FTSE Russell Adds Dangote Cement, MTN, Zenith and 8 Others to Frontier Index Series
Makon Financials | by Onyeka Destiny
FTSE Russell Adds Dangote Cement, MTN, Zenith and 8 Others to Frontier Index Series
FTSE Russell has added 10 Nigerian companies to its Frontier Index Series as Nigeria prepares to return to Frontier Market status after a three-year absence.
The inclusion was disclosed in FTSE Russell’s September 2026 index review and covers some of the largest companies listed on the Nigerian Exchange (NGX).
The stocks are Aradel Holdings, Dangote Cement, First HoldCo, Guaranty Trust Holding Company (GTCO), MTN Nigeria Communications, Nestlé Nigeria, Nigerian Breweries, Presco, Stanbic IBTC Holdings and Zenith Bank.
FTSE Russell classifies the 10 Nigerian stocks as “Newly Eligible” large-cap stocks in the Frontier Index Series.
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Nigeria Set to Return to Frontier Market Status
The development follows FTSE Russell’s decision to move Nigeria from the Unclassified category back to Frontier Market status.
The reclassification is scheduled to take effect from the open of trading on September 21, 2026.
Nigeria had been moved to the Unclassified category in 2023 after concerns over market accessibility, particularly the ability of international investors to access foreign exchange and repatriate investment proceeds.
The return places Nigerian equities back within FTSE Russell’s formal Frontier Market index framework.
10 Nigerian Stocks Added
The new additions cut across several major sectors of the Nigerian economy.
The banking names are First HoldCo, GTCO, Stanbic IBTC Holdings and Zenith Bank.
MTN Nigeria Communications represents telecommunications, while Dangote Cement represents the industrial sector.
The list also includes Aradel Holdings in oil and gas, Presco in agriculture, and Nestlé Nigeria and Nigerian Breweries in the consumer sector.
FTSE Russell’s Frontier Index Series covers large-, mid- and small-cap companies across eligible frontier markets and is used as a benchmark by investors and as the basis for index-tracking products.
September 21 Implementation
The inclusion of the 10 stocks forms part of Nigeria’s broader return to the FTSE Russell Frontier Market universe.
The index changes are scheduled to become effective alongside the country’s reclassification on September 21.
The move gives the selected Nigerian companies a formal place within an international equity benchmark after Nigeria’s three-year absence from FTSE Russell’s market classification.
For the NGX, the development comes as large-cap stocks continue to account for a significant portion of market activity and value, with banks, Dangote Cement and MTN among the exchange’s most prominent companies.
The September implementation will determine how the reclassification translates into actual index exposure for investors tracking FTSE Russell’s Frontier Market benchmarks.
Source: FTSE Russell
