NGX Capital Raises 2026: ₦2.7 Trillion So Far — and the Dangote IPO That Could Nearly Double It

Bank recapitalisation got the headlines. A sugar refiner and a palm oil producer wrote the biggest cheques. And the largest raise of the year hasn't even closed yet.

Nigeria's equity market has spent 2026 doing something it rarely does at this scale: funding companies. Following the conclusion of the banking and insurance recapitalisation exercises, and with other sectors also raising fresh capital, overall corporate listings on the Nigerian Exchange so far in 2026 stood at ₦2.7 trillion, raised through bond, private placement and public offering exercises, according to a ThisDay analysis of NGX data.

That headline number needs unpacking, because it blends three different things: new equity capital, corporate bonds, and companies listed by introduction that raised no money at all. Strip those apart and a clearer picture emerges.

The biggest raises weren't banks

The two largest equity deals listed this year came from agro-industrial companies: Dangote Sugar Refinery Plc led all listings by value, followed by Presco Plc.

Dangote Sugar's rights issue was a genuine market event. The company received 14,595 valid applications covering 8.31 billion shares worth ₦498.57 billion, a subscription level of 102.6 percent, and ultimately allotted 8.10 billion shares valued at ₦485.88 billion, exactly the size of the original offer. The purpose was balance sheet repair: the raise targeted a debt-to-equity ratio of around 4x and aims to revive the company's backward integration programme. The cost to existing holders is real, too. The listing lifted issued capital by 67% to 20.24 billion shares.

Presco followed with ₦236.7 billion in shares from a rights issue priced at ₦1,420 per share, on a one-for-six basis. Worth noting for accuracy: Presco raised this money in late 2025. The offer opened on 12 November and closed on 2 December 2025, with the shares listing in 2026.

Banks: the tail end of a ₦4.65 trillion programme

The banking story is the one most readers know. The CBN gave banks a 24-month window, from 1 April 2024 to 31 March 2026, with minimum capital thresholds of ₦500 billion (international), ₦200 billion (national) and ₦50 billion (regional). When the window shut, the CBN confirmed that 33 banks had met the revised requirements, raising a total of ₦4.65 trillion in new capital, with 72.55% sourced locally and 27.45% from international markets.

Most of that ₦4.65 trillion was raised and listed in 2024 and 2025. What landed on the exchange in 2026 was the final wave. GTCO listed ₦10 billion from a private placement of 125 million shares at ₦80.00 per share. NGX admitted UBA's ₦157.8 billion rights issue and First HoldCo's ₦128.7 billion rights issue and private placement in early January. Other bank listings were Access Holdings at ₦21.4 billion, FCMB Group at ₦231.83 billion and Fidelity Bank at ₦227.05 billion. Sterling Financial Holdings followed later, listing 2.573 billion shares at ₦4.00 per share from a private placement that raised ₦10.29 billion.

Again, timing matters. Fidelity's private placement, for instance, opened and closed on 31 December 2025, so it was raised in 2025 and listed in 2026.

Not every lender made it cleanly. The CBN said a limited number of institutions remain subject to ongoing regulatory and judicial processes. In the final weeks before the deadline, three institutions stood out: Union Bank, Polaris Bank and Keystone Bank, all operating under regulatory intervention.

Insurers: many deals, smaller cheques

The insurance recapitalisation was driven by new law. The Nigerian Insurance Industry Reform Act (NIIRA) 2025 set minimum capital at ₦10 billion for life insurers, ₦15 billion for non-life, ₦25 billion for composite and ₦35 billion for reinsurers. At the 31 July deadline, NAICOM confirmed that 43 insurance and reinsurance companies had met the new requirements, while eight insurers that submitted evidence of compliance shortly before the deadline remained under final verification.

On the exchange, 10 insurance companies listed a combined ₦118.89 billion. International Energy Insurance led with ₦25.8 billion from a public offer, followed by Lasaco Assurance (₦18.47 billion), Linkage Assurance (₦16.26 billion), Veritas Kapital Assurance (₦15 billion), Fortis Global Insurance (₦12 billion), Coronation Insurance (₦9.79 billion), Sunu Assurances (₦9.3 billion), Sovereign Trust Insurance (₦5.02 billion), Prestige Assurance (₦4.62 billion) and Regency Alliance Insurance (₦2.54 billion).

Many insurers met the new thresholds through private capital, mergers or unlisted structures, so the ₦118.89 billion on the exchange understates the sector's total effort.

Energy, small caps and introductions

In oil and gas, Eterna Plc listed ₦19.41 billion from a rights issue at ₦22.00 per share, which was 90.18 percent subscribed. Morison Industries listed ₦400.3 million through a private placement.

Two listings in the ₦2.7 trillion figure raised no new money. Zichis Agro-Allied Industries was admitted by introduction with shares worth ₦1.09 billion, and AVA Capital listed by introduction at about ₦37.5 billion. An introduction adds existing shares to the board; it does not put capital into the company.

The scorecard: new equity listed on NGX in 2026

*ThisDay reported First HoldCo at ₦83.7bn in May and ₦128.7bn in September; the higher figure is used here.

That leaves roughly ₦1 trillion of the ₦2.7 trillion headline in bonds and introductions. Corporate bonds such as LFZC Funding SPV Plc's ₦16.1 billion 7-year 20.50% infrastructure bonds due 2032 are part of it, though published reports don't itemise the full bond total. Government paper is a separate and far larger category: Federal Government bonds and sukuk accounted for most of the ₦6.95 trillion in new listings on the NGX in the first five months of 2026.

The deal that changes the year

Everything above could be dwarfed by one transaction. Dangote Petroleum Refinery is offering 4.1 billion new ordinary shares at ₦525 each, targeting gross proceeds of ₦2.1525 trillion. The offer opened on 14 September 2026 and closes on 13 October. There is also room to go higher: the prospectus allows the issuer to absorb up to 30% more with SEC approval, which would take proceeds to roughly ₦2.8 trillion.

The money has a stated purpose: doubling the refinery's capacity from 700,000 barrels per day to 1.4 million. The earnings backdrop has shifted sharply. The refinery reported ₦19.13 trillion in revenue and ₦2.50 trillion in profit after tax in H1 2026, against a ₦723.06 billion loss in FY2025. Analysts caution against extrapolating that half year, though; the prospectus attributes the turnaround largely to stable full-capacity production from March, higher throughput and stronger product prices.

What to watch

• The Dangote allotment. Final subscription and any greenshoe exercise will determine whether 2026 closes near ₦4.9 trillion or higher.
• Oando. Oando applied to list a rights issue of 4,415,867,342 shares at ₦50 per share, worth about ₦220.8 billion. At its last public update in April, the company was still awaiting approvals from the SEC, the NGX and the JSE.
• Dilution versus deployment. More shares do not automatically mean more value. For Dangote Sugar, the test of its raise is whether finance costs actually fall in the next quarterly accounts.
• The eight insurers under review, and whatever consolidation follows among those that didn't make NAICOM's list.