NGX Bonus Issues & Rights Issues in 2026

What Is a Bonus Issue?

A bonus issue (also called a scrip issue or capitalisation issue) is when a company gives its existing shareholders additional shares for free, in proportion to what they already hold. A 1-for-3 bonus means: for every 3 shares you own, you get 1 more — at no cost.

The total value of the company doesn't change. What changes is the number of shares in circulation — each existing share becomes worth slightly less, but you now own more shares.

Companies issue bonus shares to reward loyal shareholders, signal management confidence, improve liquidity, and make the stock more accessible to smaller retail investors. Bonus shares are funded from retained earnings or reserves — the company converts accumulated profit into equity.

What Is a Rights Issue?

A rights issue is when a company offers its existing shareholders the right to purchase additional new shares at a discounted price, usually below the current market price, in proportion to their existing holdings.

For example: a 2-for-3 rights issue at ₦1.10 per share means for every 3 shares you hold, you can buy 2 new shares at ₦1.10 — even if the market price is ₦1.30.

You have three choices:

1. Subscribe — pay for the new shares and increase your stake
2. Renounce — sell your rights to another investor (rights are tradable on the NGX floor during the acceptance period)
3. Do nothing — let the rights lapse. This is the worst outcome: you get diluted without receiving any benefit

Bonus vs Rights — Side by Side

2026 Bonus Issues — Full List

Companies that declared bonus issues for the 2025 financial year, with distribution scheduled in 2026. Shareholders must have been on the register on or before the qualification date.

Table updated April 25, 2026. New bonus issues will be added as confirmed.

Notable Bonus Issues of 2026

2026 Rights Issues — Full List

Rights issues in 2026 have been dominated by Nigeria's insurance sector recapitalisation, as companies rush to meet new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, with a hard deadline of July 31, 2026.

The Big Picture: Why So Many Rights Issues in 2026?

The surge in rights issue activity in 2026 is the direct result of two consecutive regulatory recapitalisation drives sweeping through Nigeria's financial sector.

1. Banking Recapitalisation — Completed March 2026

In March 2024, the CBN directed commercial banks to significantly increase their minimum capital bases — international licence banks to ₦500 billion, national licence banks to ₦200 billion, and regional banks to ₦50 billion, with a compliance deadline of March 31, 2026.

This triggered an enormous wave of equity capital raising. Nigerian banks collectively raised over ₦4.65 trillion through rights issues and public offers between 2024 and 2026:

• Access Bank raised ₦351 billion via a rights issue, becoming the first Tier-1 bank to cross the ₦500 billion threshold
• Zenith Bank grew its share capital and premium to ₦614.65 billion
• GTCO, FCMB Group, and Sterling Financial Holdings all accessed the market in 2025
• Fidelity Bank's public offer was oversubscribed by 237%

February 2026 alone delivered a ₦17.6 trillion single-month market capitalisation gain — the highest in Nigerian stock market history. Nigeria's equity market capitalisation rose from ₦99.38 trillion at end-2025 to ₦129.21 trillion by March 31, 2026.

2. Insurance Sector Recapitalisation — Deadline: July 31, 2026

With banking recapitalisation largely complete, the baton has passed to insurance. The Nigerian Insurance Industry Reform Act 2025 (NIIRA 2025), signed on July 31, 2025, introduced sweeping new capital requirements:

The compliance deadline is July 31, 2026 — and NAICOM has made clear it will not be extended. As of April 2026, approximately 12 insurance companies were flagged as "largely motionless" in the recapitalisation process, raising the spectre of deregistration by August 2026.

3. The Dangote Petroleum Listing — 2026's Landmark Transaction

Beyond recapitalisation, the most anticipated NGX transaction of 2026 is the listing of Dangote Petroleum Petrochemicals. Aliko Dangote confirmed plans to list between 5% and 10% of the refinery on the exchange. Investors would subscribe in naira but receive dividends in US dollars, backed by the refinery's projected $6.4 billion in annual export revenue. If completed, this single listing could materially alter NGX sector weightings and draw significant foreign portfolio inflows.

What Should Investors Do?

For Bonus Issues

1. Check the qualification date. If you own shares before the record date, you're automatically eligible — no action required.
2. Don't confuse timing. Buying shares after the qualification date means you won't receive the bonus — and the share price will have already adjusted downward.
3. Monitor allotment. New bonus shares are credited to your CSCS account within weeks of the payment date. Confirm with your stockbroker.
4. Understand the price adjustment. A bonus issue reduces the per-share price proportionally. A 1-for-1 bonus halves the share price. This is not a loss — you now own twice as many shares.

For Rights Issues

1. Read the rights circular carefully. It contains offer price, ratio, subscription instructions, and deadlines.
2. Evaluate the offer price. If the subscription price is significantly below market price, the rights have intrinsic value — even if you don't want more shares, you can sell the rights on the NGX during the acceptance period.
3. Decide promptly. Rights have an acceptance period. Letting them lapse without selling means you lose the benefit and suffer dilution.
4. Consider the capital raise rationale. Regulatory compliance drives (like insurance recapitalisation) are generally positive for long-term sector health, even if they are dilutive in the near term.
5. Consult your stockbroker. Rights issues involve active decisions with real capital commitments. If unsure, speak with a licensed investment dealer.

Track NGX Corporate Actions in Real Time

Staying on top of NGX corporate actions — including bonus issues, rights issues, dividend calendars, and qualification dates — requires a reliable data source.

NGX Pulse tracks all major corporate actions as they happen, with live qualification dates, payment schedules, and plain-English context for every declaration. It also covers the broader African market story through partners like Mansa Markets, which monitors 13 African exchanges in one terminal.

Key Takeaways

• 4 confirmed bonus issues on the NGX in 2026: NGX Group (1:3), NAHCO (1:7), Infinity Trust Mortgage Bank (1:1), and Zichis Agro Allied Industries (1:1)
• The 1-for-1 bonuses from Infinity Trust and Zichis are among the most generous of the year — shareholders on those record dates doubled their holdings at no cost
• Rights issue activity is dominated by insurance sector recapitalisation — six insurers are actively raising capital to meet NIIRA 2025 requirements ahead of the July 31, 2026 deadline
• Nigeria's banking recapitalisation raised over ₦4.65 trillion, added 500,000+ new investors, and pushed the NGX ASI to record highs
• Don't let rights lapse. If you can't afford to subscribe, sell the rights on the NGX floor — at minimum, this recovers some value instead of accepting dilution for nothing
• The Dangote Petroleum listing is the most anticipated transaction of 2026 and could significantly expand the NGX's market capitalisation and international profile

Sources

1. TRW Stockbrokers Ltd — NGX Dividend & Bonus Table 2026 (Updated April 23, 2026). trwsb.wordpress.com
2. NGX Group — NGX Group Reports ₦15.6 Billion FY 2025 Profit, Declares ₦3.00 FY Dividend and 1-for-3 Bonus Issue. ngxgroup.com
3. Business Post Nigeria — NGX Group Declares N2 Final Dividend, 1-for-3 Bonus Issue for FY'25. businesspost.ng
4. Nairametrics — Guinea Insurance seeks NGX approval of ₦5.30 billion Rights Issue. nairametrics.com
5. BusinessDay — Linkage Assurance eyes ₦16bn from ongoing rights issue. businessday.ng
6. BusinessDay — Dangote IPO, insurance recapitalisation to drive new era of market liquidity. businessday.ng
7. Business AM Live — Nigerian insurers turn to capital markets ahead of NAICOM recap deadline. businessamlive.com
8. Opinion Nigeria / Vanguard — Recapitalisation: 12 insurance firms in tight corner. opinionnigeria.com
9. International Finance — Bank recapitalisation creates USD 22.1 billion wealth in Nigeria's equity market. internationalfinance.com
10. News Online Nigeria — Six Nigerian Banks Meet New CBN Capital Thresholds Ahead of March 2026 Deadline. newsonlineng.com