FTSE Russell has included 10 Nigerian companies in its Frontier Index Series as Nigeria prepares to regain Frontier Market status after nearly three years outside the classification.

The newly eligible companies are Aradel Holdings, Dangote Cement, First HoldCo, Guaranty Trust Holding Company, MTN Nigeria Communications and Nestlé Nigeria.

Others are Nigerian Breweries, Presco, Stanbic IBTC Holdings and Zenith Bank.

FTSE Russell identified all 10 companies as newly eligible large-cap stocks in its September 2026 index review.

Their inclusion will become effective when Nigeria’s reclassification from Unclassified to Frontier Market status takes effect at the opening of trading on September 21, 2026.

The FTSE Frontier Index Series provides benchmarks for the performance of large-, medium- and small-cap companies across eligible frontier markets.

The indices can be organised by company size, region, country and industry. They are also used by institutional investors, asset managers and investment funds to measure performance and create index-tracking products.

The addition of Nigerian companies could increase their visibility among international investors whose portfolios or investment strategies are linked to FTSE Russell benchmarks.

It could also support market liquidity and foreign portfolio participation, although index inclusion does not guarantee that investors will purchase the affected shares.

Nigeria was removed from the Frontier Market category and assigned Unclassified status in September 2023.

The decision followed persistent difficulties faced by international institutional investors in accessing foreign exchange and repatriating investment proceeds from Nigeria.

The country’s journey towards reclassification began in October 2025, when FTSE Russell placed Nigeria on a watchlist after observing improvements in foreign-exchange liquidity, market accessibility and capital repatriation.

In April 2026, the global index provider announced that Nigeria would return to Frontier Market status on September 21.

The process was later subjected to further assessment after the Nigerian capital market transitioned from a T+2 to a T+1 settlement cycle on June 1, 2026.

Under the T+1 system, equity trades are settled one business day after the transaction, compared with two business days under the previous arrangement.

Some international investors expressed concerns that the shorter settlement period could create a practical prefunding requirement, particularly for institutions needing additional time to complete foreign-exchange transactions and transfer money across markets.

The concerns led to consultations involving FTSE Russell, NGX Group, the Securities and Exchange Commission, global custodians and international institutional investors.

Following further assessment, FTSE Russell confirmed on August 27 that Nigeria’s return to the Frontier Market category would proceed as planned.

The selection of Dangote Cement provides additional international visibility for a company that plays a major role in Nigeria and Africa’s building-materials market.

The cement producer is separately pursuing a secondary listing on the London Stock Exchange as part of efforts to broaden its shareholder base and improve access to international capital.

Nairametrics reported that companies categorised as Nigerian megacaps added ₦46.69 trillion in market value between December 31, 2025, and August 31, 2026.

The publication defines a megacap company as one with a market capitalisation of at least ₦5 trillion.

Nigeria’s return to the FTSE Frontier Index Series represents an important step in rebuilding the international credibility of the country’s capital market.

Sustaining the benefits will depend on continued foreign-exchange stability, efficient settlement, reliable capital repatriation and investor confidence in Nigeria’s regulatory environment.

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FMDQ Securities Exchange Limited has approved the listing of the ₦11.50 billion 10-year 17.25 per cent Series 1 Fixed Rate Bond issued by Nigeria Mortgage Refinance Company Plc (NMRC) under its ₦440 billion Medium Term Note Programme.

The listing was announced on Monday as part of efforts to deepen housing finance and expand access to affordable mortgages in Nigeria.

The bond issuance was sponsored by Stanbic IBTC Capital Limited, a Registration Member (Listings) of FMDQ Exchange.

Bond To Support Housing Finance Expansion

According to the statement, proceeds from the bond issuance will be used to strengthen NMRC’s refinancing operations and increase long-term funding support for primary mortgage lenders across the country.

The initiative is also expected to support the Federal Government’s broader agenda of improving housing affordability and accessibility for Nigerians across different income levels.

NMRC, established in 2013 and operational since 2014, serves as Nigeria’s apex mortgage refinancing institution regulated by the Central Bank of Nigeria.

The company provides liquidity support to mortgage lenders to encourage affordable homeownership nationwide.

Investors Show Strong Confidence

Managing Director of NMRC, Kehinde Ogundimu, described the strong investor response to the bond issuance as a reflection of confidence in the company’s business model and housing finance mandate.

“The successful execution of this transaction enables us to further support mortgage lenders with long-term funding and advance our objective of improving access to affordable housing finance,” he said.

Chief Executive Officer of Stanbic IBTC Capital Limited, Oladele Sotubo, also noted that the oversubscription highlighted growing investor appetite for structured fixed-income instruments within Nigeria’s debt capital market.

FMDQ Highlights Role Of Capital Market

Group Chief Operating Officer of FMDQ Group Plc, Tumi Sekoni, said the listing demonstrates the importance of long-term debt instruments in mobilising capital for strategic sectors such as housing.

According to her, housing finance remains essential to inclusive economic growth and sustainable development.

She added that FMDQ Exchange remains committed to providing a transparent and efficient marketplace that connects issuers with investors while strengthening Nigeria’s financial markets.

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The (SEC) has called for stronger participation of women in Nigeria’s capital market, stressing that increased female involvement will help strengthen financial institutions and boost investor confidence.

The call was made during the celebration held at the commission’s headquarters in , where regulators and financial experts highlighted the need for more female leadership and financial inclusion in the investment ecosystem.

Women critical to capital market growth

The Director-General of the SEC, , said women have played significant roles in the development of Nigeria’s financial system and should be given greater opportunities to contribute to the growth of the capital market.

According to him, female professionals have consistently demonstrated resilience, dedication, and leadership across various roles within the commission and the broader financial sector.

Agama noted that women have served as pillars of the Nigerian capital market, helping to strengthen institutional credibility and deepen investor trust.

He also revealed that one of the most influential mentors during his more than two decades at the commission was a woman who helped shape his professional journey.

Recognising female leaders in the SEC

The SEC Director-General highlighted the contributions of several women who have held top leadership positions within the commission, including former Director-General and former Acting Director-General .

He urged organisations and society at large to recognise the critical role women play in shaping institutions and promoting economic development.

Experts urge women to invest more

Also speaking at the event, the Founder and Chief Executive Officer of , , encouraged women to strengthen their financial decision-making and actively participate in investment opportunities.

She noted that despite working in financial institutions and related sectors, many women still lack adequate financial empowerment.

According to Alabi, building financial independence requires discipline in saving, investing, and long-term wealth creation.

She also cautioned women against fraudulent investment schemes and urged them to make informed financial decisions.

SEC officials emphasise mentorship and inclusion

In her remarks, the Executive Commissioner for Legal and Enforcement at the SEC, , said women within the commission have continued to demonstrate professionalism, resilience, and integrity in their duties.

Similarly, the Executive Commissioner for Operations, , stressed that women bring unique perspectives and thoughtful analysis to leadership and decision-making processes.

He added that the commission is creating more opportunities to ensure women thrive within the organisation and the broader capital market.

Promoting financial inclusion

Participants at the event emphasised the importance of financial literacy, mentorship, and leadership opportunities for women, noting that increased inclusion would strengthen the Nigerian capital market and support broader economic growth.

The event formed part of activities marking the 2026 International Women’s Day celebration, with stakeholders calling for sustained efforts to empower women within Nigeria’s financial system.

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The President of the Association of Issuing Houses of Nigeria (AIHN), Kemi Awodein, has linked the rise of Ponzi schemes in the country to idle capital seeking profitable investment outlets.

Speaking at the AIHN Annual Investment Banking and Awards Dinner in Lagos, Awodein stressed the urgent need to redirect such funds into regulated investment products.

Awodein highlighted the pivotal role of issuing houses in guiding capital toward productive economic sectors, particularly amid ongoing recapitalisation exercises across Nigeria’s banking, insurance, and pension industries. “Issuing houses remain central to ensuring that capital flows into productive channels, supporting equity offerings, mergers and acquisitions, and debt issuances,” she said.

The recapitalisation cycle has driven increased equity transactions in 2024, she noted, with investors maintaining confidence despite macroeconomic headwinds. “Interest rates are moderating, and we expect more corporates to return to the debt market for operational and expansion financing,” Awodein added.

Technology Boosts Retail Participation
NGX Chief Executive Officer, Jude Chiemeka, emphasized the role of technology in expanding retail investor participation through platforms like NGX Invest. “Retail active investors have grown from less than 300,000 to almost 850,000, thanks to technological adoption,” he said. Chiemeka also highlighted upcoming securitisation and municipal bond programmes as avenues to broaden corporate financing options.

Economic Outlook and Market Performance
Former AIHN President and Afrinvest Group Managing Director, Dr. Ike Chioke, pointed to improving macroeconomic indicators, including declining inflation, lower interest rates, and a stabilizing exchange rate. “With market capitalization at about N140 trillion and year-to-date gains near 50%, the equities market remains highly attractive,” Chioke said. He encouraged investors to focus on fundamentally strong companies and emerging sectors such as fintech and infrastructure.

Support from Lagos State Government
Representing Lagos Governor Babajide Sanwo-Olu, former Finance Commissioner Abayomi Oluyomi assured that the state would continue enhancing the business environment for capital market operators.

He pledged support for infrastructure, streamlined transaction processes, and the development of locally tailored investment products. Oluyomi urged investors to back startups and sustainable ventures to drive broader economic growth.

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NASD Plc has opened fresh market access for Jilnas Nigeria Limited with the listing of the company’s N3 billion Series 1 Commercial Paper (CP), the debut issuance under its N10 billion CP Programme.

The offer, which opened on August 27 and closed on September 4, 2025, will mature on June 2, 2026.

Arranged by Pathway Advisors Limited, the 270-day Series 1 CP offers a competitive 25 percent annual yield. The funds will support Jilnas’ short-term working capital as the company strengthens its leadership in the edible oil market.

Adekunle Alade, founder and CEO of Pathway Advisors Limited, described the issuance as a landmark milestone that reflects investor confidence in Jilnas’ strong fundamentals, governance, and long-term growth prospects. He appreciated investors for their support and commended NASD for facilitating a seamless listing process.

NASD’s managing director, Eguarekhide Longe, said the listing is a major boost for the private market ecosystem, noting that more credible companies are turning to NASD’s CP platform for transparent and structured access to capital. He added that the increasing pace of listings signals a healthier and more vibrant market.

Market analysts say the momentum in private CP listings enhances investor confidence and enables well-governed businesses to access capital more efficiently.

Founded in 1992, Jilnas Nigeria Limited is a leading indigenous vegetable oil producer. The company has expanded from a 50 TPD operation to a modern processing facility with a 200 TPD solvent extraction plant, three storage silos, a 200 TPD refinery, and a high-capacity roasting unit.

Jilnas continues to post strong financial performance, growing revenue from N12.79 billion in 2021 to N45.57 billion in 2024. The company also maintains an excellent debt-service record, having redeemed over N4.8 billion in earlier commercial paper and private note issuances.

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In a major step toward expanding financing options for Nigeria’s small and medium-sized enterprises (SMEs), the Securities and Exchange Commission (SEC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have signed a Memorandum of Understanding (MoU) to facilitate long-term capital access through the Nigerian capital market.

The strategic partnership is poised to unlock alternative funding channels for over 40 million registered micro, small, and medium enterprises (MSMEs), positioning them to scale operations, create jobs, and contribute meaningfully to the Federal Government’s $1 trillion economy target.

Speaking at the MoU signing ceremony in Abuja, SEC Director-General, Dr. Emomotimi Agama, described the agreement as a pivotal move to integrate SMEs into Nigeria’s capital market ecosystem and diversify financing routes beyond traditional bank credit.

“Capital is the lifeblood of any enterprise. With over 40 million SMEs registered under SMEDAN, it’s crucial that the capital market evolves to offer them sustainable financing solutions,” Agama said. He noted that the initiative is aligned with President Bola Tinubu’s economic agenda, which emphasizes job creation, industrial expansion, and inclusive growth.

Agama further highlighted the potential for more SMEs to list on the stock exchange, democratizing ownership, deepening capital market participation, and spurring national wealth creation.

SMEDAN’s Director-General, Charles Odii, welcomed the agreement as a breakthrough for businesses struggling with limited access to affordable finance. “Capital is scarce and expensive in Nigeria. Through this collaboration, we’re opening a new financing window for medium-sized businesses. Our goal is to see at least 1,000 SMEs listed on the capital market. This will catalyze economic growth, reduce unemployment, and strengthen wealth distribution,” Odii said.

Under the terms of the MoU, the two institutions will support eligible SMEs in raising funds through equity or debt instruments in compliance with SEC regulations. The agreement also calls for joint capacity-building programs focused on financial literacy, governance, and capital market readiness.

In addition, SEC will contribute to SMEDAN’s five-year strategic plan aimed at promoting inclusive financing and SME-friendly policies. SMEDAN, in turn, will identify promising businesses and encourage their participation on regulated exchanges.

The collaboration will also facilitate the issuance of debt securities by credible SMEs to qualified investors, offering a broader range of financing options outside of traditional banking systems.

To ensure effective implementation, the MoU provides for the creation of a Joint Working Group responsible for oversight, data sharing, and compliance in line with the Nigeria Data Protection Act, 2023.

As part of the rollout, both agencies plan to convene a national SME conference, a three-day event to engage key stakeholders, deepen market awareness, and shape policy dialogue around SME financing and inclusion.

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