Nigerian Exchange Group Plc (NGX Group) has reported profit before tax (PBT) of N20.6 billion for the nine months (9M) ended September 30, 2026, up 83.3 percent from N11.2 billion in the same period of 2025.
Profit after tax (PAT) rose 86.4 percent to N14.7 billion, already 40 percent above the Group’s full-year 2025 profit after tax of N10.5 billion, with a quarter of the year still to run.
The performance reflects a structural shift in Nigeria’s capital market: more investors, increasingly retail and increasingly onboarding through digital self-service channels, trading more often across a deeper market.
NGX Group is converting that activity into earnings while improving efficiency and investing in the people and infrastructure the next phase of growth requires.
Earnings per share (EPS) was N5.33 for the period, reflecting the enlarged share base following the 1-for-3 bonus issue approved by shareholders in April 2026 (9M 2025 restated for the bonus issue: N2.68).
Transaction fees more than doubled to N20.7 billion. Growth was driven by higher trading volumes and a widening investor base, as retail investors increasingly access the market through digital self-service, from account opening to order execution, on platforms connected to the Exchange.
Listing fees grew by 24.4 percent to N3.7 billion, reflecting continued capital raising activity and continued new admissions to the market.
The Group’s results mirror the value being created for investors across the market. As at September 30, 2026, the NGX All-Share Index (ASI) had gained 61.43 percent year-to-date (YtD), while equity market capitalisation rose by 64.12 percent from N99.38 trillion as at December 2025 to N163.10 trillion, representing an increase of N63.72 trillion.Read Economics
This growth reflects the significant expansion in the value of listed equities held by millions of Nigerians, pension funds and institutional investors.
Total income grew faster than operating expenses (64.8 percent versus 56.8 percent), lowering the cost-to-income ratio to 49.7 percent from 52.3 percent and lifting operating profit by 73.5 percent to N14.9 billion.
Cost growth reflects deliberate investment in capacity ahead of the next stage of market development, chiefly: People: strengthening talent in technology, market surveillance, product and investor engagement to support a larger, faster-moving and more digital market; Market infrastructure and facilities: upgrading the physical and operational infrastructure that underpins market resilience and continuity; Market development and partnerships: investor education, issuer engagement and the African partnerships that broaden the Exchange’s reach. Read Economics
These investments lay the foundation for the Group’s technology roadmap, including platform modernisation, data services and digital access, which management expects to drive further operating leverage as volumes scale.
Share of profit from equity-accounted investees rose 69.6 percent to N5.7 billion, driven primarily by Central Securities Clearing System Plc (CSCS), underlining the value of the Group’s position across the market value chain.
Total assets stood at N79.1 billion and shareholders’ equity at N61.1 billion as at September 30. Shareholders received N8.2 billion in dividends during the period, up 86.7 percent, in addition to the 1-for-3 bonus issue.
Umaru Kwairanga, Group Chairman, NGX Group said: ‘These results show what a well-governed and strategically astute market institution can deliver as Nigeria’s capital market deepens’. Nigerian Banking Launch
‘Our priority as a board has been to ensure that the capital market grows in terms of products, listed companies and investor participation and that the growth is matched by disciplined cost allocation to investments that strengthen the market’s foundations.
‘We are focused on returning optimal value to our shareholders through consistent robust dividends and bonus issues in tandem with the market and the company’s growth,’ he noted.
Temi Popoola, Group Managing Director/Chief Executive Officer, NGX Group said: ‘More Nigerians are investing, and more of them are doing it digitally. That broadening participation has more than doubled our transaction revenue and is creating real wealth for investors. Buy Maps
‘We are investing ahead of that curve, in our people, our infrastructure and our technology roadmap, so that the market can absorb the next wave of investors efficiently and securely. Our focus for the rest of the year and beyond is to scale our platforms, deepen market data and digital access, and extend our partnerships across Africa,’ he added.