NGX Foresees N300trn Market Capitalisation Amidst New Listings

Kayode Tokede

The Chairman of The Nigerian Exchange Group (NGX), Umaru Kwairanga has said that the group is projecting a N300 trillion market capitalisation with new listings as the capital market seeks a bigger role in Nigeria’s drive towards a $1 trillion economy.

Kwairanga, who disclosed this at the 30th anniversary and annual awards dinner of the Association of Issuing Houses of Nigeria (AIHN) in Lagos, highlighted the need to attract more retail investors, deepen market participation and expand investment opportunities.

He said the exchange had urged President Bola Tinubu’s administration to encourage more state-linked companies, particularly in the energy and technology sectors, to list on the market to widen investment opportunities and strengthen the capital market.

He said the exchange had also raised the prospect of fintech company OPay listing in Nigeria before pursuing an overseas listing, adding that President Tinubu had asked the governor of the Central Bank of Nigeria (CBN) to examine the matter. OPay, he said, was working towards a domestic listing.

Kwairanga noted that technology had transformed the capital market from manual processes to digital transactions, adding that continued innovation would be essential to attracting younger investors and making investment opportunities more accessible.

He congratulated the association for milestone achievement in the last three decades, stressing that the NGX Group is always proud to associate with institutions that are making an impact in the Nigerian capital market.

“AIHN is an association that has deepened the Nigerian market today,”he said.

Speaking also, President of AIHN, Kemi Awodein, said the association would continue to work with regulators, government and investors to deepen the market, promote transparency and good governance, and encourage innovation to strengthen investor confidence.

Awodein said the market had evolved considerably since the association was established 30 years ago, with instruments such as green bonds and book-building now forming part of its development.

She described the capital market as a critical channel for mobilising funds for investment, economic growth, job creation and national development.

At the anniversary dinner, AIHN recognised firms for their contributions to Nigeria’s capital market through its annual awards.

Stanbic IBTC Capital Limited emerged as a leading winner, taking home Best Corporate Bond House, Best Commercial Paper House and Equity House of the Year.

Chapel Hill Denham Advisory Limited won Best Public Sector Bond House, Best DCM House and Best IB Firm of the Year.

Rand Merchant Bank won Best M&A Deal for Helios Investment Partners’ sale of its 75 per cent stake in Axella Limited, while Vetiva Advisory Services emerged as Best M&A House.

United Capital Plc was named Most Prolific Issuing House, while Iron Capital Markets won Prodigy Firm of the Year.

Eight firms shared the Best Corporate Sukuk Deal award for Taj Bank’s Series 2 Mudarabah Sukuk. They were Ava Capital Partners, Greenwich Capital Markets, FCMB Capital Markets, Finmal Finance Services, FSDH Capital, Marble Advisory, One17 Financial Services and Tiddo Securities.

Seven firms shared the Equity Deal of the Year award for Zenith Bank’s rights issue. They were Stanbic IBTC Capital, Quantum Zenith Capital, CardinalStone Partners, Chapel Hill Denham, Coronation Merchant Bank, Meristem Capital and Vetiva Advisory Services.

Five firms received the Innovative Issuance award for the first two series of the Ministry of Finance Incorporated Real Estate Investment Fund. They were Vetiva Advisory Services, Constant Capital Markets & Securities, Parthian Partners, Iron Capital Markets and ICMG Securities.