WCM CAPITAL LIMITED

WCM Capital Limited is a financial institution offering advisory and broker-dealer services in the Nigerian Capital Market.

[WCM CAPITAL LIMITED @WCMPLC]

7. Full audited financials required — not just balance sheets.

This is a complete rebuild. Not a tweak.

Post 2 of 7. ⚠️ Not investment advice.

#NGX #WCMCapital #NIIRA2025 #TheInsuranceReset

[WCM CAPITAL LIMITED @WCMPLC]

NIIRA 2025 does 7 things. Most commentary only discusses 1.

Beyond the capital thresholds:

1. Composite insurance prohibited companies must choose life or non-life within 5 years.
2. New mandatory categories: credit life (loans >N10m) + container insurance=entirely new premium.

[WCM CAPITAL LIMITED @WCMPLC]

3. Foreign insurer requirements tightened, consolidated supervision alignment.
4. Annual actuarial valuation mandatory, reporting direct to NAICOM.
5. Digital insurance licensing formalised.
6. Policyholder Protection Fund, Nigeria's NDIC equivalent for insurance.

See more…

[WCM CAPITAL LIMITED @WCMPLC]

Sixfold profit growth. Negative returns. The contradiction is the story.

7-part series on Nigeria's biggest insurance reset starts now.

#NGX #WCMCapital #TheInsuranceReset #NIIRA2025

[WCM CAPITAL LIMITED @WCMPLC]

NGX H1 2026: 46.8% market return.

Every sector up. Except one.

NGX Insurance Index: -8.34%, the only negative sector.

But in 2024, insurance was the second-best sector: +107.74%.

And six major insurers grew combined profits from N36bn in 2019 to N233bn in 2024.

See more…

[WCM CAPITAL LIMITED @WCMPLC]

6. This is a valuation event, not a compliance event. Position before the FY2026 reports land.

At WCM Capital — this is what we do.

Post 5 of 5. ⚠️ Not investment advice.

#NGX #WCMCapital #FHCDraft #FUGAZ

[WCM CAPITAL LIMITED @WCMPLC]

Five posts. One framework. Six things to do now.

1. Accumulate UBA and Access ahead of the international earnings transparency event.
2. Watch FirstHoldCo's FY2026 annual report — that is when the international story gets told. Zenith H1 gives the clean peer comparison.
....

[WCM CAPITAL LIMITED @WCMPLC]

3. FCMB: 3x P/E on 158% earnings growth. European disclosure coming. Most asymmetric trade in banking.
4. Zenith and GTCO for dividends now. UBA and Access after CBN verification.
5. Model the 20% capital buffer for Stanbic IBTC and FCMB.

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[WCM CAPITAL LIMITED @WCMPLC]

The FHC question that remains: international earnings still undisclosed. The framework will force it into the open. At 4.56x the margin of safety is now real.

Post 4 of 5. ⚠️ Not investment advice. Prices approximate.

#NGX #WCMCapital #FirstHoldCo #FHCDraft

[WCM CAPITAL LIMITED @WCMPLC]

FirstHoldCo H1 2026:

₦653.5bn PBT. ₦526bn PAT (+81.6%). ₦1.93 trillion gross earnings. Q2 beat Q1 sequentially.

At around ₦105.50, forward P/E on annualised H1 PAT: 4.56x.

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[WCM CAPITAL LIMITED @WCMPLC]

A note on the Zenith comparison: the 5.38x cited for Zenith is based on Q1 annualised. FirstHoldCo's 4.56x is based on two verified quarters. Not yet like for like. Zenith's H1 results will give us the clean comparison.

Continues Belo

[WCM CAPITAL LIMITED @WCMPLC]

The foreign portfolio is worth more than the company. Mandatory HoldCo reporting will make that impossible to ignore.

Post 3 of 5. ⚠️ Not investment advice.

#NGX #WCMCapital #FHCDraft #UBA #AccessHoldings

[WCM CAPITAL LIMITED @WCMPLC]

Two FUGAZ banks win most under the CBN FHC draft.

ACCESS HOLDINGS
Most HoldCo-ready in FUGAZ. Largest UK book. Already structured for the new framework. Key catalyst: CBN dividend verification timing.

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[WCM CAPITAL LIMITED @WCMPLC]

UBA
The bigger winner. 19 African countries + UK, France, UAE, US. International earnings 30-32% of group PBT.

The extraordinary number:
→ UBA foreign subs worth ~₦2 trillion
→ UBA total NGX market cap ~₦1.99 trillion

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[WCM CAPITAL LIMITED @WCMPLC]

4. Maximum two-layer group structure. Complexity must be simplified within 12 months.

Implementation clock starts when final guidelines land — expected before year end.

Post 2 of 5. ⚠️ Not investment advice.

#NGX #WCMCapital #FHCDraft #FUGAZ

[WCM CAPITAL LIMITED @WCMPLC]

2. HoldCo capital must exceed aggregate subsidiary minimums by 20%. For diversified groups, this is material and unmodelled.

3. FHC must be non-operating. No directing credit decisions, no shared staff, one subsidiary board seat per director.

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[WCM CAPITAL LIMITED @WCMPLC]

The CBN FHC Draft — four changes in plain language:

1. Foreign subsidiaries must move from the Nigerian bank to the HoldCo. Investors will see international earnings clearly for the first time.

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[WCM CAPITAL LIMITED @WCMPLC]

The CBN FHC Draft: June 10, 2026.

The most important banking regulation since 2004. Almost nobody is talking about it.

5-part series starts now.

#NGX #WCMCapital #FHCDraft #FUGAZ #NewRulesOfNigerianBanking

[WCM CAPITAL LIMITED @WCMPLC]

FirstHoldCo just reported ₦653.5 billion in H1 2026 PBT. A record. The market is celebrating.

But the same week, a regulatory document was filed that will reshape how every Nigerian banking group reports earnings, allocates capital, and pays dividends.

Continues below...

[WCM CAPITAL LIMITED @WCMPLC]

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