Image: S.aderogba / Wikimedia Commons, CC BY-SA 4.0
Banks raised ₦652.01bn and insurers ₦118.89bn among ₦2.7tn of supplementary share listings on the Nigerian Exchange this year, THISDAY reported.
The Nigerian Exchange Limited (NGX) has processed ₦2.7tn of corporate share listings in 2026, driven largely by recapitalisation requirements in banking and insurance, THISDAY reported on 14 September 2026.
Where the money went
According to THISDAY, seven banks listed ₦652.01bn of new shares raised to meet the Central Bank of Nigeria’s capital thresholds, including FCMB Group with ₦231.83bn and Fidelity Bank with ₦227.05bn. Ten insurers listed a combined ₦118.89bn under NAICOM’s recapitalisation directive, led by International Energy Insurance Plc with ₦25.8bn.
Outside the regulated sectors, Dangote Sugar Refinery accounted for the single largest listing: ₦485.9bn from 8.1 billion ordinary shares at ₦60 each, following a rights issue of two new shares for every three held as at 20 April 2026. Presco Plc listed ₦236.7bn from a rights issue at ₦1,420 per share on a one-for-six basis, and Eterna Plc listed ₦19.41bn from a rights issue that was 90.18% subscribed.
A separate THISDAY report on 13 September said NGX market capitalisation rose from ₦149.735tn at the end of 2025 to ₦215.09tn by August 2026, with equities up 59.04% to ₦157.7tn.
Why it matters
Supplementary listings are the final step in a capital raise: new shares cannot trade until the exchange admits them, and for regulated firms the regulator must first verify the capital. The concentration of listings in banking and insurance shows how directly the recapitalisation programmes have been financed through the public market rather than solely by private investors, and that affects governance. Rights issues preserve existing shareholders’ proportions only if they take up their rights; undersubscribed issues, such as Eterna’s at 90.18%, change the register and can strengthen the position of underwriters or large shareholders who take up the shortfall. For minority shareholders, the key documents are the rights circulars and the basis of allotment for any additional shares. Presco’s issue is also a reminder of litigation risk: its rights issue was the subject of a court challenge before the Court of Appeal restored the relevant AGM resolutions. For issuers planning raises in the rest of 2026, the pipeline now includes the ₦2.15tn Dangote Petroleum Refinery offer, which will compete for the same pool of domestic institutional money, and timing and pricing will need to account for that.
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