CIS, ASHON hail Nigeria’s capital market gains, back N750trn market-cap target

Nigeria’s capital market is consolidating its position as a driver of economic growth, with landmark reforms, international recognition and the Dangote Refinery IPO defining an exceptional 2026. 

Against this backdrop, the Chartered Institute of Stockbrokers (CIS) and the Association of Securities Dealing Houses of Nigeria (ASHON) have challenged market stakeholders to build on the gains and advance the ambitious N750 trillion market-capitalisation target.

The Chartered Institute of Stockbrokers (CIS) and the Association of Securities Dealing Houses of Nigeria (ASHON) have hailed the Nigerian capital market’s major milestones in 2026, citing regulatory reforms, international recognition, improved market infrastructure and landmark capital- raising initiatives as evidence of growing market strength.

In a joint congratulatory message signed by Dr. Fiona Ahimie, 14th President and Chairman of Council of CIS, and Sehinde Adenagbe, Chairman of ASHON, the two professional bodies highlighted several significant achievements during the year. These included the Nigerian Exchange Limited’s (NGX) recognition as Africa’s Best Exchange, the inauguration of the Nigerian Capital Market Master Plan 2.0 (NCMMP 2.0), the launch of the National Savings Scheme, and Nigeria’s transition to a T+1 settlement cycle.

They said the developments reflected the collective commitment, resilience, innovation and strategic leadership of regulators, market operators, professional bodies and other stakeholders working to position Nigeria’s capital market for greater domestic and international competitiveness.

CIS and ASHON particularly commended the Securities and Exchange Commission (SEC) for its regulatory leadership and the introduction of initiatives aimed at mobilising domestic savings, expanding investor participation and advancing the ambitious N750 trillion market-capitalisation target.

They also praised the Federal Ministry of Finance for its strategic leadership and collaboration with the SEC and other stakeholders in developing and launching the National Savings Scheme. 

According to the bodies, the scheme could strengthen financial inclusion, encourage retail investment and expand the pool of domestic capital available to finance productive economic activities.

They, however, stressed that sustained institutional collaboration, effective implementation and widespread public awareness would be essential to realising its full potential. 

Another major achievement highlighted was Nigeria’s adoption of the T+1 settlement cycle on June 1, 2026, which reduced the settlement period for securities transactions.

The bodies said the transition had enhanced settlement efficiency, reduced counterparty exposure, improved capital utilisation and aligned Nigeria’s market infrastructure more closely with international best practices. They also described the ongoing initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals as a defining moment for the Nigerian capital market, demonstrating its capacity to mobilise substantial funds for major enterprises while expanding public participation in wealth creation.

The extension of the offer to October 27, 2026, they noted, provided prospective investors with additional time to participate in the landmark transaction.

CIS and ASHON emphasised the critical role of stockbrokers and digital distribution channels in widening access to the offering and facilitating retail investor participation.

The two bodies further welcomed Nigeria’s return to FTSE Russell Frontier Market status, noting that improvements in market accessibility, foreign exchange liquidity, capital repatriation and regulatory transparency could strengthen the country’s appeal to international investors.

They added that banking sector recapitalisation, expanding digital investment platforms, improvements in market infrastructure and growing attention to sustainable finance had reinforced the capital market’s capacity to support enterprise development, employment generation and economic growth.

The organisations gave special recognition to stockbrokers and securities dealing firms for their contributions to market development through professional intermediation, investor advisory services, distribution networks and daily engagement with investors.

While CIS underscored the importance of professional competence, ethical conduct and continuous capacity development, ASHON highlighted the resilience, operational commitment and market- building contributions of securities dealing firms.

The bodies, however, cautioned that sustaining the gains would require stronger retail participation, improved investor protection, technological innovation, high professional and ethical standards, and a more conducive business environment.

They urged continued cooperation among regulators, market operators, government institutions, issuers and the investing public to consolidate the reforms and translate market growth into broader economic prosperity. They congratulated the entire Nigerian capital market community, expressing optimism that the achievements recorded in 2026 would provide a stronger foundation for increased capital formation, improved investor confidence and a more prosperous economy.