The recent banking sector recapitalisation process created a pathway for new capital-raising and reinforced the market’s role in mobilising long-term funding for economic development, the President, Association of Issuing Houses of Nigeria, Kemi Awodein, has said.

Speaking during AIHN’s 2026 Annual General Meeting and presentation of the 2025 financial results in Lagos, she said market capitalisation approached N95tn at the end of last year, demonstrating the resilience and growing importance of Nigeria’s capital market.

According to her, members of issuing houses remained central to these transactions, advising issuers, structuring offerings and facilitating access to capital.

“Simultaneously, the introduction of the Investments and Securities Act 2025 ushered in a modern legal framework aimed at strengthening investor protection, supporting innovation and enhancing market integrity.

“Through our advocacy and the expanding activities of the AIHN Academy, the association continued to promote professionalism, market development and capacity building across the investment banking industry,” she said.

She disclosed that the association also continued to promote the interests of issuing houses by advocating a better business environment, improved transaction processes and the adoption of global best practices in capital market activities.

Also, through strategic stakeholder engagement, AIHN strengthened its position as the leading voice of investment banking professionals in Nigeria, she added.

Awodein disclosed that the AIHN executive committee’s report on the financials captured its 2025 performance, including N193.3m in total income, higher than the N123.67m recorded in the preceding year.

Further analysis of the results showed that current assets stood at N605.4m in 2025, higher than the preceding year’s N510.19m.

Also, total funds and liabilities grew from N518.2m in 2024 to N613.3m in 2025, as the association recorded a surplus of N94.84m in 2025, higher than the N62.91m recorded in 2024.

On the state of the market and economy, Awodein said the Nigerian economy “continues to show signs of strengthening”. Economic activity was supported by improvements in the services and oil sectors, while foreign exchange market reforms contributed to greater domestic currency stability and improved external liquidity.

“The naira closed 2025 at approximately N1,435.75 to the United States dollar and has strengthened further to N1,327.78 as at September 23, 2026. Gross foreign exchange reserves also increased from $45.48bn at the end of 2025 to approximately $55.25bn by September 2026,” she said.

According to her, inflation had also moderated considerably, as headline inflation stood at 15.39 per cent in August 2026, although food inflation remained elevated at 19.57 per cent.

“Moderation in headline inflation has provided more room for monetary policy adjustment during the year, as evidenced by the Monetary Policy Committee’s less hawkish stance. This action should spur activity in the domestic debt capital market,” she said.

The AIHN President said improvement in macroeconomic conditions, together with stronger external reserves and greater exchange rate stability, had important implications for the capital market.

“A more predictable macroeconomic environment is essential to restoring investor confidence, supporting corporate planning and encouraging longer-term capital formation,” she said.

Awodein said the banking recapitalisation exercise initiated by the Central Bank of Nigeria was a major driver of primary market activity, with banks raising funds through public offerings, rights issues and private placements.

About N1.65tn was raised, with domestic investors accounting for 71 per cent, she said. By November 2025, 27 banks had undertaken capital-raising initiatives, while 33 of the 37 banks had met or been confirmed compliant with the new capital requirements.

Under the revised requirements, international commercial banks must maintain a minimum capital of N500bn, national banks N200bn and regional banks N50bn.

“The recapitalisation exercise significantly increased primary market activity in 2025, with many banks accessing the capital market through public offerings, rights issues and private placements,” Awodein said.

She said improving economic conditions also supported the market, citing stronger activity in the services and oil sectors, as well as foreign exchange reforms that improved currency stability and external liquidity.

On the equities market, she said corporate listings on the Nigerian Exchange stood at about N2.7tn by mid-September 2025, with major transactions including Dangote Petroleum Refinery, Dangote Sugar and Presco rights issues.