Nigeria & London Stock Exchange Group — FTSE Russell

Nigeria: Nigeria's equity market reclassification to Frontier Market status is under review by London Stock Exchange Group — FTSE Russell due to its transition to a T+1 settlement cycle, potentially delaying foreign investment inflows.

London Stock Exchange Group — FTSE Russell: London Stock Exchange Group — FTSE Russell is the global index provider that is reviewing Nigeria's reclassification to Frontier Market status, impacting its decision-making process.

Nigeria: Subject of reclassification; successful upgrade would boost investor confidence and capital inflows.

London Stock Exchange Group — FTSE Russell: Conducting parallel Frontier Market review of Nigeria; assessment influenced by T+1 settlement migration.

Nigeria: Nigeria's stock market became the world's best performer in dollar terms, driven by economic reforms, oil prices, and naira appreciation. S&P placed it on watchlist for frontier market upgrade.

London Stock Exchange Group — FTSE Russell: London Stock Exchange Group — FTSE Russell delayed its decision on Nigeria's return to its Frontier Market Index, pending assessment of T+1 settlement impact.

Nigeria: The event highlights the strength of Nigeria's banking sector and its capital markets. It supports the country's ambition of a $1 trillion economy and may attract foreign investment.

London Stock Exchange Group — FTSE Russell: Nigeria's expected reclassification into the London Stock Exchange Group — FTSE Russell Frontier Market Index is a catalyst for foreign investment, potentially boosting First HoldCo's stock further.

London Stock Exchange Group — FTSE Russell: London Stock Exchange Group — FTSE Russell reclassified Nigeria as a Frontier Market, which the Nigerian government cites as evidence of renewed global confidence in its economy.