The growing use of digital platforms by investors has raised Nigerian Exchange Group Plc (NGX Group) profit before tax by 83.3 per cent to N20.6 billion in its nine months operations, as transaction fees more than doubled to N20.7 billion.

The Group, in its unaudited results for the nine months ended September 30, 2026 achieved a profit before tax of N20.6 billion, compared with N11.2 billion in the corresponding period of 2025. Its profit after tax also increased by 86.4 per cent to N14.7 billion from the previous year’s level.

The results showed how increased trading activity and wider investor participation are contributing to the Group’s earnings, with more investors using digital channels to access the Nigerian capital market.

The Group’s profit after tax for the nine-month period was already 40 per cent above its full-year 2025 profit after tax of N10.5 billion, according to the results.

Group Managing Director and Chief Executive Officer, Temi Popoola, said the growing number of Nigerians investing through digital platforms was helping to drive the performance.

“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,” Popoola said.

He said the Group was investing in its people, infrastructure and technology to ensure that the market could accommodate more investors efficiently and securely.

Transaction fees, which reflected income from trading activities, rose to N20.7 billion during the period, supported by higher trading volumes and a wider investor base. Listing fees also increased by 24.4 per cent to N3.7 billion, reflecting capital-raising activities and new admissions to the market.

The earnings growth came amid a strong performance by the Nigerian equities market. The NGX All-Share Index gained 61.43 per cent between the beginning of the year and September 30, 2026, while equity market capitalisation rose by 64.12 per cent from N99.38 trillion at the end of December 2025 to N163.10 trillion.

This represented an increase of N63.72 trillion in the value of listed equities over the period.
The Group also improved its operating efficiency, as total income grew by 64.8 per cent, faster than the 56.8 per cent increase in operating expenses. The cost-to-income ratio consequently declined to 49.7 per cent from 52.3 per cent, while operating profit increased by 73.5 per cent to N14.9 billion.

NGX Group said the increase in operating costs reflected investments in personnel, technology, market infrastructure, investor education, issuer engagement and partnerships to support the market’s development.

The Group said these investments would support its technology plans, including platform modernisation, data services and wider digital access, as it seeks to accommodate further growth in market activity.

Its earnings per share stood at N5.33 for the nine-month period, compared with N2.68 in the corresponding period of 2025, restated to reflect the one-for-three bonus issue approved by shareholders in April 2026.

The Group also recorded a 69.6 per cent increase in its share of profit from equity-accounted investees to N5.7 billion, driven primarily by the Central Securities Clearing System Plc (CSCS).

As of September 30, 2026, NGX Group’s total assets stood at N79.1 billion, while shareholders’ equity was N61.1 billion. Shareholders received N8.2 billion in dividends during the period, an increase of 86.7 per cent, in addition to the one-for-three bonus issue.

Commenting on the results, the Group Chairman, Umaru Kwairanga, said the performance demonstrated the value of sound governance and strategic investment as Nigeria’s capital market expanded.

He said the board was focused on ensuring that growth in market products, listed companies and investor participation was matched by disciplined spending on investments that strengthened the market’s foundations.

Kwairanga added that the Group remained committed to delivering value to shareholders through dividends and bonus issues in line with the growth of the market and the company.