FOR THE RECORD: Building the Next 30 Years With You – Being Text of the New Year Message By Afrinvest GMD

As we step into 2026, I would like to thank you for the trust you have placed in Afrinvest over the years, and especially over the past year. Trust is not given lightly, and it is never sustained by words alone. It is earned through consistency, judgement, and delivery over time.

2025 MACROECONOMIC REVIEW

Global macroeconomic conditions in 2025 were shaped by sustained disinflation across major economies, reflecting the lagged effects of prolonged monetary tightening. This improvement unfolded against a backdrop of heightened global uncertainty, driven by renewed trade frictions and escalating geopolitical tensions in Europe and the Middle East. Global growth moderated slightly to an estimated 3.2%, while average inflation eased to 4.2%.

Domestically, Nigeria’s macroeconomic narrative in 2025 reflected a cautiously optimistic reset. The rebasing of GDP and CPI, alongside easing post-2023 reform disruptions, supported stronger growth momentum (9M’25: 3.8% vs 3.1% in 9M’24), exchange-rate stability, and improved inflation anchoring, signaling the early stages of a post-reform growth cycle. The NGX-ASI returned a multi-year high of 51.2%, underscoring renewed investor confidence amid improving macroeconomic fundamentals.

AFRINVEST 2025 IN REVIEW

Last year marked a defining moment in our story. Afrinvest turned 30. Three decades of working with individuals, institutions, families, and businesses to navigate markets, manage risk, and build enduring value. In an environment like ours, longevity is never accidental. It is earned through discipline, integrity, and a clear sense of purpose. This milestone is not one we see as a destination. Rather, it is a reminder of the standards that brought us here and the responsibility to carry them forward.

Throughout the year, our focus remained on doing the work that has defined Afrinvest from the beginning: building solutions that last, expanding access thoughtfully, and helping our clients make sound decisions in a complex environment.

KEY HIGHLIGHTS AND MILESTONES

The year was defined by deliberate progress across our businesses, with a clear emphasis on outcomes that strengthen confidence and deliver long-term value.

A notable highlight in 2025 was Afrinvest’s ₦13 billion Series 3 and 4 Commercial Paper issuances under our ₦25 billion Commercial Paper Programme. The successful execution of this transaction, which was led and arranged by our issuing house subsidiary, Afrinvest Capital Limited, reflected strong market confidence in Firm’s credit profile, governance framework, and execution capability.Beyond this, Afrinvest Capital also arranged and executed a range of financial advisory as well as bond and commercial paper transactions across key sectors of the economy, reinforcing our role in capital formation and advisory. These included acting as Joint Issuing House on FCMB’s ₦100 Billion Series 1 and 2 Commercial Paper Notes, Joint Issuing House on Presco Plc’s ₦82.89 Billion Senior Unsecured Fixed Rate Series I Bonds, and as Financial Adviser and Lead Issuing House on Saro Lifecare Limited’s ₦15 billion Series 1 and 2 Commercial Paper Issuance.We also acted as Lead Issuing House on SKLD Integrated Services Limited’s ₦2 billion Series 14 and 15 Commercial Paper Notes, as well as Financial Adviser and Lead Issuing House on First Holdco’s private placement, to mention a few. Collectively, these transactions reinforce Afrinvest’s role as a trusted partner in capital formation, advisory, and execution across key sectors of the economy.

Expanding access remained a central priority. During the year, Afrinvest Securities Limited ranked among the top three brokerage houses by number of CSCS accounts opened. This milestone reflects the growing number of investors choosing our digital platform, Afrinvestor, as their gateway to the capital market, many of them engaging for the first time. It underscores the trust placed in our platforms, processes, and people.

We further expanded access through the launch of Afrinvestor Web and the introduction of the FGN Savings Bond on the Afrinvestor platform. Previously, subscribing to FGN Savings Bonds involved lengthy forms and manual processes. With its digitisation on Afrinvestor, investors can now complete subscriptions in minutes through a simple online experience, significantly lowering barriers to participation in government-backed investments.

Investment management remained a strong pillar of growth for the Group. Afrinvest Asset Management Limited recorded growth of over 185 percent in Assets Under Management, cementing its footprint across both domestic and global markets. This performance was driven by disciplined investment strategies and a consistent focus on risk-adjusted returns.Despite a volatile market environment shaped by reforms and low yields, our mutual funds delivered strong performance, reflecting the depth of our investment process and the quality of our market research. A notable highlight during the year was the launch of the Afrinvest Halal Fund, a professionally managed, interest-free investment option designed to give Nigerians a disciplined path to grow wealth in a way that aligns with their faith and values. We believe that access to prosperity should not be limited by belief or background, and this Fund is one of the ways we are translating that conviction into practical investment solutions.

Our efforts were further recognised by Global Credit Ratings, which reaffirmed Afrinvest Asset Management’s national scale long-term and short-term ratings at BBB(NG) and A3(NG), respectively, with the outlook revised favourably to stable. This affirmation underscores the strength of our governance, risk management framework, and long-term investment philosophy.

Our trusteeship business recorded one of its most significant milestones to date. In under five years of operations, cumulative Assets Under Trust reached ₦410 billion, comprising ₦37.1 billion in liquid trusts and ₦372.1 billion in fixed trusts. Year-on-year growth between 2024 and 2025 was strong, with liquid trusts growing by 150 percent and fixed trusts by 275 percent.

This growth reflects rising awareness of the advantages that trust structures offer individuals and corporations, particularly in the context of evolving tax and regulatory reforms. As tax efficiency, asset protection, and intergenerational planning take on greater importance, structured trust solutions continue to play a critical role in long-term wealth preservation.

During the year, Afrinvest Trustees was also awarded the Bond Trustee role for NBET’s ₦4 trillion Power Sector Bond Programme under the Presidential Power Sector Financial Reforms Programme. The programme was issued to settle verified receivables owed to Generation Companies from February 2015 to March 2025 and to restore liquidity to the power sector, supporting the long-term stability of a critical pillar of Nigeria’s economy.

Afrinvest Consulting marked the launch of the 20th edition of the Nigerian Banking Sector Report with a seminal issue titled ACT-BOLD: Turbocharging Nigeria to a New Growth Frontier. Over two decades, this report has become a reference point for industry leaders, regulators, investors, and policymakers, valued for its depth, independence, and practical insight.

At the core of this work is Afrinvest’s research capability. Our advice across consulting and advisory engagements is consistently underpinned by rigorous, data-driven analysis and forward-looking research that anticipates policy shifts, sector dynamics, and structural risks. This research-led approach continues to differentiate Afrinvest and ensures that our clients benefit from advice grounded not only in experience, but in deep analytical conviction.

Beyond research, our consulting teams supported transaction advisory mandates across telecoms, media, and energy, contributing to infrastructure development and long-term economic growth.

Innovation remained a key theme during the year. Our investment and savings digital platform, Optimus, transitioned to PlutusNeo, reflecting the platform’s evolution and Afrinvest’s ambition to build a more integrated digital wealth ecosystem for everyday investors. As at the end of 2025, assets under management on the platform stood at ₦21.57 billion, underscoring growing user adoption and confidence.

Beyond the rebrand, the platform continued to mature in practical and meaningful ways. Investors gained the ability to generate account statements and reference letters directly within the app, alongside enhancements that improved transparency, clarity, and ease of use. We also introduced functional upgrades designed to improve flexibility and security, including an increase in daily withdrawal limits from two to three, and a new system that proactively flags suspicious activity to better protect user funds. In addition, we expanded the range of investment options available on the platform with the introduction of the Afrinvest Halal Fund, providing clients with an ethical investment alternative aligned with specific values and preferences.

Since its launch in 2022, the platform has become a trusted channel for Nigerians seeking professionally managed investment solutions, supported by Afrinvest’s over thirty years of experience across Nigeria’s capital markets.

We deepened our physical presence during the year with the opening of our Enugu office. This expansion reflects our commitment to extending access to investment solutions across the Southeast and strengthening our proximity to clients where it matters most. With service points in Enugu and Onitsha, alongside offices in Lagos, Abuja, Port Harcourt, and Kano, we are better positioned to serve a diverse and growing client base nationwide.

As the firm continues to grow, our people remain at the centre of our progress. Our headcount is approaching two hundred professionals, a milestone that reflects both the scale of our operations and the responsibility that comes with it. As a professional services firm, growth brings its own challenges, particularly around efficiency, productivity, and the discipline of doing more with less. We continue to invest deliberately in our people, systems, and culture to ensure that scale strengthens, rather than dilutes, the quality of our work.

Underlying this growth is a set of values that guide how we engage and deliver. We approach our clients and partners with empathy, reflected in the quality of our interactions across every touchpoint. We are guided by integrity, keeping our word and following through on commitments. Collaboration remains central to our work, built on years of trusted partnerships across sectors. We embrace innovation by challenging the status quo and simplifying complex investment opportunities. Above all, we pursue excellence, reflected in the consistency of our track record and the standards we set for ourselves.

OUR CRYSTAL BALL FOR 2026

On the macroeconomic front, 2026 is expected to consolidate the recent rebound in key economic indicators, although downside risks remain. Afrinvest Research projects Nigeria’s real GDP growth to strengthen to 4.3%, from an estimated 3.9% in 2025. This outlook is anchored on sustained exchange rate stability, with the naira projected to average ₦1,431 per US dollar, and a softer inflation environment, with average headline inflation projected at 15.4%, down from 22.0% in 2025.

A gradual easing in monetary policy, combined with positive spillovers from private sector investments across oil and gas, telecommunications, banking and finance, and agriculture, is expected to further support growth. Notwithstanding these supportive fundamentals, risks remain, including a potential resurgence in insecurity, heightened pre-election politicking, and adverse external shocks, particularly around global crude-oil price and demand dynamics.

AFRINVEST IN 2026

As we build on thirty years of trust, our focus is firmly on the future. We are deepening digitisation across our offerings and advancing new investment structures designed to engage the Nigerian diaspora. In line with this direction, the Group has acquired a microfinance bank, restructured its balance sheet, and is currently repositioning the institution for its next phase of growth. Subject to the timing of final regulatory approvals, the bank is expected to be relaunched as a nationwide digital bank by mid 2026.

In parallel, the evolution of PlutusNeo aligns with broader digital initiatives across the Afrinvest Group, including planned capabilities around payments and lending designed to support clients more holistically across their financial journeys.These efforts reflect our belief that innovation is most meaningful when it strengthens foundations rather than replaces them.Thank you for being part of the Afrinvest story. We do not take your trust for granted, and we remain committed to earning it every day.

Happy new year!

Warm regards,

Dr. Ike Chioke
Group Managing Director