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Tag: Nigerian Exchange Limited (NGX)

  • NGX Expands Trading Window From 9:00 A.M. To 4:00 P.M

    NGX Expands Trading Window From 9:00 A.M. To 4:00 P.M

    Nigerian Exchange Limited (NGX) announces the expansion of its trading hours from 9:00 a.m. to 4:00 p.m. (WAT), effective Monday, 27 April 2026, in a move designed to deepen market liquidity, enhance price discovery, and broaden investor access.

    Approved by the Securities and Exchange Commission (SEC) Nigeria, the expansion shifts the market opening earlier from 9:30 a.m. to 9:00 a.m. and extends the close from 2:30 p.m. to 4:00 p.m., marking a significant evolution in the Exchange’s market structure.

    The extended trading window will provide greater flexibility for investors, improve responsiveness to market-moving information, and support broader participation across the market. The development builds on the momentum of Nigeria’s recent reclassification to Frontier Market status by FTSE Russell, reinforcing NGX’s global positioning and enhancing its attractiveness to a broader pool of domestic and international investors.

    This reform reflects strong regulatory collaboration and underscores the Securities and Exchange Commission’s continued commitment to advancing market development initiatives. Alongside Nigeria’s Frontier Market reclassification, it signals a deliberate shift towards a more accessible, liquid, and globally competitive market.

    The implementation follows extensive stakeholder engagement, ensuring alignment and operational readiness ahead of the go-live date. NGX Regulation Limited will continue to provide robust oversight to support a smooth and orderly transition, while maintaining high standards of transparency and investor protection.

    With this development, NGX reinforces its position as a leading multi-asset exchange, deepening liquidity, improving market access, and supporting efficient capital formation within Nigeria’s financial markets.

  • Fidelity Bank Takes Lead in Banking Recapitalisation Drive

    Fidelity Bank Takes Lead in Banking Recapitalisation Drive

    As the Central Bank of Nigeria’s (CBN) recapitalisation exercise came to an end March 31, 2026, most banks operating in the country rose to the challenge and met the requirement ahead of time.

    However, Fidelity Bank’s proactive approach paid off, and it continued to demonstrate its commitment to growth and innovation. In a remarkable display of investor confidence, Fidelity Bank opened and concluded a private placement in just one day on December 31, 2025. Leading institutions, including Afreximbank and its subsidiaries, invested in the bank, showcasing their faith in Fidelity’s vision and leadership.

    With the CBN’s verification process complete, Fidelity Bank’s capital base now exceeds the required N500 billion threshold. This milestone positions the bank to expand its footprint, drive growth, and deliver returns to investors.

    Market analysts stated that the successful completion of the private placement underscores strong investor confidence in the bank’s growth strategy, governance framework and long-term fundamentals, even amid tightening regulatory standards and evolving macroeconomic conditions.

    The lender had announced to the investing public that it has surpassed the N500billion regulatory capital threshold following the successful completion of a N259billion private placement of ordinary shares.

    The Company Secretary, Fidelity Bank, Ezinwa Unuigboje in a signed statement on Nigerian Exchange Limited (NGX) disclosed that the private placement, conducted with the approval of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), was opened and closed on December 31, 2025.

    According to her, the proceeds from the exercise lifted Fidelity Bank’s eligible capital from N305.5billion to N564.5billion, subject to final regulatory approvals.

    The latest capital raise positions the lender comfortably above the new minimum capital requirement of N500billion for commercial banks with international authorisation, as stipulated by the apex bank under its banking sector recapitalisation programme. According to the bank, the private placement was carried out pursuant to the mandate granted by shareholders at its Extraordinary General Meeting held on February 6, 2025.

    At the meeting, shareholders authorised the board to issue up to 20 billion ordinary shares through a private placement as part of measures to strengthen the bank’s capital base and enhance its capacity to support economic growth. The N259billion raised through the private placement builds on earlier capital-raising efforts by the bank. Fidelity Bank had stolen the show by taking a bold step in June 2024, launching a Public Offer and Rights Issue to raise capital.

    Fidelity Bank successfully raised N175.85billion via a combination of a public offer and rights issue, which had increased its eligible capital to N305.5billion at the time. That exercise left a capital shortfall of N194.5billion relative to the new regulatory benchmark, a gap now fully covered by the latest transaction. Fidelity Bank’s strategic moves have set it up for success, and the stage is set for the bank to make significant strides in the Nigerian banking sector. Fidelity Bank noted that the strengthened capital position will enhance its balance sheet resilience, support business expansion, and enable it to play a more robust role in financing key sectors of the Nigerian economy, in line with regulatory expectations.

    The bank added that it remains focused on value creation for shareholders, prudent risk management and sustained profitability as it navigates the post-recapitalisation phase of the banking sector. Meanwhile, the stock price of Fidelity Bank closed trading April 10, 2026 at N19.50 per share on the NGX.

  • NGX Records First Commercial Paper Listing with Dangote Cement’s ₦119.87bn Issuance

    NGX Records First Commercial Paper Listing with Dangote Cement’s ₦119.87bn Issuance

    Nigerian Exchange Limited (NGX) has recorded its first Commercial Paper (CP) listing with the admission of Dangote Cement Plc’s Series 1 and Series 2 Commercial Papers under its ₦500 billion Commercial Paper Issuance Programme.

    The two series, with a combined value of ₦119.87 billion, were admitted to trading on NGX on 18 February 2026, following the Exchange’s introduction of the Commercial Paper listing framework last year.

    Dangote Cement’s ₦19.95 billion Series 1 Commercial Paper carries a tenor of 181 days and matures on 20 May 2026, while the ₦99.92 billion Series 2 issuance has a tenor of 265 days and will mature on 12 August 2026. Both series were issued at a discount and will be redeemed at par value of ₦1,000 upon maturity. Series 1 and Series 2 Commercial Papers was offered implied yields of 17.50% and 19.00%, respectively.

    The Vice Chairman of Highcap Securities Limited, David Adonri, described the development as a sign of growing sophistication in Nigeria’s short-term debt market, noting: “Dangote Cement’s Commercial Paper listing on NGX signals growing sophistication in Nigeria’s short-term debt market. The attractive yields of these instruments highlight strong investor appetite for high-quality, short-tenor corporate debt, and provide a benchmark for future issuances.”

    The listing represents a strategic expansion of NGX’s product offerings, deepening the Exchange’s fixed income market and providing issuers with enhanced visibility, liquidity, and transparency for short-term funding instruments. By admitting Commercial Papers to its platform, NGX is strengthening the efficiency of price discovery while broadening investment options for institutional and qualified investors seeking diversified short-term instruments.

    Commercial Papers are unsecured short-term debt instruments issued by corporates to meet working capital and other short-term financing needs. Their admission to trading on the Exchange introduces greater transparency to a market segment that has traditionally operated over-the-counter, while improving secondary market tradability.

    The listing of Dangote Cement’s CP reflects continued issuer engagement with NGX’s platform and supports ongoing efforts to deepen Nigeria’s domestic debt capital market. It also reinforces NGX’s commitment to innovation, product diversification, and the creation of a more robust, accessible, and globally competitive marketplace.

    With this transaction, NGX continues to position itself as a comprehensive capital-raising and trading hub, supporting corporates across the funding spectrum, from equities and bonds to short-term commercial instruments.

  • NGX Group, SEC, Nigeria Police Force Collaborate on Capital Market Integrity

    NGX Group, SEC, Nigeria Police Force Collaborate on Capital Market Integrity

    Nigerian Exchange Group Plc (NGX Group) on Wednesday, hosted a Closing Gong Ceremony in honour of the Inspector-General of Police, IGP Kayode Egbetokun, signaling a strengthened partnership between capital market regulators and law enforcement agencies.

    The ceremony highlighted a shared commitment to investor protection, the prevention of financial crime, and the reinforcement of trust and confidence in Nigeria’s capital market.

    Welcoming the IGP, Alhaji Umaru Kwairanga, Group Chairman of NGX Group, commended the leadership of the Nigeria Police Force in supporting market integrity. He said: “Market integrity is a shared responsibility. By honouring the Inspector-General of Police, we are reinforcing the importance of institutional alignment in protecting investors and preserving trust in our financial system. Strong collaboration between regulators, enforcement agencies, and market infrastructure institutions is essential to building a resilient and credible market that supports economic growth.”

    The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, emphasized the importance of coordinated enforcement, noting: “Investor protection is at the core of market regulation, and today’s engagement highlights how critical collaboration with law enforcement is to achieving that mandate. This partnership strengthens our enforcement capacity, enhances deterrence against illegal investment activities, and reinforces confidence in the Nigerian capital market.”

    In his response, IGP Kayode Egbetokun reaffirmed the commitment of the Nigeria Police Force, stating: “A transparent and well-regulated capital market is vital to Nigeria’s economic growth. The Nigeria Police Force remains committed to working with regulators and market operators to prevent financial crime, protect investors, and uphold the integrity of our financial system.”

    Also speaking, Chairman of Nigerian Exchange Limited (NGX), Ahonsi Unuigbe, highlighted the role of the Exchange in promoting market discipline: “A transparent and orderly market can only thrive where rules are respected and misconduct is addressed decisively. The presence of the Nigeria Police Force in this collective effort sends a strong signal that safeguarding the market is a national priority.”

    Similarly, Group Managing Director/Chief Executive Officer of NGX Group, Temi Popoola, stressed the importance of aligning innovation with oversight: “Technology and market growth must be supported by strong enforcement and investor protection frameworks. Our collaboration with the SEC and the Nigeria Police Force reflects a unified approach to preserving the credibility of Nigeria’s capital market.”

    The event brought together key stakeholders across the capital market ecosystem, all reaffirming their commitment to accountability, transparency, and investor confidence. The ceremonial Closing Gong marked a collective resolve to strengthen Nigeria’s financial system through sustained collaboration.

  • NGX Advances Capital Market Access with Ellah Lakes’ ₦235 Billion Equity Offer

    NGX Advances Capital Market Access with Ellah Lakes’ ₦235 Billion Equity Offer

    Nigerian Exchange Limited (NGX) has reinforced its role as a catalyst for capital formation with the launch of Ellah Lakes Plc’s ₦235 billion Offer for Subscription. The offer which was launched during a Facts Behind the Offer presentation at NGX, underscores the Exchange’s commitment to deepening access to long-term financing for businesses driving Nigeria’s real sector growth.

    Ellah Lakes Plc, Nigeria’s pioneering integrated agro-industrial enterprise, is raising ₦235 billion through the issuance of 18.8 billion ordinary shares of 50 kobo each at ₦12.50 per share. The Offer, led by Rand Merchant Bank (RMB) as Lead Issuing House, opened on Monday, 10 November 2025, and will close on Friday, 5 December 2025.

    Speaking at the event, Mr. Jude Chiemeka, Chief Executive Officer of NGX, commended Ellah Lakes for leveraging the Nigerian capital market as a springboard for expansion: “The launch of this ₦235 billion equity raise underscores the depth and resilience of Nigeria’s capital market as a strategic enabler of corporate growth. At NGX, we are particularly pleased to see a leading indigenous agribusiness like Ellah Lakes harness the market to scale its operations and deepen value creation across the agricultural value chain. This Offer represents not only an opportunity for investors to participate in the country’s agro-industrial expansion but also a strong signal of renewed confidence in the Exchange as a gateway for transformative capital formation.”

    Mr. Chuka Mordi, Chief Executive Officer of Ellah Lakes Plc, described the Offer as a pivotal step in the company’s evolution: “This Offer for Subscription is about unlocking the next chapter of Ellah Lakes’ growth story. At an offer price of ₦12.50 per share, this raise reflects the intrinsic value of our scaled, integrated platform. We are inviting investors to participate in a clear growth trajectory built on over 30,000 hectares of resilient, diversified assets and strong processing capacity. The ₦235 billion equity expansion marks our transition from foundation building to full-scale market expansion, driving sustainable profitability and advancing Nigeria’s food security agenda.”

    Mr. Paul Farrer, Deputy Managing Director of Ellah Lakes Plc, further detailed the company’s deployment strategy: “Every naira from this raise has a clear strategic purpose. The proceeds will accelerate integration of the newly acquired Agro-Allied Resources & Processing Nigeria Limited (ARPN) assets and upgrade our crude palm oil and cassava processing facilities. Our goal is to deliver a step-change in operational efficiency and scale, maximising value for shareholders and contributing to the broader agro-industrial ecosystem.”

    The launch of the Ellah Lakes Offer for Subscription demonstrates NGX’s continued commitment to connecting issuers with investors and supporting companies across growth sectors in accessing efficient capital. The transaction offers institutional and retail investors a unique opportunity to participate in one of Nigeria’s most ambitious agro-industrial expansion stories, reinforcing NGX’s position as the exchange of choice for transformative financing.

  • NGX Reaffirms Leadership in Advancing Africa’s Islamic Finance Ecosystem

    NGX Reaffirms Leadership in Advancing Africa’s Islamic Finance Ecosystem

    Nigerian Exchange Limited (NGX) has reaffirmed its leadership in advancing Africa’s Islamic finance ecosystem through the strategic expansion of its Non-Interest Finance Board and active engagement at the 7th African International Conference on Islamic Finance (AICIF), held in Lagos from 4th to 5th of November 2025.

    Organised by The Metropolitan Skills Limited in collaboration with the Securities and Exchange Commission (SEC), the two-day event convened policymakers, regulators, development partners, and market participants to explore policy reforms, product innovation, and strategies to unlock liquidity across Africa’s Islamic finance markets.

    Speaking at the conference, Alhaji (Dr.) Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX Group), said NGX’s Non-Interest Finance Board has become a central platform for expanding access to Sharia-compliant financial instruments and attracting investors seeking transparency, inclusivity, and sustainability. “Through the Non-Interest Finance Board, NGX is building a dedicated platform for Sukuk, Islamic collective investment schemes, and non-interest exchange-traded funds,” Dr. Kwairanga stated. “Our goal is to broaden market participation while channeling capital towards productive sectors of the economy.”

    The Exchange currently hosts over ₦1.3 trillion in listed Sukuk, reflecting growing investor appetite for assets that deliver both financial returns and social impact. In collaboration with the Securities and Exchange Commission (SEC) and the National Insurance Commission (NAICOM), NGX continues to strengthen governance frameworks and deepen the non-interest capital market to attract a broader base of ethical investors.

    Also speaking at the conference, Mr. Jude Chiemeka, Chief Executive Officer of NGX, highlighted the strategic role of non-interest finance in driving sustainable economic transformation and enhancing market inclusion. “At NGX, our Non-Interest Finance Board represents more than a platform, it embodies our commitment to unlocking ethical capital, diversifying investment opportunities, and driving sustainable development,” said Chiemeka. “By leveraging innovation and strategic partnerships, we are creating pathways for inclusive growth and positioning Nigeria at the forefront of Islamic finance in Africa.”

    Vice President Kashim Shettima, represented by Dr. Tope Fasua, Special Adviser to the President on Economic Matters, described Islamic finance as a credible mechanism for fostering equitable prosperity and sustainable development, urging broader adoption across African economies.

    Nigeria’s non-interest capital market has recorded significant expansion in recent years, with sovereign Sukuk issuances raising over ₦1.4 trillion to fund multiple projects nationwide. As the market continues to mobilise long-term, low-cost capital for infrastructure and sustainable development, Nigeria stands poised to lead Africa’s transition toward a more inclusive, ethical, and resilient financial future.

  • Zenith Bank’s Earnings surge 16% to N3.4TN, as PBT hits N917.4BN in Q3 2025

    Zenith Bank’s Earnings surge 16% to N3.4TN, as PBT hits N917.4BN in Q3 2025

    Zenith Bank Plc has released its unaudited financial results for the nine months ended 30 September 2025, with a remarkable 16% year-on-year growth in gross earnings from N2.9 trillion recorded in Q3 2024 to N3.4 trillion in Q3 2025. The Group’s performance continues to demonstrate resilience, strong momentum, disciplined execution and an ability to deliver long-term shareholder value in spite of challenging macroeconomic environment.

    According to the financial results presented to the Nigerian Exchange (NGX), the growth in gross earnings was driven by a sustained growth in interest income which grew by 41% year-on-year to N2.7 trillion. The growth in interest income was supported by a high-yield rate environment and an expansion in the Bank’s investment portfolio. Despite the increase in interest expense by 22% to N814 billion on the back of a tightening monetary cycle and a growth in the Bank’s funding base, the Bank was able to achieve a healthy Net Interest Margin (NIM) of 12% as against 10% in September 2024. Non-interest income declined by 38% to N535 billion, underpinned by a 60% decline in trading gains.

    Profitability remained strong, with profit before tax at N917 billion as against N1.00 trillion reported in September 2024. Profit after tax also declined by 8% to N764 billion and Earnings Per Share (EPS) came in at N18.60 as against N26.34 in September 2024, as the Bank took bold measures to improve the quality of its loan portfolio.

    The Bank’s total assets grew by 4% from N30 trillion in December 2024 to N31 trillion as at September 2025. This was largely supported by customer deposits, which rose by 8% to N23.7 trillion within the same period. Gross loans declined by 9% to N10 trillion as at September 2025, while Non-Performing Loan (NPL) ratio improved to 3% due to the write-off of non-performing loans.

    Return on Average Equity (ROAE) and Return on Average Assets (ROAA) stood at 23.3% and 3.3% respectively. Cost of funds increased to 4.5%, underscored by the broader elevated interest rate environment. The Group’s cost of risk stood at 10% while cost-to-income ratio rose to 45%.

    Coverage ratio and liquidity ratio remain solid and well within regulatory limits at 211.1% and 53% respectively. This highlights the Bank’s strong capital position and liquidity profile as well as its ability to fund strategic growth opportunities. It also reflects its unwavering commitment to a prudent risk management, compliance and corporate governance culture.

    Commenting on the results, the Group Managing Director/CEO, Dame Dr Adaora Umeoji, OON, said: “The Bank’s robust performance is an attestation to the resilience of the Zenith brand, result-driven strategy, and the adaptability of our people in an evolving operating environment. We have fortified our capital base, reset our asset quality, and are well positioned for sustainable and profitable growth”.

    Looking to Q4 2025, Dame Dr. Umeoji reinforced her optimistic outlook: “This result confirms the resilience of both our business model and our people. We’re on a solid growth path that we expect to maintain through the remainder of the year. Our focus on innovation, digital transformation, and developing solutions that address our clients’ changing needs positions us to capitalise on emerging opportunities whilst maintaining our disciplined approach to growth.” She assured shareholders that the robust performance, combined with improved asset quality and the Bank’s strong capital base, positions Zenith Bank to deliver exceptional returns with expectations of sustained value creation. “We’re well placed to sustain this momentum whilst maintaining responsible leadership in the Nigerian banking industry and delivering exceptional value to all our stakeholders.”

    The Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the sixteenth consecutive year in the 2025 Top 1000 World Banks Ranking, published by The Banker and “Nigeria’s Best Bank” at the Euromoney Awards for Excellence 2025. The Bank was also awarded Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020, 2022 and 2024; Best Bank in Nigeria from 2020 to 2022, 2024 and 2025, in the Global Finance World’s Best Banks Awards; Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023; and was listed in the World Finance Top 100 Global Companies in 2023.

    Further recognitions include Best Commercial Bank, Nigeria for five consecutive years from 2021 to 2025 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria in the International Banker 2023 and 2024 Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for four consecutive years from 2022 to 2025 and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.

    The Bank’s commitment to excellence led to Zenith being also being named the Most Valuable Banking Brand in Nigeria in The Banker’s Top 500 Banking Brands for 2020 and 2021, Bank of the Year 2023 to 2025 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and 2024 to 2025. The Bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards, Bank of the Year 2024 by ThisDay Newspaper; Bank of the Year 2024 by New Telegraph Newspaper; and Best in MSME Trade Finance, 2023 by Nairametrics. The Bank’s Hybrid Offer was also adjudged ‘Rights Issue/ Public Offer of the Year at the Nairametrics Capital Market Choice Awards 2025.

    Zenith Bank has also bagged several non-financial awards including, Most Responsible Organisation in Africa, Best Company in Transparency and Reporting and Best Company in Gender Equality and Women Empowerment at the SERAS CSR Awards Africa 2024.

  • NGX, IFC Strengthen Nigeria’s Sustainable Finance Drive with Labelled Bond Workshop

    NGX, IFC Strengthen Nigeria’s Sustainable Finance Drive with Labelled Bond Workshop

    Nigerian Exchange Limited (NGX), a wholly owned subsidiary of Nigerian Exchange Group, and the International Finance Corporation (IFC), a member of the World Bank Group, have co-hosted a technical capacity-building workshop to advance labelled bond issuance in Nigeria, supporting the real sector and accelerating the country’s sustainable finance objectives.

    The workshop, themed “Unlocking Sustainable Capital for the Real Sector: A Deep Dive into the Labelled Bonds Issuance Process”, brought together issuers, market operators, institutional investors, regulators, and policymakers for practical discussions on opportunities and challenges within the sustainable bond ecosystem.

    Labelled bonds, including green, social, blue, and sustainability-linked instruments, are increasingly used globally to channel private capital into climate-resilient infrastructure, clean energy, and inclusive development. While cumulative global issuance surpassed $6.2 trillion by end-2024, uptake in Nigeria remains limited, largely due to gaps in technical structuring, certification, and disclosure frameworks.

    Jude Chiemeka, CEO of NGX, emphasized the critical role of sustainable finance in Nigeria’s growth strategy. “Unlocking sustainable capital is central to achieving Nigeria’s vision of a $1 trillion economy, shared prosperity, and long-term resilience,” he said. The workshop builds on NGX’s ongoing initiatives, including its Sustainability Disclosure Guidelines, the Impact Board, and pioneering green bond listings.

    Christian Mulamula, Principal Country Officer at IFC, highlighted IFC’s commitment to deepening market infrastructure and sustainability-linked investments across Africa. “We share an ambition for Nigeria to become a model for green and sustainable finance on the continent,” he noted.

    The Federal Ministry of Environment announced Nigeria’s largest green bond to date, a ₦50 billion sovereign green bond to finance renewable energy, afforestation, clean transport, and sustainable agriculture. “This issuance underscores Nigeria’s commitment to scaling private finance in line with national development goals,” said Olaitan Fajuyitan, Special Adviser and Coordinator of Sovereign Green Bonds.

    Representing the Federal Ministry of Marine and Blue Economy, Husaini Shettima described the workshop as timely for advancing sustainable marine finance. “The next frontier is developing a robust blue bond framework that aligns with national priorities and global standards,” he stated.

    The workshop also provided guidance on the issuance process and highlighted the advantages of listing bonds through NGX. “Bond listings on NGX offer issuers access to a diversified investor base and enhance market transparency, key for sustainable capital mobilisation,” said Abimbola Babalola, Head of Trading and Products at NGX.

    As Nigeria pursues climate-resilient, inclusive growth, deepening the sustainable bond market is seen as critical to unlocking the scale of capital required for its long-term ambitions.

  • Fidelity Bank reclaims trillion-naira market cap as stock rises to ₦21

    Fidelity Bank reclaims trillion-naira market cap as stock rises to ₦21

    Leading financial institution, Fidelity Bank Plc, has reentered the trillion-naira market capitalisation club, after its share price rose by 5.3%, climbing from ₦19.95 to ₦21.00 on May 13, 2025, according to data from the Nigerian Exchange Limited (NGX). This latest development also brings the total number of Nigerian companies with a trillion-naira market capitalisation to 19.

    According to a report published on Techcabal website, the bank had previously dropped below the threshold on May 12, marking another fluctuation in its valuation. Earlier in the year, Fidelity Bank Plc first reached the trillion-naira milestone on April 4, 2025, joining tier-1 banks such as Zenith Bank, Guaranty Trust Holding Company (GTCO), Access Holdings, First HoldCo, and United Bank for Africa (UBA). However, it fell below the mark on April 7 before reclaiming its position on April 23.

    With 50.2 billion outstanding shares, the valuation reflects renewed investor confidence and signals Fidelity’s potential transition to tier-1 status. Analysts believe the bank is well-positioned to meet the Central Bank’s ₦500 billion ($311.9 million) minimum capital requirement through equity.

    “The strong Q1 results suggest continued upward momentum in its stock,” said Nabila Mohammed, an analyst at Chapel Hill Denham. “This could boost investor confidence and help sustain its valuation.”

    The stock has surged 141% in the past year, up from ₦8.70 in May 2024. Meksley Nwagboh, Head of Brand and Communications, attributed the rally to a 189% rise in 2024 after-tax profit—the highest among Nigeria’s top 10 banks.

    That momentum carried into 2025, with Q1 after-tax profit soaring 190% to ₦91 billion ($56.8 million), driven by higher interest income, forex gains, and cost efficiencies.

    “Lower credit losses helped boost net interest income,” said Olamide, a Lagos-based banking analyst. “Combined with solid full-year results and dividend expectations, the bank’s fundamentals are attracting investors.”

    A report from Proshare noted the NGX Banking Index gained 6.96% in Q1 2025, driven by recapitalisation efforts that injected ₦2.4 trillion into the sector. Fidelity was the NGX’s third most-traded stock between February and May.

    According to Mohammed, Fidelity’s high net interest margin and low-cost deposit base enhance its appeal. On February 8, it completed the first phase of its capital raise with 237% oversubscription. CEO Nneka Onyeali-Ikpe confirmed plans to conclude the next phase before H2 2025.

    The bank’s Vision 2025 agenda includes expanding internationally, starting with its 2023 acquisition of Union Bank UK, and securing tier-1 status.

    Afrinvest projects continued growth, with gross earnings and pre-tax profit forecasted to rise 46% and 49.4% respectively in 2025, reaching ₦1.5 trillion and ₦415.4 billion. The firm maintains a 12-month target price of ₦21.60 for the stock.

    With robust earnings, a solid recapitalisation strategy, and growing investor interest, Fidelity is positioning itself as a strong contender in Nigeria’s top banking tier.

  • Seplat Energy’s Operating Profit Rises to N411.3bn in 9M 2024

    Seplat Energy’s Operating Profit Rises to N411.3bn in 9M 2024

    Seplat Energy PLC, a leading Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, has announces its unaudited results for the for the nine months ended 30 September 2024, with a strong underlying business performance which supports increase to core dividend by 20% to US3.6 Cents per share in 3Q 2024 alone. Total core dividend declared to date in 2024 is US9.6 cents per share.

    The leading indigenous energy company grew its revenue for the period to N1.071tn from N478.1bn Year-on-Year with cash generated from its operations rising to N633.8bn from N213.8bn Year-on-Year).

    Working interest production averaged 47,525 boepd (9M 2023: 48,152 boepd), around the midpoint of guidance.

    Seplat Energy’s operating profit also rose to N411.3bn from N91.3bn Year-on-Year, as the company achieved 8.2 million-man hours without Lost Time Injury (LTI).  

    Operational highlights

    • Working interest production averaged 47,525 boepd (9M 2023: 48,152 boepd), around the midpoint of guidance. Daily average liquids production increased 6% and gas production decreased by 11% versus 9M 2023. Annual guidance narrowed to 46,000 – 50,000 boepd (previously 44,000 – 52,000 boepd).

    • Oben gas plant turnaround maintenance activity successfully completed, expect higher gas production in 4Q 2024.

    • Abiala first oil achieved in September. Exports to commence during Q4 2024, targeting gross production level of c.5,000 bopd in Q1 2025.

    • Trans Niger Pipeline (‘TNP’) availability improving, supporting higher OML 53 production, 3Q 2024 production of 2,097 bopd +85% compared to 3Q 2023, and enabling a resumption of OML 53 crude lifting at Bonny Terminal in September.

    • Drilling activity increased. Completed nine wells year to date. Seven from the 2024 program, which is on track.

    • ANOH Gas project saw completion of the 23km spur line, but the OB3 pipeline experienced further delays due to the technical challenges associated with the project. NGIC completion date has now moved to end of 2024. Factoring in a further contingency, in line with our previously stated approach, first gas is now expected during 2Q 2025.

    • Carbon intensity of 32.7 kgCO2e/boe (9M 2023: 26.0 kgCO2e/boe) for operated assets. High 3Q 2024 emissions due to increased flaring during planned maintenance at Oben and following the resumption of operations at Ohaji, OML53. The anticipated impact of the End of Routine Flaring projects, starting in the second half of 2025, is expected to materially reduce absolute emissions by up to 70%.

    • Safety culture maintained, achieved 8.2-million-man hours without LTI at Seplat operated assets year to date.

    Financial highlights

    • Revenues of $715.3 million, down 11.7% vs. 9M 2023 ($810.4 million), largely due to overlift reported at 9M 2023. Adjusting for overlift/underlift 9M 2024 revenue $724 million, +6% compared to 9M 2023 of $683 million

    • Average price realisations. Oil: $82.89/bbl (9M 2023: $82.76/bbl); Gas: $3.18/Mscf (9M 2023: $2.87/Mscf).

    • Adjusted EBITDA $383.0 million, up 25% from $306.4 million in 9M 2023, driven by higher revenue (adjusted) and lower costs.

    • Cash generated from operations of $423.3 million, up 17% from $362.3 million in 9M 2023.

    • Capex of $157.0 million (9M 2023: $125.4 million), reflecting higher drilling activity.

    • Balance sheet cash at 9M 2024, $433.9 million (9M 2023: $391.0 million). Net debt at end September, $270 million, down from $366 million at end June 2024. $38.5 million of Reserve-Based Lending (RBL) borrowings repaid year to date. Period end Net Debt to EBITDA was 0.5x.

    Corporate updates

    • Received Ministerial Consent for acquisition of entire issued share capital of Mobil Producing Nigeria Unlimited (‘MPNU’).

    • Strong underlying business performance supports increase to core dividend. 3Q 24 dividend raised by 20% to US3.6 cents. Total core dividend declared to date in 2024 $9.6 cents per share.

    • 2024 production guidance narrowed to 46,000 – 50,000 boepd (previously 44,000 – 52,000 boepd). Capex now expected at the top end of the guidance range ($170 million – $200 million). 

    Commenting on the results, Mr. Roger Brown, Chief Executive Officer, Seplat Energy, said: “The first nine months of 2024 has seen Seplat Energy deliver a strong operational performance. Production has been consistent, drilling has improved and our main maintenance activities have been executed successfully. We have brought two new fields on stream, most recently Abiala, and are approaching completion of the Sapele gas plant. Further delays to the start up at ANOH are frustrating, but we have been pleased to see the commitment of our government partner in tackling the technically challenging river crossing. Based on the latest estimates received, and maintaining a cautious stance on any risk of further delays, we update our guidance for first gas to Q2 2025. Commodity prices remained supportive, combined with operational uptime and timely cash calls from our joint venture partner, helped cash generation improve year over year, enhancing our balance sheet position. As a result, we are pleased to announce a 20% increase in the core quarterly dividend and note that this is reflective of the strength of the underlying business. The increase does not factor in the organic (ANOH) and inorganic (MPNU) growth opportunities that the company is currently pursuing. We were delighted in recent days to receive Ministerial consent for the acquisition of MPNU. The transaction will be transformational for Seplat Energy, and every effort is now on completing the transaction.”

  • Dr. Kunle Adedeji becomes Acting Chief Executive of Stanbic IBTC Holdings PLC

    Dr. Kunle Adedeji becomes Acting Chief Executive of Stanbic IBTC Holdings PLC

    Dr. Kunle Adedeji has been appointed as the acting chief executive of Stanbic IBTC Holdings PLC, effective 01 November 2024. This is coming on the heels of the retirement of Dr Demola Sogunle with effect from 31 October 2024.

    According to a statement garnered from the Nigerian Exchange Limited, after almost 35 years of dedicated service, Dr. Sogunle has made significant impact on Stanbic IBTC as a Group, guiding the Organization through numerous challenges and achievements. The Board of Directors extends its profound gratitude for his unwavering commitment, visionary leadership, and significant contributions to the success of Stanbic IBTC Group over the years.

    Following the retirement of Dr. Demola Sogunle, the Board has received Regulatory approval to appoint Dr Kunle Adedeji as the acting chief executive. Dr. Adedeji, brings a wealth of experience and a strong track record of leadership within our organization.

    Dr Adedeji, who was appointed as an Executive Director in 2019, is a seasoned financial expert with over 25 years in the banking sector. He holds an MBA in Finance from the University of Lagos and a DBA from the SBS Swiss Business School, Switzerland. He is also the current Chief Finance and Value Management Officer of the Company and will continue in this capacity throughout his tenure as Acting Chief Executive of the Company.

    The Board is confident that Mr. Adedeji’s leadership would be instrumental in driving the growth strategy of Stanbic IBTC Group.

  • Access Bank Secures Provisional Licence in Namibia

    Access Bank Secures Provisional Licence in Namibia

    Access Holdings Plc (‘Access Holdings’) is pleased to inform the investing public and the Nigerian Exchange Ltd that its flagship subsidiary, Access Bank Plc (‘Access Bank’ or ‘the Bank’) has obtained a provisional licence from the Bank of Namibia to establish a commercial bank in Namibia.

    Commenting on the development, Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank PLC, said:

    “This expansion represents an important milestone towards establishing a railroad in Namibia for intra-African trade within the Southern African region, Africa, and the rest of the world. It cements our commitment to building a robust Southern African banking network to deliver shared prosperity and advance financial inclusion thereby empowering many to achieve their dreams.

    “Our entry into the Namibian market also represents a pivotal step in our broader ambition to build a strong global franchise and will unlock new opportunities for businesses and individuals alike. We look forward to partnering with local stakeholders to drive innovation, empower communities, and contribute meaningfully to the prosperity of the region.

    We remain confident that our investments towards diversifying and strengthening the Bank’s long-term earnings profile will deliver significant value to our shareholders, customers, and wider stakeholder groups”

    Access Bank’s operations in Namibia is expected to stimulate the local economy and strengthen its position as a leading regional player. With existing operations in Southern Africa – Angola, Botswana, Mozambique, South Africa, and Zambia – the Bank is well-positioned to offer stakeholders seamless access to diverse opportunities for expansion and collaboration across the region.

    The Bank will be working in the coming months to fulfil the conditions precedent to the grant of final licence and will keep the market informed.

  • Fidelity Bank Stock Record Over 20% Growth Following Combined Offer

    Fidelity Bank Stock Record Over 20% Growth Following Combined Offer

    Growing investor confidence and strong market participation have continue to boost optimism about Fidelity Bank’s stock as the bank experienced a remarkable 20% surge on the Nigerian stock market, with its share price surpassing the N13 mark by the third week of September. This upward trend follows the bank’s combined offer, which included a Public Offer and Rights Issue launched on June 20, 2024.

    The combined offer consisted of 10 billion ordinary shares priced at N9.75 for the public and 3.2 billion shares at N9.25 for existing shareholders, collectively raising N127.1 billion. After a consolidation period from June to August, coinciding with the close of the combined offer, Fidelity Bank’s shares have gained over 20% month-to-date (MtD) in September.

    Fidelity Bank has maintained a robust bullish trajectory since August 2018, when its stock dipped below N2. Since then, it has surged by more than 680%. The bank started trading in 2024 at N10.85, with 900 million shares exchanged. However, uncertainties related to recapitalization efforts among major Nigerian banks led to a temporary decline to N9 per share in April. Despite this setback, the stock regained its upward momentum after touching a low of N9.00.

    Following the completion of the combined offer in August, Fidelity Bank’s share price climbed once again, gaining over 20% by mid-September. A key factor contributing to this latest surge is the successful combined offer, which paves the way for an upcoming private placement.

    The Fidelity Bank combined offer, which was the first in the current recapitalization phase in the banking industry, saw significant demand, prompting an extension that added 8.2 billion shares. Of these, 5 billion were sold through the Public Offer and 3.2 billion via the Rights Issue. This high demand resulted in increased market activity, with over 2 billion shares traded in June and 3 billion in July.

    As the combined offer concluded on August 12, the stock entered a consolidation phase, but trading activity picked up notably by mid-September. Weekly trading volumes reached 27 million shares, pushing the stock past the N13.00 threshold and sustaining its upward trend.

    In a recent note to investors, the bank’s Managing Director, Dr. Nneka Onyeali-Ikpe,OON expressed gratitude for the strong response to the capital raise, stating that, “With the conclusion of the Combined Offer, I am delighted to announce that we have met and surpassed our capital-raise target for the first phase of this exercise.”

    “My profound gratitude goes to our customers, new investors and existing shareholders for supporting us in this journey.  We will forever be grateful for the support we received during this capital-raise exercise.

    “Our deepest thanks go to our regulators namely the CBN, Securities and Exchange Commission (SEC) and the Nigerian Exchange Limited (NGX): the CBN for its vision of recapitalizing Nigerian banks to ensure banks have sufficient capital to sustain a $1tn economy in the near future and improve the overall confidence in the banking industry; SEC and the NGX for the role they played in ensuring the seamless execution of this first phase of our recapitalization plans.”

  • 2024 Half Year: GTCO reports N1trn pre-tax profit

    2024 Half Year: GTCO reports N1trn pre-tax profit

    Guaranty Trust Holding Company Plc (GTCO) has reported a pre-tax profit of N1.004 trillion for the half year ended June 30, 2024.

    This was contained in the company’s audited consolidated and separate financial statements sent to the Nigerian Exchange Ltd (NGX) and London Stock Exchange (LSE) on Wednesday.

    The milestone figure recorded placed GTCO as the first Nigerian financial institution to cross the N1 trillion mark in profit.

    The figure represented an increase of 206.6 per cent over N327.4 billion recorded in the corresponding period ended of June 2023.

    The group’s loan book (net) also increased by 25.5 percent, from N2.48 trillion recorded as of December 2023 to N3.11 trillion in June.

    Deposit liabilities grew by 39.8 per cent from N7.55 trillion in December 2023 to N10.55 trillion in June.

    The Holding’s total assets and shareholders’ funds closed at N14.5 trillion and N2.4 trillion, respectively, while its Capital Adequacy Ratio (CAR) closed robustly at 21.0 percent for the assessed period.

    GTCO sustained its asset quality as evidenced by its IFRS nine stage three loans which closed at 4.3 per cent in June, from 4.2 per cent  in December 2023

    The company also improved its Cost of Risk (COR) by 1.6 percent in the period under review, from 4.5 percent in December 2023.

    Commenting on the results, the Group Chief Executive Officer of GTCO, Mr Segun Agbaje, said that the firm was immensely proud of the progress it has made as a leading financial holding company.

    Agbaje said that despite the uncertainties in the operating environment, GTCO was able to record its highest profit to date in the first half of the year.

    He said that this was a testament to the resilience and adaptability of the financial holding’s business model.

    “We remain optimistic about the future,   and we are committed to leveraging our unique strengths as a thriving financial services ecosystem.

    “This is to create sustainable value for all our stakeholders as we continue to position all our business verticals such as banking, funds management, pension, and payments, for rapid growth across key markets,”he said.

    According to him, the group recorded growth across all its asset lines.

    He said that it continued to maintain a well-structured, healthy, and diversified balance sheet across all jurisdictions where it operates a banking franchise and other businesses.

    Overall, Mr Agbaje said that the group continued to post one of the best metrics in the Nigerian financial services industry in terms of key financial ratios.

    GTCO is the ultimate holding company of the GTCO Plc Group, one of the largest financial services institutions in Africa.

    The holding company maintains direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom.