FCMB Capital Markets Leads FMDQ 2025 Rankings With N1.53trn Debt Raises

By Olumide Johnson

FCMB Capital Markets Limited, the investment banking arm of FCMB Group Plc, ranked first on the Fixed Income Primary Markets Sponsors’ League Table of FMDQ Securities Exchange Limited for 2025, having raised N1.53 trillion through bond listings and commercial paper quotations. Ikechukwu Omeruah, Chief Executive Officer, and Femi Badeji, Executive Director, Coverage and Investment Banking, attributed the performance to strong issuer demand and execution capability.

DECISION HIGHLIGHT

• N1.53 trillion raised in corporate debt capital
• Top ranking across bond listings and commercial paper markets
• Market share of 11.66 percent in bonds and 7.68 percent in commercial paper
• Broad sectoral participation across multiple industries

DECISION MEMO
The ranking underscores a structural shift in corporate financing behaviour, with Nigerian firms increasingly turning to the debt capital market as an alternative to constrained bank lending. FCMB Capital Markets Limited’s leadership position reflects both institutional capability and a broader expansion in capital market intermediation.

Badeji’s assertion that the performance demonstrates “depth of demand” points to sustained issuer appetite for fixed-income instruments. This suggests that corporates are prioritising flexibility and scalability in funding, particularly in an environment characterised by tight liquidity and elevated borrowing costs within the banking system.

The firm’s dual strength in bond listings and commercial paper quotations indicates a balanced approach across long-term and short-term financing instruments. This diversification allows issuers to optimise capital structures, but also reflects a market still evolving in maturity, where short-term instruments remain significant due to uncertainty around long-term rates.

Omeruah’s emphasis on structuring efficiency highlights the role of investment banks as intermediaries in bridging capital supply and demand. However, concentration of activity among a limited number of sponsors suggests that market access may still be uneven, with smaller or less established firms facing barriers to entry.

The participation of 47 active sponsors, out of a larger pool of registered entities, indicates that transaction activity is concentrated among a subset of operators. This concentration may enhance execution quality but limits competitive depth and innovation within the market.

Overall, the data reflects a growing but still consolidating debt capital market, where institutional intermediaries play a critical role in expanding access to funding.

DATA BOX

• Total capital raised: N1.53 trillion
• Bond market share: 11.66 percent
• Commercial paper market share: 7.68 percent
• Total registration members: 58 (listings), 77 (quotations)
• Active sponsors: 47 institutions

WHO WINS / WHO LOSES
Wins:

• FCMB Capital Markets Limited, reinforcing market leadership
• Corporate issuers accessing diversified funding sources
• Institutional investors participating in fixed-income markets

Loses:

• Smaller investment banks with limited deal flow
• Corporates unable to meet capital market requirements
• Banking sector, facing competition from capital markets

POLICY SIGNALS

• Increasing importance of capital markets in corporate financing
• Gradual shift away from bank-dominated funding structures
• Need for deeper market participation and regulatory support

INVESTOR SIGNAL

• Expanding opportunities in fixed-income instruments
• Strong demand for corporate debt issuance
• Market concentration may influence pricing and access

RISK RADAR

• Concentration of market activity among few intermediaries
• Interest rate volatility affecting debt issuance costs
• Limited market depth relative to financing needs
• Credit risk exposure across issuing corporates
• Potential liquidity constraints in secondary markets