Lagos State Bond, Others Raise New Listings on Nigerian Exchange to N754.82 Billion

Kayode Tokede

The listing of Lagos State’s N244.8 billion bond, among other issuances, lifted total new listings on the Nigerian Exchange Limited (NGX) to N754.82 billion in the first weeks of 2026, a report has revealed.

The NGX X-Compliance report revealed that on February 9, 2026, the Lagos State Government listed N230 billion Series IV 10-Year 16.25 per cent Fixed Rate Bond due 2035 under its N1 trillion Debt and Hybrid Instruments Issuance Programme. It also listed N14.815 billion Series III 5-Year 16 per cent Fixed Rate Green Bond due 2030 under the same programme.

In addition, the federal government recorded two listings valued at N4.18 billion in January 2026.

Among corporate issuers, United Bank for Africa Plc (UBA), First HoldCo Plc, and Guaranty Trust Holding Company Plc (GTCO) accounted for N251.6 billion in new listings during the period, driven largely by the recapitalisation directive of the Central Bank of Nigeria (CBN), which mandates banks to raise fresh equity to meet new paid-up capital thresholds.

GTCO listed N10 billion following a successful private placement of 125 million ordinary shares at N80 per share. The NGX also admitted UBA’s N157.8 billion Rights Issue in early January 2026.

Similarly, Presco Plc listed N236.7 billion in shares arising from a Rights Issue priced at N1,420 per share, with one new ordinary share for every six held.

LFZC Funding SPV Plc listed N16.1 billion 7-Year 20.50 per cent Series I Senior Fixed Rate Infrastructure Bonds due 2032 under its N100 billion Bond Issuance Programme.

Also admitted to the Exchange were Zichis Agro-Allied Industries Plc by introduction valued at N1.09 billion, and Morison Industries Plc, which listed N400.3 million through a private placement of 266.84 million ordinary shares at N1.50 per share.

Data obtained from the NGX indicated that in 2025 alone, Nigerian banks listed an estimated N2.25 trillion in fresh capital ahead of the CBN’s March 2026 recapitalisation deadline.

Further findings by THISDAY showed that 10 banks seeking to meet the new capital threshold by 2026, alongside other companies raising fresh capital, accounted for N2.55 trillion, or 40.3 per cent, of the N6.34 trillion in total listings recorded during the review period.

Some of the 10 banks include Wema Bank Plc, FCMB Group Plc, Stanbic IBTC Holdings Plc, Sterling Financial Holdings Company Plc, UBA, GTCO, Fidelity Bank Plc, Zenith Bank Plc, and Access Holdings Plc.

With strong support from the capital market community, most listed banks have met the CBN’s new minimum capital requirements ahead of the March 2026 deadline.

In the nine months under review, GTCO, Access Holdings, and Zenith Bank raised N369 billion, N351.01 billion, and N350.46 billion, respectively, to meet the new minimum capital requirement for banks with international authorisation.

Other capital raisings included UBA (N239.4 billion), Fidelity Bank (N175.85 billion), FCMB Group (N167.67 billion), Wema Bank (N147.8 billion), Stanbic IBTC Holdings (N148.71 billion), and Sterling Financial Holdings (N101.64 billion).

The recapitalisation drive was further strengthened by NGX Invest, a digital platform launched by the Exchange to enhance the efficiency of public offers and rights issues, streamline subscription processes, and support issuers’ capital-raising initiatives.

Analysts attributed sustained demand for federal government bonds to attractive yields, which offered competitive returns and reinforced investor confidence in the government’s debt-servicing capacity.

They maintained that the capital markets have the depth and liquidity needed to support the federal government’s $1 trillion economic agenda, citing bullish trends across both primary and secondary markets.

The Group Managing Director/Chief Executive Officer of Nigerian Exchange Group Plc, Temi Popoola, reiterated the Exchange’s commitment to leveraging technology and innovation to strengthen private and public sector financing.