Nigerian Exchange (NGX) today hosted the Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, at the Closing Gong Ceremony to commemorate the listing of the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF) Series 2. The event underscored the capital market’s pivotal role in national development, particularly in addressing Nigeria’s housing deficit.

The listing took place against the backdrop of cautious trading in the equities market, as investors recalibrate portfolios in response to geopolitical tensions arising from the US–Nigeria diplomatic standoff, the proposed Capital Gains Tax (CGT), year-end portfolio rebalancing, and expectations of window-dressing by institutional players. While liquidity remains robust, analysts emphasize that aligning fiscal policy with investor expectations is critical to sustaining confidence and deepening long-term market participation.

Temi Popoola, Group Managing Director/Chief Executive Officer, NGX Group, reaffirmed the capital market’s role as a catalyst for inclusive growth and called on the Federal Government to ensure balanced outcomes in the implementation of the Capital Gains Tax. “The capital market is not only a platform for attracting investment but also a tool for creating wealth for Nigerians. Policies such as the capital gains tax must be carefully designed to balance government revenue objectives with investor confidence and market growth. NGX Group remains committed to supporting the Renewed Hope Agenda by channeling private capital into initiatives that deliver sustainable, long-term impact.”

Responding, Mr. Wale Edun assured stakeholders that the Federal Government has noted the concerns around Capital Gains Tax and remains committed to ongoing consultation with the market. “We have noted the concerns around Capital Gains Tax and will continue to engage with the capital market to ensure any decisions deliver optimal outcomes for both Nigerians and the market. At ₦100 per unit, MREIF allows ordinary Nigerians to participate in savings and investment, leveraging local resources to grow our economy, especially in the housing sector.”

The ceremony also highlighted the strength of collaboration between the Federal Government, MOFI, and the private sector in mobilising innovative financing for housing.

Ahonsi Unuigbe, Chairman, NGX, described the listing as a “defining step toward transforming Nigeria into a leading economy that ensures shared prosperity for all Nigerians.”

In his remarks, Jude Chiemeka, CEO, NGX, said MREIF demonstrates how the capital market can deliver practical solutions to national challenges: “By channeling private capital into housing, we are creating opportunities for long-term investment and wealth creation while addressing Nigeria’s housing deficit.”

Dr. Armstrong Ume Takang, Managing Director/CEO, MOFI, added: “MREIF provides long-term, low-cost mortgage financing to make homeownership a reality for millions of Nigerians, stimulating local economies across the housing value chain.”

The Closing Gong Ceremony positioned MREIF as a model for inclusive economic growth, illustrating how institutional capital can drive both financial stability and social impact. With over 1,000 mortgages already disbursed, the initiative continues to expand middle-class wealth and deepen Nigeria’s capital market.

Nigerian Exchange Limited (NGX) has reaffirmed its leadership in advancing Africa’s Islamic finance ecosystem through the strategic expansion of its Non-Interest Finance Board and active engagement at the 7th African International Conference on Islamic Finance (AICIF), held in Lagos from 4th to 5th of November 2025.

Organised by The Metropolitan Skills Limited in collaboration with the Securities and Exchange Commission (SEC), the two-day event convened policymakers, regulators, development partners, and market participants to explore policy reforms, product innovation, and strategies to unlock liquidity across Africa’s Islamic finance markets.

Speaking at the conference, Alhaji (Dr.) Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX Group), said NGX’s Non-Interest Finance Board has become a central platform for expanding access to Sharia-compliant financial instruments and attracting investors seeking transparency, inclusivity, and sustainability. “Through the Non-Interest Finance Board, NGX is building a dedicated platform for Sukuk, Islamic collective investment schemes, and non-interest exchange-traded funds,” Dr. Kwairanga stated. “Our goal is to broaden market participation while channeling capital towards productive sectors of the economy.”

The Exchange currently hosts over ₦1.3 trillion in listed Sukuk, reflecting growing investor appetite for assets that deliver both financial returns and social impact. In collaboration with the Securities and Exchange Commission (SEC) and the National Insurance Commission (NAICOM), NGX continues to strengthen governance frameworks and deepen the non-interest capital market to attract a broader base of ethical investors.

Also speaking at the conference, Mr. Jude Chiemeka, Chief Executive Officer of NGX, highlighted the strategic role of non-interest finance in driving sustainable economic transformation and enhancing market inclusion. “At NGX, our Non-Interest Finance Board represents more than a platform, it embodies our commitment to unlocking ethical capital, diversifying investment opportunities, and driving sustainable development,” said Chiemeka. “By leveraging innovation and strategic partnerships, we are creating pathways for inclusive growth and positioning Nigeria at the forefront of Islamic finance in Africa.”

Vice President Kashim Shettima, represented by Dr. Tope Fasua, Special Adviser to the President on Economic Matters, described Islamic finance as a credible mechanism for fostering equitable prosperity and sustainable development, urging broader adoption across African economies.

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.

Proparco and Ecobank Group have signed a €10m trade finance guarantee for Small and Medium-sized Enterprises (SMEs) in Africa.

In a statement made available to The PUNCH on Thursday, the partners said the trade agreement was signed on the first day of the Africa Financial Summit 2025.

The €10m trade finance guarantee facility was signed for Ecobank Chad to facilitate imports of raw materials essential for creating added value in the country.

The programme addresses supply needs not covered by the local market and is part of the Food & Agriculture Resilience Mission (FARM) initiative launched in 2022 by France, together with the European Union, the G7, and the African Union. Its objective is to strengthen food security in the most vulnerable countries.

This guarantee is also part of the Choose Africa programme run by the AFD Group (Agence Française de Développement, Proparco, and Expertise France), which provides financing solutions to small African businesses, start-ups, micro-enterprises, and MSMEs, supporting them through the various stages of their growth via local partners backed by the AFD Group.

Speaking on the agreement, the Ecobank Group Chief Executive Officer, Jeremy Awori, said, “This renewed partnership with Proparco reflects our shared commitment to strengthening the economic resilience of Chad and the wider region, contributing to the implementation of Chad’s new National Development Plan.

“By facilitating access to essential raw materials, we are supporting local industrialisation, food security, and value creation on the continent. Using the combined expertise of our pan-African network and Ecobank International in France, we will continue to support our customers by facilitating trade and strengthening risk management to build sustainable growth.”

Proparco Deputy Chief Executive Officer, Djalal Khimdjee, commented, “We are very pleased to welcome Ecobank Chad to the Trade Finance programme that we have co-developed with the Ecobank Group since 2018. This new partnership will benefit local businesses, enabling them to import raw materials and become part of the international value chain to better meet the needs of local communities. This transaction brings the total volume of trade finance guarantees granted to the Ecobank Group since 2018 to €125m.

FirstHoldCo Plc has sustained its growth momentum across core business segments, reporting a 17.1 percent year-on-year increase in gross earnings to ₦2.64 trillion for the nine months ended September 30, 2025, compared to ₦2.25 trillion in the corresponding period of 2024.

According to the unaudited results released by the Group, interest income rose sharply by 40.4 per cent to ₦2.29 trillion from ₦1.63 trillion in September 2024, reflecting improved asset yields and loan book expansion. Net interest income also climbed 71.7 per cent year-on-year to ₦1.5 trillion, buoyed by stronger core banking operations.

However, non-interest income declined 49.2 percent to ₦296.9 billion, while impairment charges for credit losses surged 68.6 percent to ₦288.9 billion, reflecting prudent risk provisioning in a volatile operating environment.

Operating income rose 23.2 percent to ₦1.80 trillion, though profit before tax slipped 7.3 percent to ₦566.5 billion, down from ₦610.9 billion a year earlier. Profit after tax also fell by 15.5 percent to ₦450.9 billion, largely due to reduced fair value gains and higher operating costs, which jumped 39.3 percent to ₦942.7 billion.

Despite the profit decline, the Group maintained balance sheet stability, with total assets at ₦26.4 trillion, marginally lower than ₦26.5 trillion as of December 2024. Customer deposits rose 4.2 percent year-to-date to ₦17.9 trillion, while net loans and advances increased by 9 percent to ₦9.6 trillion.

Key performance ratios show that FirstHoldCo maintained a post-tax return on average equity of 19.9 per cent and a post-tax return on assets of 2.3 percent. The Group’s cost-to-income ratio stood at 52.4 per cent, compared with 46.4 percent a year earlier, while the non-performing loan (NPL) ratio improved to 8.5 per cent from 10.2 percent in December 2024.

Group Managing Director, Adebowale (Wale) Oyedeji, described the results as a reflection of the Group’s underlying resilience and commitment to sustainable growth.

“FirstHoldCo has once again demonstrated solid earnings capability,” Oyedeji said. “Our interest and operating income grew strongly by 40.4 percent and 23.2 percent, respectively, supported by a 26.9 percent rise in fees and commission income. The decline in profit before tax was due to the normalisation of fair value gains and balance sheet strengthening initiatives.”

He noted that the Group’s strategic risk management measures were already yielding results, as seen in the improved asset quality.

On the recapitalisation of FirstBank, Oyedeji disclosed that the first phase of its private placement capital raise had been successfully executed and is awaiting final regulatory approvals.

“We expect to conclude this phase in November 2025, ensuring FirstBank’s full compliance with the new minimum capital requirements by year-end,” he said. “Subsequent capital raising rounds will further enhance our financial solutions and support value-accretive initiatives.”

Oyedeji reaffirmed the Group’s commitment to achieving its 2029 financial targets, noting that FirstHoldCo remains well-positioned to deliver stronger shareholder value through operational scalability and prudent capital management.

The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has disclosed that Nigeria’s non-interest capital market has grown to a valuation of over N1.6 trillion, underscoring its expanding role in deepening financial inclusion and supporting infrastructure development.

Speaking at the 7th African International Conference on Islamic Finance (AICIF) 2025, held in Lagos, Dr. Agama said the growth reflects investors’ confidence and the success of the Commission’s regulatory reforms under the Investments and Securities Act (ISA) 2025.

He stated: “The remarkable growth of the non-interest segment in Nigeria — a market now valued at over ₦1.6 trillion — is clear evidence that when there is an enabling regulatory environment, the market responds with vigour”.

He noted that Nigeria’s sovereign Sukuk programme has raised over ₦1.4 trillion through seven issuances since 2017, financing the construction and rehabilitation of 124 critical roads covering more than 5,820 kilometres across the country.

Agama added that the recent approval of a $500 million international Sukuk would mark the next phase of Nigeria’s effort to attract ethical financing for infrastructure and economic growth.

He emphasized that the rapid growth of Islamic finance across the continent shows Africa’s readiness to embrace non-interest instruments as a mainstream funding source.

He cited examples from Egypt, Kenya, Tanzania, Senegal, and Ghana, which are strengthening legal and policy frameworks to attract Shariah-compliant investments.

Dr. Agama commended Metropolitan Skills for its role in advancing Islamic finance and said resolutions from the conference would feed into the Second Nigerian Capital Market Masterplan (2026–2035), as the first plan concludes this year.

He urged stakeholders to continue using Islamic finance as a tool for ethical investment, financial inclusion, and infrastructure renewal, stressing that “prosperity without inclusion is not sustainable.”

In her address, the Conference Chair, Ms. Ummahani Ahmad Amin, said while Islamic finance had made remarkable progress in Nigeria and across Africa, the continent was yet to fully harness its potential as a reliable source of catalytic capital to bridge its annual infrastructure financing gap estimated at $130 billion to $170 billion.

She noted that although global Islamic financial assets grew by 14.9% year-on-year to $3.88 trillion in 2024, Africa’s share remains marginal due to barriers such as underdeveloped market infrastructure, limited liquidity, and low investor education.

“To enable Sukuk and other Islamic financial instruments serve as effective drivers of financial intermediation and macro-financial stability, we must first address the barriers that continue to constrain their growth,” Amin said.

She also noted the role of Artificial Intelligence (AI) in reshaping ethical finance, automating compliance, and expanding financial access, but warned that the technology must be guided by ethical guardrails to sustain trust.

Ms. Amin stressed that collaboration and knowledge-sharing were key to unlocking Africa’s inclusive prosperity, noting that this year’s AICIF theme — “Africa Emerging: A Prosperous and Inclusive Outlook” — reflects optimism about the continent’s ability to drive sustainable and inclusive development.

As part of its commitment to youth empowerment, she announced that the conference, in partnership with the SEC, hosted a pitch competition to support promising startups.

ZannyTecture Recycling Company Limited won in the Social Impact category for turning discarded tyres and PET bottles into eco-friendly products, while BetaLife Health clinched first place in the Technology category with its AI-driven blood supply optimization platform.

Amin also unveiled The Metropolitan Waqf, an initiative aimed at providing access to education for marginalized communities in Nigeria, particularly in areas affected by conflict.

Amaka Obiefuna

Lagos State Governor, Babajide Sanwo-Olu, on Friday performed the Closing Gong Ceremony at Nigerian Exchange Group (NGX Group) in commemoration of Lagos Fashion Week, highlighting how Nigeria’s creative economy can leverage capital market financing to scale innovation and achieve sustainable growth.

The ceremony brought together Governor Sanwo-Olu, members of the Lagos State Executive Council, renowned American singer and fashion model Ciara Wilson, and key industry players to explore the intersection of creativity and capital. Organized by Style House Files, Lagos Fashion Week has evolved into one of Africa’s foremost platforms for creativity, sustainability, and enterprise development, enhancing the global competitiveness of Nigerian fashion.

In his remarks, Governor Sanwo-Olu commended NGX Group for spotlighting the potential of the creative economy, noting that Lagos continues to lead in galvanizing growth across fashion, film, music, and the arts. He reaffirmed his administration’s commitment to strengthening the ecosystem for the creative sector through access to finance, infrastructure, and supportive policies.

“Lagos stands at the forefront of Africa’s creative renaissance, a city where innovation, culture, and enterprise intersect,” said Sanwo-Olu. “Our ambition is to position Lagos as a global hub for creativity and investment. By deepening linkages with the capital market through institutions like Nigerian Exchange Group, we can unlock financing that empowers creative entrepreneurs to scale sustainably and compete on the world stage.”

Echoing this sentiment, Alhaji Umaru Kwairanga, Group Chairman of NGX Group, described the ceremony as a model for how the capital market can support emerging sectors of the economy. He commended Governor Sanwo-Olu for his leadership in leveraging the market through bond issuances that have financed critical infrastructure and social projects.

“At NGX Group, we believe the creative economy and the capital market share a common purpose—transforming ideas into enduring value,” said Kwairanga. “Across the fashion value chain, there are countless SMEs with the potential to become industry leaders if they can access sustainable financing and institutional support.”

Temi Popoola, Group Managing Director/Chief Executive Officer, NGX Group, reaffirmed the Group’s commitment to driving innovation across all segments of the economy.

“The creative economy represents one of the most dynamic frontiers of growth in Africa,” said Popoola. “We see immense potential in connecting creativity with capital, enabling designers, entrepreneurs, and innovators to grow sustainably through the discipline and transparency the capital market provides.”

American singer, Ciara Wilson, also praised Nigeria’s creative momentum. “It’s amazing to see Lagos and Nigeria levelling up, not just creatively, but economically,” said Wilson. “The energy, talent, and innovation here are world-class. Connecting that creativity to the kind of structure and investment the capital market provides is how you build something truly global and sustainable.”

Chairman of Style House Files and Lagos Fashion Week, Mr. Tokunbo Akerele, emphasized the growing economic significance of Nigeria’s creative industries. “Today’s ceremony reflects the recognition of fashion as a key contributor to economic development,” Akerele said. “Lagos Fashion Week has always championed creativity, sustainability, and enterprise. Engaging platforms like the Exchange helps amplify the message that the creative economy is an engine for growth, investment, and social impact.”

The event also underscored the role of sustainability in creative enterprise, positioning Lagos Fashion Week as a driver of circular economy practices and eco-conscious design. Participants noted that as investors increasingly prioritize Environmental, Social, and Governance (ESG) standards, integrating sustainability enhances credibility, attracts long-term investment, and strengthens competitiveness globally.

By bridging creativity with capital, NGX Group and Lagos Fashion Week reaffirmed Lagos State’s position as Africa’s emerging investment gateway for the creative economy.

Nigerian Exchange Group Plc (NGX Group or the Group) has announced the declaration of an interim dividend of ₦1.00 per ordinary share of 50 kobo each, following the approval of its unaudited financial statements for the third quarter ended 30 September 2025, at the meeting of its Board of Directors held on Wednesday, 29 October 2025.

The interim dividend will be paid to shareholders whose names appear in the Register of Members as at the close of business on Friday, 7 November 2025, while payment will be remitted electronically to qualified shareholders on Tuesday, 18 November 2025.

This declaration marks another milestone in NGX Group’s history of consistent dividend payments, underscoring the Board’s confidence in the Group’s resilience, profitability, and value-creation strategy.

Commenting on the announcement, the Chairman, NGX Group, Alhaji (Dr.) Umaru Kwairanga, stated: “The declaration of this interim dividend reaffirms the Board’s confidence in NGX Group’s solid fundamentals and long-term growth outlook. We have maintained a consistent dividend track record that reflects our unwavering commitment to shareholder value. This payment recognises our investors’ trust and remains focused on reciprocating that trust through consistent value addition to its shareholders. Our focus remains on delivering sustainable returns through disciplined execution and strategic growth.”

In his remarks, the Group Managing Director/Chief Executive Officer, NGX Group, Temi Popoola, noted: “Our commitment to shareholders is at the heart of every strategic decision we make. This dividend reflects the Group’s strong financial discipline, consistent profitability, and prudent capital allocation. As we advance our growth agenda, we will continue to unlock opportunities across our ecosystem, creating measurable value for our investors and reinforcing NGX Group’s position as a trusted driver of capital market prosperity in Africa.”

NGX Group will continue to demonstrate its commitment to transparent governance, financial discipline, and sustainable value creation.

Amaka Obiefuna

Access Bank Plc once again demonstrated its commitment to the growth and sustainability of Nigeria’s Small and Medium-Scale Enterprises (SMEs) as it hosted an exclusive roundtable with its SME customers in Abuja.

The event, aptly titled “An Exclusive Roundtable with Chizoma Okoli,” held on Thursday, October 23, 2025, at the Reiz Continental Hotel, Abuja, brought together hundreds of entrepreneurs and business owners across diverse sectors. It was more than a corporate engagement; it was a genuine heart-to-heart conversation between the Bank and its customers.

The session opened with a remark from the Bank’s Unit Head, Strategic Communications, Oge Kasie-Nwachukwu, who welcomed guests and set the tone for the conversation. She then introduced the Bank’s Deputy Managing Director (Retail South), Mrs. Chizoma Okoli, whose presence was both reassuring and inspiring for the customers.

Addressing customers at the event, Okoli said, ‘At Access bank, we love SMEs, and that is why we have been engaging our SME customers across Nigeria since last year to know their pain points and how to serve them better. We have engaged with our customers in Portharcourt, Enugu, and Lagos. Today, we are in Abuja, we are here for you; to engage, to listen, and to understand how we can make our products and services better suited to your needs,” she said, earning nods of approval from the audience.

The event quickly evolved into an open, candid engagement where customers were encouraged to share their experiences and challenges. Participants raised issues ranging from technology downtimes and loan conditions to communication gaps and staff responsiveness. One recurring concern was the stringent collateral requirements attached to loan facilities.

Mr. Bala Muhammed, a public health consultant, urged the Bank to review its loan policies to make them more accessible to small businesses. On the other hand, Mrs. Ifeoma Grace Okoye, a small business owner, praised the Bank for its sustained support but encouraged it to do even more to empower SME operators.

Okoli in her response, addressed each issue with some reassuring honesty. On technology, she revealed that Access Bank is undergoing a major digital upgrade to ensure faster and smoother transactions. On loan conditions, she explained that regulatory standards from the Central Bank of Nigeria (CBN) sometimes shape internal policies, but assured customers that the Bank was exploring ways to ease access to credit and improve turnaround times.

“We are here because of you. We cannot do without you. We are not an institution that claims to know it all. We recognize our shortcomings, and we are committed to doing more,” she said with a resonating tone that reflects humility and sincerity.

The Group Head, SME Banking, Mrs. Abiodun Olubitan, also took the stage to outline some of the Bank’s key SME support initiatives, including its collateral-free loan scheme and other innovative financing solutions tailored to help small businesses scale.

Oge Kasie-Nwachukwu, Unit Head, strategic communications also reaffirmed the Bank’s commitment to enhancing communication with its customers. She emphasized that Access Bank remains open to partnerships and sponsorships that can help SME clients gain more visibility and access to growth opportunities.

As the dialogue deepened, customers became more knowledgeable about products and interventions the Bank had introduced in recent years they had not been aware of. Another customer, Mr. Lolu Adewalure, Chief Operating Officer of Rex Africa, commended the Bank for its consistency in dishing out values. Mr. Adewalure however called for further improvements in its digital infrastructure to enhance customer experience.

At the end of the extended session that lasted well beyond the scheduled closing time, many customers described the engagement as enlightening and impactful. They applauded the Bank’s leadership for creating an avenue where customers could be heard directly and their concerns addressed in ample time.

For Access Bank, it was not just another customer engagement; it was a reaffirmation of its philosophy; more than banking, it is about building relationships that empower growth. As the guests departed with smiles and renewed confidence, one sentiment echoed across the hall: Access Bank was not just talking about customer care; it was living it.