NEWS
NGX Rides on 2022 Global Market Downturns with Landmark Listings
The Nigerian Exchange Limited (NGX) rode on the back of landmark listings to a strong performance in the year 2022.
This was disclosed at NGX 2022 Market Recap and 2023 Outlook on Wednesday.
Chief Executive Officer, NGX, Temi Popoola, said, “In 2022, the equities market performance was evidenced by the 19.98% increase in the NGX All-Share Index, which rose from 40270.72 to 51,251.06 just as the market capitalisation also closed at a high of N27.92tn, up from N21.06tn the previous year. The total turnover of trades in 2022 improved by 27% from N916bn to N1.16tn year-on-year from 2021.
“Market participation was heavily skewed to the domestic investors. The Fixed Income market saw a slight uptick in turnover to N3.89bn in 2022 from N3.53bn recorded in 2021. This represents a 10.20% YoY increase.
“The Exchange Traded Funds market capitalisation increased from N7.35Bn in 2021 to N8.42Bn in 2022, representing a 14.56% increase in the market capitalisation. Stanbic IBTC ETF 30 which tracks the performance of NGX 30 index was the best performing ETF in 2022, having begun the year at N68.5 and closed at N245, reflective of 257.66% returns. ETF transactions fell from N34.22bn in 2021 to N211.02m in 2022. This represents a 99.38% decline in ETF turnover.
“Altogether, this signalled a good year for the Exchange despite global macroeconomic headwinds.”
Landmark Listings
The yearly performance can be attributed in part to the N4.3trn in listings recorded by NGX across Equities and Fixed Income markets.
These listings included the raising of N2.54trn of bond listings for the Federal Government of Nigeria, as well as equity listings totalling N1.35trn from companies such as BUA Foods Plc and Geregu Power Plc.
Corporate bond listings also contributed significantly to the Exchange’s performance, with a total of N364.78bn raised through listed instruments such as Dangote Industries Plc’s N177.12bn senior unsecured bonds, Lagos Free Zone Company SPV Plc’s N25bn fixed rate infrastructure bonds and Ardova Plc’s N11.44bn and N13.86bn fixed rate senior unsecured bonds. NGX also listed FGN Multi-Tranche $4bn Eurobonds which further demonstrated its diversity of offerings and its ability to attract a wide range of businesses looking to raise capital.
The value of these listings displays NGX’s commitment to positioning itself as a premier location for capital raising and formation, as well as its ongoing development efforts in the Nigerian capital market post its demutualisation.
The Exchange’s ability to facilitate a wide range of transactions and attract a diverse range of businesses highlights its position as a leader in financial market innovation and progress on the African continent.
Partnerships
The NGX partnered with MTN Nigeria to further enhance retail participation in the country’s capital market.
The NGX also forged strategic partnerships by signing Memoranda of Understanding with the Bank of Industry and Dubai Financial Market to deepen the capital market and build capacity for inclusive growth.
These spotlighted the Exchange’s commitment to supporting the development of the Nigerian capital market and fostering growth and prosperity in the country.
Sustainability Drive
The NGX demonstrated its commitment to sustainability in 2022 through a number of initiatives and collaborations.
In an effort to further catalyse Nigeria’s path towards reducing greenhouse emissions and aligning with the objectives of the Paris Agreement, the NGX collaborated with the International Finance Corporation (IFC) on a Green, Social and Sustainability Bonds workshop for capital market stakeholders.
The NGX, through its specialised knowledge platform, X-Academy, collaborated with the NGX Regulation Limited (NGX RegCo) and Global Reporting Initiative (GRI) on a capacity building session focused on sustainability reporting and Environmental, Social, and Governance (ESG) disclosures for listed corporates.
The Exchange joined over 100 securities exchanges around the world in celebrating International Women’s Day and Ringing the Bell for Gender Equality.
The event, hosted in collaboration with International Finance Corporation (IFC), Sustainable Stock Exchanges (SSE) Initiative, United Nations (UN) Women, United Nations Global Compact (UNGC), and World Federation of Exchanges (WFE), brought stakeholders together to explore the key issues that could facilitate progress towards gender equality through policy and finance.
The NGX continues to progress in its EDGE certification process with the support of IFC under the Nigeria2Equal Programme.
This certification recognises organisations that are committed to gender equality in the workplace, and NGX’s participation demonstrates its dedication to promoting sustainable and inclusive practices.
Product Development and Innovation
April 2022 was a particularly significant month, with the launch of West Africa’s first Exchange Traded Derivatives market on the NGX.
This innovative development expands the exchange’s offerings and cements its position as a leader in the African financial market.
The approval of the NGX Technology Board Listing Rules by the Securities and Exchange Commission (SEC) and the hosting of the Made of Africa Awards, which recognised and rewarded innovation and compliance were the highlights in December.
The approval of the listing rules further demonstrates the NGX’s commitment to providing a reliable and efficient platform for capital raising and positions the Exchange as an attractive destination for capital formation by companies within the Technology sector.
The Made of Africa Awards highlighted the Exchange’s dedication to fostering innovation and spurring compliance to best practices in the capital market.
The NGX’s strategic partnership with other exchanges in Africa under African Securities Exchanges Association yielded fruits with the launch of the African Exchanges Linkage Project, (AELP) which is aimed at boosting trade and capital flows between African capital markets.
CEO, NGX, Temi Popoola was also elected to the executive committee of the African Securities Exchanges Association.
The year was brought to a close with a high note as popular filmmaker Kemi Adetiba closed the market, with the NGX soaring by 19.98%. This strong finish to the year was a testament to the NGX’s continued success and growth in the Nigerian capital market.
Overall, the data and events of 2022 demonstrate the Exchange’s focus on providing a reliable and efficient platform for capital raising and formation, as well as its ongoing product and services expansion in the Nigerian capital market. Its dedication to fostering sustainable development in the African economy positions it as a driving force for innovation and progress on the continent.
2023 Outlook
By the words of Popoola, the NGX would take a flexible approach to strategy execution in 2023, doubling down on its 2022 achievements and expanding on several levers.
“As you know, the NGX Technology Board Listing Rules were approval by the apex regulator, the Securities and Exchange Commission in December 2022. With this, we aim to drive more technology companies to the Exchange and deepen capital formation in the technology sector. Currently we are in consultations with stakeholders in the sector and we are confident of securing a few big names within the year,” the CEO added.
“On strategic partnerships, we will be forging more with development finance institutions, banks, both local and international to further develop the market.
“We aim to do more on trading where we improve data dissemination to attract a larger investor base, especially from the retail side. We will be using listings as a vehicle for meeting strategic aspirations as the new dispensation comes in through increased advocacy and engagements.
“NGX sees sustainability as not just important but also a profitable frontier of its business and work is ongoing on developing a framework for certifications in carbon credits trading, pending regulatory approval.
“On the capital market’s digital transformation, the Exchange is working on USSD launch in collaboration with Telcos and Banks; unlocking the African Capital markets via payment integration with Afreximbank’s Pan African Payment Settlement System.”
Biztellers reports that the Exchange has also set its sight on the development of new products aimed at attracting the lower rung of the Nigerian demography.
“(The) NGX is also focused on increasing youth participation with the creation of digital asset products powered by Blockchain technology, non-depository receipts and overall increasing the pool of available liquidity in the market.
“Altogether, 2023 is likely to be a new dawn for the market and the Nigerian economy as significant events take shape in the macroeconomic and political environments.”
A building has collapsed in Wuse Zone 4, Abuja, just hours after the Development Control Department of the Federal Capital Territory Administration (FCTA) sealed the structure and directed occupants to vacate the premises.
The building reportedly collapsed at about 8pm on Monday, September 7, 2026, prompting an emergency response as personnel of the Federal Fire Service and other responders moved to the scene.
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Three ambulances were stationed at the location as rescue teams worked to determine whether anyone was trapped beneath the rubble and to evacuate any possible casualties.
The FCTA’s Development Control Department had earlier sealed the building and ordered occupants to leave the premises before the collapse.
The cause of the collapse remained unclear as of the time of the report, while rescue operations were still ongoing.
The incident has renewed concerns over the safety of ageing and distressed buildings in Abuja, particularly structures that have previously been flagged by regulatory authorities.
Further details on possible casualties and the circumstances surrounding the collapse are expected as emergency operations continue.
President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, has declared that Nigerians from all walks of life will have the opportunity to own stakes in the Dangote Petroleum Refinery through its Initial Public Offering.
Dangote made the statement on Monday during the official signing ceremony for the refinery’s IPO in Lagos.
“What we are trying to achieve is to make sure our drivers, cooks, servants, and everybody have the opportunity of having stakes in the refinery,” Dangote said.
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The IPO will see the refinery offer 4.1 billion ordinary shares at ₦525 per share, giving investors an opportunity to become shareholders in one of Africa’s biggest industrial projects.
The official application list is scheduled to open on September 14, 2026, and will close on October 9, 2026, after 25 days.
Investors can subscribe to a minimum of 100 shares valued at ₦52,500, with subsequent subscriptions available in multiples of 50 shares.
The landmark signing ceremony was attended by prominent figures in Nigeria’s business and financial sectors, including Zenith Bank Chairman, Jim Ovia, and Heirs Holdings Chairman, Tony Elumelu.
Located in the Lekki Free Zone, Lagos, the Dangote Refinery has a refining capacity of 650,000 barrels per day, making it Africa’s largest single-train refinery.
The refinery, which was commissioned in May 2023 after nearly a decade of construction, attracted an investment of approximately $20 billion.
According to details of the IPO, proceeds from the public offer will be used to support a major expansion of the facility, with the company targeting an increase in processing capacity to 1.4 million barrels per day.
If achieved, the expansion would make the facility the largest operating oil refinery in the world, surpassing India’s Jamnagar refinery complex.
At ₦525 per share, the refinery has an estimated market valuation of about $47 billion, while a fully subscribed IPO could increase the total market capitalisation of the Nigerian Exchange by an estimated 30 to 40 per cent.
The company has also proposed paying dividends in US dollars, with foreign exchange earnings from refined petroleum products and petrochemical exports expected to support the dividend plan.
The public offering follows a $2.5 billion private placement completed in July as Dangote Industries seeks to raise additional capital for the refinery’s expansion.
The Nigeria Security and Civil Defence Corps has deployed Toma Enya as the new Commandant of the Osun State Command.
Enya’s deployment was approved by the NSCDC Commandant-General, Prof. Ahmed Audi, according to a statement issued by the Corps’ spokesperson, Kehinde Adeleke, on Monday in Osogbo.
The new commandant, who was transferred from the Ekiti State Command, officially assumed office on Monday, taking over from Commandant Igbalawole Sotiyo.
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Following the handing-over ceremony at the command headquarters, Sotiyo led Enya to the Government Office in Abere, where they were received on behalf of Osun State Governor, Ademola Adeleke, by the Deputy Governor, Kola Adewusi.
Speaking during the visit, Enya pledged to strengthen intelligence gathering and information sharing under his leadership.
He also assured that the command would remain committed to ensuring adequate protection of lives and property across the state.
Adewusi welcomed the new commandant to Osun and assured him of the state government’s support to enable the NSCDC to effectively discharge its statutory mandates and contribute to the security and development of the state.
Enya becomes the 18th NSCDC commandant in Osun State.
He hails from Ajaokuta Local Government Area of Kogi State and holds a Bachelor of Science degree in Geology from Ahmadu Bello University, Zaria, as well as a Master’s degree in Public Administration from Ladoke Akintola University of Technology, Ogbomoso, Oyo State.
Enya has served the Corps in various operational, investigative and administrative capacities, gaining extensive experience in security operations and management.
The NSCDC said he has also attended several professional courses within and outside Nigeria, further enhancing his expertise in security architecture, leadership and administration.
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