Nigerian Exchange Listings Near US$2 Billion in 2026
NIGERIA · MARKETS
Key Facts
- —How much has been listed Corporate listings on the Nigerian Exchange reached about N2.7 trillion (roughly US$2.04 billion) in 2026.
- —How much of that is banks and insurers Banks and insurers account for about N906 billion (roughly US$684 million) of it, not the whole figure.
- —What insurers listed Ten insurers listed N118.8 billion (about US$89.6 million).
- —Why the bank total doesn’t add up The reported bank total of N652.01 billion does not reconcile with its own itemisation, which sums above N787 billion.
- —Why banks needed to raise money Bank recapitalisation ran March 2024 to 31 March 2026 and raised N4.65 trillion.
- —Other big listings this year Dangote Sugar Refinery at N485.9 billion, Presco at N236.7 billion and Eterna at N19.41 billion — none of them financial.
The headline figure is real and it is not what it has been reported to be. Banks and insurers are about a third of it.
Corporate listings on the Nigerian Exchange reached about N2.7 trillion in 2026, roughly US$2.04 billion. Banks and insurers raising capital to meet new regulatory thresholds drove much of it, part of a broader wave of forced consolidation across Nigeria’s financial sector. Several large non-financial issuers listed as well.
What the N2.7 Trillion Is
The figure covers all corporate listings by all issuers on the exchange so far in 2026. It is not a banks-and-insurers total. Reporting it as one overstates the financial sector’s share by roughly three times.
Among the largest non-financial listings are Dangote Sugar Refinery at N485.9 billion (about US$367 million), Presco at N236.7 billion (about US$179 million) and Eterna at N19.41 billion (about US$14.6 million).
The Bank Numbers Do Not Add Up
A widely reported bank total of N652.01 billion is difficult to reconcile with the itemisation published alongside it. That list shows FCMB Group N231.83 billion, Fidelity Bank N227.05 billion, United Bank for Africa N157.8 billion, First HoldCo N128.7 billion, Access Holdings N21.4 billion and Guaranty Trust Holding Company N10 billion.
Those six alone come to N776.78 billion (about US$586 million), N125 billion more than the stated total, before Sterling Financial Holdings is counted. Sterling listed 2,573,080,294 ordinary shares at N4.00 on 31 August 2026, worth N10.29 billion (about US$7.8 million). That brings the seven to about N787.07 billion (about US$594 million).
That reported N652.01 billion total appears to be wrong: where a source’s own arithmetic contradicts its stated total, the itemised figures are the more reliable ones.
The Insurers Reconcile
Ten insurers listed a combined N118.8 billion, about US$89.6 million. The individual totals: International Energy Insurance N25.8 billion, Lasaco N18.47 billion, Linkage N16.26 billion, Veritas Kapital N15 billion, Fortis Global N12 billion, Coronation N9.79 billion, Sunu N9.3 billion, Sovereign Trust N5.02 billion, Prestige N4.62 billion and Regency Alliance N2.54 billion.
That total reconciles cleanly, unlike the bank figures.
What Drove the Issuance
The Central Bank of Nigeria’s recapitalisation programme, which raised the minimum capital banks must hold, ran from March 2024 to 31 March 2026. Thirty-three of about 37 licensed banks met the new thresholds, raising N4.65 trillion in fresh capital.
Converted at the 31 March 2026 rate of about N1,383 to the dollar, that is roughly US$3.36 billion. It is a cumulative sum raised across two years of currency movement, rather than a figure with a single dollar value.
The Securities and Exchange Commission, Nigeria’s capital markets regulator, put domestic investors at 72.55% of the total and international investors at 27.45%. It did not break the domestic share down between pension funds, insurers, asset managers and retail participants. It did note that retail participation came largely through the NGX Invest platform.
The Insurance Round Has Already Closed
Recapitalisation under the Nigerian Insurance Industry Reform Act 2025 closed on 31 July 2026. The Act is administered by the National Insurance Commission, NAICOM, and the regulator ruled out an extension.
The sector raised about N720 billion (roughly US$543 million), and 43 licences were verified: 23 non-life, 10 life, eight composite and two reinsurance. Six insurers failed to comply, among them NICON Insurance and Nigeria Reinsurance Corporation.
The N118.8 billion listed on the exchange is therefore only about a sixth of what the sector actually raised. Most of the rest was placed privately rather than listed.
What the Thresholds Are
Under the 2025 Act the minimum capital is N10 billion (about US$7.5 million) for life insurers. It is N15 billion (about US$11.3 million) for non-life, and N35 billion (about US$26.4 million) for reinsurance.
Those levels are what forced the consolidation now visible on the exchange. The six failures are the cost of setting them where they were set. For investors, the reliable read on 2026 issuance is the itemised company-by-company figures, not the round headline totals.
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Frequently Asked Questions
How much has been listed on the NGX in 2026?
About N2.7 trillion, roughly US$2.04 billion, across all corporate issuers.
Is that all banks and insurers?
No. Banks and insurers are about N906 billion of it. Dangote Sugar, Presco and Eterna are among the large non-financial listings.
What did the insurers list?
N118.8 billion, about US$89.6 million, across ten companies.
How much did bank recapitalisation raise?
N4.65 trillion between March 2024 and 31 March 2026, with 33 of about 37 banks meeting the thresholds.
Has insurance recapitalisation finished?
Yes. It closed on 31 July 2026 with about N720 billion raised, 43 licences verified and six insurers failing to comply.
Sources: ThisDay, Securities and Exchange Commission of Nigeria, NAICOM, Premium Times, Business Post, Nairametrics.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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