NGX Group Q1 Profit Surges 94% to ₦4.09 Billion on Transaction Fees, CSCS Gains

Nigerian Exchange Group (NGX) Plc posted a 94% jump in first-quarter (Q1) profit after tax to ₦4.09 billion ($3 million), propelled by a near-tripling of transaction fees amid booming equities trading.

Revenue more than doubled to ₦7.22 billion, up 103% from ₦3.56 billion a year earlier, as market capitalization of equities traded on the exchange climbed 30% to ₦129 trillion by March 31.

Q1 2026 Financial Scorecard

The group’s performance highlights the strength of the equity market rally, which offset rising operational expenses.

Source: NGX

Fee Windfall

Transaction fees—NGX’s biggest earner—soared 190% to ₦5.8 billion, reflecting domestic institutional push as well as retail investor surge via digital platforms and improved sentiment. Listing fees edged 9.6% higher to ₦734 million, while treasury income dipped 22% to ₦630 million.

Share of profit from 43.5%-owned associate Central Securities Clearing System (CSCS) leaped 75% to ₦2.03 billion, bolstering results.

The principal activity of CSCS is to act as a depository, clearing and settlement agency for all quoted and traded securities in the Nigerian Capital Market.

Cost Pressures

Operating expenses rose 59% to ₦3.85 billion, led by personnel costs (+51% to ₦1.84 billion) and other outlays (+68% to ₦1.8 billion).

Pre-tax profit hit ₦5.98 billion, up 141%. The results tie NGX’s fortunes to market volumes, amplifying volatility but signaling recovery after naira stabilization.

Strategic Outlook

The NGX Group is capitalizing on the broader equities market boom, which has seen the All-Share Index cross the 241,000 mark and yield year-to-date returns of 55.4% (May 05).

• Market Liquidity: The surge in transaction fees indicates high retail and institutional participation, offsetting a lower contribution from fixed-income instruments.

• Cost Efficiency Watch: While the top line more than doubled, controlling the upward trend in personnel and operating costs will be key for maintaining operating margins throughout the rest of 2026.