Nigerian Exchange Group

What Nigerian Exchange Group does

Nigerian Exchange Group Plc (NGX Group) is Nigeria's primary securities exchange operator and the holding company for Nigerian Exchange Limited (NGX), NGX Regulation Limited (RegCo), and NGX Real Estate, demutualized from the Nigerian Stock Exchange in 2021 and listed on its own platform under the ticker NGXGROUP. Headquartered in Lagos, the group operates the only formal venue for public equity, fixed income, and derivatives trading in Nigeria, with a three-tier board structure (Premium, Main, Growth) targeting issuers across the size spectrum and an Impact Board for sustainable bond listings. Underlying infrastructure includes a full electronic trading platform for equities, bonds, commercial papers, ETFs, and index futures; an automated market surveillance system; the X-DataPortal market data service; the Investors Protection Fund; BrokerTraX broker performance tracking; and the NGX Invest digital platform used to onboard over 2 million retail investors and facilitate N2.8 trillion in capital raises in 2025.

The group's revenue model combines transaction-based trading fees on equity and fixed income flows, one-time and recurring listing fees across its multiple boards, subscription-based market data and reference data sales via X-DataPortal, and professional services revenue from NGX Regulation's compliance oversight. Distribution runs through licensed trading member brokerage firms, the self-serve NGX Invest digital platform, FGN Savings Bond distribution, and international investor forums. In FY2025, NGX Group reported N22.9 billion in core revenue (up 36% year-on-year), operating profit of N11.8 billion (+44.4%), and profit before tax of N15.6 billion (+14.7%), with total assets of N71 billion and a N3.00 per share dividend plus 1-for-3 bonus issue. The All-Share Index reached historic highs above 243,000 basis points in mid-2026 on market capitalization of N155.2 trillion, supported by FTSE Russell's restoration of Nigeria to Frontier Market status effective September 2026 and the exchange's own operational milestones including the July 2026 transition to T+1 settlement (a first in Africa).

Name

Nigerian Exchange Group

Legal name

Nigerian Exchange Group Plc

Website

https://ngxgroup.com

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

251–500 employees

Short description

Nigerian Exchange Group Plc operates Nigeria's primary securities exchange, providing electronic trading in equities, fixed income, derivatives, and ETFs under regulatory oversight. It serves corporate issuers, institutional investors, retail investors, and licensed brokerage firms across multiple listing boards.

Ownership category

akta.pro rank

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Transaction/Trading Fees: Revenue generated from trading activities on the exchange including equity trades, fixed income transactions, and derivatives contracts, charged as a percentage of transaction value.
2. Listing Fees: Fees charged to companies for listing securities on the exchange, including initial listing fees, annual maintenance fees, and supplementary listing charges for additional share issuances.
3. Market Data Services: Revenue from providing real-time and historical market data, reference data, and specialized data packages to market participants and data vendors.
4. Regulatory and Compliance Services: NGX Regulation (NGX RegCo) generates revenue through compliance oversight, enforcement actions, and regulatory services for listed companies and trading license holders.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels9 records

Core offering

Nigerian Exchange Group operates Nigeria's primary securities exchange, providing listing and trading platforms for equities, fixed income securities (bonds, commercial papers, FGN Savings Bonds), derivatives (index futures), exchange-traded funds, and sustainable bonds. The group also delivers market data solutions (real-time, historical, reference data via X-DataPortal), regulatory oversight through NGX Regulation (RegCo), and ancillary technology services for capital formation and trading infrastructure.

Product overview

Nigerian Exchange Group operates a multi-platform exchange ecosystem comprising Nigerian Exchange Limited (NGX) for securities trading, NGX Regulation for market oversight, and NGX Real Estate for property investments. The core exchange platform offers trading across equities (Main Board, Premium Board, Growth Board), fixed income (bonds, commercial papers, FGN Savings Bonds), derivatives (index futures), ETFs, and sustainable bonds. Supporting infrastructure includes X-DataPortal for market data, X-Academy for investor education, BrokerTraX for broker performance tracking, and the NGX Invest digital platform for capital raising and retail investor access. The NGX Indices suite provides benchmark measurements across sectors and strategies.

Differentiator

Problem solved

Functional benefit

Products and services

• Nigerian Exchange Limited (NGX) Trading Platform The primary electronic trading platform providing real-time trading of equities, fixed income, derivatives, and exchange-traded products for institutional investors, retail investors via licensed brokers, and corporate issuers.
• NGX Premium Board Premium listing segment with enhanced corporate governance and disclosure requirements for established large-cap companies seeking higher market visibility.
• NGX Main Board Primary listing platform for large-cap companies meeting comprehensive listing requirements for equity securities.
• NGX Growth Board Listing segment designed to attract high-growth startups and early-stage companies with tailored requirements and a growth-focused regulatory framework.
• Bond Listing Services Listing services for corporate and government bonds, providing issuers access to debt capital markets and investors access to fixed income instruments on NGX.
• Commercial Paper Listings Platform Digital platform for listing and trading short-term corporate commercial papers with tenors typically under one year, expanding NGX's fixed income offerings.
• Derivatives Trading (Index Futures) Trading platform for index futures contracts including NGX30 Index Futures and NGX Pension Index Futures for risk management and speculative trading by institutional investors.
• Exchange-Traded Funds (ETFs) Listed ETFs providing exposure to baskets of securities, indices, commodities, or bonds through a single listed instrument for retail and institutional investors.
• FGN Savings Bond Distribution Federal Government of Nigeria savings bonds listed and distributed through NGX infrastructure to retail investors seeking government-backed fixed income products.
• Market Data Solutions (X-DataPortal) Market data platform providing real-time data, historical data, reference data, and investor relations data packs to market participants and data vendors.
• NGX Invest Platform Digital investment platform enabling companies to raise capital and investors to participate in offerings, facilitating capital raises and retail investor onboarding.
• NGX Sustainable Bond Market / Impact Board Listing segment for sustainable, green, and social bonds supporting ESG-focused financing and impact investing for corporate issuers.
• NGX Indices Suite Benchmark indices including NGX 30, NGX Premium, NGX Pension, NGX Banking, NGX Consumer Goods, NGX Oil and Gas, NGX Industrial, NGX Lotus Islamic, NGX Insurance, NGX Sovereign Bond Index, and sectoral indices tracking market performance.
• NGX Regulation (RegCo) Wholly-owned subsidiary providing regulatory oversight, compliance monitoring, enforcement actions, market surveillance, and rule-making for the Nigerian capital market, generating revenue from regulatory services.
• NGX Real Estate Real estate services subsidiary offering REITs and CEFs for property-based investment opportunities on the Nigerian Exchange.

Quantifiable outcome

• N2.8 trillion in capital raises facilitated in 2025
• +3 more outcomes

Named customers11 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered core strategic initiative, exploratory collaboration, critical market classification partner, market classification partner, market development partner and compliant trading member.

• African Exchanges Linkage Project (AELP)core strategic initiativeStrategic or Co-development Partner · 1 July 2026NGX participates in the African Exchanges Linkage Project which expanded from 7 to 11 connected markets in July 2026, adding Botswana, Ghana, Eswatini, and Uganda, with goal of creating fully integrated African capital market by 2030.
• Abu Dhabi Stock Exchange (ADX)exploratory collaborationStrategic or Co-development Partner · 14 June 2026NGX Chairman Dr. Umaru Kwairanga visited Abu Dhabi Stock Exchange to discuss collaboration opportunities including cross-border listings and African Exchanges Linkage Project participation, with potential for Dangote Refinery dual listing targeting Middle East investors.
• FTSE Russellcritical market classification partnerStrategic or Co-development PartnerFTSE Russell restored Nigeria to Frontier Market status in March 2026 effective September 2026, following downgrade to Unclassified in September 2023 due to liquidity challenges and capital repatriation delays.
• S&P Dow Jones Indicesmarket classification partnerStrategic or Co-development PartnerS&P Dow Jones Indices placed Nigeria on its 2027 watchlist for potential reclassification to Frontier market status, signaling international recognition of Nigeria's capital market reforms.
• United Capital Group - Pan-African Expansionmarket development partnerGTM or Marketing PartnerUnited Capital secured investment banking licenses in Ethiopia and Rwanda, becoming first foreign investment bank in Ethiopia, supporting broader African financial integration aligned with NGX's market development goals.
• Network Capital Limitedcompliant trading memberChannel Partner/ Reseller/ DistributorNetwork Capital Limited received the 'Most Compliant Firm for 2025' award from NGX Regulation for the second consecutive year, recognizing adherence to regulatory standards within the Nigerian Exchange ecosystem.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Johannesburg Stock Exchange (JSE): Africa's largest stock exchange by market capitalization, operating electronic equities, derivatives, and bond trading with similar regulatory and listing infrastructure. JSE is the most directly comparable African exchange and benchmark for NGX's operational model.
• Egyptian Exchange (EGX): Egypt's primary securities exchange operating equities, bonds, and derivatives trading with similar regulatory oversight structure. EGX competes for North African capital market flows and offers a comparable product mix to NGX.
• Casablanca Stock Exchange: Morocco's primary securities exchange operating electronic trading for equities, bonds, and derivatives. Comparable to NGX as a regional African exchange with similar product breadth and post-trade infrastructure.
• Nairobi Securities Exchange: Kenya's primary securities exchange operating equities, bonds, and derivatives with similar demutualized corporate structure and regulatory framework. Direct peer for Sub-Saharan African capital markets.
• Ghana Stock Exchange: Ghana's primary securities exchange with similar product offerings including equities and bonds. Direct regional peer for West African capital market flows and a participant in the African Exchanges Linkage Project with NGX.
• Bourse Régionale des Valeurs Mobilières (BRVM): West African regional exchange serving 8 WAEMU member countries. Operates equities and bonds trading with similar regulatory framework. Direct peer for regional West African capital market competition.
• Botswana Stock Exchange: Botswana's primary securities exchange operating equities and bonds. Newest addition to the African Exchanges Linkage Project with NGX and a regional peer for capital market integration.

Regional players

• FMDQ Group: Nigeria's over-the-counter exchange operator for fixed income, currencies, and derivatives, directly competing with NGX in Nigerian debt market infrastructure. Strong domestic competitor for fixed income listings and OTC trading.

Broad incumbents

• London Stock Exchange Group (LSEG): Global exchange operator and FTSE Russell parent. LSEG owns FTSE Russell which classifies NGX for global indices, creating both a partnership and competitive benchmark for African market positioning and product offerings.
• Nasdaq Inc. Global exchange operator providing electronic trading technology, market surveillance, and listing services. Sets the global benchmark for exchange technology platforms and serves as a reference point for NGX's technology roadmap.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ngxgrp
• YouTubeyoutube.com/c/ngxgroup
• Facebookfacebook.com/ngxgroup
• LinkedInlinkedin.com/company/ngxgroup
• Instagraminstagram.com/ngxgrp

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nigerian Exchange Group