CMFC, UPDC REIT, eight others lead stock market’s N5tr Sept gain

Critical Minerals Financing Corporation (CMFC) Plc was the best-performing stock at the Nigerian stock market in September as investors scrambled for the shares of the Africa’s premier investment banking institution for mining, metals and minerals.

Trading data provided by the Nigerian Exchange (NGX) at the weekend showed that CMFC recorded the highest average capital gain of 55.96 per cent in September alone, a major bullish performance in a modest market that closed with an average overall gain of about 2.87 per cent.

CMFC’s bullish performance came on the heels of the recognition and award of its President & Co-CEO, Dr Israel Ovirih, as one of Nigeria’s 25 topmost chief executives.

The award, earlier in September, was based on Dr Ovirih’s transformational leadership and impact on the Nigerian economy. The ‘BusinessDay Top 25 CEOs’ was coordinated by Nigeria’s leading business and economy daily, BusinessDay, in collaboration with the Nigerian Exchange (NGX). The data were primarily collated by the NGX based on the corporate performances and records of listed companies during the assessment period.

Dr Ovirih, a versatile investment banker and development economist, was honoured for successfully birthing CMFC as Africa’s premier investment banking institution for minerals and metals, with the award celebrating strategic ambition, institutional transformation and disciplined execution that made the milestone possible.

Further analysis of September’s share pricing trend showed that UPDC Real Estate Investment Trust (UPDC REIT) recorded the second-highest gain of 45.42 per cent. Zichis Agro Allied Industry placed third with a gain of 36.77 per cent for the month. Nigerian Exchange Group (NGX Group) rose by 35.68 per cent, while Seplat Energy appreciated by 29.9 per cent.

Other top-10 gainers included VFD Group, which recorded a month-on-month gain of 28.89 per cent; ABC Transport, 28.57 per cent; Eterna, 22.91 per cent; Royal Exchange Assurance, 19.79 per cent; and Consolidated Hallmark Insurance, which closed the month with an average gain of 18.47 per cent.

The best-performing stocks, in terms of capital gains, were highlights of trading at the stock market in a period marked by portfolio rebalancing, profit-taking and historic primary market activity.

The All Share Index (ASI), the common value-based index that tracks all share prices at the NGX, recorded an average gain of 2.87 per cent in September, representing a net capital gain of N4.53 trillion for the month. The ASI, which had opened the month at 244,199.39 points, closed the month at 251,211.67 points, regaining the psychological 250,000 mark during the period.

The aggregate market value of all quoted equities rose from the month’s opening value of N157.739 trillion to close the month at N163.105 trillion, representing an increase of N5.366 trillion or 3.40 per cent. The difference between the ASI and market capitalisation was due to additional primary listings during the month.

Market analysts said the performance of the top-10 stocks underlined growing investors’ demand for value stocks as price movement on the Exchange is driven by the volume of shares and effective demand.

Further analysis showed that CMFC recorded 4,895 deals for 253.25 million shares valued at N700.118 million during the period. Market data also indicated that CMFC closed the month on substantial bid, with investors opening market orders to mop up any available shares of the minerals-focused financing group.

The rally pushed CMFC’s market capitalisation to more than N11.10 billion, creating an additional N3.98 billion in capital gains for its shareholders during the month.

Market analysts expected the demand for CMFC to remain on the uptick, citing the company’s outlook and investors’ appetite for its shares. CMFC recorded a net capital gain of 3.94 per cent in the first trading day of October to close the weekend at N4.49 per share.

On the negative side, International Energy Insurance recorded the highest loss of 20.21 per cent during the period. It was followed by Chams Plc, which dropped by 20.05 per cent. Austin Laz placed third with a loss of 19.12 per cent, while Tripple Gee and Company trailed with a drop of 19.10 per cent.

Other top losers included Transcorp Power, which dropped by 18.9 per cent; Regency Alliance Insurance, -18.6 per cent; Industrial and Medical Gases Plc, -17.89 per cent; Academy Press, -17.07 per cent; Haldane McCall, -14.75 per cent; and University Press, which depreciated by 14.55 per cent.

Speaking on the sidelines of the “Top 25 CEOs” awards ceremony in Lagos, Dr Ovirih said CMFC is implementing strategic initiatives that will see it emerging as the capital market bridge between global demand for critical minerals and the African value chain.

“I see a situation over the next five years we would have helped a lot of countries across Africa to formalise their mining space, creating governance structure around their mining space and becoming their natural partner for a lot of operators in the sector,” Dr Ovirih said.

Dr Ovirih reassured that CMFC is committed to its vision of providing much-needed structured financing and expertise to unlock values in Nigeria and Africa’s critical minerals and metals space.

He dedicated the “Top 25 CEO” award to shareholders, directors, staff and all other stakeholders whose efforts have continued to drive CMFC’s success story.

Dr Ovirih’s Banklink Africa Private Equity had purchased a majority equity stake in Deap Capital Management & Trust Plc and rebuilt the company through a rigorous process of corporate reassessment, redirection, repositioning, recapitalisation and growth and stability since its MOU signing in October 2025.

The BusinessDay Top 25 CEOs Awards celebrates Nigeria’s most outstanding business leaders and is widely recognised as one of the country’s most respected platforms for recognising excellence in corporate leadership and performance. The awards honour chief executives whose leadership delivered exceptional shareholder value, strengthened institutions, transformed industries and contributed meaningfully to the development of the Nigerian economy.

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Chief Executive Officer, Nigerian Exchange (NGX), Mr Jude Chiemeka, said Dr Israel Ovirih and other top chief executives were selected based on scientific parameters for measuring corporate governance excellence and performance.

“Your achievement represents what’s possible when enterprise and leadership come together,” Chiemeka said.

He pointed out that quoted companies like CMFC contribute more meaningfully to the economy, as publicly quoted companies have been found to be more compliant with most key parameters, including tax compliance, governance and disclosures.

He noted the strategic importance of CMFC in helping to open up the capital market to the vast minerals sector of the economy and unlocking much-needed resources for the greater development of the country.

Chief Executive Officer, BusinessDay Media, Mr Frank Aigbogun, said Dr Israel Ovirih was honoured for demonstrating exemplary attributes during a defining period for corporate Nigeria marked by macroeconomic adjustments, a period when success required more than resilience but also strategic agility, disciplined execution, innovation and the capability to deliver sustainable value.

“Your leadership reflects the core attributes celebrated by the Awards: strategic vision, resilience, innovation, disciplined execution, and the ability to build a sustainable institution in a dynamic operating environment,” Aigbogun said.

He pointed out that the Award was a recognition of both CMFC’s organisational achievement and Dr Israel Ovirih’s leadership excellence, noting that Dr Ovirih set a record with the birth of CMFC as a specialised financing group for a high-growth segment of Africa’s economy.

He explained that the 2026 awards recognised performance during the 2025 financial year, “describing the past year as a year of transition for Nigeria’s economy and a period when producing results was difficult.

He said the awardees were selected on the basis of evidential research based on assessable data, pointing out that the selection process was designed to recognise substance over visibility and performance over popularity.

“We look beyond the personality of the chief executive to the quality of the enterprise the leader is building. The Top 25 CEOs represent established businesses that have demonstrated exceptional leadership and performance,” Aigbogun said.

He underlined the importance of the leadership factor in corporate growth and general economic development, noting that top decision-makers are the engines that drive the much-acknowledged private sector’s roles in building productive capacity, shared prosperity and long-term sustainable development.

He said: “Our economy is not built only by policy. It is built every day by companies making decisions about capital, people, technology, markets and risks”.