FGN bonds power N6.34trn new listings on NGX in 2025

FEDERAL Government of Nigeria (FGN) bonds emerged as the single largest contributor to new listings on the Nigerian Exchange (NGX) in 2025, accounting for N3.79 trillion of the N6.34 trillion instruments admitted to trading during the year, as strong investor appetite for sovereign debt reshaped activity on the bourse.

Market operators said demand for FGN bonds was driven by attractive yields and sustained confidence in the government’s ability to meet its debt obligations, making sovereign securities the dominant driver of listings on the Exchange. The bond listings alone represented nearly 60 per cent of total new issues in the period under review.

The second major source of listings came from the banking sector, where recapitalisation efforts pushed deposit money banks to raise fresh equity to meet the Central Bank of Nigeria’s (CBN) higher paid-up capital requirements. Ten banks listed N2.55 trillion, accounting for about 40.3 percent of total listings on NGX in 2025.

Analysts attributed the strong overall performance of the capital market to improved stability in the foreign exchange market, recovery of corporate earnings from earlier FX-related losses, enhanced market liquidity and renewed capital inflows.

Banks that accessed the market included Wema Bank Plc, FCMB Group Plc, Guaranty Trust Holding Company Plc, Stanbic IBTC Holdings Plc, Sterling Financial Holdings Company Plc, United Bank for Africa Plc, First HoldCo Plc, Fidelity Bank Plc, Zenith Bank Plc and Access Holdings Plc. With strong support from the capital market community, most of the listed banks are reported to have met the CBN recapitalisation threshold ahead of the March 2026 deadline.

A breakdown of the banking sector listings showed that Guaranty Trust Holding Company listed N369 billion, followed by Access Holdings with N351.01 billion and Zenith Bank with N350.46 billion. United Bank for Africa raised N239.4 billion, while Fidelity Bank listed N175.85 billion. FCMB Group raised N167.67 billion, First HoldCo N149.56 billion, Stanbic IBTC Holdings N148.71 billion, Wema Bank N147.8 billion and Sterling Financial Holdings Company N101.64 billion.

Outside the banking space, Legend Internet was listed by introduction with a market value of about N11.28 billion, while Multi-Trex Integrated Foods Limited completed a N3.25 billion private placement. Ellah Lakes Plc recorded one of the most significant equity actions, listing N3.09 billion arising from the conversion of its debt to equity. Lasaco Assurance Plc also listed N11.1 billion from a private placement.

In the asset management and fixed income segment, ARM Investment Managers Limited listed a N100 billion fund, while Chapel Hill Denham Management Limited listed a N15.34 billion Nigeria Infrastructure Debt Fund. Coronation Asset Management Limited listed a N8.79 billion fund, while Dangote Cement Plc, Craneburg EKSG Motorway Company and TAJ Sukuk Issuance Programme SPV listed instruments valued at N38.2 billion, N38.2 billion and N57.03 billion, respectively.

Among the largest FGN bond listings in the first nine months of 2025 were a N605.03 billion supplementary listing by the Debt Management Office (DMO) on April 25, 2025, and a N368.31 billion new listing around February 18, 2025.

The Group Managing Director, NGX Group, Temi Popoola, said the Exchange would continue to leverage technology and innovation to deepen access to capital for both the public and private sectors.

“We are building an Exchange that extends beyond traditional securities trading. By leveraging technology, we are enhancing market accessibility, attracting capital and creating new investment opportunities. Our goal is to develop a dynamic, inclusive and globally competitive capital market that supports national and subnational economic growth,” Popoola said.

Vice President, Highcap Securities Limited, Mr. David Adnori, said the capital market was poised to make a pivotal contribution to the Federal Government’s $1 trillion economy target, calling for supportive policies to encourage more corporates and governments to utilise the capital market for their financing programmes.

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