FTSE Russell has admitted 10 Nigerian companies worth N67.14 trillion by market capitalisation in its FTSE Frontier Index Series after reclassification of the country from “Unclassified” to “Frontier Market” status.
The 10 companies in FTSE Russell September 2026 index review include First Holdco Plc, Dangote Cement Plc, MTN Nigeria Communications Plc, Guaranty Trust Holding Company (GTCO), and Zenith Bank Plc.
The other Nigerian companies added to the index are: Aradel Holdings Plc, Nestlé Nigeria Plc, Nigerian Breweries Plc, Presco Plc, and Stanbic IBTC Holdings Plc.
Nigeria is preparing to return to Frontier Market status on September 21, 2026 after a three-year absence from the global index provider’s classification.
As of the close of trading activities September 3 on the Nigerian Exchange Limited (NGX), the market value of Dangote Cement led the chart, followed by MTN Nigeria Communications and First Holdco.
The market capitalisation of Dangote Cement as of September 3, 2026 stood at N17.45 trillion, MTN Nigeria Communications, N16.85 trillion, and First Holdco, N6.82 trillion.
Aradel Holdings stood at N6.3trillion; Zenith Bank, N5.24trillion; GTCO, N4.85 trillion; Stanbic IBTC Holdings, N2.44 trillion; Presco, N2.39 trillion; Nestlé Nigeria, N2.37 trillion; and Nigerian Breweries, N2.32 trillion.
The FTSE Frontier Index Series provides benchmarks covering large, mid and small cap companies across eligible Frontier markets and is designed to serve as a performance benchmark for investors and as a basis for index tracking products.
FTSE Russell noted that the Indices can be segmented by Size, Region, country, and Industry Sectors and are calculated on a price and total return basis.
Nigeria was removed from Frontier Market to Unclassified status in September 2023 following significant and continuing delays affecting the ability of international institutional investors to repatriate capital and execute foreign exchange transactions.
However, the journey to reclassification began in October 2025, when FTSE Russell placed Nigeria on its Watch List for potential reclassification following improvements in foreign exchange liquidity, capital repatriation, and market accessibility.
In April 2026, FTSE Russell announced that Nigeria would return to Frontier Market status, setting September 21, 2026 as the effective date.
That transition plan was later paused and subjected to an additional assessment following Nigeria’s move from a T+2 to T+1 settlement cycle on June 1, 2026.
The review followed concerns from market participants that the shorter settlement cycle could create a de facto prefunding requirement for international institutional investors trading Nigerian securities.
That prompted an extensive engagement involving NGX Group, Securities and Exchange Commission (SEC), FTSE Russell, global custodians, and international institutional investors.
In July 2026, a delegation from NGX Group engaged directly with global custodians and institutional investors to explain the operation of the T+1 settlement framework.
The discussions enabled NGX Group to provide evidence on the implementation of the new settlement cycle, respond to concerns raised by international investors and custodians, and outline measures being taken to ensure that Nigeria’s market infrastructure remained aligned with international best practices.
On the reclassification, Group Managing Director/Chief Executive Officer of NGX Group, Temi Popoola, said the priority now was to translate renewed global visibility into deeper participation, stronger liquidity, and greater capital formation.
Popoola stated, “This is an important moment for Nigeria’s capital market. But the real significance of returning to Frontier Market status is the opportunity it creates for the next phase of our market’s development.
“We have to turn greater international visibility into broader participation, deeper liquidity, and more capital for Nigerian businesses. That is the opportunity before us.”
Popoola said NGX continued to focus on building a market that is increasingly competitive globally and more relevant to Nigeria’s economic growth.
He stated, “Our ambition is to build a market that is increasingly competitive globally and more relevant to Nigeria’s economic growth.
“We are encouraged by the continued support of the federal government, SEC, and the commitment of stakeholders across the market as we work towards that ambition.”
Popoola said the task now was clear: to use Nigeria’s renewed international visibility to build a deeper, more liquid and globally competitive capital market capable of providing the capital needed to support sustainable economic growth.
Kayode Tokede
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