KEY POINTS
- Critical Minerals Financing Corporation (CMFC) Plc emerged as the top gainer on the Nigerian Exchange (NGX) for September 2026, appreciating by 55.96 per cent.
- The broader equities market experienced robust growth as total market capitalization rose by N5.37 trillion to close the month at N163.105 trillion, while the All-Share Index gained 2.87 per cent to reclaim the 250,000-point threshold.
- CMFC’s stellar market performance coincided with the recognition of its President and Co-Chief Executive Officer, Dr. Israel Ovirih, among Nigeria’s Top 25 CEOs by BusinessDay in collaboration with the NGX.
MAIN STORY
The Nigerian equities market wrapped up September 2026 on a bullish note, propelled by strong value stock accumulation, portfolio rebalancing, and corporate restructuring.
Data from the NGX revealed that the All-Share Index advanced by 2.87 per cent during the month, climbing from 244,199.39 points to 251,211.67 points and successfully reclaiming the 250,000-point level, while total market capitalization expanded by N5.37 trillion to close at N163.105 trillion.
Leading the performance chart was Critical Minerals Financing Corp (CMFC) Plc, which surged 55.96 per cent after recording 4,895 deals involving 253.25 million shares valued at N700.12 million.
The rally pushed CMFC’s market valuation past N11.10 billion and generated approximately N3.98 billion in shareholder capital gains. Other notable gainers included UPDC REIT (45.42 per cent), Zichis Agro Allied Industry (36.77 per cent), and NGX Group (35.68 per cent). Conversely, International Energy Insurance led the losers’ chart with a 20.21 per cent decline, followed by Chams Plc and Austin Laz.
Market analysts attributed CMFC’s exceptional run to investor enthusiasm surrounding its specialized focus on Africa’s critical minerals and metals sector, alongside strong corporate governance.
The company’s momentum was further amplified when its President and Co-Chief Executive Officer, Dr. Israel Ovirih, was honored among Nigeria’s Top 25 CEOs by BusinessDay Media in partnership with the NGX. NGX CEO Jude Chiemeka and BusinessDay CEO Frank Aigbogun praised Ovirih’s strategic leadership and CMFC’s pivotal role in bridging global mineral demand with African value chains through structured financing and regulatory compliance.
THE ISSUES
- Expanding capital market access for specialized sectors like critical minerals requires robust institutional financing frameworks and strong corporate governance standards.
- Managing primary market listings and capital additions is essential for sustaining long-term market capitalization growth alongside index fluctuations.
WHAT’S BEING SAID
“CMFC remains committed to unlocking value in Nigeria and Africa’s critical minerals and metals sector through structured financing… helping African countries formalise their mining sectors through governance structures, financing and technical expertise.”
- Dr. Israel Ovirih, President and Co-CEO, CMFC
“The Top 25 CEOs were selected using measurable corporate governance and performance parameters… highlighting CMFC’s role in opening the capital market to Nigeria’s minerals sector.”
- Jude Chiemeka, CEO, NGX
WHAT’S NEXT
CMFC will advance its strategic financing initiatives to formalize Africa’s mining value chain, while market participants monitor early-fourth-quarter trading patterns for sustained liquidity.
BOTTOM LINE
Critical Minerals Financing Corporation led September gains on the NGX with a 55.96 per cent rally, capping a strong month that saw market capitalization expand by N5.37 trillion.
