⬆️Alhaji (Dr.) Umaru Kwairanga.
The Chairman of Nigerian Exchange Group (NGX), Alhaji( Dr.) Umaru Kwairanga, has challenged Nigerian business leaders to take greater responsibility for deepening the country’s capital market, creating wealth and strengthening the national economy through increased participation.
He gave the charge as Guest Speaker at the October 2026 Monthly Webinar of the Institute of Leadership, Coaching & Strategy (ILCS), held on Friday, 30 October 2026. His presentation, titled “Developments in the Nigerian Stock Market: Strategic Benefits for Businesses and Business Leaders,” examined the implications of recent capital market developments for businesses, investors and the broader economy.
Dr. Kwairanga stressed that businesses must move beyond seeing the capital market merely as a source of financing. Instead, they should recognise it as a strategic platform for building stronger, more accountable and globally competitive enterprises.
He described the recently concluded Dangote Refinery Initial Public Offer (IPO) as an important milestone in the evolution of Nigeria’s capital market. Bringing major corporate enterprises to the market, he said, is essential if the exchange is to adequately reflect the size and diversity of the Nigerian economy.
Large-scale corporate listings, he noted, produce multiplier effects beyond higher market capitalisation.
They stimulate investor awareness, broaden participation and improve market liquidity. The Dangote Refinery IPO represents a significant step in that direction, he stressed.
The NGX Chairman further urged businesses—particularly family-owned and founder-led enterprises—to strengthen corporate governance, financial reporting, risk management and strategic planning. These, he said, are prerequisites for attracting sustainable investment and accessing long-term capital.
“The ability to raise capital is valuable, but the capacity to deploy it productively, create employment and generate sustainable returns is what ultimately determines business success,” he observed.
Dr. Kwairanga also highlighted the positive impact of Nigeria’s economic reforms on the capital market, citing improved foreign exchange availability, greater stability in business planning and renewed investor interest. He disclosed that the NGX All-Share Index appreciated by 51.19 per cent in 2025, while equities market capitalisation rose from ₦62.76 trillion to ₦99.38 trillion. As of 26 October 2026, the Index had recorded a year-to-date gain of approximately 61.48 per cent, with equities market capitalisation reaching ₦163.16 trillion.
He identified market reforms, technological innovation and improved access to capital-raising platforms as key drivers of the market’s transformation. In particular, he noted that NGX Invest, the Group’s digital capital-raising platform, had facilitated over ₦3 trillion in capital raising across more than 23 transactions.
The webinar, organised by ILCS as part of its commitment to advancing leadership knowledge and professional development, drew members and non-members of the Institute, including business leaders, directors, corporate executives and public-sector professionals.
Dr. Kwairanga’s presentation set the tone for a robust discussion on how businesses can leverage capital market opportunities to finance expansion, strengthen competitiveness and create sustainable economic value.
In its remarks, the Institute underscored the importance of linking leadership effectiveness with enterprise growth and national economic development. The engagement reinforced the need for Nigerian business leaders to embrace sound governance, financial discipline, innovation and strategic foresight.
Earlier, in his welcome remarks, the President and Chairman of the Institute’s Governing Council, Dr. Olasunkade Azeez, FICS, described the webinar as both timely and strategic. He said it was designed to equip leaders with the knowledge, foresight and tools needed to navigate socio-economic complexity, and formed another step in fulfilling ILCS’s mission of “bringing together thought leadership, practical wisdom, and strategic dialogue that will empower business leaders to thrive.”
The ILCS Monthly Webinar Series is a thought-leadership platform that exposes business and public-sector leaders to contemporary issues, emerging opportunities and strategic insights aimed at strengthening leadership capacity and contributing to Nigeria’s socio-economic development.