Banks, Insurers, Others List N2.7tn Shares on NGX Amid Recapitalisation - THISDAYLIVE

Following the conclusion of the banking/insurance sectors recapitalisation exercise, among other sectors raising fresh capital, the overall corporate listings on the Nigerian Exchange Limited (NGX) so far in 2026 stood at N2.7 trillion.  

The funds were raised through bond, private placement and public offering exercises . 

Analysis of NGX data showed that Dangote Sugar Refinery Plc, led others with the highest listed amount, followed by Presco Plc.   

Dangote Sugar Refinery listed 8,097,918,827 Ordinary Shares of 50 Kobo Each at N60.00 Per Share, translating into N485.9 billion while Presco Plc listed N236.7 billion worth of shares arising from Rights Issue at N1,420.00 per share on the basis of one (1) new ordinary share for every existing six (6) ordinary shares.    

Dangote Sugar Refinery listed  additional shares from the company’s Rights Issue of 8,097,918,827 ordinary shares  of 50 Kobo each at N60.00 per share on the basis of two (2) new ordinary shares for every  existing three (3) ordinary shares held as at the close of business on Monday, 20 April 2026.  

A total of 10 insurance companies listed N118.89 billion on the backdrop of complying with the sector’s recapitalisation directive by the National insurance Commission (NAICOM).

A breakdown of the insurance sector listing showed that International Energy Insurance Plc listed N25.8 billion, arising from a public offer of 5,468,750,000 ordinary shares of 50 kobo each at N3.20 per share.

Lasaco Assurance Plc, N18.47 billion; Linkage Assurance Plc,  N16.26billion; Veritas Kapital Assurance Plc, N15billion; Fortis Global Insurance Plc, N12 billion; Coronation Insurance Plc N9.79 billion; Sunu Assurances Nigeria Plc, N9.3 billion; Sovereign Trust Insurance Plc, N5.02billion; Prestige Assurance Plc, N4.62 billion and Regency Alliance Insurance Plc, N2.54 billion.  

On a flipside, Fidelity Bank Plc, United Bank for Africa Plc (UBA),  FCMB Group Plc, First HoldCo Plc, Access Holdings Plc,Sterling Financial Holdings Company Plc and Guaranty Trust Holding Company Plc led listed firms with listings of N652.01 billion  in the period under review.  

The N652.01 billion listing is in the backdrop of the Central Bank of Nigeria (CBN) policy that mandated raising fresh equity to meet the paid-up capital thresholds.

While GTCO listed N10 billion after a successful private placement of 125,000,000 ordinary shares of 50 kobo each at N80.00 per share, NGX admitted UBA Plc and First Holdco’s N157.8billion and N128.7billion rights issue and private placement early January 2026, respectively.  Other new listings on NGX are: Access Holdings, N21.4 billion; FCMB Group, N231.83billion and Fidelity Bank, N227.05 billion.      

Also, Zichis Agro-Allied Industries Plc was admitted on NGX by introduction, listing shares worth N1.09 billion. Morison Industries Plc listed N400.3 million after offering 266,838,125 ordinary shares of 50 Kobo each at N1.50 per share through a Private Placement.

A newly listed company, AVA Capital Plc listed by introduction about  N37.5 billion on NGX.   

In the oil and gas sector, Eterna Plc listed N19.41 billion arising from rights issue of 978,108,485 ordinary shares of 50 kobo each at N22.00 per share.  The Rights issue was 90.18 per cent subscribed. 

“With the listing of the additional 882,064,158 ordinary shares, the total issued and fully paid-up shares of Eterna Plc have now increased from 1,304,144,647 to 2,186,208,805 ordinary shares of 50 Kobo each,” the NGX disclosed. 

Commenting, analysts stated that the Nigerian capital market has the depth and liquidity to drive the government’s $1 trillion economic agenda. They cited the bullish runs at the primary and secondary markets.

The listing of Dangote refinery will join other new listings this year. At N525 per share, the company is offering 4.1 billion new shares to raise approximately N2.15 trillion. With about 120.13 billion existing shares, the offer price implies a post-offer equity value of roughly N65 trillion before any additional shares the Issuer may allot if the offer is oversubscribed: the prospectus allows it to absorb up to 30 per cent more, with Securities & Exchange Commission (SEC) approval, which would take proceeds to roughly N2.8 trillion

Speaking, the Vice President, Highcap Securities  Limited, Mr. David Adnori stated that the capital market was poised to make pivotal contributions to the achievement of the $1 trillion economic target of the government.

He called for supportive policies to encourage more companies and governments to utilise the capital market for their financing programmes.

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