Nigeria’s capital market infrastructure sector posted a stellar 2024, with all four major players FMDQ Group, CSCS Plc, NGX Group Plc, and NASD Plc delivering double and triple-digit growth in revenue and profits.
Collectively, they generated N102.64 billion in revenue, up 61.9% year-on-year, while pre-tax profits surged 64.2% to N51.24 billion.
Yet beneath the strong sector-wide performance, each company carved out its own winning storyline from market dominance to rapid growth and dramatic turnarounds.
NASD Plc – Return to profitability
- Revenue: N1.14billion (+237%)
- PBT: N584.7million (turnaround from N67.9million loss)
As the clearing and settlement arm of the market, CSCS recorded steady growth, aided by higher transaction fees and FX gains.
Its diversified income base continues to offer stability against market swings, even if its growth pace lagged behind NGX and FMDQ.
Despite its smaller footprint, NASD also achieved notable valuation growth, with market capitalisation increasing by 66.75% in H1 2024, climbing from N1.26 trillion to N2.101 trillion.
CSCS Plc – Consistent Performer
- Revenue: N26.10billion (+37.00%)
- PBT: N13.84billion (+23.58%)
As the clearing and settlement arm of the market, CSCS recorded steady growth, aided by higher transaction fees and FX gains.
Its diversified income base continues to offer stability against market swings, even if its growth pace lagged behind NGX and FMDQ.
While detailed public stats on trading volumes and values for 2024 are missing at the moment, CSCS remains the critical post–trade infrastructure that clears and settles every trade at NGX and NASD, underpinning the liquidity and integrity of all those staggering numbers
NGX Group – The growth champion
- Revenue: N23.99billion (+103.24%)
- PBT: N13.58billion (+157.62%)
NGX delivered the fastest top- and bottom-line growth, more than doubling revenue on the back of higher listing fees, market data sales, and new tech-driven income streams.
While still smaller than FMDQ in absolute scale, NGX’s acceleration positions it as the most aggressive market share gainer.
The Nigerian Exchange recorded an impressive N3.968 trillion in aggregate trading volume for 2024.
The ASI soared 37.65%, underscoring strong investor appetite. In H1 2024, NGX’s market capitalisation jumped 38.33%, rising from N40.918 trillion to N56.602 trillion.
Interesting to note that the NGX is a majority shareholder in the CSCS and gets most of its revenue from the latter.
FMDQ Group – Behemoth Market Infrastructure Company
- Revenue: N51.41billion (+49.93%)
- PBT: N23.23billion (+65.54%)
FMDQ maintained its dominance, accounting for over half of the sector’s total revenue and 45% of total pre-tax profit.
Growth was driven by debt market services, listings, clearing, and settlement activities, with disciplined cost management ensuring profits rose faster than revenue.
Though NGX attracts the headlines for equities, FMDQ solidified its dominance in the debt and currency markets, where volumes and transaction values underpin its leadership—evidenced in its commanding N51.41 billion revenue and N23.23 billion PBT
In pure percentage terms, NASD had the year’s most remarkable turnaround, thanks to a fourfold increase in trading commissions and robust listing activity. Although still the smallest in scale, NASD’s recovery shows it is carving out a niche growth path.
Putting It All Together: Sector at a Glance
- Total Revenue (all four): N102.64 billion (+61.9%)
- Total Pre-Tax Profit: N51.24 billion (+64.2%)
- NGX 2024 Trading Volume: N3.968 tn
- NGX ASI Growth: +37.65%
- NGX Market Cap (H1 2024): N56.6 tn (+38.33%)
- NASD Market Cap (H1 2024): N2.10 tn (+66.75%)
