Nigerian Exchange Limited (NGX) recorded about ₦12.17 trillion worth of both FGN bond and Corporates listings in 2024.
BusinessDay reports that data obtained from the exchange revealed that corporate listings outpaced FGN Bonds on the NGX in 2024, as the Federal Government leveraged the capital market to raise funds locally.
FGN Bonds, issued by the Debt Management Office (DMO) on behalf of the Federal Government, were a key part of the listings. In 2024, an estimated ₦5.95 trillion worth of FGN Bonds was listed on NGX. Meanwhile, corporate listings, including corporate bonds and memorandum listings, accounted for ₦6.2 trillion.
The largest FGN Bond listings in 2024 included 873,527,020 units of 18.50 per cent FGN FEB 2031, valued at ₦873.53 billion, and 621,382,074 units of 19 per cent FGN FEB 2034, worth ₦621.38 billion. Additionally, a supplementary listing of 282,625,193 units of 18.50 per cent FGN FEB 2031 was recorded, valued at ₦282.63 billion.
Increased participation in the FGN Bond market by Pension Fund Administrators (PFAs) was evident during the year, as high inflation continued to erode returns in other investment segments of the capital market.
On the corporate side, Sovereign Trust Insurance Plc opened the year with a January listing of ₦1.43 billion from its Rights Issue of 2,841,116,504 ordinary shares at 50 Kobo per share on a 1-for-4 basis. Ellah Lakes Plc followed with a ₦2.19 billion listing, while Chapel Hill Denham Management Limited listed ₦11.58 billion.
In March, Transcorp Power Plc made a significant impact with a listing of ₦1.8 trillion through 7.5 billion ordinary shares at ₦240.00 per share, boosting market liquidity.
April saw Emerging Africa Asset Management Limited list ₦5.55 billion, while VFD Group Plc listed ₦12.5 billion following its Rights Issue of 63,342,455 ordinary shares at ₦197.33 per share on a 1-for-3 basis. Royal Exchange Plc added ₦1.56 billion to the market in the same month.
