CMFC, UPDC REIT lead market’s N5tn September gain

Critical Minerals Financing Corporation Plc emerged as the best-performing stock on the Nigerian Exchange in September as investor demand surged for shares of the mineral-focused investment banking institution. Trading data provided by the NGX showed CMFC recorded the highest average capital gain of 55.96 per cent during the month, outpacing the market’s overall average gain of 2.87 per cent.

 The stock’s rally coincided with the recognition of CMFC President and Co-CEO, Dr Israel Ovirih, as one of Nigeria’s top 25 chief executives at the BusinessDay Top 25 CEOs Awards, coordinated in collaboration with the NGX. Dr Ovirih was honoured for birthing CMFC as Africa’s premier investment banking institution for minerals and metals following Banklink Africa Private Equity’s acquisition of a majority stake in Deap Capital Management & Trust Plc and its subsequent corporate restructuring.

 Further analysis of September share pricing showed UPDC Real Estate Investment Trust recording the second-highest gain at 45.42 per cent, followed by Zichis Agro Allied Industry at 36.77 per cent.

Nigerian Exchange Group rose by 35.68 per cent, while Seplat Energy appreciated by 29.9 per cent. Other top-10 gainers included VFD Group at 28.89 per cent, ABC Transport at 28.57 per cent, Eterna at 22.91 per cent, Royal Exchange Assurance at 19.79 per cent, and Consolidated Hallmark Insurance at 18.47 per cent.

 The broader equities market experienced portfolio rebalancing, profit-taking, and primary market activity throughout the month. The All-Share Index rose 2.87 per cent, moving from 244,199.39 points to close at 251,211.67 points and regaining the 250,000-point threshold. Aggregate market capitalisation expanded by 3.40 per cent, rising from N157.739tn to N163.105tn, representing a net gain of N5.366tn.

 During the period, CMFC recorded 4,895 deals for 253.25 million shares valued at N700.118m, lifting its market capitalisation above N11.10bn and creating N3.98bn in capital gains for shareholders. Conversely, International Energy Insurance recorded the month’s steepest decline at 20.21 per cent, followed by Chams Plc at 20.05 per cent, Austin Laz at 19.12 per cent, and Tripple Gee and Company at 19.10 per cent. Other notable decliners included Transcorp Power, Regency Alliance Insurance, Industrial and Medical Gases Plc, Academy Press, Haldane McCall, and University Press.

 Speaking on the sidelines of the awards ceremony in Lagos, Ovirih outlined the institution’s strategic direction within the sector.

“I see a situation over the next five years we would have helped a lot of countries across Africa to formalise their mining space, creating governance structure around their mining space and becoming their natural partner for a lot of operators in the sector,” Ovirih said.

 He reaffirmed CMFC’s commitment to providing structured financing to unlock value across Africa’s critical minerals space and dedicated his award to the company’s shareholders, directors, and staff.

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 Commenting on the selection process, Chief Executive Officer of the NGX, Mr. Jude Chiemeka, stated that Dr Ovirih and other recipients were chosen based on scientific parameters for measuring corporate governance excellence and performance.

 “Your achievement represents what’s possible when enterprise and leadership come together,” Chiemeka said.

 Chiemeka emphasized the strategic importance of publicly quoted entities like CMFC in broadening capital market access for the solid minerals sector while maintaining compliance, governance, and disclosure standards.

 Chief Executive Officer of BusinessDay Media, Mr. Frank Aigbogun, noted that the 2026 awards recognised performance during the 2025 financial year, evaluating leadership during a key macroeconomic transition.

 “Your leadership reflects the core attributes celebrated by the Awards: strategic vision, resilience, innovation, disciplined execution, and the ability to build a sustainable institution in a dynamic operating environment,” Aigbogun said.

 He added that the selection process focused on evidential research to highlight institutional substance and sustainable leadership.

 “We look beyond the personality of the chief executive to the quality of the enterprise the leader is building. The Top 25 CEOs represent established businesses that have demonstrated exceptional leadership and performance,” Aigbogun said.

 Aigbogun highlighted the broader economic role of corporate leadership in driving private sector capacity, capital allocation, and long-term development.

 “Our economy is not built only by policy. It is built every day by companies making decisions about capital, people, technology, markets and risks,” Aigbogun said.