The Nigerian Exchange Group has recorded a 37.7 per cent growth in market capitalisation, rising to N141.75tn as of September 2025 from N102.94tn in the same period of 2024.

This performance reflects growing investor confidence and the Group’s continued focus on innovation, technology, and sustainability under the leadership of its Group Managing Director and Chief Executive Officer, Temi Popoola, who said the growth demonstrates that the strength of Nigeria’s capital markets cannot be separated from the strength of the communities they serve.

“For us at NGX Group, building strong capital markets goes hand in hand with building strong communities, because inclusive growth and social well-being are the true foundations of a resilient economy,” he said.

In line with this vision, NGX Group has deepened its commitment to social impact through its flagship initiative, Project BLOOM (Bringing Life to Our Overlooked Minors). The programme, implemented in partnership with the Lagos State Government and the Health Emergency Initiative, has reached over 200 children and 180 caregivers in underserved communities like Ajegunle and Yaba, providing therapeutic food, medical care, and nutrition education.

The Group also continues to drive market inclusivity through digital innovation. Its e-offering platform, NGX Invest, has enabled corporates to raise over N2tn in capital, making public offers and rights issues more accessible to retail investors nationwide.

Beyond social and digital transformation, NGX Group has advanced its sustainability agenda through the Nzero initiative, which helps listed companies measure, report, and reduce carbon emissions in line with global sustainability standards.

Popoola noted that the Group’s focus on environmental, social, and governance principles has strengthened market transparency and long-term investor confidence.

He said, “Our vision is to create markets that thrive in harmony with society and the environment. We are judged not just by the wealth we help create but by how widely that wealth is shared and how sustainably it is generated.”

The NGX boss added that through initiatives like Project BLOOM and NGX Invest, the Group aims to bridge the gap between market performance and social development, reinforcing its position as both a driver of capital formation and a catalyst for community transformation.

The Final Award in the arbitration initiated by General Hydrocarbons Limited against First Bank of Nigeria Limited, issued by Sole Arbitrator Hon. Justice Kumai Bayang Akaahs, was published today, the 28th of October 2025.

General Hydrocarbons Limited (GHL) was represented by Messrs. Paul Usoro SAN & and Abiodun Layonu SAN. First Bank of Nigeria Limited (FBN) was also represented by Messrs Gbolahan. Elias, SAN; Babajide Koku, SAN and Victor Ogude, SAN.

The Tribunal dismissed GHL’s case in its entirety, affirming FBN’s financing obligations as conditional, finding no breach or entitlement to damages by GHL, and ordering GHL to bear the costs of arbitration.

The dispute arose from the Subrogation Agreement dated May 29, 2021, under which GHL undertook the repayment of an outstanding debt of $718 million and FBN undertook to provide additional loans to finance the development and production of OML 120in line with the provisions of the Subrogation Agreement.

GHL alleged that FBN breached the agreement by failing to provide absolute and timely financing, sabotaging alternative funding efforts, and causing losses, including liabilities to third parties and leading to loss of productive time in the development of OML 120.

FBN argued its financing obligation was conditional and not absolute but subject to review and professional discretion in line with banking policies and regulatory guidelines.

1. FBN has a conditional, not absolute, obligation to finance OML 120 development. It must review and evaluate financing requests and may attach competitive terms as deemed suitable.
2. GHL failed to prove any breach by FBN. FBN made several financing offers totalling $185 million, and the delays alleged by GHL were not found unreasonable or in breach.
3. Introduction of an Independent Asset Manager as a financing condition by FBN was consistent with the agreement and not a breach.
4. Allegations of FBN sabotaging alternative financing arrangements were unsubstantiated and dismissed for being devoid of any merit.
5. All reliefs sought by GHL, including declarations, damages for unpaid contractor fees, losses, and termination of the Subrogation Agreement, were refused.
6. FBN was adjudged entitled to recover reasonable legal and arbitration costs from GHL, amounting to $112,100 and N111,250,000, payable within 30 days with interest on late.

…The tribunal’s order for GHL to pay FirstBank’s arbitration costs within 30 days underscores the bank’s strong position in the dispute and paves the way for further action to recover $230 million owed to the bank

Nigeria’s capital market regulator, the Securities and Exchange Commission, has raised concerns over the growing preference of Nigerians for cryptocurrency trading over investments in the traditional capital market.

According to the Director-General of the SEC, Emomotimi Agama, more than $50bn worth of cryptocurrency transactions passed through Nigeria between July 2023 and June 2024, reflecting a high level of investor sophistication and risk appetite that has not translated into participation in the formal market.

“Over $50 bn worth of cryptocurrency transactions flowed through Nigeria between July 2023 and June 2024, underscoring the sophistication and risk tolerance of investors that the traditional market has yet to capture.”

In a statement, Agama, who spoke while presenting a paper titled ‘Evaluating the Nigerian Capital Market Masterplan 2015–2025’ at the annual conference of the Chartered Institute of Stockbrokers, said fewer than four per cent of Nigerian adults currently invest in the capital market.

He said, “There are concerns over the alarmingly low participation of Nigerians in the traditional capital market, revealing that fewer than four per cent of the country’s adult population are active investors.”

He described the low participation rate as a major obstacle to economic growth and capital formation, noting that while less than three million Nigerians invest in the market, over 60 million engage in daily gambling activities worth an estimated $5.5m.

Agama further lamented that Nigeria’s market capitalisation-to-GDP ratio stands at about 30 per cent, far below that of South Africa at 320 per cent, Malaysia at 123 per cent, and India at 92 per cent.

He called for deeper financial inclusion, stronger trust-building measures, and renewed reforms to attract retail investors and harness the capital market as a driver of long-term economic transformation.

The Nigerian equities market opened the week on a bearish note as investors embarked on profit-taking in some high-cap stocks, leading to a loss of N94bn in market capitalisation at the close of trading on Monday.

Data from the Nigerian Exchange Limited showed that the market capitalisation dipped to N98.7tn from N98.8tn recorded on Friday, representing a 0.1 per cent decline. Similarly, the benchmark index fell by 148.90 points to close at 155,496.15.

Despite the overall decline, the market remains on a positive trajectory, reflecting a one-week gain of 3.71 per cent, a four-week gain of 9.4 per cent, and an impressive year-to-date return of 51.08 per cent.

Trading data revealed that investors exchanged a total of 502.99 million shares valued at N24.94bn in 39,945 deals, showing a 58 per cent decline in volume and a 21 per cent drop in turnover compared with the previous session, although the number of deals rose by 33 per cent.

Market activity was driven largely by trades in the financial and industrial sectors. Access Holdings led in volume with 68.9 million shares worth N1.62bn, followed by FBN Holdings with 66.6 million shares valued at N2.09bn. Others on the volume chart included Universal Insurance with 19.2 million shares, Sovereign Trust Insurance with 19.1 million shares, and Zenith Bank with 18.2 million shares.

On the value side, Aradel Holdings topped the chart with trades worth N5.63bn, followed by Presco with N2.25bn, FBN Holdings with N2.09bn, Dangote Cement with N1.65bn, and Access Holdings with N1.62bn.

The market breadth closed negative, with 25 gainers and 34 losers. Aradel Holdings led the gainers with a 10 per cent rise to close at N869 per share, while NEM Insurance gained 9.67 per cent to close at N32.90. Aso Savings & Loans appreciated 9.09 per cent, and Eterna rose 8.75 per cent.

On the losers’ chart, Deap Capital Management and Trust led with a 9.71 per cent decline to close at N1.58, followed by Champion Breweries, which fell 9.64 per cent to close at N15 per share. Red Star Express dropped 8.64 per cent, while Wapic Insurance and PZ Cussons shed 6.45 per cent and 5.94 per cent, respectively.

Sectoral performance was mixed, as the Oil and Gas Index gained 4.24 per cent, the Insurance Index rose 1.09 per cent, and the Main Board Index advanced 0.22 per cent. Conversely, the Pension Index fell 0.48 per cent, while the Top 30 Index declined 0.08 per cent.

The PUNCH reported that the Nigerian Exchange recorded its strongest performance in months as investors pushed the market higher by 4.48 per cent, adding N4.32tn to its overall value in a single week. The market capitalisation closed at N98.793tn, while the All-Share Index settled at 155,645.05 points, reflecting renewed investor confidence and increased activity across major sectors.