Yes, and I think the important thing is to separate “NGX Group is doing very well” from “NGX Group is still cheap at the current share price.” Those are two different questions. As of the 15 September 2026 close, NGX Group was ₦179, after a very strong recent move. It rose from ₦148 to ₦162.80 on 14Read more
Yes, and I think the important thing is to separate “NGX Group is doing very well” from “NGX Group is still cheap at the current share price.” Those are two different questions.
As of the 15 September 2026 close, NGX Group was ₦179, after a very strong recent move. It rose from ₦148 to ₦162.80 on 14 September alone, and then continued higher. I have been watching it closely since iking ferry discuss about it on the fokona community.
Why has NGX Group rallied so strongly?
There is a fundamental reason for a lot of the rally: the company’s earnings have exploded.
For H1 2026:
Revenue: ₦17.60bn, +118%
Profit before tax: ₦14.76bn, +170%
Profit after tax: ₦10.36bn, +146%
EPS: about ₦4.70
Interim dividend: ₦1.30
Transaction-fee income: ₦13.34bn, +169%
And there’s another important part of the story: NGX Group owns/invests in other capital-market businesses. Its share of profit from equity-accounted investees increased 130% to ₦4.14bn, helped particularly by the strong performance of CSCS Which is a good thing i.e a company investing in another company.
So investors aren’t simply buying the Nigerian Exchange itself. They’re buying a capital-market infrastructure group whose earnings benefit when activity across the Nigerian capital market increases.
But now comes the part I think you should be careful about
At ₦179, the market is no longer valuing NGX Group the way it was valuing it at ₦50–₦80.
The market has already recognized a substantial portion of the improvement.
According to current market data, at ₦179 NGX Group’s:
P/E ≈ 31.7×
P/B ≈ 7.75×
Dividend yield ≈ 1.64%
compared with a 2025 P/E of about 14.7× and P/B of 2.8×.
And this is where our “Oga at the top” style of analysis becomes useful which is IKING FERRY.
Now divide the investment thesis into three parts.
The business:
The business looks considerably stronger than it did a few years ago.
H1 2026’s numbers are genuinely impressive, and the company is benefiting from increased market activity.
Nigerian Exchange Group
The growth opportunity:
There is still a potentially interesting long-term story.
If Nigeria’s capital market continues to deepen, NGX Group can benefit from:
more retail investors
more institutional investors
more IPOs
more trading activity
more derivatives/products
more technology usage
more listings
growth in CSCS and other investee businesses
And Nigeria’s return to the FTSE Frontier Market classification from September 2026 could potentially increase international participation, although the actual size and timing of inflows remain uncertain.
Look at where the earnings are coming from.
Transaction fees increased 169% and represented roughly 76% of revenue in H1 2026, according to Proshare’s analysis.
That’s excellent when market activity is booming.
But it also creates earnings concentration.
Imagine the Nigerian stock market becomes less active next year.
Trading volumes fall.
IPO activity slows.
Transaction values decline.
Then NGX Group’s transaction-fee income could slow down considerably.
That’s why I wouldn’t simply take H1’s 146% profit growth and assume:
“NGX Group will grow profit 146% every year.”
That would be extremely aggressive.
One thing I really like about NGX Group
There’s an interesting structural feature here.
NGX Group doesn’t need Nigeria to have a booming stock market every single day for the long-term story to work.
It needs Nigeria’s capital market to become substantially larger over the next 5–10 years.
More companies listing.
More investors.
More securities.
More trading.
More clearing.
More settlement.
More financial products.
More technology.
If that happens, NGX Group and its ecosystem can potentially benefit.
Let's imagine Mama Ngozi, a hardworking trader in the local market, wanted to invest her money in shares. Now, Mama Ngozi is a Muslim and she wants to ensure that her investment aligns with Islamic principles, which means it should be considered halal.So, what does it mean for an investment to be haRead more
Let’s imagine Mama Ngozi, a hardworking trader in the local market, wanted to invest her money in shares. Now, Mama Ngozi is a Muslim and she wants to ensure that her investment aligns with Islamic principles, which means it should be considered halal.
So, what does it mean for an investment to be halal for a Muslim like Mama Ngozi? Well, in Islamic finance, certain principles are followed to ensure investments are in line with Islamic law. This includes avoiding businesses that deal with things like alcohol, gambling, pork, or other haram (forbidden) activities.
Now, can Mama Ngozi consider investing in the shares of the Nigeria Stock Exchange (NGX) as halal? To answer this, we need to look at what the NGX represents. The Nigeria Stock Exchange is a platform where companies list their shares for people to buy and sell. When Mama Ngozi buys shares on the NGX, she becomes a part-owner of those companies.
In this case, it’s essential for Mama Ngozi to look into the businesses that have listed their shares on the Nigeria Stock Exchange. She should consider whether these companies engage in activities that are compliant with Islamic principles. If the companies operate ethically and do not involve themselves in haram activities, then Mama Ngozi may consider investing in their shares as halal.
Additionally, Mama Ngozi should also look at the financial reports of these companies to ensure they are not dealing with interest-based transactions (riba), as interest is forbidden in Islamic finance.
In conclusion, Mama Ngozi can consider investing in shares listed on the Nigeria Stock Exchange as halal if the companies are Sharia-compliant and operate according to Islamic principles. It’s important for her to do her research and make informed decisions based on her beliefs and values.
The Nigerian Stock Exchange was not founded by just one person. It was established in 1960 as the Lagos Stock Exchange by seven original subscribers, including Chief Akintola Williams, Theophilus Doherty, Odumegwu Ojukwu, Shehu Bukar, C.T. Bowring, John Holt Nigeria Ltd., and Investment Company of NRead more
The Nigerian Stock Exchange was not founded by just one person. It was established in 1960 as the Lagos Stock Exchange by seven original subscribers, including Chief Akintola Williams, Theophilus Doherty, Odumegwu Ojukwu, Shehu Bukar, C.T. Bowring, John Holt Nigeria Ltd., and Investment Company of Nigeria Ltd. (ICON).
However, Chief Akintola Williams is particularly recognised as one of the founding fathers of the Nigerian Stock Exchange because of his major role in establishing the market.
The exchange was later renamed the Nigerian Stock Exchange in 1977. In 2021, it was demutualised and reorganised, leading to the creation of Nigerian Exchange Group Plc (NGX Group), while Nigerian Exchange Limited became the operating exchange.
Nigerian Exchange Group is one of the most interesting long-term stocks on the Nigerian market right now because it is not just “another company” — it is the company that operates the exchange itself. Think of NGX Group as the “marketplace owner” of the Nigerian stock market. When: investors buy shaRead more
Nigerian Exchange Group is one of the most interesting long-term stocks on the Nigerian market right now because it is not just “another company” — it is the company that operates the exchange itself.
Think of NGX Group as the “marketplace owner” of the Nigerian stock market.
When:
investors buy shares,
companies list on the exchange,
brokers trade securities,
bonds are issued,
ETFs trade,
market data is sold,
NGX earns money from these activities.
How NGX Group Operates
NGX Group makes money mainly from:
Listing fees from companies
Trading transaction fees
Technology/data services
Market infrastructure services
Clearing and settlement ecosystem
Bonds and ETF market activity
This is powerful because NGX benefits when:
more Nigerians invest,
more companies list shares,
pension funds grow,
foreign investors return,
trading volume increases.
So unlike ordinary companies that depend on selling one product, NGX benefits from the growth of the entire capital market ecosystem.
Latest Financial Statement (FY 2025)
NGX Group’s latest audited 2025 result was very strong. The company reported:
Revenue growth of about 36%
Profit Before Tax of about ₦15.6 billion
Operating profit growth of about 44%
Total assets around ₦71 billion
Shareholders’ equity around ₦55 billion
Dividend increased to ₦3 per share
1-for-3 bonus share issue approved
The company has shown consistent multi-year revenue growth:
Year
Revenue
2021
~₦6.2bn
2022
~₦6.8bn
2023
~₦9.2bn
2024
~₦18.7bn
2025
~₦25.8bn
That growth trajectory is significant.
Why Investors Are Interested in NGX Group
1. NGX is becoming a “financial infrastructure company”
This is the biggest long-term point many people miss.
NGX is no longer only a stock exchange.
It is gradually expanding into:
digital market infrastructure,
commodities,
derivatives,
data monetization,
settlement systems,
regional market integration.
This can transform earnings over time.
2. Nigeria’s investment culture is still young
This is important.
Compared to developed markets:
very few Nigerians invest in equities,
retail participation is still low,
pension penetration is growing,
digital investing apps are expanding the market.
If Nigeria’s capital market deepens over the next decade, NGX is positioned to benefit structurally.
3. It has relatively strong margins
Exchange businesses globally are usually high-margin businesses because:
transaction systems scale well,
infrastructure already exists,
additional trading volume increases profitability.
That is why many global exchanges became extremely profitable companies.
Examples include:
London Stock Exchange Group
Nasdaq
Intercontinental Exchange
Risks You Must Understand
NGX is still exposed to Nigerian economic realities.
Major risks:
Weak investor confidence
Currency instability
Regulatory uncertainty
Low market participation
Political/economic shocks
Reduced foreign portfolio inflows
If the Nigerian economy struggles badly, market activity may slow.
And NGX depends heavily on market participation.
What Could Happen in the Next 5 Years?
Nobody can predict perfectly, but structurally, NGX has strong long-term potential if management executes properly.
Bullish Scenario (Positive Outlook)
If:
Nigeria’s capital market expands,
pension assets continue growing,
more companies list,
foreign investors return,
derivatives/commodities markets mature,
then NGX earnings could grow substantially over the next 5 years.
This could support:
rising dividends,
capital appreciation,
stronger institutional interest.
Bearish Scenario (Negative Outlook)
If:
the economy weakens severely,
investor participation declines,
market reforms stall,
inflation/currency instability worsen,
growth could slow significantly.
My Analytical View on NGX Group
Among Nigerian long-term stocks, NGX Group is attractive because it combines:
growth potential,
dividend potential,
strategic importance,
and exposure to Nigeria’s financial system expansion.
But it behaves more like a “capital market infrastructure bet” than a traditional consumer stock.
Meaning:
if Nigerian investing culture grows,
NGX may grow strongly alongside it.
For a patient investor with a 5–10 year horizon, NGX is worth serious study.
Who Should Consider NGX Group?
Good for investors who want:
long-term growth,
exposure to financial market expansion,
dividend growth,
strategic Nigerian infrastructure exposure.
Less suitable for:
people seeking fast speculative gains,
short-term trading only,
or guaranteed stability.
You can study the company further through:
ngxgroup.com
ngxgroup.com
Why Has NGX Group Share Price Rallied So Strongly Recently?
Yes, and I think the important thing is to separate “NGX Group is doing very well” from “NGX Group is still cheap at the current share price.” Those are two different questions. As of the 15 September 2026 close, NGX Group was ₦179, after a very strong recent move. It rose from ₦148 to ₦162.80 on 14Read more
Yes, and I think the important thing is to separate “NGX Group is doing very well” from “NGX Group is still cheap at the current share price.” Those are two different questions.
As of the 15 September 2026 close, NGX Group was ₦179, after a very strong recent move. It rose from ₦148 to ₦162.80 on 14 September alone, and then continued higher. I have been watching it closely since iking ferry discuss about it on the fokona community.
Why has NGX Group rallied so strongly?
There is a fundamental reason for a lot of the rally: the company’s earnings have exploded.
For H1 2026:
Revenue: ₦17.60bn, +118%
Profit before tax: ₦14.76bn, +170%
Profit after tax: ₦10.36bn, +146%
EPS: about ₦4.70
Interim dividend: ₦1.30
Transaction-fee income: ₦13.34bn, +169%
And there’s another important part of the story: NGX Group owns/invests in other capital-market businesses. Its share of profit from equity-accounted investees increased 130% to ₦4.14bn, helped particularly by the strong performance of CSCS Which is a good thing i.e a company investing in another company.
So investors aren’t simply buying the Nigerian Exchange itself. They’re buying a capital-market infrastructure group whose earnings benefit when activity across the Nigerian capital market increases.
But now comes the part I think you should be careful about
At ₦179, the market is no longer valuing NGX Group the way it was valuing it at ₦50–₦80.
The market has already recognized a substantial portion of the improvement.
According to current market data, at ₦179 NGX Group’s:
P/E ≈ 31.7×
P/B ≈ 7.75×
Dividend yield ≈ 1.64%
compared with a 2025 P/E of about 14.7× and P/B of 2.8×.
And this is where our “Oga at the top” style of analysis becomes useful which is IKING FERRY.
Now divide the investment thesis into three parts.
The business:
The business looks considerably stronger than it did a few years ago.
H1 2026’s numbers are genuinely impressive, and the company is benefiting from increased market activity.
Nigerian Exchange Group
The growth opportunity:
There is still a potentially interesting long-term story.
If Nigeria’s capital market continues to deepen, NGX Group can benefit from:
more retail investors
more institutional investors
more IPOs
more trading activity
more derivatives/products
more technology usage
more listings
growth in CSCS and other investee businesses
And Nigeria’s return to the FTSE Frontier Market classification from September 2026 could potentially increase international participation, although the actual size and timing of inflows remain uncertain.
Look at where the earnings are coming from.
See lessTransaction fees increased 169% and represented roughly 76% of revenue in H1 2026, according to Proshare’s analysis.
That’s excellent when market activity is booming.
But it also creates earnings concentration.
Imagine the Nigerian stock market becomes less active next year.
Trading volumes fall.
IPO activity slows.
Transaction values decline.
Then NGX Group’s transaction-fee income could slow down considerably.
That’s why I wouldn’t simply take H1’s 146% profit growth and assume:
“NGX Group will grow profit 146% every year.”
That would be extremely aggressive.
One thing I really like about NGX Group
There’s an interesting structural feature here.
NGX Group doesn’t need Nigeria to have a booming stock market every single day for the long-term story to work.
It needs Nigeria’s capital market to become substantially larger over the next 5–10 years.
More companies listing.
More investors.
More securities.
More trading.
More clearing.
More settlement.
More financial products.
More technology.
If that happens, NGX Group and its ecosystem can potentially benefit.
Is NGX Group Plc Shariah-Compliant for Muslim Investors in Nigeria?
Let's imagine Mama Ngozi, a hardworking trader in the local market, wanted to invest her money in shares. Now, Mama Ngozi is a Muslim and she wants to ensure that her investment aligns with Islamic principles, which means it should be considered halal.So, what does it mean for an investment to be haRead more
Let’s imagine Mama Ngozi, a hardworking trader in the local market, wanted to invest her money in shares. Now, Mama Ngozi is a Muslim and she wants to ensure that her investment aligns with Islamic principles, which means it should be considered halal.
So, what does it mean for an investment to be halal for a Muslim like Mama Ngozi? Well, in Islamic finance, certain principles are followed to ensure investments are in line with Islamic law. This includes avoiding businesses that deal with things like alcohol, gambling, pork, or other haram (forbidden) activities.
Now, can Mama Ngozi consider investing in the shares of the Nigeria Stock Exchange (NGX) as halal? To answer this, we need to look at what the NGX represents. The Nigeria Stock Exchange is a platform where companies list their shares for people to buy and sell. When Mama Ngozi buys shares on the NGX, she becomes a part-owner of those companies.
In this case, it’s essential for Mama Ngozi to look into the businesses that have listed their shares on the Nigeria Stock Exchange. She should consider whether these companies engage in activities that are compliant with Islamic principles. If the companies operate ethically and do not involve themselves in haram activities, then Mama Ngozi may consider investing in their shares as halal.
Additionally, Mama Ngozi should also look at the financial reports of these companies to ensure they are not dealing with interest-based transactions (riba), as interest is forbidden in Islamic finance.
In conclusion, Mama Ngozi can consider investing in shares listed on the Nigeria Stock Exchange as halal if the companies are Sharia-compliant and operate according to Islamic principles. It’s important for her to do her research and make informed decisions based on her beliefs and values.
See lessWho Founded the Nigerian Stock Exchange That Later Became NGX Group?
The Nigerian Stock Exchange was not founded by just one person. It was established in 1960 as the Lagos Stock Exchange by seven original subscribers, including Chief Akintola Williams, Theophilus Doherty, Odumegwu Ojukwu, Shehu Bukar, C.T. Bowring, John Holt Nigeria Ltd., and Investment Company of NRead more
The Nigerian Stock Exchange was not founded by just one person. It was established in 1960 as the Lagos Stock Exchange by seven original subscribers, including Chief Akintola Williams, Theophilus Doherty, Odumegwu Ojukwu, Shehu Bukar, C.T. Bowring, John Holt Nigeria Ltd., and Investment Company of Nigeria Ltd. (ICON).
However, Chief Akintola Williams is particularly recognised as one of the founding fathers of the Nigerian Stock Exchange because of his major role in establishing the market.
The exchange was later renamed the Nigerian Stock Exchange in 1977. In 2021, it was demutualised and reorganised, leading to the creation of Nigerian Exchange Group Plc (NGX Group), while Nigerian Exchange Limited became the operating exchange.
See lessWhat Is the Latest Financial Performance of NGX Group Shares?
Nigerian Exchange Group is one of the most interesting long-term stocks on the Nigerian market right now because it is not just “another company” — it is the company that operates the exchange itself. Think of NGX Group as the “marketplace owner” of the Nigerian stock market. When: investors buy shaRead more
Nigerian Exchange Group is one of the most interesting long-term stocks on the Nigerian market right now because it is not just “another company” — it is the company that operates the exchange itself.
See lessThink of NGX Group as the “marketplace owner” of the Nigerian stock market.
When:
investors buy shares,
companies list on the exchange,
brokers trade securities,
bonds are issued,
ETFs trade,
market data is sold,
NGX earns money from these activities.
How NGX Group Operates
NGX Group makes money mainly from:
Listing fees from companies
Trading transaction fees
Technology/data services
Market infrastructure services
Clearing and settlement ecosystem
Bonds and ETF market activity
This is powerful because NGX benefits when:
more Nigerians invest,
more companies list shares,
pension funds grow,
foreign investors return,
trading volume increases.
So unlike ordinary companies that depend on selling one product, NGX benefits from the growth of the entire capital market ecosystem.
Latest Financial Statement (FY 2025)
NGX Group’s latest audited 2025 result was very strong. The company reported:
Revenue growth of about 36%
Profit Before Tax of about ₦15.6 billion
Operating profit growth of about 44%
Total assets around ₦71 billion
Shareholders’ equity around ₦55 billion
Dividend increased to ₦3 per share
1-for-3 bonus share issue approved
The company has shown consistent multi-year revenue growth:
Year
Revenue
2021
~₦6.2bn
2022
~₦6.8bn
2023
~₦9.2bn
2024
~₦18.7bn
2025
~₦25.8bn
That growth trajectory is significant.
Why Investors Are Interested in NGX Group
1. NGX is becoming a “financial infrastructure company”
This is the biggest long-term point many people miss.
NGX is no longer only a stock exchange.
It is gradually expanding into:
digital market infrastructure,
commodities,
derivatives,
data monetization,
settlement systems,
regional market integration.
This can transform earnings over time.
2. Nigeria’s investment culture is still young
This is important.
Compared to developed markets:
very few Nigerians invest in equities,
retail participation is still low,
pension penetration is growing,
digital investing apps are expanding the market.
If Nigeria’s capital market deepens over the next decade, NGX is positioned to benefit structurally.
3. It has relatively strong margins
Exchange businesses globally are usually high-margin businesses because:
transaction systems scale well,
infrastructure already exists,
additional trading volume increases profitability.
That is why many global exchanges became extremely profitable companies.
Examples include:
London Stock Exchange Group
Nasdaq
Intercontinental Exchange
Risks You Must Understand
NGX is still exposed to Nigerian economic realities.
Major risks:
Weak investor confidence
Currency instability
Regulatory uncertainty
Low market participation
Political/economic shocks
Reduced foreign portfolio inflows
If the Nigerian economy struggles badly, market activity may slow.
And NGX depends heavily on market participation.
What Could Happen in the Next 5 Years?
Nobody can predict perfectly, but structurally, NGX has strong long-term potential if management executes properly.
Bullish Scenario (Positive Outlook)
If:
Nigeria’s capital market expands,
pension assets continue growing,
more companies list,
foreign investors return,
derivatives/commodities markets mature,
then NGX earnings could grow substantially over the next 5 years.
This could support:
rising dividends,
capital appreciation,
stronger institutional interest.
Bearish Scenario (Negative Outlook)
If:
the economy weakens severely,
investor participation declines,
market reforms stall,
inflation/currency instability worsen,
growth could slow significantly.
My Analytical View on NGX Group
Among Nigerian long-term stocks, NGX Group is attractive because it combines:
growth potential,
dividend potential,
strategic importance,
and exposure to Nigeria’s financial system expansion.
But it behaves more like a “capital market infrastructure bet” than a traditional consumer stock.
Meaning:
if Nigerian investing culture grows,
NGX may grow strongly alongside it.
For a patient investor with a 5–10 year horizon, NGX is worth serious study.
Who Should Consider NGX Group?
Good for investors who want:
long-term growth,
exposure to financial market expansion,
dividend growth,
strategic Nigerian infrastructure exposure.
Less suitable for:
people seeking fast speculative gains,
short-term trading only,
or guaranteed stability.
You can study the company further through:
ngxgroup.com
ngxgroup.com