NGX Seeks Tinubu’s Backing for NLNG, NNPC Listings Amid Record Market Rally

The Nigerian Exchange Group (NGX Group) has proposed a four-point programme, including the listing of commercially viable state assets and leading private companies, to turn the country’s stock-market recovery into a major source of long-term financing.

During a visit to the State House on Thursday, the NGX Group urged President Bola Tinubu to support the privatisation and listing of commercially viable government assets, including interests in Nigeria LNG and selected Nigerian National Petroleum Company holdings.

The proposal forms part of a four-point plan presented by NGX Group Mainaging Director and Chief Executive Officer, Temi Popoola, aimed at converting Nigeria’s recent capital-market rally into a national capital-formation programme.

Other assets identified for possible privatisation and listing include Indorama Corporation and Eleme Petrochemicals.

Popoola said in his presentation that Nigeria now had an opportunity to channel renewed investor confidence into enterprise, infrastructure, employment and broader economic prosperity.

“Nigeria’s capital market has staged a decisive recovery under the direction and reforms of this administration,” he said. “The opportunity before us now is to convert that momentum into a deliberate national programme.”

According to NGX, the market’s capitalisation climbed to a record ₦158.1 trillion as of August 5, 2026, representing growth of about 450 per cent from the first half of 2023.

The NGX All-Share Index also rose from 52,974 points in the first half of 2023 to a record 244,912.24 points, an increase of 339 per cent.

NGX said total equity-market transactions reached ₦6.08 trillion, compared with ₦3.96 trillion in the first half of 2023, while foreign portfolio flows rose by approximately 590 per cent — from ₦185.62 billion to ₦1.28 trillion.

Popoola ranked Nigeria’s stock market as the second-best performer among selected global markets in the first half of 2026, with a return of 57 per cent. South Korea’s KOSPI led with 101 per cent, while Japan’s Nikkei 225 returned 39 per cent.

Kenya’s NSE, the MSCI Emerging Markets Index and the FTSE 100 recorded returns of 27 per cent, 24 per cent and six per cent, respectively.

He attributed the rally to the Investments and Securities Act 2025, foreign-exchange reforms, banking recapitalisation, stronger corporate earnings and higher dividends.

He said the performance represented more than rising share prices, describing it as a broad “re-rating of Nigeria” driven by returning investor confidence, deeper capital formation and improved corporate fundamentals.

Popoola cited substantial increases in the profits of major listed companies, including MTN Nigeria, Dangote Cement, Aradel Holdings, Seplat Energy and BUA Cement.

According to him, the combined profit before tax of the selected companies rose by about 6.2 times from their 2023 levels. MTN’s profit before tax, for example, increased from ₦200 billion to ₦1.09 trillion, while Dangote’s rose from ₦240 billion to ₦981 billion.

Push for listings by Nigerian unicorns

Beyond state assets, Popoola asked the Federal Government to encourage Nigerian unicorns and other leading private companies to list or dual-list on the domestic exchange.

He specifically identified OPay and called for the participation of major fintech, consumer and infrastructure businesses.

He argued that domestic listings would allow Nigerians to share in the value created by companies operating in the country, while expanding investment opportunities and improving market depth.

NGX also requested clarity on the capital-gains-tax treatment of listed securities. It called for appropriate accommodations that would protect investor confidence and preserve the market’s momentum.

Its fourth request was for President Tinubu to visit the Nigerian Exchange as a public demonstration of the administration’s confidence in the capital market.

Financing Nigeria’s trillion-dollar ambition

Popoola said the capital market should become the primary financing engine for Nigeria’s proposed trillion-dollar economy, mobilising funds for manufacturing, agriculture, energy, technology and other productive sectors.

He also proposed making the market the country’s principal infrastructure-financing gateway through bonds, sukuk, infrastructure funds and asset-backed securities.

He said expanded digital access, stronger financial literacy and an increase in the number of listed companies could enable more Nigerians to participate directly in wealth creation.

The CEO added that Lagos could emerge as Africa’s leading financial centre by attracting major listings, institutional capital and financing for businesses across the continent.

“A vibrant, well-functioning capital market is a vital pillar of enterprise growth, job creation and the trillion-dollar economy,” he said.