-
NGX Group’s nine-month profit before tax rose 83.3 percent to ₦20.6 billion as transaction fee income more than doubled.
-
NGX Invest has facilitated more than ₦3 trillion in capital raising through 23 primary-market transactions since its launch in 2024.
-
WhatsApp subscriptions and more than 100 distribution channels are creating additional routes for investors to access public offers.
November 3, (THEWILL) – Digital platforms are changing how Nigerians access the capital market, subscribe to public offers and trade listed securities, as the Nigerian Exchange expands its investment infrastructure beyond traditional brokerage channels.
The shift is reflected in the latest financial performance of Nigerian Exchange Group Plc (NGX Group). Its nine-month results, released on October 27, 2026, showed profit before tax rising 83.3 percent to ₦20.6 billion for the period ended September 30, compared with ₦11.2 billion in the corresponding period of 2025.
Profit after tax increased 86.4 percent to ₦14.7 billion, while revenue grew 79.8 percent to ₦27.3 billion.
Transaction fee income more than doubled to ₦20.7 billion from ₦9.7 billion, reflecting higher trading volumes and an expanding investor base. The group attributed the growth partly to increased retail participation through digital self-service channels.
Beyond the earnings, the expansion of NGX’s digital infrastructure points to five ways technology is changing access to Nigeria’s capital market.
-
Making Public Offers Accessible Beyond Traditional Channels
One of the most visible changes is the expansion of digital access to public offers and rights issues.
NGX Group introduced NGX Invest in 2024 as an electronic platform that allows investors to subscribe to public offers and rights issues without relying entirely on paper-based processes.
Since its launch, the platform has supported more than 23 primary-market transactions and facilitated over ₦3 trillion in capital raising.
Its distribution network also connects issuers with investors through more than 100 channels, including stockbrokers, banks, fintech companies, mobile operators and other financial institutions.
This gives companies additional routes to raise capital while allowing investors to participate through channels beyond conventional brokerage offices.
-
Bringing Investment Subscriptions To WhatsApp
NGX Invest’s expansion to WhatsApp represents another attempt to reduce the friction involved in participating in public offers.
Launched on September 23, 2026, the service allows investors to initiate subscriptions by messaging NGX Invest and following the prompts to view eligible offers.
Investors do not need to download a separate application to begin the process. However, they must still select a registered stockbroker to process their applications.
The development takes investment access to a platform already familiar to millions of mobile users, potentially making the subscription process more convenient for people who may find conventional investment channels complicated.
The service does not eliminate the role of stockbrokers; rather, it creates another entry point into the existing investment process.
-
Increasing Transaction Activity And Exchange Revenue
The financial impact of increased market activity is reflected in NGX Group’s transaction fee income.
The group earned ₦20.7 billion from transaction fees in the first nine months of 2026, up 112.4 percent from ₦9.7 billion in the corresponding period of 2025.
Transaction fees accounted for a substantial portion of the group’s ₦27.3 billion revenue, making trading activity its dominant revenue driver.
The increase indicates that higher trading volumes and investor participation are translating into stronger earnings for the Exchange.
However, digital platforms alone cannot explain the growth. Market performance, investor appetite, new listings and broader economic conditions also influence trading activity.
READ ALSO:
-
Widening Access To A Rapidly Expanding Equities Market
Digital investment channels are developing alongside a significant increase in the value of Nigeria’s equities market.
As of September 30, 2026, the NGX All-Share Index had gained 61.43 percent year-to-date, while equity market capitalisation increased by 64.12 percent from ₦99.38 trillion at the end of December 2025 to ₦163.10 trillion.
This represented an increase of ₦63.72 trillion in the value of listed equities over nine months.
The expansion provides a larger market for investors to access through digital channels. However, the increase in market capitalisation does not mean every investor recorded comparable gains. Individual returns depend on the securities held and their price performance.
Digital platforms can make it easier to access investment opportunities and monitor holdings, but they do not remove the risks associated with investing in equities.
-
Strengthening The Infrastructure Behind Digital Investing
The growth of digital investment channels also increases the importance of the infrastructure responsible for processing transactions, maintaining ownership records and settling trades.
NGX Group operates within a wider market ecosystem that includes the Central Securities Clearing System (CSCS), which provides clearing, settlement and securities depository services.
In its nine-month results, NGX Group reported a 69.6 percent increase in its share of profit from equity-accounted investees to ₦5.7 billion, driven primarily by CSCS.
The contribution highlights the financial importance of market infrastructure businesses beyond the trading platform itself.
As investor numbers and transaction volumes grow, efficient clearing and settlement systems, accurate securities records and reliable technology become increasingly important to market operations.
NGX Group’s nine-month performance therefore provides an indication of how digital access, wider distribution channels and increased trading activity are reshaping the business of Nigeria’s capital market.
The longer-term measure of progress, however, will be whether these developments can sustain participation, deepen liquidity and bring more Nigerians into the market beyond periods of strong share-price performance.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
