Aliko Dangote, has commended the leadership of NGX

President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, has commended the leadership of Nigerian Exchange Group (NGX Group) for transforming Nigeria’s capital market. He spoke at the Facts Behind the Offer presentation and Opening Gong ceremony for the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, held on Monday, at the Nigerian Exchange in Lagos. Reflecting on his tenure as President of the Exchange, Dangote recalled inviting stakeholders to support efforts to position it as a world-class institution. He credited NGX Group Chairman, Alhaji Umaru Kwairanga, and Group Managing Director and Chief Executive Officer, Temi Popoola, with advancing that vision. “I must thank the Exchange, led by its Group Chairman, Kwairanga, who I think I must thank for not disappointing us. And we have the very capable Temi Popoola, a truly exceptional and level-headed leader,” Dangote said, describing the pair as “two great guys” behind what he called the transformation of the Exchange. “I never thought this exchange would be at this level in 2026,” he added. The Dangote Refinery IPO puts that transformation into practice, connecting a major Nigerian enterprise with domestic and international capital while creating opportunities for broader share ownership. Marketed as an ‘IPO for the People,”’ the offer comprises 4.1 billion ordinary shares at N525 per share, with a minimum subscription of 10 shares valued at N5,250. The offer opened on September 14, 2026, and will close on October 13, 2026. Expected to raise approximately N2.15 trillion, it provides retail, institutional and eligible African investors with an opportunity to acquire a stake in the refinery. According to Group Managing Director and Chief Executive Officer of NGX Group, Temi Popoola, “The launch of the Dangote Petroleum Refinery IPO is an important moment for Nigeria’s capital market, not simply because of the scale of the transaction, but because of what it represents: a capital market where more Nigerians can participate in the value created by the country’s most important businesses. “For the past three years, we have been quietly building the infrastructure to do precisely that. Today, NGX Invest connects this offer to more than 100 distribution channels spanning stockbrokers, banks, fintechs and other financial institutions. Through API-based connectivity, we are taking investment opportunities closer to the platforms and channels that people already use. “This is how we build an ownership economy: strong Nigerian businesses accessing long-term capital, and more Nigerians having the opportunity to participate in their growth. “At NGX Group, we will continue strengthening market infrastructure and investor access as we support further large-scale capital raises across Nigeria and the continent.”

The Nigerian Exchange Limited and Stanbic IBTC

The Nigerian Exchange Limited and Stanbic IBTC have called for greater participation in market making and securities lending to deepen liquidity, improve price discovery and strengthen the efficiency of Nigeria’s equities market. The call was made on Tuesday during a webinar themed, “Unlocking Liquidity in the Equities Market: The Role of Market Making and Securities Lending.” The event brought together market operators and stakeholders to examine how both mechanisms could support trade execution and broader participation in the secondary market. Opening the session, the Chief Executive Officer of NGX, Jude Chiemeka, described liquidity as the “lifeblood of a functioning capital market.” He noted that the strength of a market should be measured not only by the number of listed companies or its market capitalisation, but also by how efficiently investors could enter and exit positions, the competitiveness of bid-offer spreads and the quality of price discovery. “Market making and securities lending are not simply technical market mechanisms; they are critical components of a modern market infrastructure,” Chiemeka said. “We commend the Securities and Exchange Commission, under the leadership of Dr Emomotimi Agama, for creating an enabling regulatory environment for market making and securities lending. These initiatives provide a strong foundation for greater market participation, deeper liquidity, better price discovery, and a more efficient and resilient Nigerian capital market,” he added. Nigeria’s capital market currently has a combined capitalisation of about N213tn, comprising approximately N156tn in equities and N56tn in fixed income, while exchange-traded funds account for about N61bn. With eight designated market makers and an established securities lending framework in place, the market has a strong foundation for further secondary-market development through increased participation in both mechanisms. Similarly, the Head of Equities Sales Trading at Standard Bank Group, Jesse Van Rensburg, highlighted securities lending as a vital tool for market makers, particularly in supporting two-way quotes and managing changing liquidity conditions. He explained that market makers routinely navigate shifts in demand and supply, including periods when trading activity is heavily weighted towards offers rather than bids. Access to securities lending, he noted, gives market makers greater flexibility to manage inventories and respond to market dynamics while continuing to provide liquidity to investors. Van Rensburg also identified spread management, inventory risk and capital exposure as key considerations in effective market making. Access to a pool of lendable securities, he added, helps market makers manage positions more efficiently, deploy capital effectively and maintain liquidity across varying market conditions. The discussion underscored the complementary relationship between market making and securities lending, with greater access to securities strengthening the capacity of market makers to provide continuous liquidity, while increased market-making activity creates a more dynamic environment for securities lending. For brokers, the opportunity extends beyond trade execution to a broader role in liquidity formation. Greater participation in both mechanisms supports more efficient execution, deepens trading activity and contributes to a robust secondary market. However, stakeholders agreed that realising the full potential of both mechanisms would require continued collaboration across the market ecosystem, including brokers, market makers, custodians, asset managers, institutional investors, regulators and the Exchange. Key priorities include improving securities availability, strengthening infrastructure, enhancing transparency and risk management, and broadening investor participation.

Ellah Lakes Plc, Nigeria’s pioneering integrated

Nigerian Exchange Limited (NGX) has reinforced its role as a catalyst for capital formation with the launch of Ellah Lakes Plc’s ₦235 billion Offer for Subscription. The offer which was launched during a Facts Behind the Offer presentation at NGX, underscores the Exchange’s commitment to deepening access to long-term financing for businesses driving Nigeria’s real sector growth. Ellah Lakes Plc, Nigeria’s pioneering integrated agro-industrial enterprise, is raising ₦235 billion through the issuance of 18.8 billion ordinary shares of 50 kobo each at ₦12.50 per share. The Offer, led by Rand Merchant Bank (RMB) as Lead Issuing House, opened on Monday, 10 November 2025, and will close on Friday, 5 December 2025. Speaking at the event, Mr. Jude Chiemeka, Chief Executive Officer of NGX, commended Ellah Lakes for leveraging the Nigerian capital market as a springboard for expansion: “The launch of this ₦235 billion equity raise underscores the depth and resilience of Nigeria’s capital market as a strategic enabler of corporate growth. At NGX, we are particularly pleased to see a leading indigenous agribusiness like Ellah Lakes harness the market to scale its operations and deepen value creation across the agricultural value chain. This Offer represents not only an opportunity for investors to participate in the country’s agro-industrial expansion but also a strong signal of renewed confidence in the Exchange as a gateway for transformative capital formation.” Mr. Chuka Mordi, Chief Executive Officer of Ellah Lakes Plc, described the Offer as a pivotal step in the company’s evolution: “This Offer for Subscription is about unlocking the next chapter of Ellah Lakes’ growth story. At an offer price of ₦12.50 per share, this raise reflects the intrinsic value of our scaled, integrated platform. We are inviting investors to participate in a clear growth trajectory built on over 30,000 hectares of resilient, diversified assets and strong processing capacity. The ₦235 billion equity expansion marks our transition from foundation building to full-scale market expansion, driving sustainable profitability and advancing Nigeria’s food security agenda.” Mr. Paul Farrer, Deputy Managing Director of Ellah Lakes Plc, further detailed the company’s deployment strategy: “Every naira from this raise has a clear strategic purpose. The proceeds will accelerate integration of the newly acquired Agro-Allied Resources & Processing Nigeria Limited (ARPN) assets and upgrade our crude palm oil and cassava processing facilities. Our goal is to deliver a step-change in operational efficiency and scale, maximising value for shareholders and contributing to the broader agro-industrial ecosystem.” The launch of the Ellah Lakes Offer for Subscription demonstrates NGX’s continued commitment to connecting issuers with investors and supporting companies across growth sectors in accessing efficient capital. The transaction offers institutional and retail investors a unique opportunity to participate in one of Nigeria’s most ambitious agro-industrial expansion stories, reinforcing NGX’s position as the exchange of choice for transformative financing.

Federal Government of Nigeria has listed a N368.3bn bond

The Federal Government of Nigeria has listed a N368.3bn bond along with N234bn in supplementary bond issues on the Nigerian Exchange Limited. This was disclosed in a notice filed on the Exchange by the Head of the Issuer Regulation Department, Obioma Oge, on Tuesday. The newly listed bond, named 22.60 per cent FGN JAN 2035, has a total value of N368,309,761,000 and 368,309,761 units issued. It comes with a 22.60 per cent coupon and a 10-year tenor. Additionally, the bond’s issue date is January 29, 2025, and its maturity date is January 29, 2035, with coupon payments due twice annually on 29 July and 29 January. In addition to the new listing, supplementary listings were made for two other FGN bonds. The 19.30 per cent FGN APR 2029 bond had a total of 463,161,536 units outstanding as of February 18, 2025, after the issuance of 78,859,905 additional units. Also, the 18.50 per cent FGN FEB 2031 bond saw an increase in total outstanding units to 2,108,213,312 following the issuance of 153,869,360 additional units. The PUNCH reported that Nigerian Exchange Limited has revealed that the total allotments for FGN Savings Bonds have risen to N5.06bn within the first five months of 2023.

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