The Securities and Exchange Commission reported that Nigeria's banking sector recapitalisation exercise generated an estimated N29.83tn in wealth within the equity market during the first quarter of 2026. Market capitalisation rose from N99.38tn at the end of 2025 to N129.21tn by March 31, 2026, with the Nigerian Exchange All Share Index increasing by 29.35% to reach 201,287.78 points. The SEC attributed the surge to improved investor sentiment ahead of the March 31 recapitalisation deadline, citing expectations of a stronger banking system. February 2026 recorded the highest monthly gain in market history, with a N17.6tn increase in market capitalisation. Despite large equity offerings from banks, the market maintained stability and effective valuation adjustments, according to the regulator. The SEC noted that the NGX Banking Index had previously dipped in mid-2024 due to concerns over share dilution but rebounded following successful capital injections and improved balance sheets. Around 500,000 new investors participated in bank public offerings between 2024 and 2026, many entering the equities market for the first time. A significant number are expected to remain active in secondary trading and future issuances. Financial service providers, including stockbrokers, registrars and custodians, managed unprecedented transaction volumes during the period. The SEC disclosed that ₦4.65tn was mobilised through the capital market over the 24-month recapitalisation window. Dr. Emomotimi Agama, SEC Director-General, described the exercise as foundational for long-term economic growth and said the capital market's resilience should lead to transformation.
Dr. Emomotimi Agama celebrates 500,000 new investors while the banks they invested in remain inaccessible to most Nigerians through basic banking services. If half a million people could buy shares, why are millions still unbanked despite the sector's expanded capital. The same energy used to chase stock market numbers could fix branch gaps and digital access. Owning a bank is not the same as being served by one.
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