Nigerian Exchange Group Plc, on Monday presented its unaudited results for the nine months ended September 30, 2026, the highlight of which was the impressive growth in gross earnings, driven significantly by the 112.4% growth in transaction fees, following which profit after tax jumped 86.4% up’
According to the result, gross earnings rose to ₦29.6 billion, up by 64.8% from ₦17.9bn; while revenue stood at ₦27.3bn from ₦15.2bn, a 79.8% growth. A breakdown of the revenue showed that transaction fees accounted for the lion’s share of ₦20.7bn from ₦9.7bn, with listing fees pooling ₦3.7bn from ₦3.0bn.
Operating expenses grew from ₦9.4bn to ₦14.7bn, representing a 56.8% growth; with cost-to-income ratio dropping from 52.3% to 49.7%. Operating profit stood at ₦14.9bn from ₦8.6bn, an increase of 73.5%; followed by share of profit from associates which grew by 69.6%; resulting in ₦20.6bn profit before tax from ₦11.2bn, a growth of 83.3%, buoyed primarily by Central Securities Clearing System Plc (CSCS), underlining the value of the Group’s position across the market value chain.
Profit after tax rose 86.4% to ₦14.7 billion, which is already 40% better than the Group’s 2025 full-year net profit of ₦10.5 billion, with a quarter of the year still to run.. Earnings per share for the period, therefore, jumped to ₦5.33, reflecting the enlarged share base following the 1-for-3 bonus issue approved by shareholders in April 2026, compared to the restated nine-month 2025 figure of ₦2.68 each.
A statement by the group said “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.”
The growth in fee was also linked to the “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% to ₦3.7 billion, reflecting continued capital raising activity and continued new admissions to the market,” it added.
The numbers also reflected in the balance sheet where total assets stood at ₦79.1 billion and shareholders’ equity at ₦61.1 billion as at 30 September 2026. Shareholders received ₦8.2 billion in dividends during the period, up 86.7%, in addition to the 1-for-3 bonus issue.
The results, the group continued, mirror the value being created for investors across the market, stressing that as of September 30, 2026, “the NGX All-Share Index had gained 61.43% year-to-date, while equity market capitalisation rose by 64.12% from ₦99.38 trillion at December 2025 to ₦163.10 trillion, representing an increase of ₦63.72 trillion. This growth reflects the significant expansion in the value of listed equities held by millions of Nigerians, pension funds and institutional investors.
Cost growth, the growth explained further, reflects deliberate investment in capacity ahead of the next stage of market development by focusing on strengthening talent in technology, market surveillance, product and investor engagement to support a larger, faster-moving and more digital market; upgrading the physical and operational infrastructure that underpins market resilience and continuity; and investor education, issuer engagement and the African partnerships that broaden the Exchange’s reach.
These investments, it said, 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.
The statement quoted as obviously proud Group Chairman, Alhaji (Dr.) Umaru Kwairanga, as saying: “these results show what a well governed and strategically astute market institution can 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. 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.”
On his part, the Group Managing Director/Chief Executive Officer, Temi Popoola, linked the scorecard to the fact that: “more Nigerians are investing, and more of them are doing it digitally. That broadening participation more than doubled our transaction revenue and is creating real wealth for investors. 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.”
