₦airaland Forum

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.

Dear All,

It has been noticed that buying DANGOTE Sugar Refinery Plc Rights Issue on the NGX Invest website defaults to Zenith Stockbrokers on purchase completion. While making purchase, there was nowhere to select preferred stockbroker, but springs surprise on completion with Zenith as the stockbroker.

Was this deliberate by NGX to favour Zenith Stockbroker in any way? Any deal somewhere?

Would this not cause confusion during final allotment?

Where would the allotment be deposited, if the investor is not using Zenith Stockbroker?

This is a strange development on NGX Invest.

Try olakunleo@morgancapital.com

elpaso007:
I think it's fair to say Morgan's customer relations management system has collapsed. At least judging from my own experience with them currently.

You have to pray to never have a reason to reach out to them because it is been frustrating for me.

Anyone that's been able to teach recently should please share how they did.

Disappointing.

Try this out: https://securities.cowryasset.com/cowry_admin/reports_archives/reports[5162].pdf

olig:
I beg, who get the list and details of the so far declared dividend?
I need it

Thank you.

aj8:
Keep clicking submit repeatedly till it accepts. You can check my earlier post on this issue.

Thank you.

deathwing:
Just keep clicking submit fast. It will work. I used it yesterday.

Hello Fam,

I have often been issues with using the dividend page with the link docuhub3.nibss-plc.com.ng/edmms/self-service

Am I using the wrong link, or has it ceased to work?

Thank you.

FCMB Group signals possible delay in publishing 2025 audited performance, states reason

https://nairametrics.com/2026/03/05/fcmb-group-signals-possible-delay-in-publishing-2025-audited-performance-states-reason/

Jaiz looks as if it is resting pending another move after the next result. Also being mindful of the capitalization expiry which is getting closer.
.

Kaczynski:
Conoil
Jaiz
Honeywell

Go hard or go home.

Thanks for this advice. This will be explored.

It's really frustrating dealing with Morgan Capital with these missing stocks. I even heard their COO pulled out not long ago.

Also, please does anyone have information on whom to contact directly in Morgan Capital?

Appreciate

.

sterlingD:
Lodge formal complaints to SEC

The experience with Morgan Capital has not been very palatable. Shares of subscribers missing from their portal is not a good experience.

Phone calls (not picked up) and emails have not been working...neither were emails to CSCS.

So sad.
.

yMcy56:
It's a digital broker's iTrade Portal, displaying live trades.
Morgan Capital Securities

Na true.

I bought some a while ago and it took forever for it to move to tasere 10%. I just escape commot quick quick.

That stock will teach you patience, suffering and long suffering join. Abeg...

Mpeace:
Aiico na directors food. They are not interested in share price appreciation. Them don swear to never ever allow the stock go up

I wonder what is happening to Consolidated Hallmark Holdings (CONHALLPLC). It has been dancing on the spot since April.. and not showing any sign of coming up while other insurance stocks were running this past week.

Any idea why? Thanks all.

I wonder what Access Bank is up to.

Consolidating for the next move?

Seems it is on good support now for accumulation spree.

From my side, I have been using Yochaa trading app for over 4 years now and their real-time trading experience is swift. The app is attached to CardinalStone stockbroker and they are fully licensed in Nigeria. You can see the NGX market in real time and take your trading decision on the go. The Yochaa app was recently updated with AI features and trading experience is superb. Mind you, I don't have any affiliation with the app, just a regular user.

I also use Meristem, but that's another story. I am still expecting the money I transfered yesterday, using their new virtual account, to my wallet to reflect since yesterday, but no response yet.

Hope this helps.

Maxxim:
Please can you suggest a better trading app, I have funds in Bamboo but I just felt off while reading these comments. I'm just a starter.

OANDO to deploy 5,000 electric buses for public transport in Lagos – Wale Tinubu

https://rifnote.com/latest-news/2025/01/27/oando-to-deploy-5000-electric-buses-for-public-transport-in-lagos-wale-tinubu/

.

I wonder what is happening to VFDGROUP. As good as their financials are, the stock is just moving at snail's speed...drinking tea since.

Na waa.

I wonder what's happening to VFDGroup ever since it arrived on NGX.

Its results were very good and their business portfolio is impressive.

When is it moving nah?
.

You can try Trove that has proven to be efficient. We also have Bamboo, Chippercash, Yochaa and others.

My two cents.
.

fungirl89:
What's the best stock trading platform to buy and sell us stock

You can trade using the NASD mobile app. Once you open an NASD account with Meristem, make sure you use your CHN and NASD CSCS# details to set up the mobile app. Once you do that, any trade you make on the NASD app will reflect the next day in your Meristem NASD account. You can't trade using Meristem app but you can trade using the NASD app.

Hope this helps.

faoogoke:
My broker told me I cannot.

Their mobile app dont work for online trading

Management crisis looms at UBA as MD loses job

https://www.tracknews.ng/business/update-management-crisis-looms-at-uba-as-md-loses-job/

What is going on?

NNPC, NLNG, BoA, 11 others prepare for listing at stock market

https://thenationonlineng.net/nnpc-nlng-boa-11-others-prepare-for-listing-at-stock-market/

Greater days ahead....