FGN Bond Leads Corporate Listings Amid N6.95 Trillion New NGX Listings

Kayode Tokede

The Federal Government Securities (Bond and Sukuk) outpaced corporates with N6.95 trillion in new listings on the Nigerian Exchange Limited (NGX) during the first five months of 2026, underscoring the bourse’s vital role in capital formation and business expansion.

According to the NGX X‑compliance report obtained by THISDAY, FGN Bond/Sukuk accounted for 69.6 percent, or N4.84 trillion, of the new listings, while corporates represented 26.8 percent, or N1.87 trillion, in the period under review.

Lagos State bonds contributed 3.5 percent, or N244.8 billion, in the same timeframe.

The report notes that on 9 February 2026, the Lagos State Government listed a N230 billion series 4, 10‑year, 16.25 % fixed‑rate bond due 2035 under the N1 trillion debt and hybrid instruments issuance programme, and a N14.815 billion series 3, 5‑year, 16 % fixed‑rate green bond due 2030 under the same programme.

Among corporate listings, Fidelity Bank Plc, United Bank for Africa Plc (UBA), FCMB Group Plc, First HoldCo Plc, Access Holdings Plc and Guaranty Trust Holding Company Plc were the leading issuers, collectively raising N731.86 billion.

This total reflects the Central Bank of Nigeria’s policy mandating fresh equity raises to meet paid‑up capital thresholds.

A breakdown shows GTCO listed N10 billion in shares following a successful private placement of 125,000,000 ordinary shares of 50 kobo each at N80.00 per share.

NGX also admitted UBA and First HoldCo’s N157.8 billion and N83.7 billion rights issues and private placements in early January 2026, respectively. Access Holdings raised N21.4 billion; FCMB Group N231.83 billion; and Fidelity Bank N227.05 billion in new listings on the NGX.

During the review period, Presco Plc listed N236.7 billion of shares from a rights issue at N1,420.00 per share, based on one new ordinary share for every six existing shares. LFZC Funding SPV Plc issued N16.1 billion in 7‑year, 20.50 % series 1 senior fixed‑rate infrastructure bonds due 2032 under its N100 billion bond issuance programme.

Zichis Agro‑Allied Industries Plc was admitted on the NGX with an introduction share worth N1.09 billion. Morison Industries Plc listed N400.3 million by offering 266,838,125 ordinary shares of 50 kobo each at N1.50 per share through a private placement.

The banks’ capital‑raising efforts were supported by NGX Invest, a digital platform launched by the Exchange that streamlines the sale of offerings, enhancing the efficiency of public offering subscriptions and rights issue processes.

The latest NGX activity included Eterna’s listing of 882,064,158 ordinary shares of 50 kobo each, arising from a rights issue of 978,108,485 ordinary shares of 50 kobo each at N22.00 per share. The rights issue was 90.18 percent 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.

Analysts attribute the strong demand for FGN bonds to attractive yields that offer high returns, noting that oversubscription levels reflect confidence in the federal government’s ability to meet its debt obligations.

They also highlight the capital market’s depth and liquidity as drivers of the government’s $1 trillion economic agenda, citing bullish trends in both primary and secondary markets.

Speaking with THISDAY, Vice President of Highcap Securities Limited, Mr. David Adnori, said the capital market is poised to make pivotal contributions to achieving the government’s $1 trillion economic target and called for supportive policies to encourage more companies and governments to use the capital market for financing programmes.

The primary market’s performance further underscored the bullishness of the Nigerian market, which recorded a 60.47 percent year‑to‑date gain.

Analysts attribute the stock market’s average return of 60.47 percent year‑to‑date to stability in the foreign exchange market, companies recovering from foreign exchange losses, market liquidity, capital inflow, dominance of domestic investors, increasing portfolio investment, the Central Bank of Nigeria’s banking sector recapitalisation, and insurance sector reforms, all of which have played critical roles in overall market performance during the review period.