from N9.88 billion in H1 2025.

Despite the slight decline in revenue, Chams’ gross profit rose 30.9% to N2.57 billion, helped by lower cost of sales.

What the numbers are saying

Chams’ N9.79 billion H1 revenue was driven primarily by its card and biometrics businesses.

Data Card Products generated N4.32 billion, representing 44.1% of group revenue.
Biometrics and Related Services contributed N3.46 billion, accounting for 35.3%.
Cyber Security, Infrastructure & Others contributed N1.85 billion, or 18.9%
The remaining businesses, including Access Control, Payment Gateway Fees, E-Voting, Virtual Airtime and the I’m Alive, Kegow, Pension Central and BVN businesses, contributed relatively small amounts.

The two largest businesses therefore generated about 79% of total group revenue.

Cost of sales fell 8.8% to N7.22 billion, compared with N7.92 billion in H1 2025. This lifted gross profit 30.9% to N2.57 billion, while gross margin expanded from 19.8% to 26.2%.

That improvement, however, did not translate into stronger operating profit. Administrative expenses increased 70.6% to N2.05 billion, pushing operating profit down 44.2% to N529 million.

Chams ultimately recorded N473 million in profit after tax, up 13% from N419 million in H1 2025.

Card business remains a key revenue engine

The card business is becoming an increasingly important part of Chams’ operations, driven by CardCentre, a subsidiary focused on smartcard personalisation, identity management, digital security and payment solutions.

CardCentre personalised more than 2.6 million cards in Q1 2026 alone, marking a record quarter for the business.

A new card manufacturing plant also commenced operations in May 2026, with the investment reflected in net property, plant and equipment, which increased from N2.86 billion to N4.91 billion, a 71.8% rise.

The investment follows a sharp increase in card sales, which surged 573% in 2025 to N5.9 billion.

The H1 2026 Data Card Products revenue of N4.32 billion suggests that the business has carried that momentum into the 2026 financial year.

Biometrics remains a major contributor

Biometrics and Related Services generated N3.46 billion in H1 2026, making it Chams’ second-largest revenue stream.

The business includes services around counting, phone, computer and sorting, and sits alongside Chams’ broader identity-management activities.

Chams’ biometrics operation also remains closely associated with Nigeria’s financial identity infrastructure. Its Bank Verification Number project marked its 10th anniversary in 2025.

Finance income props up profit

One of the more significant features of Chams’ H1 results is the sharp increase in finance income.

Finance income jumped from N18 million in H1 2025 to N539 million in H1 2026, with N536 million coming from investment income at Chams HoldCo level.

That income helped offset the decline in operating profit. Chams’ operating profit fell 44.2% to N529 million, but the increase in finance income helped the company record N473 million in profit after tax, up 13% from N419 million in H1 2025.

This means the improvement in Chams’ bottom-line profit was not driven entirely by its core operations.

While gross profit improved significantly, higher administrative expenses put pressure on operating earnings, making the increase in finance income an important contributor to the final profit figure.

Get up to speed

Chams’ H1 2026 performance comes against the backdrop of efforts by the company to strengthen its capital base and expand its digital infrastructure and identity-related businesses.

In November 2025, Chams listed 1.96 billion additional ordinary shares on the Nigerian Exchange following a private placement in which about 2 billion shares were issued at N1.87 each.
The listing increased its total issued and fully paid-up shares from 4.70 billion to 6.65 billion and boosted its market capitalisation to about N21 billion.
Chams also attracted significant trading activity on the NGX in January 2026.

On January 26, the company was the most actively traded stock by volume, with 41.5 million shares exchanged, ahead of Access Holdings at 34.3 million and GTCO at 31.5 million.

What you should know

Earlier this year, Nairametrics reported that Chams had ushered in a new phase of leadership with the appointment of former Wema Bank CEO, Segun Oloketuyi, as Chairman of its Board of Directors.

Oloketuyi takes over following the retirement of Sir Demola Aladekomo, Chams’ founder, who stepped down after four decades at the helm of the company.

The appointment was approved by the Board in line with the company’s corporate governance framework and applicable regulatory requirements and was disclosed in a notice to the Nigerian Exchange and the investing public.

N59tn Stock Market Boom: Why Nigerians Are Not Feeling the Wealth

Sam Diala and Ogochukwu Onwaeze
August 10, 2026


August 10, (THEWILL) — Nigeria’s recent emergence as the world’s best-performing stock market in 2026 was received with mixed feelings. The rally was built on an exceptional performance recorded a year earlier when the Nigerian Exchange (NGX) ranked as the world’s second-best performing equity market after South Korea.

By the end of March 2026, the NGX All-Share Index had surged 38.88 percent to 201,668.42 points, crossing the 200,000-point mark for the first time. Investors created almost N30 trillion in wealth during the quarter as market capitalisation climbed to a then-record N129.45 trillion. So far, Nigeria’s capital market has added about N59.13 trillion in market value since the end of 2025, pushing the NGX to fresh highs.

As of Friday, August 7, the NGX equities market capitalisation stood at N158.513 trillion, while the All-Share Index closed at 245,573.60 points. Against the N99.38 trillion market capitalisation recorded at the end of 2025, the market has added roughly N59.13 trillion in value in just over seven months.

Nigeria has now outpaced South Korea, heightening expectations of a booming economy that will cascade through the lives of households and individuals.

But the opposite has been the outcome. The rally has already painted picture of a booming economy that would cascade through the lives of households and individuals. But the opposite has been the outcome as millions of Nigerians continue to struggle with poverty, rising food costs and expensive credit.

The dramatic increase in financial asset values has, therefore, not been matched by an equivalent improvement in household purchasing power. Recent developments underscore this reality. The World Bank’s April 2026 Nigeria Development Update estimates that 63 percent of Nigerians were living below the national monetary poverty line in 2025, up from 61 percent in 2024 and 56 percent in 2023.

At the same time, headline inflation stood at 15.91 percent in June, while food inflation remained higher at 17.52 percent, keeping pressure on household budgets despite the significant moderation in inflation from previous peaks.

The contrast raises a fundamental question: if financial assets are becoming substantially more valuable, why is that wealth not translating into a comparable improvement in living standards? Part of the answer lies in the difference between market value and fresh capital.

Industry experts explain that a rise in stock-market capitalisation does not mean that an equivalent amount of money has flowed into listed companies. When investors bid up the price of existing shares, the value of the entire company rises even though only a fraction of its shares may have changed hands at the new price. This distinction is particularly important in understanding the N59.13 trillion increase recorded by the equities market this year.

For a country battling a cost-of-living crisis, shrinking purchasing power and widespread poverty, the stock market is telling a remarkably different story. The Nigerian Exchange is booming. Investors have watched trillions of naira added to the value of quoted equities, with the market’s spectacular appreciation creating the impression of a country awash with new wealth.

Yet, outside the trading floors, brokerage houses and portfolios of shareholders, there is little evidence of a corresponding prosperity. The paradox is stark: the stock market is getting richer while the Nigerian household is getting poorer.

“That contradiction exposes one of the most misunderstood features of Nigeria’s economic recovery. A rising stock market is not necessarily the same thing as rising national wealth, rising household income or falling poverty. In an economy where ownership of financial assets is heavily concentrated, an equity-market boom can enrich investors without materially improving the living standards of the overwhelming majority,” said Mike Akannor, a financial analyst.

This is the uncomfortable question behind the N59 trillion market boom: where is the wealth going?

The conventional wisdom is that the stock market is the barometer of the economy. In a properly functioning economy, a buoyant equity market should reflect stronger corporate earnings, expanding businesses, rising investment, employment creation and confidence in the future. That is what obtains in advanced economies. But Nigeria’s present experience demands a qualification.

The stock market may be a barometer of investor expectations and corporate valuations without being a reliable barometer of the welfare of the average Nigerian, because investors invest for the future. When share prices rise, the immediate beneficiaries are shareholders. Companies whose market valuations increase become more valuable. Existing investors record capital gains, while those who sell at higher prices can crystallise those gains.

“But millions of Nigerians do not own meaningful quantities of quoted equities,” said David Andoni, Chief Executive Officer of HighCap Securities Limited. He explained further that “a market-capitalisation increase is not the same as money being distributed across households. It is, fundamentally, a revaluation of financial assets.”

This is why a N59 trillion increase in market value cannot be interpreted as N59 trillion suddenly entering Nigerians’ pockets.

Akannor further explained that much of the increase represents the higher valuation of shares already in existence. “If the market value of a company rises because investors are willing to pay more for its shares, the company does not automatically receive that increase as cash for distribution to citizens. The wealth is real for shareholders, but its distribution is anything but broad.”

Another explanation for the paradox is the ownership problem. Market experts say Nigeria’s stock market has another structural weakness: asset ownership is highly unequal. The Nigerian who is struggling to pay rent, school fees, transport fares and food bills is unlikely to have surplus income to deploy into equities. For many households, savings have become a luxury. When income is barely sufficient to survive, the household priority is not buying shares. It is buying food.

A professional investor with a substantial portfolio can see his net worth rise dramatically during a stock-market rally. A low-income worker facing higher food prices experiences none of that paper wealth. The two Nigerians live in the same economy but inhabit completely different economic realities.

The rally was driven by a combination of monetary easing, banking recapitalisation and improving macroeconomic conditions. A 50-basis-point reduction in the Monetary Policy Rate to 26.5 percent signalled that Nigeria’s interest rate tightening cycle had peaked, prompting investors to rotate from fixed-income securities into equities as Treasury bill and bond yields moderated.

The banking sector became the market’s biggest catalyst after 33 banks successfully met new capital requirements, collectively raising more than N4.65 trillion through rights issues, public offers and private placements. The recapitalisation exercise boosted liquidity and strengthened investor confidence in financial stocks, while expectations of stronger corporate earnings further supported demand.

Foreign portfolio investors also returned as exchange-rate stability improved and external reserves strengthened. Trading activity accelerated sharply, with monthly equity turnover more than doubling between January and March as participation broadened beyond blue-chip stocks into mid-cap and growth companies.

PenCom’s Q4 2025 industry report showed that N3.96 trillion of pension assets was invested in domestic equities as of December 31, 2025. That represented 15.37 percent of the N25.76 trillion Contributory Pension Scheme assets under management at the time. By 2026, pension assets and domestic equity exposure had increased further, underscoring the growing importance of institutional savings to the Nigerian capital market.

For pension contributors, stronger equity prices can be positive because rising share values can increase the value of retirement savings. But that benefit is different from an immediate improvement in disposable household income. A worker may have a larger pension balance on paper while simultaneously paying more for food, transport, electricity, housing and other necessities.


The booming market is yet to become a mass-market wealth-creation platform because most Nigerians are not participants. As NGX Managing Directo,r Jude Chiemeka, acknowledged, retail participation remains significantly low despite Nigeria’s population of more than 250 million. Until ordinary Nigerians own meaningful stakes in productive companies, a surge in market capitalisation will remain largely a story about asset prices rather than household prosperity.

An economist and former Chief Economic Adviser to former President Muhammadu Buhari, Doyin Salami, at the July 2026 Anchoria Investor Forum, where he participated in discussions on the changing structure of Nigeria’s capital market, highlighted the growing dominance of domestic investors, with domestic investors accounting for about 80 percent of participation.

The forum acknowledged that domestic institutional investors—pension funds, asset managers, insurance companies and other large investors—can dominate trading while millions of ordinary Nigerians remain outside the market. The fact that domestic investors now dominate the Nigerian market should not be confused with mass ownership of Nigerian equities.

The market can be overwhelmingly “domestic” while still being concentrated in the hands of institutions and relatively wealthy investors. The real test is not who is trading on the NGX, but how widely ownership of the country’s productive assets is distributed.

“You cannot benefit from an asset-price boom if you do not own the asset. A Nigerian who owns no shares does not become richer merely because the market capitalisation of listed companies has risen by trillions of naira,” said Andoni.

NGX Group Hosts Brazilian Delegation, Seeks Greater Investment, Capital Flow

https://investdata.com.ng/ngx-group-hosts-brazilian-delegation-seeks-greater-investment-capital-flow/

Says Domestic Investors Remain Bourse’s Biggest Players


The Nigerian Exchange Group Plc, on Saturday in Lagos said the visit is coming almost exactly one year after a delegation from the NGX Group board paid a study visit to Brazil, stressing the need to take the relationship to the next level.

Given that the Nigeria’s capital market has undergone significant transformation in recent years, he said the relation between both countries “should be defined by greater investment, deeper capital flows and stronger private-sector collaboration.”

According to him, the Nigerian capital market has “witnessed stronger performance, deeper investor participation, increased use of technology and reforms that continue to improve market efficiency, transparency and accessibility.”

The NGX Group, Kwairanga continues, sees itself “as a platform for capital formation, wealth creation and economic development, connecting businesses with long-term capital and connecting investors with opportunities that drive sustainable growth,” rather than just operating an exchange.

The NGX Group, he stressed, believes the Nigerian market offers multiple pathways for productive partnerships such as equity listings, debt capital markets, infrastructure financing or innovative investment structures, between both countries.

More importantly, the NGX Group chairman added that “these partnerships should be built around long-term value creation.

“By combining Brazil’s industrial expertise and investment experience with Nigeria’s market opportunities and entrepreneurial energy, there is tremendous potential to unlock mutually beneficial ventures across agriculture, infrastructure, energy, manufacturing, technology and other strategic sectors.”

He urged the visitors to dialogue freely, ask questions, share perspectives and challenge his team where necessary, adding the interaction also offer opportunities for the Nigerian team to learn from Brazil’s experiences and identify practical areas where institutions and private sectors of both nations can partner more closely.

Such relationships, he continued, are “developed over time through trust, consistency and a willingness to explore opportunities together with the possibility that it becomes stepping stopping to a stronger economic partnership between Nigeria and Brazil.

Also speaking at the event, Temi Popoola, chief executive of the NGX Group, said domestic investor participation on the nation’s bourse has grown steadily from 46% in 2015, compared to the foreign investment component, first to the near equilibrium achieved in 2018 when it rose to 49%, and then 51% in the following year.

Ever since, Nigerian investors have consistently remained the dominant players in the market, situation analysts link to a blend of micro-economic factors which together continue to engender investor confidence.

In a presentation on Saturday in Lagos when board and management of NGX Group received a Brazilian Business delegation with interest in exploring opportunities within Nigeria’s capital market and broader investment landscape, Temi Popoola, its chief executive noted that domestic participation in the market peaked at 89% in 2023.

The following year, the foreign investor participation surged to 15.25%, leaving the domestic component at 84.75%; before sliding to 77.79%, after which it has risen to 87.93% year to date in 2026.

Popoola noted that the Nigerian Exchange with 139 listed companies, currently has a composite All=Share index has grown by 158.29% since 2021. With 157 fixed income securities, 12 Exchange Traded Funds and four index futures (derivatives), he said the bourse today boasts of N215.09 trillion (about US$157.58 billion) in total market capitalization.

The Exchange, he continues has recorded 126.07bn shares turnover valued at N6.10tr in 8.58m deals year-to-date, translating to N41.22bn average daily traded value.

Year-to-date, he told the visitors that the Nigerian equities market has returned 57.58%, just as it has gained N59.11tr in investors wealth as at August 6, 2026

The growth drivers, he said, include the successful banking sector recapitalization flagged off in 2024 which compelled banks to raise their capital threshold significantly, followed by the digital economy with the ICT and fintech expansion, power and upstream investment. Other include infrastructure financing using bonds and public-private sector partnership funding development; deepening demand by domestic pension institutions, as well as the easing inflation that is now supporting spending.

Highlighting the investment opportunities and outlook on the Nigerian Exchange, Popoola said the country “remains one of Africa’s most compelling long-term investment destinations, supported by structural reforms, demographic strength and an increasingly sophisticated capital market.

The best performing sectors since the beginning of this year, he said, are oil & gas, which has returned 98.8% on the average (boosted by the strong +127.88% YTD growth in the share price of Aradel Holdings Seplat Energy (+106.20%), industrial goods, 85.79%, banking 67.9%, and consumer goods, 13.41%.

Going into the future, Popoola told the Brazilian delegation that continued domestic liquidity will support equity valuations, just as the banking recapitalisation and infrastructure financing stimulate new listings, while product innovation across fixed income, ETFs and derivatives will broaden participation in the market.

The delegation was led by Roberto Giannetti da Fonseca, Managing Director of APEX Brasil, Floriano Pesaro.

NNPC listing: Federal Govt signals plan to sell shares on NGX

by Chike Olisah; NAIRAMETRICS


President Bola Ahmed Tinubu has hinted that his administration’s economic reform would eventually include the listing of the shares of the Nigerian National Petroleum Company (NNPC) Limited on the Nigerian Stock Exchange (NGX).

This was made known by President Tinubu when he received the board and management of the Nigerian Exchange Group at the State House, Abuja, on Thursday, August 6, 2026.

President Tinubu said the NNPC will be reformed and then listed in the capital market, enabling it to become a publicly traded company, allowing Nigerians and other investors to buy and own shares through the Nigerian Stock Exchange.

He reinforced his administration’s commitment to leveraging the capital market to mobilise investment, broaden public ownership and accelerate national economic development.

Tinubu also referred to another state-owned oil company, Aramco, which is publicly quoted and owned by the Saudi Arabian government.

‘’The expansion is all for us, and I could look back and look at Aramco and others and see how the oil-producing company of Saudi Arabia was, the life of a publicly quoted company. We can refine and do NNPC reform to the extent that one day, the totality of it, not just the arms and legs, the totality of it will be listed there.
‘’I thank you all, all the revenue service and many other people in the team for what they are doing,’’ Tinubu said.

Speaking at the occasion, the Minister of Finance and the coordinating Minister of the economy, Taiwo Oyedele, said,

“The stock market has experienced significant growth over the past few years, especially in the last three years as a result of the reforms in the economy. So much so that the capital market in Nigeria is the best performing in the world.
‘’The capital market is one of the fastest ways to create wealth for millions of Nigerians.’’

More insight

In July 2025, the Group Chief Executive Officer of the NNPC, Bayo Ojulari, declared that the company is now on track and has a roadmap to be listed on the stock exchange by 2028 as part of its strategic transformation into a commercially viable, globally competitive energy company.

“As I mentioned earlier, we have a roadmap to be listed by 2028,” Ojulari announced to the audience, comprising global energy leaders, OPEC ministers, oil company executives, international investors, and key stakeholders in the oil and gas industry.
The Nigerian Exchange Group, led by the Chairman, Dr Umaru Kwairanga, and the Group Managing Director/Chief Executive Officer, Temi Popoola, briefed the President on the rebound of the market from N30 trillion in 2023 to N160 trillion today.

President Tinubu commended the Economic Management Team, made up of the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele; the Minister of Budget and National Planning, Atiku Bagudu; the Central Bank Governor, Yemi Cardoso, and Chairman/CEO of the National Revenue Service, Dr Zacch Adedeji, for their foresight, dedication and diligence.

“I can see the excitement in the room. All I can do is to celebrate you all today. It is a thing of joy to have this feedback. When we took over, it was very challenging. I had to talk to myself and define my background to accept the assets and liabilities of my predecessor.
“I found a partner in the CBN Governor, Yemi Cardoso. We were in the negative with monetary policy and the reserve. We had N30 trillion printed, and there were liabilities. I thank you very much, Yemi Cardoso.’’

What you should know

In March 2025, the NNPC had hinted that it was in the final stages of listing on the capital market as it prepares for an Initial Public Offering (IPO) in line with the Petroleum Industry Act (PIA) 2021.

Olugbenga Oluwaniyi, the company’s Chief Finance and Investor Relations Officer, revealed that NNPC Ltd has commenced an “IPO Beauty Parade”, a strategic engagement with prospective partners to ensure compliance with capital market regulations ahead of its planned listing.

“The Nigerian National Petroleum Company Limited (NNPC Ltd) is at the final stage of getting listed in the capital market, in keeping with the provisions of the Petroleum Industry Act (PIA) 2021,” the statement read in part.

Dangote Sugar Returns to Profit With N41.51 Billion H1 Earnings

https://investorsking.com/2026/08/03/dangote-sugar-returns-to-profit-with-n41-51-billion-h1-earnings/

Published August 3, 2026


Dangote Sugar Refinery Plc returned to profitability in the first half (H1) of 2026 posting N41.51 billion in profit after tax compared with a loss of N24.27 billion in the corresponding period of 2025 as improved margins and lower finance costs helped offset a decline in revenue.

The company’s consolidated financial statements for the six months ended June 30, 2026 showed that revenue declined 8.9 percent to N391.85 billion from N430.21 billion recorded in the first half of 2025.

Despite the decline in turnover, cost of sales fell more sharply to N298.00 billion from N378.53 billion, allowing gross profit to surge 81.6 percent to N93.85 billion from N51.68 billion.

The improvement in gross profitability was accompanied by a significant increase in other income, which climbed to N12.14 billion from just N244.95 million in the comparable period.

Administrative expenses increased slightly to N13.50 billion from N12.96 billion.

The combination of stronger gross margins and higher other income lifted operating profit to N92.00 billion, representing an increase of about 141 percent from N38.10 billion recorded in H1 2025.

Dangote Sugar also benefited from a moderation in financing costs during the period. Finance costs declined 22.4 percent to N50.42 billion from N64.97 billion, while finance income stood at N2.95 billion compared with N2.86 billion a year earlier.

As a result, net finance costs narrowed to N47.47 billion from N62.11 billion.

The improved operating performance helped the sugar producer record a profit before tax of N44.09 billion, reversing the N22.11 billion pre-tax loss reported in the first half of 2025.

Following a tax expense of N2.58 billion, profit after tax settled at N41.51 billion, compared with the N24.27 billion loss recorded a year earlier.

Profit attributable to shareholders of the parent stood at N41.54 billion, while basic and diluted earnings per share improved to N3.42, compared with a loss per share of N2.00 in H1 2025.

The recovery strengthened further during the second quarter with Dangote Sugar reporting N22.36 billion in profit after tax, reversing a N626.11 million loss in the corresponding quarter of 2025.

Second-quarter revenue, however, declined to N204.07 billion from N216.28 billion. Gross profit increased to N50.75 billion from N42.42 billion, while operating profit climbed to N46.23 billion from N35.35 billion.

The company’s balance sheet showed total assets of N917.18 billion as of June 30, 2026, down from N965.93 billion at the end of December 2025.

Cash and cash equivalents declined to N29.17 billion from N52.58 billion, while financial liabilities fell to N584.15 billion from N725.21 billion recorded at June 30, 2025 and N725.31 billion when combining current and non-current financial liabilities at the end of 2025.

Shareholders’ equity improved to N170.49 billion from N128.98 billion at the end of December 2025, supported by the return to profitability during the first six months of the year.

The results point to a significant turnaround in Dangote Sugar’s underlying profitability, with improved cost management, stronger gross margins and reduced financing expenses allowing the company to return to profit despite lower revenue.

Now that things are starting to look up, the music might soon begin to play.

Every stock has got its own time. That's for sure.

PETERiCHY:
For the past 15yrs this the FIRST time OANDO will RELEASE their RESULTS within the REGULATORY TIMEFRAME.


BARGAIN HUNTERS TAKE NOTE!

Beta Glass Plc been acquired by Emerald Holdco

And the beat goes on...

Please contact your Broker, if you have Beta Glass shares, for details.
.

NGX ranks Africa’s second-best stock market with 47.4% H1 return

NAIRAMETRICS; 21 July 2026


The Nigerian Exchange (NGX) All-Share Index outperformed most of its African peers at mid-2026, posting a 47.43% return as of June 30, 2026.

The performance ranked Nigeria as the second best-performing major stock market among six of Africa’s major stock exchanges reviewed, behind only the Ghana Securities Exchange.

The comparison is based on index data compiled from the Ghana Securities Exchange, Nigerian Exchange, Egyptian Exchange, Nairobi Securities Exchange, Casablanca Stock Exchange, and Johannesburg Stock Exchange, using their closing index levels at December 31, 2025 and June 30, 2026.

The first half of 2026 was largely positive for the African equity markets, with four of the six exchanges posting gains. Ghana and Nigeria led the rally, while Morocco and South Africa were the only markets to end the period in negative territory.

For Nigeria, the rally extended the strong momentum built since 2023, driven by robust corporate earnings, improving investor confidence, and sustained demand for fundamentally strong stocks across the banking, industrial goods, oil and gas, and telecommunications sectors.

What the data is saying

The six exchanges reviewed delivered an average year-to-date return of 24.68%, meaning Nigeria’s 47.43% gain was almost twice the group average, behind Ghana alone, which delivered 2.75 times the average.


Johannesburg Stock Exchange

South Africa recorded the weakest performance among the exchanges reviewed. The Johannesburg Stock Exchange index fell 4.76%, declining from 115,832.30 to 110,313.85 index points during the period.

The weaker performance reflected cautious investor sentiment as market participants weighed global economic uncertainty and South Africa’s slower economic growth. The market also saw weaker demand for risk assets compared with some of its African peers.


Casablanca Stock Exchange

Morocco’s benchmark index declined 3.34%, falling from 18,846.35 at the end of 2025 to 18,217.27 by June 30, 2026.

The decline marked a pause after three consecutive years of strong annual gains, with the MASI index coming under pressure in the first half of 2026 after a strong performance between 2023 and 2025.

Investor sentiment was affected by domestic liquidity conditions and broader global market uncertainty. This made it one of only two major African markets to post a loss during the first half of 2026.


Nairobi Securities Exchange

Kenya’s benchmark index posted a 20.14% gain, increasing from 186.58 to 224.15 over the six-month period.

The gains were supported by improving investor sentiment as inflation eased and expectations of lower interest rates boosted demand for equities. Banking stocks were among the strongest performers during the period, helping lift the market to one of the best returns in East Africa.


Egyptian Exchange

Egypt’s benchmark index advanced 20.70%, rising from 41,828.97 to 50,487.96 during the first half of the year.

Although the pace of growth was well below that of Ghana and Nigeria, Egypt’s market continued to benefit from economic reforms and improving investor confidence. Banking and real estate stocks were among the key drivers of the rally as investors responded to stronger corporate earnings and a more stable macroeconomic outlook.


Nigerian Exchange

Nigeria followed closely behind with a 47.43% year-to-date return. The NGX All Share Index rose from 155,613.03 at the close of 2025 to 229,419.18 by the end of June, adding more than 73,800 points within six months.

The market’s performance was driven by strong corporate earnings across the banking, industrial goods, telecommunications, and oil and gas sectors. Investor sentiment also remained supported by the substantial progress in the banking recapitalization programme, alongside improving foreign exchange market conditions.


Ghana Securities Exchange

The Ghana Securities Exchange recorded the strongest performance among the markets reviewed, with its benchmark index climbing 67.90% from 8,772.25 at the end of 2025 to 14,729.00 by June 30, 2026.

The rally was supported by improving investor sentiment as Ghana’s macroeconomic conditions strengthened and inflation declined. In its May 2026 Article IV mission statement, the IMF noted that the country’s economic adjustment efforts have delivered “substantial stabilization gains,” with stronger growth, lower inflation, and improved confidence in the cedi.

What this means

Nigeria’s strong first-half performance was reflected not only in its return but also in the level of its benchmark index. At 229,419.18 points as of June 30, 2026, the NGX All Share Index was the highest among the six exchanges reviewed, ahead of the Johannesburg Stock Exchange at 110,313.85 points, the Egyptian Exchange at 50,487.96 points.

Following this, the benchmark index for Casablanca Stock Exchange stood at 18,217.27 points, the Ghana Securities Exchange at 14,729.00 points, and the Nairobi Securities Exchange at 224.15 points.

However, index levels are not directly comparable across exchanges because each market uses its own base year, starting value, and calculation methodology

Market size did not determine performance. The Johannesburg Stock Exchange remains Africa’s largest exchange by market capitalization, yet it recorded the weakest return among the six markets reviewed. In contrast, Ghana and Nigeria delivered stronger gains despite operating relatively smaller equity markets.

Nigeria’s second-place ranking shows that investor confidence remained strong despite a high interest-rate environment. Strong corporate earnings, improving foreign exchange market conditions, and continued banking sector reforms supported investor interest and helped sustain the market’s upward momentum.

What you should know

Nigeria’s impressive first-half performance was not limited to Africa alone. According to data compiled by Bloomberg across 92 stock exchanges, the Nigerian equity market became the world’s best-performing stock market in dollar terms in early July 2026, overtaking South Korea after delivering a 67% year-to-date dollar return. The gain was supported by the appreciation of the naira, improving foreign exchange liquidity, ongoing economic reforms, and stronger investor confidence.

Nigeria’s equity market is also gaining attention from global index providers. S&P Dow Jones Indices (S&P DJI) has placed Nigeria on its 2027 watchlist for a possible reclassification from a Standalone Market to a Frontier Market.

The review follows regulatory and market reforms aimed at improving accessibility, transparency, and investment conditions. If approved, the upgrade could increase Nigeria’s visibility among international institutional investors and attract additional foreign capital into the market.

First HoldCo overtakes Zenith, GTCO as Nigeria’s most capitalized banking stock

Nairametrics


First HoldCo Plc has emerged as Nigeria’s most capitalized banking stock, overtaking Zenith Bank after a sharp rally in its share price lifted its market capitalization to approximately N4.80 trillion.

Data tracked by Nairametrics from market screens on Monday showed First HoldCo edging ahead of Zenith Bank, which closed with a market value of about N4.79 trillion, while Guaranty Trust Holding Company (GTCO) followed closely at N4.71 trillion.

The milestone reflects sustained investor confidence in the financial holding company, supported by record earnings, improving fundamentals, and increased strategic investments by billionaire businessman Femi Otedola.
What the data is saying

First HoldCo now sits at the top of Nigeria’s banking sector by market capitalization, marking one of the strongest re-ratings recorded on the Nigerian Exchange (NGX) this year.

The development underscores renewed investor confidence in the Group following stronger financial performance and successful recapitalization efforts.

First HoldCo Plc: N4.80 trillion
Zenith Bank Plc: N4.79 trillion
Guaranty Trust Holding Company (GTCO): N4.71 trillion
Stanbic IBTC Holdings: N2.65 trillion

The ranking also places United Bank for Africa (UBA) at N2.14 trillion, Ecobank Transnational Incorporated (ETI) at N1.56 trillion, Access Holdings at N1.39 trillion, and Fidelity Bank at N1.38 trillion.

First HoldCo’s shares closed at N105.50, gaining 10% following the release of its half-year 2026 earnings and pushing its market capitalization to a record level.

More insights

The company’s emergence as Nigeria’s most valuable banking stock follows the strongest half-year financial performance in its history. First HoldCo reported significant earnings growth, reflecting stronger operating efficiency and continued expansion across key business segments.
NLNG Banner

Pre-tax profit rose to N653.54 billion for the six months ended June 30, 2026, representing an 83.5% year-on-year increase from N356.15 billion recorded in the corresponding period of 2025.
Second-quarter pre-tax profit increased to N332.42 billion, up 3.52% from the estimated N321.12 billion recorded in the first quarter and 95.92% higher than the N169.67 billion posted in the second quarter of 2025.

Management attributed the performance to stronger operating efficiency, improved asset quality, and continued expansion of its transaction banking and non-interest income businesses.

Latest shareholding disclosures show that the increase was largely driven by Otedola’s indirect holdings, which rose to 6.03 billion shares from 4.80 billion shares in March, while his direct holdings remained at 3.25 billion shares.

Overall, he now owns approximately 9.28 billion shares in First HoldCo, representing an increase of about 1.22 billion shares within three months and reinforcing market confidence in the Group’s long-term prospects.
What you should know

First HoldCo’s emergence as Nigeria’s most capitalized banking stock represents a remarkable turnaround in investor sentiment within a relatively short period.

The development comes only months after the Group reported weaker full-year 2025 earnings following a major balance sheet cleanup.
The Group reported a full-year 2025 pre-tax profit of N147.2 billion after recording an N826 billion impairment charge as part of efforts to strengthen its balance sheet and meet regulatory expectations.
Management maintained that the impairment represented a deliberate balance sheet reset rather than a deterioration in the underlying business.
The first half of 2026 appears to validate that strategy, with the Group reporting a record N653.54 billion in pre-tax profit for the six months ended June 30, 2026.

The company’s re-rating has been supported by stronger earnings, improved capital metrics, renewed investor confidence, and Otedola’s increased 20.40% stake.

Whether First HoldCo can maintain its position as Nigeria’s most capitalized banking stock will depend on its ability to sustain earnings growth, continue improving asset quality, and deliver consistent returns as the banking industry adapts to higher capital requirements under the ongoing recapitalization exercise.

Otedola Increases First HoldCo Ownership To 20.4%

The Whistler Newspaper


Billionaire investor Femi Otedola has increased his ownership in First HoldCo Plc to 20.4 per cent, strengthening his position as the company’s largest shareholder amid a strong rally in the banking group’s shares driven by record half-year earnings.

The increase was disclosed in First HoldCo’s shareholding report contained in its unaudited financial results for the half-year ended June 30, 2026.

The report showed that Otedola’s combined direct and indirect shareholding rose to 9.28 billion shares as of June 30, 2026, representing 20.40 per cent of the company’s total issued shares.

This marks an increase from the 8.06 billion shares, or 18.12 per cent, he held at the end of March 2026 and the 6.68 billion shares, equivalent to 15.95 per cent, recorded in June 2025.

A breakdown of the latest shareholding data showed that Otedola’s direct stake remained unchanged at 3.25 billion shares, while his indirect holdings increased significantly to 6.03 billion shares from 4.80 billion shares at the end of the first quarter.

The latest acquisition means Otedola added approximately 1.22 billion shares between March and June this year, while his total holdings have increased by about 2.6 billion shares over the past 12 months.

The increase in ownership came despite the expansion of First HoldCo’s issued share capital from 41.88 billion shares in June 2025 to 45.48 billion shares as of June 2026.

The stronger ownership position coincided with a decline in the bank’s free float, which fell from 68.9 per cent in June 2025 to 56.59 per cent at the end of June 2026. However, the figure remains comfortably above the Nigerian Exchange Premium Board’s minimum free-float requirement of 20 per cent.

The development also comes as investors continue to show strong appetite for the bank’s shares following impressive financial performance.

First HoldCo reported a record profit before tax of N653.54bn for the first half of 2026, representing an 83.5 per cent increase from N356.15bn posted in the corresponding period of 2025.

Profit after tax also rose by 81.57 per cent to N526.13bn, while second-quarter profit before tax nearly doubled to N332.42bn from N169.67bn recorded in the same period last year.

The strong earnings performance triggered renewed buying interest in the company’s shares.

Following the release of the half-year results on Monday, First HoldCo’s share price gained 10 per cent in intraday trading to N105.50, extending a rally that had already seen the stock rise sharply in recent weeks.

The stock had closed at N26.00 at the end of June 2025, rose to N50.00 by the end of March 2026, increased further to N56.05 at the end of June and closed at N95.95 last week before Monday’s earnings-driven surge.

The rally lifted the group’s market capitalisation to about N4.8tn, making First HoldCo the most capitalised banking stock on the Nigerian Exchange.

Analysts attributed the strong financial performance to lower impairment charges and higher non-interest income, factors that have reinforced investor confidence in the banking group’s earnings outlook.

Otedola’s increased investment is expected to further strengthen market confidence in the company as it continues to deliver robust financial performance and attract heightened investor interest.

Airtel Africa Advances Airtel Money IPO Plans With Additional Banks For London Listing

https://brandspurng.com/2026/07/16/airtel-africa-advances-airtel-money-ipo-plans-with-additional-banks-for-london-listing/

Airtel Africa is moving forward with plans to list its mobile money business, Airtel Money, on the London Stock Exchange, with reports indicating that the telecommunications group has engaged additional investment banks as preparations for the initial public offering (IPO) gather pace.

The planned transaction is expected to rank among the largest listings in London in recent years, with the mobile financial services business reportedly being valued at around $10 billion. The IPO could also raise approximately $1.5 billion, subject to market conditions and regulatory approvals.

The latest development signals continued progress in Airtel Africa’s long-term strategy to unlock value from its fast-growing mobile money business, which operates across several African markets. Brandspur Banking News Desk reports that the company had earlier shifted the proposed listing to the second half of 2026 after initially targeting an earlier timeline.

According to reports, investment banking group Citi is leading work on the transaction, while additional financial institutions have reportedly been invited to join the listing syndicate as preparations continue.

Although Airtel Africa has not publicly confirmed the final timetable or valuation, the engagement of more advisers reinforces expectations that London remains the company’s preferred listing venue for Airtel Money.

The mobile money platform has become one of Airtel Africa’s fastest-growing businesses, providing digital financial services including money transfers, merchant payments, savings, bill payments and other mobile banking solutions to millions of customers across the continent.

The planned IPO reflects growing investor interest in Africa’s expanding fintech sector, where mobile money platforms continue to play a significant role in improving financial inclusion, particularly among underserved and unbanked populations.

Separating the mobile money business through a public listing could provide Airtel Money with greater access to capital to fund expansion, strengthen its digital payments infrastructure and accelerate product innovation across its operating markets.

For Airtel Africa, the transaction is also expected to unlock shareholder value by allowing investors to independently assess the performance and growth potential of its financial technology business alongside its telecommunications operations.

Africa’s mobile money industry has experienced sustained growth over the past decade, driven by rising smartphone adoption, expanding digital payment ecosystems and increasing demand for accessible financial services.

A successful listing would further strengthen London’s position as a destination for major international capital market transactions involving African businesses, particularly within the rapidly growing financial technology sector.

Airtel Africa continues to expand its digital services portfolio alongside its core telecommunications business, with Airtel Money playing an increasingly important role in the group’s long-term revenue diversification strategy.

While the company has not disclosed a definitive launch date for the offering, market observers expect further updates as regulatory processes, investor engagement and listing preparations advance during the second half of 2026.

If completed, the Airtel Money IPO would represent one of the most significant public listings involving an African fintech business, reflecting growing international investor confidence in the continent’s digital financial services industry.

Best performing commercial bank in Nigeria based on their numbers

The Nigerian banking industry demonstrated remarkable resilience in 2025, navigating regulatory changes and macroeconomic headwinds while continuing to attract investor confidence.

A major highlight of the year was the recapitalization exercise initiated by the Central Bank of Nigeria (CBN).

According to the CBN and confirmed by the Securities and Exchange Commission (SEC), 33 out of the country’s 37 banks raised a combined N4.65 trillion to meet the new minimum capital requirements, with approximately 72.6% of the funds sourced domestically.

During the year, the CBN also brought an end to all COVID-19-related regulatory forbearance and waivers. Banks were consequently required to fully recognize distressed assets, discontinue loan restructuring concessions, and regularize breaches of their Single Obligor Limits (SOL). This development led several institutions to increase provisions for non-performing loans, putting pressure on earnings.

Consequently, aggregate profit after tax (PAT) for the ten commercial banks under review declined by 11.9% year-on-year to N4.26 trillion. Despite the moderation in industry earnings, a number of banks delivered impressive performances across key indicators such as profitability, operational efficiency, balance sheet growth, capital adequacy, and customer acquisition.

This article ranks the best-performing Nigerian commercial banks in 2025 based solely on their audited financial results.

Industry View
Despite a challenging operating environment, the banking industry remained fundamentally resilient, although some prudential indicators weakened. According to CBN data, industry capital adequacy ratio (CAR) closed the year at 10.4%, within the regulatory thresholds for national and regional banking licences, but below the requirements for international banking operations.

Asset quality also deteriorated, with the industry’s non-performing loan (NPL) ratio rising to 8.12%, significantly above the regulatory benchmark of 5%. Likewise, return on equity (ROE) declined sharply to 19.1% from 40.03% recorded in the previous year, reflecting the impact of higher impairment charges following the withdrawal of regulatory forbearance.

Nonetheless, the ten banks considered in this analysis expanded their combined asset base by 14% to N196.8 trillion, while shareholders’ funds rose by 24% to N24.3 trillion. Despite increasing competition from digital and challenger banks, the institutions collectively attracted an additional N22.3 trillion in customer deposits and created N3.65 trillion in new loans, reaffirming the sector’s central role in financial intermediation.

Ranking methodology
The ranking is based exclusively on audited financial statements, annual reports, and investor presentations of ten indigenous conventional commercial banks listed on the Nigerian Exchange (NGX).

To provide a balanced assessment, the banks were evaluated across nine metrics spanning profitability, efficiency, solvency, growth, and shareholder returns. These indicators include: Profit after tax (PAT) growth; Asset growth; Return on average equity (ROAE); Customer deposit growth; Loan growth; Cost-to-income ratio; Non-performing loan ratio; Capital adequacy ratio; and Dividend payout ratio.

A weighted scoring methodology was adopted, with each metric assigned relative importance to arrive at the final rankings.

Here are the best-performing banks, judging by their numbers:

Leading banks by PAT growth
Analysis shows that the 10 banks recorded an aggregated 12% decline in PAT to N4.26 trillion, with massive declines from FBN Holdings and UBA Group, weighing on profit growth.

FCMB, Wema, and Sterling Bank led the list of PAT growth in 2025, compared to the previous year.

First position – FCMB (141%)
Second position – Wema Bank (+125%)
Third position – Sterling Bank (+75%)
Fourth position – Stanbic IBTC (69%)
Fifth position – Access Holdings (+16%)
Upshots: Meanwhile, Zenith recorded the highest profit of N1.04 trillion during the period, although a marginal increase compared to the previous year. Sterling Bank recorded the lowest PAT compared to the other banks.

Leading banks by total asset growth
The ten banks under consideration grew their total assets by 14% from N173 trillion recorded as of December 2024 to N196.8 trillion as of the end of 2025. Wema, Stanbic IBTC, and Access Holdings recorded the highest asset growth.

First position – Wema Bank (+41.2%)
Second position – Stanbic IBTC (+24.7%)
Third position – Access Holdings (+24.2%)
Fourth position – Fidelity Bank (+18.6%)
Fifth position – Sterling Bank (+10.4%)
Upshots: Access Holdings retains the bank with the highest balance sheet, with total assets of N51.6 trillion, accounting for 26% of the total books of the 10 banks under consideration.

Leading Banks by ROE
On average, the banks saw a massive decline in ROE compared to the previous year. Average ROE for the 10 banks dropped to 24% in 2025 from 31.7% and 26% recorded in 2024 and 2023, respectively. This was a result of declining profitability due to the halt of regulatory forbearance.

However, Wema Bank, Stanbic IBTC, and GTCO led the list of banks with the highest return on equity in the review period.

First position – Wema Bank (44.4%)
Second position – Stanbic IBTC (42.4%)
Third position – GTCO (28.3%)
Fourth position – Fidelity (24.4%)
Fifth position – FCMB (23.4%)
Upshots: In terms of the most improved bank based on ROE, FCMB led the chart, having increased its ratio from 12.7% in 2024 to 23.4% in 2025.

Leading Banks by Deposit Growth
Customer deposits to banks rose by 25% year-on-year in 2025 to N111.88 trillion compared to N89.6 trillion recorded as of the beginning of the year. Access Holdings recorded the fastest growth in deposit mobilization, followed by Stanbic IBTC.

First position – Access Holdings (+53.4%)
Second position – Stanbic IBTC (+45.3%)
Third position – Wema Bank (30.3%)
Fourth position – GTCO (+25.3%)
Fifth position – Sterling Bank (+18.5%)
Upshots: Access Holdings also led the list in terms of largest deposits, with N34.6 trillion, having grown its books from N22.5 trillion in the previous year.

Leading Banks by Loan Growth
The ten commercial banks increased their net customer loans by N3.6 trillion in the review year, to close at N55.01 trillion, representing an increase of 7.1%. This is significantly lower than the N14.8 trillion it gave out as net loan in the previous year.

Despite a cautious approach to credit creation, Wema Bank, Sterling Bank, and Access Holdings led the rankings by loan growth.

First position – Wema Bank (+44.7%)
Second position – Sterling Bank (+28.02%)
Third position – Access Holdings (+16.1%)
Fourth position – GTCO (+12.4%)
Fifth position – Zenith Bank (+4.9%)
Upshots: In terms of the largest loan books, Access Holdings leads with N13.34 trillion, followed by Zenith Bank with N10.4 trillion.

Leading Banks by Cost-to-Income Ratio
Cost-to-income ratio for the considered banks rose slightly to 49.9% from 49.3% recorded in the previous year. GTCO recorded the lowest cost optimization ratio at 28%, followed by Stanbic IBTC at 37%. Meanwhile, Sterling Bank recorded the highest CIR.

First position – GTCO (28%)
Second position – Stanbic IBTC (37%)
Third position – Wema Bank (47%)
Fourth position – Access Holdings (52%)
Fifth position – Zenith Bank (53%)
Upshots: Despite the elevated cost ratio, it is worth noting that Sterling Bank and Wema Bank saw their CIR drop by 10.5% and 9%, respectively, in contrast to the previous year.

Leading Banks by Capital Adequacy Ratio
Most of the banks maintained a relatively healthy capital adequacy ratio by the end of the year, with the average CAR closing the year at 22.06%, slightly lower than the 22.63% recorded in the previous year.

GTCO recorded the highest CAR at 43.82%, while FBN Holdings recorded the lowest following a significant slump.

First position – GTCO (43.8%)
Second position – Wema Bank (28.1%)
Third position – Zenith Bank (25.3%)
Fourth position – UBA (23.2%)
Fifth position – Access Holdings (21%)
Upshots: Following the capital raise endeavour, several of the banks were able to meet the new minimum capital threshold as stated by the CBN; however, the CAR for the banks varied, with FBN having a CAR of 10.95%, a decline from 17.32% in the previous year.

Leading Banks by NPL Ratio
The NPL ratio of the ten banks remained elevated slightly above the prudential limit of 5%; however, with varying performances across the board.

Fidelity Bank recorded the lowest NPL ratio as of the end of the year, with 2.4%, followed by Access Holdings with 2.82%.

First position – Fidelity Bank (2.4%)
Second position – Access Holdings (2.8%)
Third position – Stanbic IBTC (3.4%)
Fourth position – Zenith Bank (3.8%)
Fifth position – Sterling Bank (4.7%)
Upshots: Out of the ten banks, seven of them were able to reduce their non-performing loan ratio from the previous year, while the remaining three banks saw an increase. UBA’s NPL ratio increased by 2.1% points, FBN Holdings by 1.8%, and Access Holdings by 0.04%.

Leading Banks by Dividend Payout Ratio
Due to the muted profitability of some of the banks in 2025, only six banks declared dividends to their shareholders for the financial year. However, some of the banks increased their dividend payments.

GTCO, Zenith Bank, and Stanbic IBTC led the list by dividend payout ratio.

First position – GTCO (50.2%)
Second position – Zenith Bank (39.5%)
Third position – Stanbic IBTC (27.5%)
Fourth position – Wema Bank (17.5%)
Fifth position – FCMB (8.8%)
Upshots: While some of the banks could not declare dividends in 2025 due to the need to account for impaired loans, there is a possibility for them to declare interim dividends in H1 2026, in a bid to calm market sentiments.

Bottom Line

The 2025 financial year was one of transition for Nigerian banks. The end of regulatory forbearance, tighter prudential requirements, and the ongoing recapitalization exercise placed pressure on profitability and asset quality.

Yet, the sector demonstrated remarkable resilience, with most banks strengthening their capital positions, expanding balance sheets, and continuing to attract deposits despite a more competitive landscape.

While size remains an important factor, the rankings show that sustainable performance is increasingly being driven by a combination of profitability, efficiency, balance sheet strength, and prudent risk management.

As the recapitalization exercise concludes and macroeconomic conditions gradually stabilize, banks that combine strong capital buffers with disciplined execution and superior customer experience are likely to be best positioned to deliver long-term value to shareholders and customers alike.

UAC Nigeria announces board changes as Debola Badejo joins UPDC board
NAIRAMETRICS

UAC of Nigeria Plc has announced changes to its Board of Directors as its Group Investment Director, Mr. Adebolanle “Debola” Badejo, steps down to join the Board of UPDC Plc.

The development was disclosed in a notice filed with the Nigerian Exchange Limited (NGX) and signed by the Company Secretary, Ayomipo Wey.

According to the company, the move forms part of ongoing efforts to strengthen governance and strategic oversight across the Group.

UAC stated that the appointment aligns with its board renewal strategy aimed at bringing expertise that supports growth and value creation across its food, real estate, paints, and other operating businesses.

According to the notice, Badejo’s appointment to the UPDC Board became effective on July 13, 2026.

“Mr. Adebolanle Badejo (‘Debola’), Group Investment Director, has been appointed to the Board of UPDC Plc effective 13 July 2026 and will step down from the Board of UAC of Nigeria Plc,” the company stated.
Despite leaving the UAC Board, Badejo will remain a member of the Group’s Executive Committee and continue reporting directly to the Group Managing Director.

The company noted that the change will allow him to focus more closely on portfolio governance and value creation across UAC’s operating companies.

“The change will enable Debola to focus fully on portfolio governance and value creation across the Group’s operating companies. He will also continue to lead the Group’s mergers and acquisitions programme, oversee the divestment of non-core businesses, and drive capital allocation decisions for major strategic investments across the Group,” the notice added.
Expanding governance responsibilities
Beyond his new role at UPDC, Badejo will continue to serve on several boards within and outside the UAC Group.

He currently serves as a Non-Executive Director and Chair of the Risk Management Committee at Chemical and Allied Products (CAP) Plc; Non-Executive Director at C.H.I. Limited; and Non-Executive Director and Chair of the Risk and Governance Committee at DP World Logistics Limited.

He also holds board positions at Grand Cereals Limited, Livestock Feeds Plc, UAC Foods Limited, and UAC Restaurants Limited, where he chairs or serves on various governance, risk, audit, and human resources committees.

The Board thanked Badejo for his contributions as a director of UAC of Nigeria Plc and expressed confidence in his continued leadership across the Group.

About Adebolanle Badejo

Badejo is an investment executive with more than 18 years of experience spanning investment banking, private equity, and corporate leadership across Africa.

As Group Investment Director at UAC of Nigeria Plc, he leads the company’s investment strategy and capital allocation activities. Prior to assuming the role, he served as Chief Executive Officer of UAC Restaurants Limited.
Earlier in his career, he worked as a Principal at Themis Capital Management, where he helped execute strategic investments in high-growth African businesses, including the investment in UAC of Nigeria Plc.
He also held investment banking roles at Standard Bank in Johannesburg, where he worked on more than $2 billion worth of mergers, acquisitions, and capital market transactions across sub-Saharan Africa, and at Morgan Stanley in New York within its Natural Resources Group.
Badejo holds an MBA from Columbia Business School and a Bachelor of Science degree in Systems Engineering from the University of Virginia.

What you should know

The board changes come months after UAC of Nigeria completed the consolidation of its acquisition special purpose vehicle, UAC Food and Beverage Company Limited, into C.H.I. Limited.

The company described the move as an administrative step aimed at simplifying its corporate structure following the acquisition of the beverage company. UAC said the consolidation had no impact on operations, earnings, or shareholder interests.

According to the company, the special purpose vehicle was established solely to facilitate the acquisition of C.H.I. Limited and had no independent business operations. With the transaction completed, UAC said the vehicle was no longer required and was subsequently merged into the operating subsidiary.

OANDO Plc and Transcorp Removed from NGX30 Index

As of the NGX Half-Year 2026 index review (effective 1 July 2026), the NGX 30 Index comprises the 30 largest and most liquid companies listed on the Nigerian Exchange.

The latest review admitted NASCON Allied Industries Plc and Unilever Nigeria Plc.

Current NGX 30 Constituents

Access Holdings Plc
Airtel Africa Plc
Aradel Holdings Plc
BUA Cement Plc
BUA Foods Plc
Dangote Cement Plc
Dangote Sugar Refinery Plc
Ecobank Transnational Incorporated (ETI)
FCMB Group Plc
Fidelity Bank Plc
First HoldCo Plc
Geregu Power Plc
Guinness Nigeria Plc
GTCO Plc (Guaranty Trust Holding Company)
International Breweries Plc
Lafarge Africa Plc
MTN Nigeria Communications Plc
NASCON Allied Industries Plc
Nestlé Nigeria Plc
Nigerian Breweries Plc
Okomu Oil Palm Plc
Presco Plc
Seplat Energy Plc
Stanbic IBTC Holdings Plc
Sterling Financial Holdings Company Plc
TotalEnergies Marketing Nigeria Plc
Transcorp Hotels Plc
UBA Plc (United Bank for Africa)
Unilever Nigeria Plc
Zenith Bank Plc
Wema Bank Plc
United Capital Plc

What a pity this report is coming when the bears are holding sway. This stock would have taken off.

Oasisblue:
Beautiful Turnaround story from PZ. Impressive.

Also Chairman of Greenwich Merchant Bank.

What a huge role.
.

SonofElElyonRet:
Also current Japaul chairman
There's this invisible link between Japaul and Chams

It was requested for but the CSCS records showed nothing. But there were proofs that purchase of the shares was made, from receipts and printouts.
The shares showed on their website from the time of purchase (two years before)...until it was deleted a couple of months ago. Since then it has been hide and seek from them.

cocolacec:
Last year ,I bought some units of Linkassure on Morgan platform and it didnot reflect in my Portfolio after the purchase for days.i mailed them to update my Portfolio but nothing was done.Despite not having the stock on my Portfolio i still sold them on their Morgan Platform and it went through.You can request for your CSCS account and try to sell them on Morgan Platform.

Morgan Capital has deteriorated so badly that one wonders what is becoming of them, and investors' confidence.

A friend of mine is still battling them on the disappearance of his Transcorp shares (over N2m worth) from their records, despite having all evidence of payment and purchase of shares. Up till now, no response.

What reliable and effective measure can investors take on brokers' breach of contracts?

CSCS, SEC and NGX hardly respond to emails and calls.

What exactly is happening in the country's bourse concerning probity and accountability?

Sigh!!!

Bigdeal01:
I made a deposit to my Morgan Capital trading account and Morgan Capital credited my account with less than 40% of the money. I have been following up with them for over a month and they said they would investigate. I have not heard from them ever since. Is this how bad they are? I have tendered all receipts to prove they deliberately withheld my money.