NGX Hits ₦100: From Post-Demutualisation Slump to Market Darling
Shares of Nigerian Exchange Group (NGX Group) surged to ₦100 per share last Friday, marking a major milestone for the Exchange operator.
This comes after a 43% year-to-date rally, significantly outperforming the broader market and key benchmarks.
Here’s what’s driving the surge
From ₦27 to ₦17… Then to ₦100
• NGX was listed at ₦27 in 2021 after demutualisation.
• The stock later plunged to ₦17 by 2023, raising doubts about:
• The effectiveness of demutualisation
• Value creation for legacy shareholders
Fast forward to 2026:
• The stock has now rallied to ₦100.
• That’s nearly a 6x gain from its low.
A classic turnaround story.
️
Governance Reform Played a Major Role
Market operators credit the rally to:
Stronger Board Leadership
Led by Alhaji Umaru Kwairanga, widely respected in the capital market community.
Shareholder Representation
After demutualisation:
• VFD Group Plc
• Cardinalstone Partners
emerged as major shareholders and strengthened board oversight.
Notably, governance reforms allowed the election of:
• Nonso Okpala
• Mohammed Garuba
This shift injected fresh energy, performance focus, and accountability.
Management Execution & Innovation
Under Group MD Temi Popoola, NGX has:
• Deepened market reforms
• Improved operational efficiency
• Introduced innovations
• Benefited from capital market reforms like:
• Shortened settlement cycles
• New capital requirements for operators
Execution discipline + regulatory alignment boosted investor confidence.
Macro Reforms Boosted Sentiment
Analysts highlight:
• Renewed foreign and local investor appetite
• Stronger demand for naira-denominated assets
• Economic reforms improving capital market activity
NGX, as a financial market infrastructure, directly benefits from:
• Higher trading volumes
• Increased listings
• Market expansion
Simply put: When the market grows, NGX earns more.
Why Investors Are Buying
According to market experts:
• NGX is a rare financial infrastructure asset
• It offers exposure to Nigeria’s capital market growth
• It delivers “alpha” returns
• It reflects intrinsic value long overlooked
However, analysts caution:
An undervalued stock only becomes a good investment if leadership can unlock its potential.
In NGX’s case, investors now believe it can.
What This Means for Investors
The rally demonstrates:
• The power of governance reform
• The long-term value of equity investing
• How strategic leadership can revive investor confidence
• The benefit of buying undervalued stocks early
NGX has transformed from a post-demutualisation disappointment into a capital market comeback story.
The New Challenge
Now that NGX has hit ₦100, the real test begins:
• Can the board sustain momentum?
• Will earnings growth justify valuation?
• Can market reforms deepen penetration further?
Success now demands consolidation.
Bottom Line
NGX’s journey from ₦17 to ₦100 is not just a price story — it’s a governance and execution story.
Investors who believed early are smiling.
The market infrastructure operator has reclaimed its crown.
Shares of Nigerian Exchange Group (NGX Group) surged to ₦100 per share last Friday, marking a major milestone for the Exchange operator.
This comes after a 43% year-to-date rally, significantly outperforming the broader market and key benchmarks.
Here’s what’s driving the surge
From ₦27 to ₦17… Then to ₦100• NGX was listed at ₦27 in 2021 after demutualisation.
• The stock later plunged to ₦17 by 2023, raising doubts about:
• The effectiveness of demutualisation
• Value creation for legacy shareholders
Fast forward to 2026:
• The stock has now rallied to ₦100.
• That’s nearly a 6x gain from its low.
A classic turnaround story.
️
Governance Reform Played a Major RoleMarket operators credit the rally to:
Stronger Board Leadership
Led by Alhaji Umaru Kwairanga, widely respected in the capital market community.
Shareholder Representation
After demutualisation:
• VFD Group Plc
• Cardinalstone Partners
emerged as major shareholders and strengthened board oversight.
Notably, governance reforms allowed the election of:
• Nonso Okpala
• Mohammed Garuba
This shift injected fresh energy, performance focus, and accountability.
Management Execution & InnovationUnder Group MD Temi Popoola, NGX has:
• Deepened market reforms
• Improved operational efficiency
• Introduced innovations
• Benefited from capital market reforms like:
• Shortened settlement cycles
• New capital requirements for operators
Execution discipline + regulatory alignment boosted investor confidence.
Macro Reforms Boosted SentimentAnalysts highlight:
• Renewed foreign and local investor appetite
• Stronger demand for naira-denominated assets
• Economic reforms improving capital market activity
NGX, as a financial market infrastructure, directly benefits from:
• Higher trading volumes
• Increased listings
• Market expansion
Simply put: When the market grows, NGX earns more.
Why Investors Are BuyingAccording to market experts:
• NGX is a rare financial infrastructure asset
• It offers exposure to Nigeria’s capital market growth
• It delivers “alpha” returns
• It reflects intrinsic value long overlooked
However, analysts caution:
An undervalued stock only becomes a good investment if leadership can unlock its potential.
In NGX’s case, investors now believe it can.
What This Means for InvestorsThe rally demonstrates:
• The power of governance reform
• The long-term value of equity investing
• How strategic leadership can revive investor confidence
• The benefit of buying undervalued stocks early
NGX has transformed from a post-demutualisation disappointment into a capital market comeback story.
The New Challenge
Now that NGX has hit ₦100, the real test begins:
• Can the board sustain momentum?
• Will earnings growth justify valuation?
• Can market reforms deepen penetration further?
Success now demands consolidation.
Bottom Line
NGX’s journey from ₦17 to ₦100 is not just a price story — it’s a governance and execution story.
Investors who believed early are smiling.
The market infrastructure operator has reclaimed its crown.