Abbey Bank Adds Five Major Investors After ₦64.55bn Share Sale

Abbey Bank Plc has disclosed the identities of five investors who became significant shareholders following the completion of its private placement.

In a regulatory notice submitted to the Nigerian Exchange, the bank said it issued 26,562,647,265 new ordinary shares with a nominal value of 50 kobo each.

The shares were offered to selected investors at ₦2.43 per share, raising approximately ₦64.55 billion in additional equity capital.

Following the transaction, Abdulganiyu Olajide Adeola emerged as the bank’s largest significant shareholder, holding 6,995,884,774 shares, equivalent to 19.05 per cent of the enlarged share capital.

Herel Limited acquired 6,784,362,140 shares, representing an 18.48 per cent interest in the bank.

Archetype Energy Services Limited became the third-largest shareholder with 6,333,476,332 shares, equivalent to 17.25 per cent.

CardinalStone Asset Management Limited holds 4,011,757,786 shares, representing 10.93 per cent, while Jotani Investment Limited acquired 2,437,166,233 shares, giving it a 6.64 per cent stake.

Together, the five investors subscribed to all the shares issued through the private placement and now control approximately 72.35 per cent of Abbey Bank’s enlarged share capital.

The transaction followed approval granted by shareholders at the bank’s 34th annual general meeting in May 2026.

At the meeting, shareholders authorised the board to raise up to ₦64.55 billion through the private placement, subject to regulatory approvals.

The bank’s issued share capital consequently increased from approximately ₦5.08 billion, comprising 10,153,846,154 ordinary shares, to about ₦18.36 billion, divided into 36,716,493,419 ordinary shares.

The newly issued shares carry the same rights and privileges as the bank’s existing ordinary shares.

Abbey Bank said the additional capital would support its restructuring and expansion strategy, strengthen regulatory capital, improve liquidity and expand its lending capacity.

The capital injection could increase the bank’s ability to finance mortgages, property development and other credit products. The eventual impact on housing finance will, however, depend on how much of the new funding is allocated to mortgage lending and residential development.

In addition to the private placement, shareholders had approved a broader ₦100 billion debt-issuance programme.

The programme allows the bank to raise funds through instruments such as commercial papers, senior or subordinated notes, convertible securities, medium-term notes and bonds.

The combination of equity and debt financing could provide Abbey Bank with greater flexibility to refinance existing obligations and pursue its expansion plans.

The transaction has substantially changed the bank’s ownership structure and reduced the proportional holdings of shareholders who did not participate in the private placement.

Attention will now focus on how the enlarged capital base is deployed, the bank’s future lending strategy and whether the investment translates into expanded access to mortgages and housing finance.

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Dangote and Investment Banks Finalise ₦2.15tn Refinery Share Offer

Dangote Group and its appointed investment banks have signed the registration documents for the initial public offering of Dangote Petroleum Refinery and Petrochemicals, clearing another major step towards the company’s listing on the Nigerian Exchange.

The signing ceremony formalised an offer of 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the transaction will raise approximately ₦2.15 trillion, equivalent to about $1.6 billion.

The public offer is scheduled to open on September 14 and close on October 13, 2026. Trading in the refinery’s shares is expected to begin on the NGX in November, subject to the completion of the listing process.

Stanbic IBTC Capital, Vetiva Capital Management and FirstCap are among the financial advisers and issuing houses coordinating the landmark transaction.

Nigeria’s Securities and Exchange Commission has approved the offer and registered the refinery’s existing 120.13 billion ordinary shares.

Combining the new shares with the existing share capital places the refinery’s indicative valuation at approximately $49 billion, or more than ₦65 trillion at the offer price.

If successfully completed, the transaction could become the largest initial public offering recorded on an African stock exchange.

Aliko Dangote, Chairman of Dangote Group, described the listing as an opportunity to broaden ownership beyond governments and institutional investors.

He said the company’s “IPO for the people” was structured to allow ordinary Africans—including workers, drivers, cooks and managers—to own shares in the refinery.

Retail investors can participate with a minimum purchase of 10 shares, representing an initial subscription of ₦5,250.

Part of the proceeds will support plans to expand the refinery’s processing capacity from approximately 700,000 barrels per day to 1.4 million barrels per day by 2029.

The proposed expansion is estimated to cost $14.3 billion, meaning the money raised from the IPO will finance only a portion of the project. The company is expected to mobilise additional capital as the development progresses.

The listing will also test the depth of Nigeria’s capital market and investors’ appetite for large infrastructure and industrial assets.

While the size and strategic importance of the refinery could attract significant interest, investors will still need to evaluate its valuation, profitability, debt obligations, operational risks and exposure to changes in Nigeria’s energy and foreign-exchange policies.

The refinery, which began operations in 2024, has increased Nigeria’s domestic production of petrol, diesel, aviation fuel and other petroleum products while supporting exports to other markets.

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Africans Can Own Dangote Refinery Shares with ₦5,250 Minimum Investment

Dangote Petroleum Refinery and Petrochemicals is opening its ownership to retail investors across Nigeria and other African markets through an initial public offering expected to raise about ₦2.15 trillion.

Under the offer, the company will sell 4.1 billion ordinary shares at ₦525 per share. Investors must purchase a minimum of 10 shares, placing the lowest subscription amount at ₦5,250.

The public offer is scheduled to open on September 14 and close on October 13, 2026. The shares are expected to begin trading on the Nigerian Exchange in November, subject to the completion of the listing process.

Nigerian retail investors will be able to submit applications through a designated electronic platform, while qualified investors in other African countries will use a separate distribution channel.

The Securities and Exchange Commission has reportedly approved the offer, which is expected to become Africa’s largest initial public offering if fully subscribed.

Dangote Refinery is projected to raise approximately ₦2.1525 trillion before expenses. After estimated transaction costs of ₦41.49 billion, the company expects to retain about ₦2.111 trillion.

The net proceeds will support part of the refinery’s proposed expansion programme.

Dangote currently operates refining capacity of about 700,000 barrels per day and plans to add another 700,000 barrels, potentially increasing total capacity to approximately 1.4 million barrels per day by 2029.

The expansion is estimated to cost $14.3 billion. Because the IPO proceeds will cover only part of the projected expenditure, the company will require additional financing as construction progresses.

The share price places Dangote Refinery’s indicative market capitalisation at about ₦65.22 trillion upon listing, compared with a stated pre-listing valuation of approximately ₦63.07 trillion.

For Aliko Dangote, the offer is designed to raise long-term growth capital while giving more Africans an opportunity to hold shares in one of the continent’s largest industrial assets.

However, prospective investors will need to examine the final prospectus, the company’s earnings, operational risks, expansion costs and the valuation attached to the business before subscribing.

The refinery began operations in 2024 and has since expanded Nigeria’s domestic production of petrol, diesel, aviation fuel and other petroleum products. It also exports refined products to African and international markets.

The public offer represents a significant shift in the ownership structure of the privately developed refinery and could deepen retail participation in Nigeria’s capital market.

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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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Nigeria’s Real Estate Investment Trusts (REITs) are emerging as a stronger alternative to direct property ownership in Lagos, with some listed real estate investment vehicles recording significant gains despite high interest rates and economic uncertainty.

According to market data, Union Homes Real Estate Investment Trust recorded a year-to-date return of more than 35 per cent as of the end of June 2026, while UPDC REIT gained over 41 per cent. The performance reflects growing investor interest in listed property assets and their potential to provide exposure to Nigeria’s real estate market without the financial and operational demands of owning physical property.

The report noted that infrastructure development is also influencing property values and rental returns in Lagos. Properties located within the operational catchment areas of the Lagos Blue Rail Line have reportedly generated gross rental yields of between six and seven per cent, compared with approximately four to 4.5 per cent for similar properties outside the rail corridor.

The growing value of properties around major transport infrastructure highlights the potential of transit-oriented development to reshape Lagos’ housing market. With the Blue Line and Red Line already operational and the proposed Green Line expected to expand the city’s rail network, investors are increasingly paying attention to locations that could benefit from improved accessibility and rising property demand.

However, the article noted that some high-end residential properties in Lagos may offer relatively low rental returns when compared with government securities. For example, luxury properties in Lekki Phase 1 were estimated to generate net yields of about three per cent, while Treasury bill yields remained significantly higher as of June 2026. This suggests that some premium property investments depend heavily on future capital appreciation and protection against naira depreciation rather than rental income alone.

REITs provide investors with an opportunity to participate in the property market without directly purchasing land or managing tenants. The investment vehicles also offer greater accessibility, with some available at entry levels as low as ₦5,000, while their income-distribution requirements make them attractive to investors seeking regular returns.

The report concluded that Nigeria’s listed property investment instruments could provide a more accessible and liquid route into the country’s growing housing market. However, stronger market research, improved investor awareness, and better connections between infrastructure development, housing demand, and capital market investments will be necessary to unlock the sector’s full potential.

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Dangote Cement Plc has approved a record dividend payout of N753.8 billion, representing N45 per ordinary share for the 2025 financial year, a 50 per cent increase from the N30 per share paid in 2024.

The dividend, which is the highest in the company’s history, was approved by shareholders at the company’s 17th Annual General Meeting (AGM) held in Lagos.

The increased payout reflects Dangote Cement’s strong financial performance, resilient earnings, and robust cash generation despite operating in a challenging economic environment.

Chairman of Dangote Cement Plc, Emmanuel Ikazoboh, said the dividend increase demonstrates the company’s commitment to rewarding shareholders for their continued confidence and support.

According to him, the company remains focused on creating sustainable value for all stakeholders while maintaining sound corporate governance and operational excellence.

Group Managing Director and Chief Executive Officer, Arvind Pathak, said the higher dividend was supported by the company’s strong earnings capacity and healthy balance sheet.

He noted that Dangote Cement would continue executing its pan-African expansion strategy while investing in capacity growth, operational efficiency, sustainability initiatives and improved shareholder returns.

The company also highlighted its continued expansion across Africa, including the commissioning of a 3-million-tonne-per-annum grinding plant in Côte d’Ivoire, bringing its total installed production capacity to 55 million tonnes per annum across 11 African countries.

Dangote Cement said it remains committed to achieving its long-term target of expanding installed capacity to 80 million tonnes per annum by 2030, while strengthening investments in logistics, energy efficiency, alternative fuels and plant modernisation.

Over the past 15 years, the company has returned more than N3.3 trillion in dividends to shareholders, reinforcing its position as one of the Nigerian Exchange’s most rewarding blue-chip stocks and a leading wealth creator for investors.

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UH Real Estate Investment Trust (UH REIT) has recorded a significant surge in its 2025 financial performance, posting a total comprehensive income of N18.2 billion, a sharp increase from N1.04 billion reported in the previous year.

The impressive growth highlights the Trust’s strengthened asset base and strategic positioning in Nigeria’s real estate market, driven largely by a substantial rise in property valuations and steady income streams.

Property Revaluation Drives Massive Growth

A major contributor to the strong earnings was the revaluation gain on investment properties, which climbed to N16.4 billion. This marks a dramatic shift from the previous year, where no such gains were recorded.

This surge reflects both improved asset valuations and growing investor confidence in the real estate sector, particularly in premium property locations.

In addition to valuation gains, UH REIT maintained stable core income performance, reinforcing its operational resilience.

Investment Income Sees Steady Increase

The Trust recorded investment income of N1.3 billion, representing a 9 percent year-on-year growth.

Rental income remained the primary revenue driver, contributing N723.5 million, which accounts for over half of the Trust’s earnings. Other income streams included interest income of N357.8 million and proceeds from property disposals amounting to N307.1 million.

This diversified income structure demonstrates UH REIT’s ability to balance recurring earnings with strategic asset management initiatives.

Earnings and Returns Improve Significantly

The strong financial performance translated into improved returns for investors.

Earnings per unit rose sharply to N96.84, compared to N5.56 in the previous year. Similarly, distributable earnings increased to N6.10 per unit, indicating higher potential payouts for unitholders.

Net realised income also grew to N1.14 billion, reflecting a 9.73 percent increase year-on-year.

Despite a modest increase in operating expenses to N246 million, up from N220.5 million, the Trust maintained efficient cost management. Management fees accounted for the largest share of expenses.

After accounting for a minimal tax charge, net income remained strong at N1.14 billion.

Balance Sheet Strengthens as Assets Expand

UH REIT’s balance sheet showed notable improvement, with total assets rising to N29.1 billion from N12.6 billion.

Investment properties dominated the asset portfolio, valued at N26.2 billion, underscoring the Trust’s focus on real estate investments as its core growth driver.

Encouragingly, total liabilities declined to N1.2 billion from N1.9 billion, reflecting improved financial discipline and reduced debt exposure.

Unitholders’ funds also saw a significant increase, rising to N27.9 billion from N10.6 billion, further strengthening the Trust’s equity base.

Market Performance Remains Positive

Although the broader market is yet to fully react to the strong financial results, UH REIT’s performance on the Nigerian Exchange has been positive.

The stock has gained 4.69 percent on a month-to-date basis, with its share price currently standing at N72.50.

On a year-to-date basis, the Trust has recorded an impressive 39.83 percent growth, signaling growing investor interest and confidence.

Outlook for Investors

The Trust’s strong 2025 performance positions it as a key player in Nigeria’s real estate investment landscape.

Analysts suggest that sustained growth will depend on continued property value appreciation, stable rental income, and efficient asset management.

With a strengthened balance sheet, rising earnings, and improved distributions, UH REIT appears well-positioned to deliver long-term value to investors.

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The MOFI Real Estate Investment Fund (MREIF) has recorded a Net Asset Value (NAV) of N270.29bn at the close of the 2025 financial year, reflecting steady growth from the N261.83bn reported at the start of the fourth quarter.

Details contained in its Q4 2025 investor report filed with the Nigerian Exchange Limited show that the fund maintained strong performance momentum within its first year of operations.

Structured as a N1tn shelf programme, MREIF operates as a closed-end real estate investment fund under a unit trust scheme, regulated by the Securities and Exchange Commission. The fund commenced operations on March 17, 2025, following full subscription and regulatory clearance for its N100bn Series 2 issuance.

Income Performance and Investor Returns

For the 10-month period ended December 31, 2025, the fund posted total income of N36.54bn, largely driven by interest income on financial instruments and loans.

Commercial investors earned an impressive annualised yield of 19.28 percent, underscoring the fund’s attractiveness in Nigeria’s capital market space.

ARM Investment Managers Limited, the fund manager, announced a final distribution for 2025:

• Series I investors: N3.7468 per unit

• Series II investors: N9.7192 per unit

Investors on the register as of February 20, 2026, will receive dividend payments electronically on February 27, 2026.

Mortgage Expansion Across 21 States

Beyond asset growth, MREIF intensified efforts to address Nigeria’s housing deficit.

By December 31, 2025, the fund had:

• Originated 1,082 mortgages

• Disbursed N70.72bn

• Covered 21 states and the Federal Capital Territory

• Onboarded 18 Eligible Financial Institutions (EFIs), including eight commercial banks and 10 mortgage banks

• Executed two offtake guarantees worth N5bn

In Q4 alone, the fund disbursed N23bn to finance 336 mortgage applications.

The fund’s strategy combines concessionary public capital with private sector funding to provide single-digit interest rate mortgages through partner financial institutions.

Strong Credit Ratings

Sponsored by the Ministry of Finance Incorporated, the fund has secured:

• Aaa rating from Agusto & Co

• AA rating from Global Credit Rating (GCR)

These ratings reinforce investor confidence and the fund’s credit strength.

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The Group Managing Director and Chief Executive Officer of Nigerian Exchange Group Plc, Temi Popoola, has called for stronger collaboration among regulators, exchanges and international partners to drive sustainable capital flows across emerging markets.

Popoola made the call at an International Finance Corporation conference in Cairo during a panel session themed “Capital Mobilisation for Sustainability, Transition and Resilience.”

He said emerging markets are currently navigating structural challenges, including the development of ESG data and reporting infrastructure, policy frameworks, funding costs and market liquidity.

According to him, global investor appetite for sustainable assets is rising, supported by innovation in labelled financial instruments and improvements in regulatory standards.

“Emerging markets have a significant opportunity to contribute to the future of sustainable capital flows. Realising this potential calls for constructive alignment, robust disclosure standards, policy consistency, and synergy across the capital market ecosystem,” Popoola said.

He stressed the importance of evolving disclosure frameworks, noting that stronger reporting standards would enhance transparency, support risk assessment and attract long-term investment.

Drawing from Nigeria’s experience, Popoola referenced the country’s green and sustainable bond market, which began with Africa’s first certified sovereign green bond in 2017. He said the market has since expanded across sovereign, sub-national and corporate issuers, with repeated oversubscription indicating rising investor confidence.

He also highlighted Nigeria’s sovereign sukuk programme, including the most recent Series VII Sukuk, which recorded subscriptions significantly above the offer size, demonstrating strong domestic demand for long-term infrastructure-linked instruments.

Popoola noted that stock exchanges play a crucial role in advancing sustainable finance by providing platforms for impact-focused instruments, supporting disclosure standards and building issuer capacity.

He pointed to NGX’s Impact Board, launched in 2024, as a dedicated listing segment for green, social and sustainability-linked instruments.

The NGX chief also referenced the Net-Zero Programme, co-funded by DEG Impulse, which supports listed companies in developing science-based transition plans and improving climate disclosures. He said the programme is expected to reduce or avoid about 20,000 tonnes of CO₂e emissions in its initial phase while helping companies access climate-aligned financing.

On collaboration, Popoola emphasised the need for alignment among policymakers and market operators, citing Nigeria’s first sovereign green bond—executed through coordination between the Exchange, the Ministry of Finance, Ministry of Environment and the Debt Management Office—as an example of effective public-private partnership.

The conference brought together policymakers, regulators, exchange leaders and development finance institutions to explore ways to mobilise capital for sustainability, resilience and long-term economic growth across emerging markets.

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Vitafoam Nigeria Plc has announced plans to increase its issued share capital to N750.5 million as part of a strategy to strengthen its capital base and reward shareholders through a bonus share issue.

The company disclosed this in a notice filed with the Nigerian Exchange ahead of its 64th Annual General Meeting scheduled to hold in March 2026 in Lagos.

According to the notice, shareholders will be asked to approve a special resolution authorising the increase of the company’s issued share capital from N625.42 million to N750.51 million through the creation of additional ordinary shares.

If approved, Vitafoam’s issued share capital will rise from about 1.25 billion ordinary shares to approximately 1.50 billion ordinary shares of 50 kobo each. The newly created shares will rank pari passu with existing ordinary shares.

Vitafoam explained that the proposed increase is intended to align its equity structure with the company’s current scale of operations while supporting the implementation of a bonus issue.

The company stated that the additional 250.17 million ordinary shares will be used entirely for a bonus issue to existing shareholders, without raising new funds from the capital market.

Under the proposal, shareholders will receive one new ordinary share for every five ordinary shares held, subject to regulatory approvals. The bonus issue will involve the allotment of 250.17 million ordinary shares, corresponding with the number of newly created shares.

The bonus shares will be fully paid and will rank equally with existing shares but will not qualify for dividends for the financial year ended September 30, 2025.

Shareholders whose names appear on the company’s register of members as of February 6, 2026, will be eligible to receive the bonus shares.

Vitafoam also disclosed that the bonus issue will be funded by capitalising N125.08 million from its retained earnings, reflecting an improvement in the company’s financial position.

Following the proposed increase, the company will seek shareholders’ approval to amend relevant provisions of its Memorandum and Articles of Association to reflect the enlarged share capital.

The development comes after Vitafoam recorded a strong financial turnaround in its 2025 full-year results following a challenging performance in the previous year.

For the financial year ended September 30, 2025, Vitafoam reported a profit before tax of N21.48 billion, representing a significant increase from N1.15 billion recorded in the prior year.

Profit after tax rose to N14.54 billion from N952 million in the 2024 financial year, driven by improved operational efficiency and cost management.

Revenue for the year grew by 35 percent to N111.38 billion, supported by increased demand for foam and bedding products and improved pricing strategies.

Basic earnings per share improved to N9.43, compared with a loss per share of 72 kobo in the previous year.

In addition to the proposed bonus issue, the board of Vitafoam has recommended a cash dividend of N3.00 per ordinary share, subject to shareholders’ approval at the AGM.

The company said the proposed capital restructuring, bonus issue, and dividend payment demonstrate its commitment to delivering long-term value to shareholders while positioning the business for sustainable growth.

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Vitafoam Nigeria Plc corporate headquarters

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Vitafoam Nigeria Plc plans to increase its share capital and issue bonus shares ahead of its 2026 AGM

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Vitafoam Nigeria, Nigerian Exchange, bonus issue, share capital increase, consumer goods sector, Nigerian stocks, AGM 2026

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