Nigerian Exchange Group Plc (NGX) has reported a profit before tax of ₦20.6 billion for the nine months ended 30 September 2026, representing an increase of 83.3% from ₦11.2 billion recorded in the corresponding period of 2025.
Profit after tax rose by 86.4% to ₦14.7 billion, compared with ₦7.9 billion in the prior-year period. The nine-month result already exceeds the Group’s full-year 2025 profit after tax of ₦10.5 billion by 40%, with the final quarter of 2026 still to be reported.
Financial Performance
Gross earnings increased by 64.8% to ₦29.6 billion from ₦17.9 billion, while revenue rose 79.8% to ₦27.3 billion from ₦15.2 billion.
Transaction fees, the Group’s largest revenue line, more than doubled to ₦20.7 billion from ₦9.7 billion, an increase of 112.4%. Listing fees rose 24.4% to ₦3.7 billion from ₦3.0 billion.
Operating expenses increased by 56.8% to ₦14.7 billion from ₦9.4 billion. However, because total income grew faster than operating costs, operating profit rose 73.5% to ₦14.9 billion from ₦8.6 billion. The cost-to-income ratio improved to 49.7% from 52.3%, a reduction of 2.6 percentage points.
Earnings per share stood at ₦5.33 for the period, reflecting the enlarged share base following the 1-for-3 bonus issue approved by shareholders in April 2026. The 2025 comparative earnings per share was restated at ₦2.68.
Digital Participation Drives Growth
The Group attributed the strong increase in transaction revenue to higher trading volumes and a broader investor base, particularly the growing number of retail investors accessing the market through digital self-service channels.
These channels now support activities ranging from account opening to order execution on platforms connected to the Exchange. NGX Group said the expansion of digital access has enabled more Nigerians to participate in the capital market more frequently.
Listing fee growth reflected continued capital-raising activity and new admissions to the market.
Investor Wealth Creation
The results coincided with significant value creation across the Nigerian equity market. As at 30 September 2026, the NGX All-Share Index had gained 61.43% year-to-date.
Equity market capitalisation increased by 64.12%, rising from ₦99.38 trillion at the end of December 2025 to ₦163.10 trillion. This represents an increase of ₦63.72 trillion in the value of listed equities held by retail investors, pension funds, and institutional investors.
Investment in Capacity and Infrastructure
NGX Group said its cost growth reflected deliberate investment ahead of the next phase of market development.
Key areas of investment include
People – strengthening capabilities in technology, market surveillance, product development, and investor engagement.
Market infrastructure- upgrading physical and operational facilities to support market resilience and continuity.
Market development- investor education, issuer engagement, and African partnerships aimed at broadening the Exchange’s reach.
The Group said these investments support its technology roadmap, including platform modernisation, data services, and expanded digital access. Management expects these initiatives to generate further operating leverage as trading volumes scale.
Strategic Investments and Balance Sheet
Share of profit from equity-accounted investees increased by 69.6% to ₦5.7 billion from ₦3.4 billion, driven primarily by Central Securities Clearing System Plc (CSCS).
As at 30 September 2026, NGX Group’s total assets stood at ₦79.1 billion, while shareholders’ equity was ₦61.1 billion.
Shareholders received ₦8.2 billion in dividends during the period, an increase of 86.7%, in addition to the 1-for-3 bonus issue approved in April 2026.
The Group Chairman, Alhaji (Dr.) Umaru Kwairanga, said the results demonstrated the capacity of a well-governed and strategically focused market institution to deliver as Nigeria’s capital market deepens.
“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,” he said.
“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.”
Group Managing Director and Chief Executive Officer, Temi Popoola, said increasing digital participation had more than doubled transaction revenue and created tangible wealth for investors.
“More Nigerians are investing, and more of them are doing it digitally,” he said. “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.”
He added that the Group’s priorities for the remainder of the year and beyond include scaling its platforms, deepening market data and digital access, and expanding partnerships across Africa.