FPNG Co-Nvest Declares 5% Stake in NGX Group

FPNG Co-Nvest Limited has disclosed that it now holds 5 per cent of Nigerian Exchange Group Plc (NGX Group), crossing the legal threshold for substantial shareholding in one of the country’s most important market institutions.

The position, declared as of February 16, 2026, places the investor among notable shareholders in NGX Group, the parent company of Nigerian Exchange Limited. Under NGX rules, a 5 per cent holding attracts close market attention because it can shape voting outcomes at general meetings and influence discussions around corporate direction.

The disclosure was made in line with Rule 17.13 of the Rulebook of Nigerian Exchange Limited (Issuers’ Rules). NGX Group has 1,964,115,918 outstanding shares, and the company’s market value was put at about N243.550 billion in the report.

Trading activity around the stock has also drawn interest. NGX Group shares, which had already moved above N100, closed at N124 on Friday, gaining N11.05 or 9.78 per cent for the day.

Market watchers said the investment fits a broader pattern seen since 2025, as institutional and foreign-linked investors increased Nigerian equity exposure after policy moves aimed at foreign exchange stability and improved confidence in listed companies.

Analysts said FPNG Co-Nvest’s entry into market infrastructure is significant because NGX Group sits at the centre of trading, clearing and settlement services. A shareholder with a meaningful holding in such an institution is usually watched for signals on long-term strategy, possible board-level influence and further accumulation.

The company had earlier acquired a 7.01 per cent stake in Thomas Wyatt Nigeria Plc in 2025. Taken together with the NGX position, observers said the transactions suggest a deliberate portfolio strategy spanning both industrial and financial-market assets in Nigeria.

NGX Group has also reported stronger earnings momentum. For the year ended December 31, 2025, it posted core revenue of N22.9 billion, up 36 per cent from N16.9 billion in 2024. Operating profit rose 44.4 per cent to N11.8 billion, while profit before tax increased to N15.6 billion from N13.6 billion in the previous year. Earnings per share stood at N4.75.

Based on that performance, the group proposed a final dividend of N2 per ordinary share of 50 kobo, subject to shareholder approval and applicable withholding tax. It also proposed a bonus issue of one new ordinary share for every three held at the qualification date, pending shareholder and regulatory approvals.

The register closure date in the report was April 10, 2026. Investors and analysts are expected to monitor both the dividend process and any additional disclosures by FPNG Co-Nvest as the market evaluates whether this stake marks a long-term strategic position or the start of further consolidation.