CMFC leads NGX gainers with 55.96% surge
Lagos, Oct. 4, 2026, Critical Minerals Financing Corporation (CMFC) Plc led the Nigerian Exchange (NGX) gainers in September, appreciating by 55.96 per cent.
The performance came as the equities market’s capitalisation increased by N5.37 trillion during the month.
Market capitalisation rose from N157.739 trillion at the beginning of September to N163.105 trillion at month-end.
Data from the NGX showed that UPDC Real Estate Investment Trust (UPDC REIT) ranked second, gaining 45.42 per cent.
Zichis Agro Allied Industry rose 36.77 per cent to rank third, while NGX Group gained 35.68 per cent.
Seplat Energy appreciated by 29.90 per cent, while VFD Group gained 28.89 per cent during the month.
ABC Transport rose 28.57 per cent, Eterna gained 22.91 per cent and Royal Exchange Assurance appreciated by 19.79 per cent.
Consolidated Hallmark Insurance completed the top 10 gainers, appreciating by 18.47 per cent.
The NGX All-Share Index (ASI) rose 2.87 per cent during September, from 244,199.39 points to 251,211.67 points.
The increase represented a net capital gain of about N4.53 trillion, with the ASI also regaining the 250,000-point level.
The difference between the ASI gain and N5.37 trillion market-capitalisation increase was attributed to additional primary listings during the period.
Market analysts attributed the leading stocks’ performance to renewed demand for value stocks, portfolio rebalancing and profit-taking across the market.
CMFC recorded 4,895 deals involving 253.25 million shares valued at N700.12 million during September.
The increased demand lifted the company’s market capitalisation above N11.10 billion and generated about N3.98 billion in shareholder capital gains.
CMFC’s strong performance followed the recognition of its President and Co-Chief Executive Officer, Dr Israel Ovirih, among Nigeria’s Top 25 CEOs.
BusinessDay, in collaboration with the NGX, recognised Ovirih for his leadership and contribution to CMFC’s development as a specialised financing institution.
The company focuses on Africa’s minerals and metals sector, providing structured financing and other support to unlock value across the industry.
Ovirih said CMFC was implementing initiatives to position the company as a bridge between global critical-minerals demand and Africa’s value chain.
He said the company planned to help African countries formalise their mining sectors through governance structures, financing and technical expertise.
Ovirih said CMFC remained committed to unlocking value in Nigeria and Africa’s critical minerals and metals sector through structured financing.
He dedicated the award to the company’s shareholders, directors, employees and other stakeholders.
Meanwhile, International Energy Insurance recorded the biggest decline in September, losing 20.21 per cent.
Chams Plc followed with a 20.05 per cent decline, while Austin Laz fell 19.12 per cent.
Tripple Gee and Company depreciated 19.10 per cent, while Transcorp Power declined 18.90 per cent during the month.
Regency Alliance Insurance lost 18.60 per cent, while Industrial and Medical Gases declined 17.89 per cent.
Academy Press fell 17.07 per cent, Haldane McCall declined 14.75 per cent and University Press lost 14.55 per cent.
The Chief Executive Officer of the NGX, Mr Jude Chiemeka, said the Top 25 CEOs were selected using measurable corporate governance and performance parameters.
Chiemeka said quoted companies contributed significantly to the economy through stronger compliance with tax, governance and disclosure requirements.
He also highlighted CMFC’s role in opening the capital market to Nigeria’s minerals sector and unlocking financing for its development.
The Chief Executive Officer of BusinessDay Media, Mr Frank Aigbogun, said Ovirih demonstrated strategic vision, resilience, innovation and disciplined execution.
Aigbogun said the 2026 awards were based on companies’ performance during the 2025 financial year and determined through research and assessable data.
He said the selection process focused on substance and measurable corporate performance rather than visibility or popularity.
The awards recognised business leaders whose decisions strengthened institutions, created shareholder value and contributed to economic development.
