Long-Term Funding Drives ₦5.1trn In New Listings On NGX 

The pursuit of long-term funding fuelled the listing of three major companies—Transcorp Power Plc, Aradel Holdings Plc, and Haldane McCall Plc—on the Nigerian Exchange (NGX) in 2024, contributing a combined ₦5.1 trillion to the market’s capitalisation.

This influx has significantly deepened the equities market and enhanced investor confidence.

Transcorp Power Plc, a subsidiary of Transnational Corporation, listed its shares on the NGX Main Board through an introduction, adding ₦1.8 trillion to the market’s capitalisation. This move not only expanded the liquidity of the Nigerian capital market but also positioned Transcorp Power as a key player in driving economic growth.

Aradel Holdings Plc followed with the listing of 4.345 billion ordinary shares at ₦702.69 per share, achieving a market capitalization of ₦3.05 trillion. Similarly, Haldane McCall Plc introduced 3.122 billion shares at ₦3.84 per share, amounting to a valuation of ₦13.17 billion.

These listings are expected to strengthen market liquidity, increase the tradability of shares, and improve access to long-term funding, enabling these companies to pursue ambitious growth initiatives.

The Chairman of the Nigerian Exchange Group, Alhaji Umaru Kwairanga, emphasised the role of the capital market as a critical tool in achieving President Bola Tinubu’s vision of a $1 trillion economy. He noted the NGX’s commitment to enhancing infrastructure, broadening investor access, and maintaining global standards.

Reiterating this stance, the Chief Executive Officer (CEO) of NGX, Mr. Jude Chiemeka, highlighted the Exchange’s multi-asset platform and its role in facilitating capital raising. “We currently have 322 listed securities on our Exchange, which serves as a viable platform for raising capital. Year-to-date, we have facilitated over ₦5.7 trillion in funding for corporates and governments. With a combined market capitalization exceeding ₦106 trillion, the NGX offers substantial opportunities for sustainable growth,” he said.

At Transcorp Power Plc’s listing, Group Chairman, Mr. Tony Elumelu, described the milestone as a testament to Transcorp’s dedication to driving economic growth and prosperity. “We invest in strategic sectors, transform businesses, and create long-term value for shareholders. Our focus remains on improving access to electricity and contributing to national development,” he stated.

Similarly, Dr. Edward Akinlade, Group Managing Director of Haldane McCall, explained that the decision to list on the NGX was not only to enhance visibility but also to secure long-term funding for expansion. He assured stakeholders of the company’s commitment to sustained growth, regular dividend payments amounting to 30 percent of net earnings, strong investor relations, and transparent communication in line with NGX’s Post-Listing Requirements.

These listings not only show the resilience of Nigeria’s capital market but also highlight its growing importance as a platform for sustainable long-term funding and economic development.