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Fortis Global Insurance Plc emerged as the best-performing stock on the Nigerian Exchange in the first nine months of 2026, with its share price rising 805% from 20 kobo at the end of 2025 to N1.81 by September 30.
However, adjusting for the company’s 1-for-4 share reconstruction, which began in June 2026, reduces the gain to 126.25%, placing Fortis Global 14th among the NGX’s best-performing stocks.
The reconstruction reduced the company’s issued ordinary shares from 12.91 billion to 3.23 billion, with every four existing shares converted into one new share.
Trading was suspended on June 17 and resumed on July 2, 2026, with an adjusted reference price of N3.96.
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What the data is saying
Fortis Global closed 2025 at N0.20 per share and had climbed to N0.99 by June 16, the last trading day before its share reconstruction.
This represented a 395% increase before the suspension, as the stock rose from N0.20 to N0.99 in the first half of the year.
Following the reconstruction, the number of issued shares fell by 75%, from 12.91 billion to 3.23 billion shares. The company’s previous closing price of N0.99 was therefore multiplied by four to establish an adjusted reference price of N3.96 when trading resumed.
The adjusted price did not represent an increase in shareholder wealth. It was a mechanical adjustment to reflect the 1-for-4 reconstruction.
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When trading resumed on July 2, Fortis Global closed at N3.57, 9.85% below the N3.96 adjusted reference price. The stock then traded unevenly through July:
- June 16, 2026: N0.99, the last close before the suspension (N3.96 on a reconstructed basis)
- July 2, 2026: N3.57, the first day of trading after the reconstruction (down 9.85%)
- July 3, 2026: N3.22 (down 9.80%)
- July 8, 2026: N2.60 (down 19.25%)
- July 15, 2026: N2.92 (up 12.31%)
- July 30, 2026: N2.60 (down 10.96%)
By September 30, the stock had fallen further to N1.81. That left it 54.29% below the N3.96 adjusted reference price and 49.30% below its N3.57 close on the first day of resumed trading.
The 805% gain shrinks to 126%
The headline 805% increase compares the unadjusted N0.20 closing price at the end of 2025 with the N1.81 closing price on September 30, 2026.
However, applying the 1-for-4 reconstruction to the end-2025 price produces a more comparable starting point of N0.80.
On that adjusted basis, Fortis Global’s share price increased from N0.80 to N1.81, representing a 126.25% gain.
After adjustment, Fortis Global would rank 14th among the NGX’s best-performing stocks in the first nine months of 2026, with a 126.25% gain, behind Critical Minerals Financing Corp at 127.37%. SCOA Nigeria would lead with a 365.49% gain.
Based purely on the unadjusted share prices, N100,000 invested at N0.20 would correspond to N905,000 at N1.81.
Capital restructuring and revenue growth accompanied the rally
Fortis Global’s share reconstruction came amid broader changes to its capital structure. Shareholders’ equity rose to N36.44 billion in June 2026, up 303.21% from N9.04 billion at the end of 2025 and up 615.02% from N5.10 billion in June 2025.
The increase was driven by N30 billion in irredeemable convertible debt classified as equity. Part of this, N5 billion, was used to settle the Daewoo bond, which cleared the company’s borrowings of N5.97 billion. Total assets rose to N48.64 billion, up 93.36% from N25.15 billion at the end of 2025 and 153.31% from N19.20 billion in June 2025.
However, stronger revenue has not translated into profitability. Insurance revenue of N1.10 billion in H1 2026 is already 105.23% more than the N535.95 million earned in all of 2025, and 1,746.74% above the N59.56 million recorded in H1 2025.
The loss after tax of N2.60 billion in H1 2026 is also 37.19% larger than the full-year 2025 loss of N1.89 billion. It is 158.34% wider than the N1.00 billion loss in H1 2025.
What you should know
Fortis Global recorded the NGX’s largest raw share-price increase in the first nine months of 2026, but its reconstruction-adjusted gain of 126.25% places it 14th among the exchange’s best-performing stocks.
Despite the adjustment, the stock still outperformed the NGX All-Share Index, which gained 61.43% during the period. Its share price, however, declined from N3.57 when trading resumed in July to N1.81 by the end of September.
The rally coincided with a significant capital restructuring and a sharp increase in insurance revenue. However, the insurer’s H1 2026 loss widened to N2.60 billion, showing that stronger revenue has yet to translate into improved profitability.
