Kayode Tokede

The Nigerian stock market in the last two days has depreciated by N2.93 trillion amid massive investors profit-taking in listed blue chip companies quoted on the Nigerian Exchange Limited (NGX).    

The stock  market that historically crossed the N160trillion mark when it gained N1.91 trillion or 1.2 per cent in the opening of trading activities this week has witnessed negative sentiment by investors for the last two days.

Specifically, the market capitalisation on Wednesday closed for trading at N157.494 trillion, about N2.92 trillion or 1.82 per cent drop from N160.422 trillion it opened for trading on Tuesday.  

The breakdown revealed that investors lost N1.76 trillion on Wednesday  as profit taking and renewed selling pressure triggered a broad market decline, while the NGX All-Share Index (ASI) lost 2,756.48 basis points or 1.12 per cent to close at 243,967.09 basis points.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; BUA Foods, Unilever Nigeria, HBM Nigeria, UACN and Zenith Bank.

The stock price of BUA Foods dropped by 10 per cent or N84.50 per share to close at N760.60 per share. 

On Tuesday, the stock  market closed the trading session on a bearish note, as losses in MTN Nigeria Communications (MTNN) Plc and 25 others caused the overall capitalisation to close lower by N1.17 trillion. 

The stock price of the telecommunication company depreciated by 4.73per cent or N40 per share to close at N805.00 per share on NGX.  

As a result, the NGX ASI declined by 1,806.18 basis points or 0.73 per cent, to close at 246,723.57 basis points. 

Amid the downward trend,  the stock market in its Year till Date (YtD) performance dropped to 56.78per cent as of August 12, 2026.  

Analysts had warned that extremely weak market breadth leaves the rally vulnerable, with banking stocks now the sole swing factor. While strong half year (H1) 2026 earnings and recapitalisation activity should support financials, any loss of momentum by the banking heavyweights could trigger a broad market reversal.

Speaking on market outlook for this week, Cordros Securities Limited said, “we expect trading to remain choppy as investors continue to selectively rotate into counters supported by strong earnings momentum, robust cash flow generation and attractive interim dividend prospects.  

Also, Cowry Assets Management Limited expected the Nigerian stock market to remain cautiously optimistic in the coming week as investors continue to position in fundamentally sound stocks ahead of the earnings season.

The firm, however , noted that, profit-taking in recently appreciated counters and the mixed performance across sectors could limit the pace of gains.

“Market sentiment is likely to remain driven by corporate earnings releases, dividend expectations, and developments in the macroeconomic environment, particularly movements in interest rates and fixed-income yields. Consequently, we anticipate continued sector rotation, with investors favouring fundamentally strong banking and other quality large-cap stocks, while maintaining a selective,” it added.

Kayode Tokede

Following double digit inflation and the exchange rate between the naira and U.S dollars, 12 companies listed on the Nigeria Exchange Limited (NGX), recorded spike in cost of sales and operating expenses (OPEX) to N10.14 trillion in the first half (H1) ended June 30, 2026.  

The increase is about 16.9 per cent increase over the N8.67 trillion cost of sales and operating expenses reported in the same period in 2025.  

Analysis of their unaudited result and accounts showed that the 12 companies cost of sales stood at N7.67 trillion in H1, about 16.96 per cent increase over N6.6 trillion in H1 2025.

Also, operating expenses moved to N2.47 trillion in H1 2026, from N2.2 trillion in 2025.  

The 12 companies’ growth in cost of sales and OPEX is higher than the 15.91 per cent June 2026 inflation figure released by National Bureau of Statistics (NBS).

However, the naira was stronger and relatively more stable during the period, closing at N1,380 against the dollar at the end of H1 2026 when compared to N1,530 against the dollar June 30, 2025. 

Although these companies were able to drive revenue in H1 2025, their cost of sales and operating expenses slowed profit before tax that closed at N4.95 trillion as against N2.84 trillion reported in 2025. 

Aside from inflationary pressure, and value of  Naira at the foreign exchange market, other key factors that contributed to these  companies’  cost of sales and  OPEX include high cost of power, transportation of goods & services, materials cost, among others.

The prolonged Russia/ Ukraine, USA-Israel/Iran war have induced strain in the global supply chain and has continued to cause an increase in the cost of raw materials for manufacturers, particularly as both countries rank among the top 10 producers of wheat.

Further analysis of unaudited result and accounts showed that Oando Plc, followed by Seplat Energy Plc, Dangote Cement Plc and MTN Nigeria Communications Plc recorded the highest of cost of sales and OPEX.

Oando declared N1.96 trillion cost of sales, about 15.6 per cent increase over N1.7 trillion in 2025, while its administrative expenses stood at N77.8 billion, a drop of 4.5 per cent from N81.4 billion reported in H1 2025.  

Eventually, the indigenous oil & gas company closed H1 2026 with N32.84 billion loss before tax as against N145.74 billion loss before tax declared in H1 2025.  

On its part, Seplat Energy reported N1.38 trillion cost of sales in H1, a drop of 2.47 per cent from N1.42 trillion in H1 2025, its OPEX also dropped to N166.36 billion or 21 per cent from N209.44 billion in 2025

Dangote  Cement in the period under review declared N924.31billion cost of sales, about 8.3 per cent increase over N853.6billion reported in the corresponding period of 2025.  The cement maker declared N540.5billion OPEX during the period, which is about 21.2 per cent increase over N445.67 billion reported in 2025.

Analysts blame the hike in cost of sales and OPEX on inflation, among others, stressing that it impact affected not only their robust profit generation, but dividend payout at the end of the year.

They predicted further hike in these companies’ OPEX post election, stressing that it may cut down on earnings and dividend payout to shareholders.

Speaking, the Vice President, Highcap Securities Limited, Mr. David Adnori said the hike cost of sales and operating expenses is a reflection of global economic unrest, stressing that financial institutions operating in Nigeria and in Africa do not operate in isolation.

He expressed that the growth in cost of sales and operating expenses as reported by the listed companies would definitely have an impact on profit and dividend payout to shareholders.

He said, “The world is currently facing a high inflation rate and Nigeria, Africa at large are not exempted from this experience, with countries on the continent witnessing record high inflation rate. The surge in inflation rate is following the rally in crude oil prices, amidst the face-off between Russia-IUkraine andUSA-Israel/ Iran, among other nations.”

“Reacting to the surging inflation rate, regulators in several countries have also raised their interest rates to curb the rising cost of goods and services. However, this is yet to yield any significant positive as the inflation rate above 30 per cent. With cost impacted, Nigerian companies may suffer slow profitability this year and it might impact on dividend payout,” he added.           

Kayode Tokede  

Standard Chartered Bank Nigeria has commemorated International SME Day 2026 with a dedicated client engagement session aimed at helping small  and medium-sized enterprises strengthen their export capabilities and navigate opportunities across Nigeria’s trade ecosystem.

Themed, “Scaling Beyond Borders in a Changing Global Market,” the session convened  regulators, industry experts, business leaders and SME clients for practical discussions on export  development, trade facilitation and cross-border growth. Conversations focused on the evolving macroeconomic environment, the need for stronger collaboration across the trade ecosystem, and the role of financial institutions in enabling Nigerian SMEs to scale beyond domestic markets.

In his opening remarks, Acting CEO of Standard Chartered Bank Nigeria Limited, Ayodeji Adelagun underscored the vital role of small and medium-sized enterprises (SMEs) as engines of inclusive economic growth, job creation and long-term prosperity in Nigeria. He noted that SMEs account for approximately 96per cent of businesses in the country, contribute nearly half of national GDP, and employ a significant proportion of the workforce, reinforcing their position as the  backbone of the Nigerian economy.

Adelagun said: “The rapidly evolving global business landscape presents a defining opportunity 

for Nigerian SMEs to expand beyond local markets and compete with greater confidence across 

Africa and the world. Digital transformation, regional integration and shifting consumer preferences are opening new pathways for growth. 

He said, “However, to fully capture these opportunities, businesses must also navigate realities such as currency volatility, evolving trade policies, supply chain disruptions, infrastructure constraints, technology adoption gaps and access to affordable finance. Building resilience, strengthening adaptability and investing in the right capabilities will be critical to sustainable success.”

Speaking on the Bank’s commitment to supporting clients beyond banking, Head, SME  Banking Nigeria, Standard Chartered Bank Nigeria Limited, Bisi Oke, said: “This engagement reflects  our commitment to supporting clients beyond banking by providing access to the insights,  partnerships and opportunities they need to grow and compete in international markets. 

“Export-led growth remains an important pathway for Nigerian SMEs, and we are focused on 

helping our clients unlock these opportunities with the right knowledge, networks and financial olutions.”

Kayode Tokede

Coronation Insurance Plc and Coronation Life Assurance Limited have unveiled the winners of the Insure & Win 2.0 Grand Raffle Draw, following a live raffle draw held recently at the company’s Corporate Head Office in Lagos. 

The draw marked the culmination of the nationwide customer rewards campaign, with participants winning exciting prizes worth over N35 million, including the campaign’s grand prize, a brand-new Kia Rio.

Speaking at the event, the Managing Director/CEO of Coronation Insurance Plc, Olamide Olajolo, described the campaign as a reflection of the company’s unwavering commitment to rewarding customers while promoting the importance of insurance.

“The success of Insure & Win 2.0 reinforces our belief that insurance should not only provide peace of mind but also create memorable experiences for our customers. We are delighted to celebrate everyone who participated in this campaign and congratulate all our winners. Their trust in our brand continues to inspire us to develop innovative ways of delivering value beyond insurance.”

Also speaking, the Managing Director/CEO of Coronation Life Assurance Limited, Adebowale Adesona, noted that the campaign has further strengthened customer confidence in insurance while making financial protection more rewarding.

Kayode Tokede

On the back of improved economic indicators in Nigeria, the overall market capitalisation of all listed securities on the Nigerian Exchange Limited (NGX) recorded a staggering gain of N51.6 trillion in the half year ended June 30, 2026.

The tradable securities that closed 2025 at N149.74 trillion, gained or 34.45 per cent to close  June 30, 2026 at N201.3 trillion.

The securities are Bonds, equities and Exchange Traded Funds (ETF).  

The Nigerian economy since 2025 has witnessed stability in the foreign exchange market, companies recovering from foreign exchange losses, improved liquidity, capital inflow, dominance of domestic investors, increasing portfolio investment. Also, the Central Bank of Nigeria (CBN) banking sector recapitalisation and insurance sector reforms have played a critical role in overall market capitalisation growth.   

Of the N201.3 trillion overall market capitalisation as of June, 2026, the equities market section contributed nearly 73 per cent to N146.8 trillion, followed by debt instruments that contributed 27.03 per cent to close at N54.4 trillion. 

In addition, the EFT segment  contributed 0.03 per cent to N58.3 billion as of June 2026.  

������Ƶ analysis of trading numbers showed that the equities market that closed for trading at N99.18 trillion in 2025, gained 48.6 per cent YtD to close at N146.86 trillion as of June 30, 2026.  

While the debt market of the NGX closed June 30, 2026 at N54.4 trillion, which is about 7.72 per cent YtD increase over N50.51 trillion in 2025, ETF market moved from N42.85 billion in 2025, to N58.3 billion, representing an increase of 36.01 per cent YtD  

The equities market section  continues to dominate transactions on NGX amid foreign investors taking advantage of the foreign exchange reforms by the CBN and the National Pension Commission (PenCom) recent upward revision to the permitted allocation to ordinary shares for RSA Funds I, II, III and VI-active.

The surge in local investors’ confidence and impressive corporate earnings by listed companies have also boosted gains. 

Corporate earnings also played a pivotal role with major fundamental companies declaring impressive earnings with MTN Nigeria Communications Plc, Nigerian Breweries Plc, among others migrating to profitability.

In the period under review, several stocks listed on the NGX have recorded strong month to date appreciation, reflecting heightened foreign investor confidence driven by improved macroeconomic indicators and robust corporate earnings.

For the capital market to sustain its growth momentum, capital market analysts tasked stakeholders to continue stable and credible economic policies.

The MD/CEO, Globalview Capital Limited,  Aruna Kebira, in a chat with ������Ƶ said the stock market has shown a resilient and generally positive performance despite some volatility and economic headwinds.

He listed banking sector recapitalisation, corporate earnings, inflation moderation and investor confidence and  increased transaction volume as the major drives of the stock market.  

On expectation for the remaining of 2026, he said the outlook for the Nigerian stock market remains cautiously optimistic, with several factors that include, continued impact of reforms, banking sector momentum; half year earnings season, regulatory reforms  and  fixed income market stability:

On his part, the Chief Executive Officer of HighCap Securities Limited, David Adonri, said Nigeria’s stock market is expected to stage a mild recovery in the second half of 2026, supported by improving corporate fundamentals and sustained macroeconomic reforms, despite persistent high interest rates and mounting political and economic risks, 

Adonri had projected that the equities market would gradually regain momentum as investors respond to stronger corporate earnings, improved economic indicators and growing confidence in Nigeria’s reform agenda.

He, however, cautioned that inflationary pressures, the build-up to the 2027 general elections, insecurity, simultaneous capital-raising exercises and the ongoing conflict in the gulf region could pose significant downside risks to market performance in the months ahead.

According to him, the recent correction witnessed on the Nigerian Exchange should not be interpreted as a sign of structural weakness in the capital market but rather as a normal phase of institutional portfolio repositioning following the strong rally triggered by economic reforms.

Kayode Tokede

U-Recycle Initiative Africa, one of Africa’s largest youth-led environmental NGOs, has officially relaunched the #iAmPlasticWize Challenge, a first-of-its-kind gamified web-app in Nigeria, designed to creatively equip university students with the knowledge to innovate out of plastic.

With over 400 million tonnes of plastic produced globally each year and less than 10per cent successfully recycled, plastic pollution has become one of the world’s fastest-growing environmental challenges, particularly in rapidly urbanising regions and educational communities where single-use plastics dominate consumption patterns.

PlasticWize, by U-Recycle Initiative Africa, has been supporting universities to transition to plastic-free, circular economy-driven campuses since its inception.

Through PlasticWize 2.0, U-Recycle Initiative Africa is deploying a range of social innovations across four Nigerian universities, focusing on equipping students and universities to adopt environmentally conscious practices; reducing excessive plastic waste on campuses; influencing behavioral change and addressing policy gaps that fuel pollution; advancing circular economy solutions; and preventing tonnes of plastic waste from entering landfills, streets, and oceans. 

Kayode Tokede  

Rank Capital, has been named the 7th fastest-growing financial technology company, the 6th in Nigeria and the 12th overall fastest-growing company in Africa on the Financial Times’ annual “Africa’s Fastest Growing Companies” list.

The annual ranking, compiled by the Financial Times in collaboration with Statista, identifies the top 100 African companies that have shown the highest compound annual growth rate (CAGR) in revenues.

 Rank Capital’s high placement underscores its rapid growth and the viability of its unique community-powered model in the Nigerian financial services sector. It also places it among an elite group of African startups that have maintained high-velocity growth despite global economic headwinds.

CEO and Co-Founder of Rank, Femi Iromini said, “Rank Capital’s ranking is a powerful validation of our mission to make prosperity common. By blending modern technology with the age-old power of social trust, we are proving that community-powered wealth-building is not just viable – it is the future. This milestone belongs to our users and partners who believe that we can rise faster when we rise together” 

The recognition follows a transformative period for the wider company, which recently rebranded from ‘Moni’ to Rank and completed the strategic acquisitions of AjoMoney and Zazzau Microfinance Bank (now Rank MFB). 

Kayode Tokede  

Zenith Bank Plc and seven others Deposit Money Banks (DMBs) spent an estimated N993.34 billion as Asset Management Corporation of Nigeria (AMCON) and Nigeria Deposit Insurance Corporation (NDIC) expenses in 2025 amid rising operating expenses in the  financial sector.

This is about 38.62 per cent increase over N716.5 billion spent by the eight  banks in the 2024 financial year. 

The banks are: Zenith Bank Plc, First Holdco Plc,  FCMB  Group Plc,  Guaranty Trust Holding Company Plc (GTCO), United Bank for Africa Plc (UBA), Wema Bank Plc, Stanbic IBTC Holdings Plc, and Access Holdings Plc.

Analysis of the banks’ audited/unaudited results for the year ended  December 31 showed that AMCON levy stood at N646.88 billion, representing an increase oof 44.11  per cent increase when compared to N448.87 billion in 2024, while Deposit Insurance Premium moved from N267.65billion in  2024, up by 29 per cent to N346.46 billion in 2025.

The banking sector resolution cost represents the AMCON levy, which is applicable on the total balance sheet size of the Bank. The current applicable rate based on AMCON Act of 2015 is 0.5 per cent of total assets plus total off balance sheet assets.

Owing to the importance of the financial services sector, involving public funds, there is a need for buffers to protect public funds in case of bank failure or liquidation, hence, the need for deposit insurance.

Deposit insurance and AMCON levy are part of layers put in place to protect public funds and ensure the stability of the banking sector.

Deposit Insurance Premium is a statutory payment by deposit-taking banks that ensures that NDIC as an insurer guarantees the payment of deposits up to the maximum limit (Now N5 million) in accordance with its statute in the event of failure of an insured financial institution.

Typically, banks with the largest deposits pay the most premium to NDIC in terms of absolute numbers. However, some banks pay higher relative to their deposits based on a pricing mechanism.

������Ƶ analysis showed that Access Holdings paid the highest AMCON levy, while Zenith Bank paid the highest Deposit Insurance Premium in the period under review.

According to the audited 2025FY performance,  Access Holdings, with a total assets of N51.56 trillion, paid AMCON levy of N154.33 billion, up 37.5 per cent from N112.23 billion in 2024. Access Holdings paid NDIC Insurance Premium of N73.7 billion in 2025, representing an increase of 54.7 per cent from N47.67 billion in 2024.

For Zenith Bank, it paid NDIC’s premium of N77.39 billion in 2025, up by 39.1 per cent from  N55.7billion in 2024, while its AMCON levy  closed 2025 at N142.59 billion, about 55 per cent increase over N92.2 billion in 2024.  

Further findings by  THISIDAY  revealed  that First  Holdco  joined the top  three  Tier-1 banks to incur high AMCON and NDIC levy in 2025.

Specifically, First Holdco declared N113.36 billion AMCON levy in its unaudited results for 2025, representing an increase of 51.4 per cent from N74. 9 billion in 2024, as NDIC Insurance Premium jumped from  N47.7 billion in 2024 to N67.76 billion in 2025. 

AMCON was established in 2010 in a bid to stabilise the Nigerian banking system by efficiently resolving the non-performing loan assets of the banks in the economy.

Currently, it is being funded by a combination of loan recoveries, contributions from the Central Bank of Nigeria (CBN), sales of pledged assets, and a sinking fund assessed to the banks.

The federal government established AMCON with a 10-year mandate in response to the mounting bad loans and the requirement to prevent the banking sector’s impending collapse. The AMCON Act 2019 (Amended) gives the corporation broader authority to pursue obligors for unpaid debts.

Additionally, helping eligible financial institutions efficiently dispose of eligible bank assets in compliance with the Act’s rules is one of the key objectives of the Act.

Initially, banks were required to pay 0.3per cent of all assets into the sinking fund. In 2013 it was raised to 0.5per cent  of total assets (and 0.3per cent of contingent liabilities).

Stakeholders have expressed mixed feelings over the 0.5 per cent AMCON levy on banks.

The Investment Banker & Stockbroker, Mr. Tajudeen Olayinka had in a chat with ������Ƶ said the operations of AMCON is long overdue.

“The fact that AMCON continues to place yearly levies on banks in the country in an endless manner, is an indication that AMCON is unable to pay its debts, and that its birth as a failure resolution option was unnecessary or absolutely misplaced at the time it was conceived.

“Those failed banks could have been better managed with more robust failure resolution options outside AMCON arrangement. And I blame the governor of CBN at that time, Sanusi Lamido Sanusi, for the error,” Olayinka explained.

Kayode Tokede 

Despite gradual decline in inflation rate to 15.51 per cent and stability in the foreign exchange market, a total of 20 listed companies on the Nigerian Exchange Limited (NGX) declared N19.81 trillion total operating expenses in 2025. This represents about a 13.8 per cent increase over N17.4 trillion operating expenses reported in  2024.

Operating expenses is mostly considered to include cost of sales, administrative and distribution expenses. 

The 20 companies  are spread across oil & gas, manufacturing, telecommunications, Fast-Moving Consumer Goods (FMCG), Power generation, among others.

The significant increase in the operating expenses was against the backdrop of inflationary pressure, exchange rate volatility, and rising input costs.

Aside from inflationary pressure, the plummeting of the naira at the foreign exchange market, the other key factors contributing to these companies’ operating expenses include: high cost of power, transportation of goods and services, among others.

The average price of naira at the Nigerian Foreign Exchange Market (NFEM) appreciated to N1,436.31 against the dollar in 2025 from N1,536.51 against the dollar in 2024, fueled by the government’s decisions to remove the subsidy on petrol and the Central Bank of Nigeria (CBN) policy on the Naira at the foreign exchange market.

The prolonged Russia-Ukraine war induced strain in the global supply chain and has continued to cause an increase in the cost of raw materials for manufacturers, particularly as both countries rank among the top 10 producers of wheat.

������Ƶ analysis of their results showed that Oando Plc, followed by Seplat Energy Plc and Dangote Cement Plc recorded the highest operating  expenses by value in the period under review.

Oando, thus declared N3.46 trillion total operating expenses in 2025, down by 23.7 per cent from N4.54 trillion reported in 2024. 

On the other hand, Seplat Energy reported N3.17 trillion total operating expenses in 2025, an increase of 133 per cent from N1.36 trillion in 2024, while Dangote Cement reported N2.58trillion total operating expenses in 2025, about 3.8 per cent increase over N2.48 trillion in 2024. 

While these companies have largely returned to profitability after grappling with foreign exchange losses in the previous year, their earnings improvements remain modest for the most part.

The prevailing macro economic headwinds, particularly persistent inflation and a weak naira, continue to exert downward pressure on margins.

Although there is some level of stability in foreign exchange, the impact of 2023 and 2024 currency depreciation continues to impact input prices and supply chains.

Many of the firms continue to feel the ripple effects of high import costs and elevated raw material expenses, which are yet to fully ease despite improved FX liquidity and clearer monetary policy direction.

Analysts told ������Ƶ that the hike in the inflation rate, among others, contributed to operating expenses, not only affecting manufacturing companies’ profit generation, but also dividend payout.

The CEO of, Centre for Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, stated that inflationary pressures remain a key concern in the Nigerian economy, both for businesses and the citizens.

He highlighted that the implications of a high inflation rate include escalation of production and operating costs for businesses, leading to erosion of profit margins, drop in sales, decline in turnover, weak manufacturing capacity utilisation, and high food prices, which adversely affect citizens’ welfare and aggravate poverty.

Kayode Tokede  

The Nigerian Exchange Limited All Share Index (NGX ASI) yesterday gained by 645.19 basis points, or 0.42 per cent to close at 155,034.72 basis points on investors’ demand for BUA Foods Plc. 

Thus, the NGX  ASI in its Month-to-Date and Year-to-Date returns settled higher at +8.0per cent and +50.6per cent, respectively.

Also, market capitalisation gained N411 billion to close at N 98.843 trillion.

Market sentiment was bullish, with 46 advancing stocks outweighing 24 declining counters. Guinea Insurance, Honeywell Flour Mills and Julius Berger recorded the highest price gain of 10 per cent each to close at N1.32, N21.45 and N152.90 respectively, per share.

Austin Laz & Company appreciated by 9.94 per cent to close at N3.87, while Multiverse Mining & Exploration up by 9.88 per cent to close at N13.35, per share.

On the other hand, Union Dicon Salt and LivingTrust Mortgage Bank led the losers’ chart by 10 per cent each to close at N6.30 and N3.42 respectively, while First HoldCo followed with a decline of 9.94 per cent to close at N44.40, per share.

Veritas Kapital Assurance depreciated by 7.47 per cent to close at N1.61, while Mutual Benefits Assurance declined by 7.46 per cent to close at N3.10, per share.

Also, the total volume traded increased by 223.84 per cent to 4.684 billion units, valued at N38.865 billion, and exchanged in 34,852 deals. Transactions in the shares of Cornerstone Insurance topped the activity chart with 3.670 billion shares valued at N18.535 billion. FCMB Group followed with 302.352 million shares worth N3.326 billion, while Wema Bank traded 97.390 million shares valued at N1.865 billion.

Access Holdings traded 75.072 million shares valued at N1.634 billion, while Chams Holding Company sold 47.539 million shares worth N169.483 million.

Imperial Asset Managers Limited said, “at the equity market session today, near-term sentiment remains cautiously optimistic, supported by strong year-to-date performance, sustained interest in fundamentally sound and liquid stocks, and ongoing portfolio rebalancing ahead of the year-end.

“However, trading activity is expected to remain selective and range-bound, as investors lock in profits in outperforming sectors while awaiting clearer cues from macroeconomic developments, liquidity conditions, and early positioning ahead of the new trading year.”

Kayode Tokede 

On the back of excess liquidity in the financial sector, total subscription to the Open Market Operation (OMO) conducted by the Central Bank of Nigeria (CBN) in 2025 increased to N60.33 trillion, representing a significant increase of 246 per cent when compared to N17.45 trillion in 2024.

OMO is a monetary policy tool used by CBN to regulate money supply and liquidity through buying or selling government securities at the secondary market.

OMO bills also play a central role in helping the CBN influence short-term interest rates and absorb excess cash from the system. By issuing these high-yield bills, the apex bank is able to sterilise liquidity, reduce inflationary momentum, and guide market expectations ahead of its next monetary policy decision.

The total subscription in 2025  is against the U.S. investment bank, J.P. Morgan report that called on investors to exit long positions in Nigerian OMO bills, warning that global risks, driven by falling oil prices and renewed trade tensions, could deepen Nigeria’s macroeconomic vulnerabilities. 

According to financial data released by CBN, the total amount offered to be raised in 2025 stood at N17.44 trillion, which is about 59.2 per cent increase over N10.95trillion in 2024.  

The total successful amount raised in the year under review stood at N26.85 trillion, which is about 98.14 per cent growth over N13.55 trillion raised in 2024.  

Analysis of the CBN data it raised N4.57 trillion in the first quarter of 2025 and about N7.42 trillion in the second quarter 2025.

Throughout Q2 2025, the CBN initiated eight OMO auctions designed to absorb surplus cash from the system and stabilise short-term interest rates. 

Despite offering a total of N4.5 trillion across its standard tenors, demand significantly outpaced supply, reflecting heightened investor appetite for high-yield fixed income instruments.

Parthian Limited in its Q2 2025 financial markets noted that the increased demand for OMO was largely fueled by elevated yields that have made OMO bills  increasingly attractive, particularly to Nigerian banks seeking to bolster their earnings amid lower lending activity.

Major lenders, buoyed by ample liquidity, have been allocating substantial funds—some averaging over N1 trillion—to money market instruments. This trend reflects a broader strategy to leverage favorable interest rates while minimizing credit risk.

However, the strong investor turnout, especially for longer-dated instruments such as OMO, indicates that financial institutions are willing to tie down capital in longer-term securities to capitalise on high yields while guarding against inflation.

Yields in 2024 was more attractive than that of 2025 as the CBN reduced yields to lower government borrowing costs, manage inflation, and align monetary policy with broader economic goals. High yields mean the government pays more to borrow, so cutting them helps reduce debt servicing burdens and encourage lending to the real economy.

The OMO auction comes at a time when Nigeria’s broad money supply (M3) continues to rise sharply, undermining the CBN’s efforts to reduce liquidity through tools like the cash reserve ratio (CRR)–the highest in the world.

According to data released by the CBN, Nigeria’s broad M3 reached N119.04 trillion in October 2025, up from N117.78 trillion in September 2025. This marks one of the highest levels ever recorded, reflecting rapid liquidity expansion despite the CBN’s tight monetary stance

The CBN has been scaling back on elevated discount rates offered on the OMO and NTBs  due to strong demand and the fact that the benchmark interest rate has raced ahead of the country’s headline inflation that has seen decline in recent months. CBN Governor Mr. Olayemi Cardoso had emphasised that OMO is central to Nigeria’s monetary tightening strategy in 2025. He views OMO as a tool to absorb excess liquidity, stabilize the naira, and curb inflation, while assuring investors of Nigeria’s economic.

When the inflation rate was elevated, Cardoso insisted that OMO auctions are necessary to tighten monetary conditions. He has linked OMO directly to the CBN’s broader inflation-targeting framework, alongside the high Monetary Policy Rate (MPR) of 27 per cent. 

Kayode Tokede 

The  banking sector recapitalisation, Federal Government of Nigeria bond and other corporates listings pushed total listings on Nigerian Exchange Limited (NGX) to an estimated N6.34 trillion in 2025. 

The estimated N6.34 trillion listings on the NGX is on the backdrop of banks raising fresh fresh equity to meet the Central Bank of Nigeria (CBN) higher paid-up capital thresholds, listing of the federal  government band raised to bridge budget deficit and corporates listings.

Trading numbers obtained from the NGX showed that in 2025, Nigerian banks raised and listed an estimated N2.25 trillion, while FGN Bonds and other corporate listings on NGX stood at N3.79 trillion and N299.69 billion, respectively. 

The NGX data revealed 10 banks that seek to meet the new capital threshold by 2026 and companies seeking to raise fresh capital listed N2.55 trillion or 40.3 per cent out of the N6.34 trillion total listing during the period under review.

The fundraisings, experts noted, underscore the depth of the Nigerian capital market to cater to large-ticket transactions as well as other categories of issuances from small to mid-tier issuers. 

The 10 banks that have raised money from the capital market so far are: Wema Bank Plc,  FCMB Group Plc,  Guaranty Trust Holding Company Plc (GTCO), Stanbic IBTC Holdings Plc and  Sterling Financial Holdings Company Plc.

Others are:  United Bank of Africa Plc (UBA),  First HoldCo Plc,  Fidelity Bank Plc, Zenith Bank Plc and  Access Holdings Plc.   

With the support from the capital market community, most listed banks have met the CBN threshold before the  March 2026 deadline. 

A breakdown of the NGX numbers showed that GTCO, Access Holdings and Zenith Bank have listed N369.billion, N351.01 billion and N350.46 billion, respectively during the period under review.   

Other banks listing include: UBA, N239.4billion;  Fidelity Bank, N175.85billion; FCMB Group, N167.67billion; First Holdco, N149.56billion;  Wema  Bank, N147.8billion; Stanbic IBTC Holdings, N148.71 billion and   Sterling Financial Holdings Company,   N101.64billion.  

The banks’ capital-raising efforts were bolstered by NGX Invest, a digital platform launched by the Exchange, which facilitated a seamless process for selling their offerings. The NGX Invest is designed to significantly enhance the efficiency of public offering subscriptions and rights issue processes, streamlining operational workflows to better support issuers’ capital-raising efforts.

Outside the banking listings, on April 24, 2025, Legend Internet Plc listed on NGX by introduction about N11.28 billion,  while Multi-Trex Integrated Foods Plc had a private placement worth N3.25 billion

Most significant listings were Ellah Lakes Plc listing of 1,104,386,890 ordinary shares of 50 kobo each arising from the conversion of its debt to equity transaction that valued at N3.09billion. Lasaco Assurance Plc had early in the year had a private placement of 9,250,000,000 ordinary shares of 50 kobo each at N1.20 per share, worth N11.1 billion.

ARM Investment Managers Limited listed N100 billion while Chapel Hill Denham Management Limited listed  N15.34 billion  Nigeria Infrastructure debt Fund of N100.00 each arising from Series 11 issued at N109.50 per unit under the N200 Billion Issuance Programme. In addition, Coronation Asset Management Limited listed 87,900,000 units of its  Series 1 of Coronation Infrastructure Fund of N100 each worth N8.79billion as Dangote Cement ,Craneburg EKSG Motorway Company Plc and TAJ Sukuk  Issuance Programme SPV Plc listed N38.2 billion, N38.2 billion and N57.03 billion, respectively.  

Among the  largest FGN bond listings in nine months of 2025 was valued at   N605.03billion when Debt Management Office (DMO)  had  a supplementary listing on NGX April 25, 2025 and  a N368.31 billion new listing around February 18, 2025.  

Analysts attributed the strong demand for FGN Bonds to attractive yields, which offered investors high returns on their investments, stressing  that the oversubscription levels highlighted confidence in the federal government’s ability to meet its debt obligations.

They also  said the capital market has the depth and liquidity to drive the government’s $1 trillion economic agenda. They cited the bullish runs at the primary and secondary markets.

The Group Managing Director, Nigerian Exchange Group (NGX Group) Plc  Temi Popoola said the NGX would continue to leverage technology and innovation to support private and public sector financing.

Popoola said, “We are building an Exchange that extends beyond traditional securities trading. By leveraging technology, we are enhancing market accessibility, attracting capital, and creating new investment opportunities. Our goal is to develop a dynamic, inclusive, and globally competitive capital market that supports national and subnational economic growth.”

Speaking with ������Ƶ, the Vice President, Highcap Securities  Limited, Mr. David Adnori stated that the capital market was poised to make pivotal contributions to the achievement of the $1 trillion economic target of the government.

He called for supportive policies to encourage more companies and governments to utilise the capital market for their financing programmes.

The performance of the primary market segment further highlighted the bullishness of the Nigerian market, which had recorded a full-year return of 38.65 per cent in nine months of 2025, one of the three highest returns across the global markets.

Measuring the performance by market  capitalisation revealed that the stock market opened for trading in 2025 at N62.763 trillion, gained N35.01 trillion or 55.78 per  cent to close December 23, 2025 at N97.772 trillion. 

Analysts  have attributed the stock market N35.01 trillion average return by investors to stability in the foreign exchange market, companies recovering from foreign exchange losses, market liquidity, capital inflow, dominance of domestic investors, increasing portfolio investment, CBN’s banking sector recapitalisation  and insurance sector reforms have played a critical role in overall stock market performance in the period under review.

Kayode Tokede  

Ellah Lakes Plc stated that the Securities and Exchange Commission (SEC) has approved the extension of its ongoing N235 billion public offer period, allowing more investors to participate in the company’s growth journey.  The company is raising a public offer of 18.8 billion ordinary shares of 50 kobo each at N12.50 per share. The offer, which was initially set to close on December 5, 2025, will now remain open until December 19, 2025, due to rising investor interest. 

Ellah Lakes aims to raise funds to accelerate its scale, enhance food security, and deliver sustainable long-term value for stakeholders.

The company, in a statement said, “the extension follows rising investor interest, reflecting Ellah Lakes’ commitment to enabling broad participation in one of the largest equity offerings in Nigeria’s agribusiness sector. 

“This additional window is designed to accommodate the growing appetite for the Offer and further underscores the company’s confidence in its’ long-term growth strategy, as well as its’ dedication to giving more stakeholders the opportunity to participate in shaping the future of food security across Africa.”

Ellah Lakes noted that extending the offer period will allow more investors to participate in the Company’s growth journey as it accelerates scale, enhances food security and delivers sustainable long-term value for all stakeholders.

Kayode Tokede 

The  Nigerian  stock market, yesterday depreciated by N310.85 billion over investors  profit-taking in Zenith Bank Plc and 31 others stocks listed on the Nigerian Exchange Limited (NGX).

With 0.77per cent decline to N64.50 per share in stock price of Zenith Bank, and  9.95per cent drop in the stock price of Transcorp Hotel  Plc to N155.60 per share,  the market capitalisation of listed companies on the NGX closed at N93.659 trillion, about  0.33per cent or N310.85 billion drop from N93.969.6 trillion it open  for trading activities.

On this, the NGX All-Share Index dropped by 487.66 basis points or per cent to close at  146,940.29 basis points from 147,427.95 basis points the stock market opened for trading. 

Consequently, the NGX ASI in its Month-to-Date and Year-to-Date returns settled lower at +2.4per cent and +42.8per cent, respectively.

The sectoral performance was mixed as the  NGX Insurance Index dropped by  1.5 per cent, NGX Industrial Goods Index down by 0.1per cent, and NGX Banking Index depreciated by  0.1per cent, while the NGX Oil & Gas index gained 0.1 per cent. 

In addition, the NGX Consumer Goods index remained unchanged.

Overall sentiment was bearish as 22 gainers trailed 31 losers. Learn Africa recorded the highest price gain of 9.57 per cent to close at N6.30, per share. MeCure Industries followed with a gain of 8.72 per cent to close at N32.40, while Deap Capital Management and Trust rose by 7.50 per cent to close at N1.72, per share.

International Energy Insurance appreciated by 6.52 per cent to close at N2.45, while R.T. Briscoe (Nigeria) up by 5.96 per cent to close at N3.20, per share.

On the other hand, Austin Laz & Company and Eterna led the losers’ chart by 10 per cent each to close at N2.07 and N31.95 respectively, while Transcorp Hotel followed with a decline of 9.95 per cent to close at N155.60, per share.

Ikeja Hotel depreciated by 9.65 per cent to close at N28.10, while UACN declined by 9.09 per cent to close at N88.00, per share.

Meanwhile, the total volume traded rose by 258.34 per cent to 1.973 billion units, valued at N 30.231 billion, and exchanged in 23,038 deals. Transactions in the shares of eTranzact International topped the activity chart with 1.027 billion shares valued at N7.495 billion. Access Holdings followed with 183.557 million shares worth N3.769 billion, while Cornerstone Insurance traded 115.979 million shares valued at N609.382 million.

Consolidated Hallmark Holdings traded 79.418 million shares valued at N319.320 million, while FCMB Group sold 78.086 million shares worth N850.564 million.

On market outlook, analysts at Imperial Asset Managers Limited noted that “while intermittent profit-taking may persist in recently rallied stocks, overall market resilience is expected to hold, supported by continued interest in blue-chip counters, Year-end portfolio rebalancing, Expectations of strong corporate guidance into 2026. We anticipate a mixed but stable trading pattern in the near term, with bargain hunters likely to re-enter at attractive price levels.”

. N272.31trn deposited with CBN in 11 months

. Borrowed N69.54trn from CBN

Kayode Tokede 

Following high interest rate, concerns about credit risk and economic uncertainty, banks have continued to shy away from lending to the real sector, depositing a whooping N61.57 trillion with the Central Bank of Nigeria (CBN) in November 2025.  

The November deposits however represents a 4.6 per cent drop from N64.55 trillion deposited with the apex bank in October 2025.

Banks and merchant  banks deposit excess cash at CBN’s using the Standing Deposit Facility (SDF). The CBN in turn lends some of the deposit to any bank via its Standing Lending Facility (SLF) window to meet critical overnight obligations. 

Analysis of financial data released by the CBN revealed that so far in 2025, banks deposited more cash than they borrowed.

According to the CBN data, banks and merchant banks’ deposits with CBN between January and November 2025 stood at N272.31 trillion, representing an increase of 792.1 per cent Year-on-Year ((YoY) from N30.52 trillion between January and November 2024.

On CBN’s lending, the data revealed that  banks and merchant banks borrowed an estimated N69.54 trillion from the   apex banks between January and November 2025, a decline of nearly 40 per cent YoY from N115.71 trillion borrowed between January and November 2024.

Earlier in  the year, SLF demand remained relatively high at N24.8 trillion in February 2025, slightly before easing to N16.49 trillion  in March 2025.

That mixed behavior showed that although system liquidity was strengthening, some institutions still required overnight support to rebalance their books.

Analysts attributed the growth to  high credit risk concerns and a preference for the safety of the regulator window rather than lending into the real sector.

“With high benchmark rates for lending and borrowing, and concerns about credit risk and economic uncertainty, banks may prefer the relative safety of the SDF. It offers them a known return rather than extending credit into uncertain territory. While banks eagerly placed excess funds with the apex bank, borrowing from the CBN slowed as pressures in the interbank market relaxed,” said Vice President, Highcap Securities Limited, Mr. David Adnori

The increase, he added, signalled a recovery in liquidity conditions and a more comfortable cash stance heading into 2026.

He explained that  the sharp surge in Nigerian SDF placements with the CBN, therefore, is more than a fleeting statistic.

“It captures a deeper tension between liquidity abundance and lending reluctance in the financial system. Beneath the numbers lies a complex web of caution, policy tightening, and an economy grappling with uncertainty.

“Banks are not acting irrationally. They are responding to signals from an environment marked by high inflation, exchange rate volatility, and weak consumer confidence,”  he added.

Amid drop in MPR to 27 per cent, the CBN adjusted the standing facilities corridor around the MPR to +50basis points/-450basis points from the  previous: +250basis -250basis points.

Cordros Research in a report after the November 24-25 MPC meeting stated that, “Contrary to our expectations of a 100basis points reduction, the MPC retained the MPR at 27per cent, despite the sharper disinflationary outturn in recent months and the appreciation of the naira. 

“According to the MPC, inflation remains elevated at double-digit levels, underscoring the need to keep interest rates high to strengthen the disinflationary trend. However, the Committee signalled an easing bias by adjusting the asymmetric corridor to +50/-450basis points (Previous: +250basis points/-250basis points) around the MPR. 

“This indicates a reduction in interest rates for the SLF and the SDF to 27.5per cent (Previous: 29.5per cent) and 22.5per cent (Previous: 24.5per cent), respectively. The adjustment is expected to ease monetary conditions and strengthen banks’ private sector credit expansion.

“Going into 2026, we expect inflation to continue easing as key drivers unwind, including sustained naira stability, better harvest outcomes and relatively stable petroleum prices. Nonetheless, in line with the MPC’s price stability goal and given that inflation is likely to remain in double digits in 2026, we believe the pace of interest rate cuts will likely remain measured.”

The applicable rates for the SDF and SLF in 2023 increased by 50 basis points to 11.50 and 19.50 per cent, respectively, following the hike in the policy rate by 50 basis points to 18.75 per cent in June 2023.

The interest rate at which these banks borrow from CBN changed in 2024 amid the Monetary Policy Committee (MPC) hike in MPR or interest rate.

In 2024, the MPC members voted to increase interest rate from 18.75 per cent to 27.50 per cent amid its mandate to tackle inflation rate and unstable Naira at the foreign exchange market. However, the MPC members of the CBN towards the end of September 2025 voted to reduce MPR  by 50 basis points to 27per cent, marking a significant shift to an expansionary monetary policy.

This move, which comes amid five consecutive months of sustained disinflation, aims to boost economic activity and address liquidity issues in the banking system.The decision was influenced by the fall in the inflation rate from 24.8per cent in January 2025 to 18.02per cent in September 2025.

The increase in SDF is coming on the backdrop of CBN removal of the cap on the remunerable policy, among others.

The CBN governor, Mr. Olayemi Cardoso had disclosed that the apex bank removed the cap on the remunerable SDF to increase activity in the SDF window and manage liquidity.

CBN had maintained that the strong patronage at the SDF confirmed healthier liquidity in the banking system, stressing that banks and merchant banks were in search of better yields.

The current inflation rate in Nigeria is above yield on Treasury bills (T-Bills) as banks and merchant banks are looking for risk-free investments, which SDF has provided since MPR hike.

On the impact on fixed income, Cordros Research added that, “With the MPC maintaining the MPR, the fixed income market enters the rest of the year with a stable policy anchor that should support a continued, albeit marginal, yield decline.  Precisely, we expect a measured decline across the curve, driven largely by improved liquidity conditions and a slower inflation trajectory. 

“Also, the MPC’s adjustment of the asymmetric corridor to +50basis points and −450basis points from +250basis points and −250 basis points is likely to support improved demand from the banks. 

“Precisely, the lower SDF bound is likely to reduce the incentive for banks to sterilise liquidity at the window, although elevated usage through the year suggests this effect may be gradual. Nonetheless, the lower bound could result in improved demand for treasury issuances, supporting our view of a downward trend in yields.”

Kayode Tokede 

The Nigerian Exchange Limited (NGX) has admitted Chams Holding Company’s 1,955,910,000 ordinary shares of 50 kobo each at N1.87 per share offered through private placement.

The listing, effective November 17, 2025, increases the company’s total issued and fully paid-up shares from 4.696 billion to 6.651 billion, raising N3.66 billion to support equity funding and technical operations.

A press release on the NGX, said “trading licence holders are hereby notified that additional 1.956 billion ordinary shares of 50 kobo each of Chams Holding Company were on November 17, 2025, listed on the daily official list of NGX.

“The additional shares listed on NGX arose from the Company’s private placement of 1.956 billion ordinary shares of 50 kobo each at N1.87 per share. With the listing of the additional shares, the total issued and fully paid-up shares of Chams Holding Company have now increased from 4.696 billion to 6.652 billion ordinary shares of 50 Kobo each.”

Chams HoldCo said, “it planned to channel funds into cross-border digital payment innovations, a critical growth area. By building robust platforms that support seamless and secure transactions across Africa, the company aims to empower individuals, businesses, and governments while fostering financial inclusion and regional commerce. “In addition, the company is preparing to implement next-generation switching infrastructure to enhance transaction speed, reliability, and security.”

Kayode Tokede 

British International Investment (BII) and First City Monument Bank (FCMB), have announced a $50 million credit facility aimed at driving growth and economic inclusion for Micro, Small, and Medium-sized Enterprises (MSMEs) in Nigeria.

Under the partnership, BII will provide the credit facility to FCMB for onward lending to MSMEs. 70 per cent of the facility is dedicated to financing MSMEs in northern Nigeria, an area that is historically underserved by capital providers. 

The remaining 30 per cent will be directed towards empowering women-owned businesses nationwide.  

Managing Director and Chief Executive Officer, FCMB, Yemisi Edun said: “Our partnership with British International Investment strengthens our ability to channel resources where they matter most, deepen financial access for underserved groups, and create pathways for long-term economic participation across the country. As of September 2025, we provided over N533 billion credit lines to thousands of businesses nationwide.”

British Deputy High Commissioner in Lagos, Jonny Baxter said: “This investment is one of many examples of the UK’s commitment to partnering with Nigeria to drive inclusive growth and mutual prosperity. By empowering Nigerian SMEs, particularly those in underserved regions, we are not only creating jobs and driving inclusion but also strengthening the foundations for deeper UK-Nigeria trade and investment partnerships now and in the future. In addition, by supporting FCMB to innovate its approach to deploying finance, this investment will help catalyse systemic change in how SMEs are financed across Nigeria.”

Managing Director and Head of Africa at BII, Chris Chijiutomi said: “We are delighted to partner with FCMB to directly address long-standing barriers to financial access, empowering Nigerian entrepreneurs who have faced significant challenges in securing affordable financing. Through this investment, we are unlocking opportunities for businesses particularly in Northern Nigeria where our support is needed most. This aligns with our commitment to supporting MSMEs and women-led businesses that are key to creating jobs and accelerating inclusive prosperity across Nigeria.”

Kayode Tokede

Transactions by  foreign and domestic investors on the Nigerian Exchange Limited (NGX) more than doubled in the 10 months of 2025, reaching N9.57 trillion, a 114.01 per cent increase from the N4.47 trillion recorded in the same period of 2024.

According to NGX’s latest Domestic & Foreign Portfolio Participation in Equity Trading, the surge marks a record high for total market activity, buoyed by stronger participation from Pension Fund Administrators (PFAs) and high-net-worth domestic investors.

The report disclosed that Foreign portfolio investors (FPIs) accounted for N2.03 trillion of total trades, a 172.4 per cent year-on-year rise from N744 billion a year earlier.

In contrast, domestic investors contributed N7.54 trillion, up 102.4 per cent from N3.73 trillion in 2024.

According to the report by NGX, the foreign investors represented 21.18 per cent of total market activity during the period, up from 16.65 per cent a year earlier. Domestic investors, while still dominant, saw their share ease slightly to 78.82 per cent from 83.35 per cent.

Within the domestic segment, institutional investors led activity with N4.6 trillion, compared withN1.8trillion in 10 months of 2024, while domestic retail  transacted about N2.9trillion in 10 months of 2025 from N1.9trillion in 10 months of 2024.

In terms of inflow, the report disclosed that foreign inflow stood at N1.12 trillion in 10 months of 2025 from N344 billion in 10 months of 2024, while outflow stood at N909.54billion in 10 months of 2025 from N400.04billion in 10 months of 2024.

The report further stated that, “Over an 18 year period, domestic transactions increased by 33.15per cent from N3.556 trillion in 2007 to N4.735 trillion in 2024; whilst foreign transactions also increased by 38.31% from N616 billion to N852 billion over the same period.

“Total domestic transactions accounted for about 85per cent of the total transactions carried out in 2024, whilst foreign transactions accounted for about 15per cent of the total transactions in the same period. The transaction data for 2025 shows that total domestic transactions are circa N7.5433 trillion, whilst total foreign transactions are circa N2.0273 trillion.”

The Vice Chairman of Highcap Securities Limited, Mr David Adonri , described the retail uptick as a positive signal for market stability. “The growth in retail activity at a time when institutional and foreign investors are slowing down shows that local investors are becoming more confident and more informed. It reflects the impact of technology, easier access, and sustained market education. Retail investors are gradually becoming a stabilizing force in our market,” he said.

Kayode Tokede

The Nigerian stock market yesterday extended its downward trend with a decline of N110 billion amid investors persistent profit taking continued to weigh on overall performance.

Specifically, the Nigerian Exchange Limited  All Share Index (NGX ASI) dropped by 173.26 basis points or 0.12 per cent to close at 144,986.51 basis  points. Also, market capitalisation declined by N110 billion to close at N 92.219 trillion.

Market sentiment remained slightly weak, evidenced by a marginally negative market breadth of 27 gainers against 28 losers. NCR Nigeria recorded the highest price gain of 9.95 per cent to close at N30.95, per share. University Press followed with a gain of 9.80 per cent to close at N5.60, while Tantalizers grew by 9.79 per cent to close at N2.58, per share.

Caverton Offshore Support Group up by 9.57 per cent to close at N5.15, while Union Dicon Salt rose by 9.52 per cent to close at N6.90, per share.

On the other hand, Living Trust Mortgage Bank led the losers’ chart by 9.90 per cent to close at N3.73, per share. McNichols followed with a decline of 9.00 per cent to close at N2.73, while Livestock Feeds declined by 7.75 per cent to close at N6.55, per share.

Regency Alliance Insurance depreciated by 6.56 per cent to close at N1.14, while UPDC declined by 6.14 per cent to close at N5.96, per share.

Meanwhile, the total volume traded rose marginally by 5.72 per cent to 381.234 billion units, valued at N16.717 billion, and exchanged in 21,827 deals. Transactions in the shares of Tantalizers topped the activity chart with 58.777 million shares valued at N145.991 million. Sterling Financial Holdings followed with 31.413 million shares worth N242.418 million, while Universal Insurance traded 28.100 million shares valued at N35.814 million.

Veritas Kapital Assurance traded 25.247 million shares valued at N47.690 million, while Aradel Holdings sold 16.348 million shares worth N9.498 billion.

On market outlook, analysts at Imperial Asset Managers Limited stated that “we anticipate the cautious and defensive tone to persist in the near term. The index is likely to remain under pressure due to the sustained profit-taking in major financial names. Selective bargain-hunting may continue in oversold mid-caps, but the overall market direction is likely to remain defensive, with the index trading in a tight, negative range.”

Kayode Tokede

Bitget, the world’s largest Universal Exchange (UEX),  has said that trading in its US stock-linked futures has passed $300 million  in cumulative volume on the platform, doubling in just two weeks globally.

CEO of Bitget, Gracy Chen, stated that, “Crossing the $1 billion mark in such a short time shows how fast traders are embracing stock futures as part of a unified digital trading experience, it’s a signal that the line between traditional markets and digital assets is disappearing, and our Universal Exchange model is where that convergence is happening first.

“What happened include: Bitget launched USDT-margined perpetual futures on 25 US stocks for example, Apple, Amazon, Meta, Microsoft and later added contracts like NFLXUSDT, JDUSDT and QQQUSDT. The product targets traders who want stocks exposure but prefer a 24/7 crypto interface.”

“The exchange frames the growth as part of a broader “Universal Exchange (UEX)” model that hosts crypto, tokenized/stock-linked products, and on-chain markets in one place. This is necessary because many traders, including those in the African region, have already moved from local fiat to USDT using marketplace sellers on P2P – bank transfer or popular wallets, where supported.”

Kayode Tokede 

Haldane McCall Plc is a Nigerian-based property and hospitality investment company focused on delivering affordable housing and operating budget hotels under the “Suru Express” brand. The company operates primarily in Nigeria and the Republic of Benin, with plans to expand further across West Africa to meet rising urbanization demand. In November 2024, Haldane McCall successfully listed on the Nigerian Exchange Limited (NGX), introducing 3.12 billion shares at N3.84 per share and achieving an initial market capitalization of approximately N11.99 billion. With a dual focus on real estate development and hospitality, the company is strategically positioned to generate both one-time revenues from property sales and recurring income through hotel operations—offering a balanced and scalable business model.

Peep Into FY Financials

Haldane McCall delivered strong financial results for 2024, underscoring the value of its diversified asset base: Revenue: N3.64 billion, a 109per cent increase from N1.74 billion in 2023, largely driven by land and property sales totaling N2.68 billion, Profit Before Tax: N1.01 billion, up 168per cent from N378 million, Profit After Tax: N679.6 million, up 164per cent YoY from N256.96 million and Total Assets: N21.99 billion, reflecting a 22.8per cent increase from N17.91 billion. The board declared a N220.6 million dividend (N7 kobo/share), translating to a payout ratio of 32.5per cent, a signal of management’s commitment to value creation and shareholder returns.

Strategic Development

Haldane McCall continues to invest in scalable infrastructure. The Company delivered 48 housing units in Porto Novo, Benin Republic, and 34 units in Ketu, Lagos. It is currently developing a 1,200-unit housing project in Majidun, Lagos with Ongoing expansion of Suru Express Hotels to strengthen recurring revenue streams. In May 2025, shareholders approved a capital raise of up to N250 billion through a rights issue and debt issuance, enabling accelerated development of housing and hotel assets in underserved urban markets.

Beting on Haldane McCall

Haldane McCall has strong potential for accelerated growth. The high double-digit growth in both revenue and net income shows strong operational and effective capital allocation.  It has a strong asset-backed value. With total assets approaching N22 billion and a deep property pipeline, the company may be undervalued relative to its book value and earnings potential.  There is Rising demand for affordable housing and budget hospitality—driven by urbanisation and a youthful population creates tailwinds for sustainable expansion. It has a consistent dividend policy combined with stock appreciation offers a compelling total return story and its listing on NGX improves transparency, access to capital, and investor confidence.

Investors Takeaway

Haldane McCall presents a unique opportunity for investors seeking exposure to Nigeria’s booming real estate and hospitality markets. Its balance of asset-backed securities, growth potential, and shareholder returns make it an attractive medium-to-long term play. Haldane McCall combines the solidity of real estate with the scalability of hospitality. With a proven ability to execute, growing assets, and plans to scale across West Africa, the company is well-positioned to deliver strong total returns. Investors with a 2–5-year horizon should consider increasing exposure to capitalize on this growth trajectory, while remaining attentive to compliance and balance sheet discipline.

Kyode Tokede narrates how Access Holdings Plc sustained its growth trajectory in its nine-month financial results as well as its agility in execution and the capacity to turn challenges into opportunities

In a year marked by economic headwinds, market volatility, and shifting regulatory dynamics, Access Holdings Plc has once again demonstrated resilience. The Group’s nine-month financial results for 2025 reveal growth in figures and  strength in fundamentals, as well as agility in execution and the capacity to turn challenges into opportunities across its expanding African footprint.

Giving the challenging environment, institutions are becoming more cautious and so is Access Holdings. But the Group continues to move ahead with assurance. Between January and September 2025, it recorded gross earnings of N3.9 trillion, representing a 14.1 per cent year-on-year growth from N3.4 trillion in the corresponding period of 2024. More significantly, compared to its half-year performance, earnings surged by 56.2 per cent, reflecting strong momentum across both banking and non-banking subsidiaries.

Steady Growth Across Segments

The performance was powered primarily by a surge in interest income, which rose 21.1 per cent to N2.9 trillion, driven by expansion in the loan book and disciplined asset optimisation. Net interest income followed the same upward trajectory, climbing nearly 49 per cent to N1.3 trillion.

Complementing this was a solid showing in fees and commissions,  an area that continues to benefit from the Group’s growing digital ecosystem. Net fee and commission income rose 44.3 per cent year-on-year to N476 billion, reflecting rising transaction volumes and deeper customer engagement across digital and alternative channels. When viewed quarter-on-quarter, this figure represents a 100.8 per cent increase from the half-year, signaling renewed consumer confidence and expanding market reach.

While total non-interest income slipped marginally by 8.1 per cent to N872 billion, the Group’s strong core operations ensured overall earnings growth remained robust. Operating income advanced 19 per cent to N2.13 trillion, reinforcing Access Holdings’ ability to balance scale with efficiency.

Navigating Headwinds with Discipline

The broader Nigerian macro-economic environment has remained challenging, characterised by inflationary pressures, currency volatility, and tight liquidity. For Access Holdings, these conditions translated into a rise in loan impairment charges, which increased 141.5 per cent to N350 billion. Even against this backdrop, the Group managed its costs with remarkable discipline. Operating expenses rose by a modest 6.7 per cent, helping the cost-to-income ratio improve to 54.6 per cent, from 60.8 per cent a year earlier.

This operational efficiency underpinned a profit before tax of N616 billion, up 10.4 per cent year-on-year, while profit after tax reached N447 billion. More strikingly, when viewed sequentially, Access Holdings’ profitability accelerated sharply, with profit before tax climbing 91.9 per cent and profit after tax more than doubling (107.9 per cent) compared to the half-year period.

Such performance, analysts say, underscores the Group’s ability to respond dynamically to market realities while sustaining growth. “Access Holdings is showing that strategic diversification works,” noted one Lagos-based financial analyst. “It has built an institution resilient enough to withstand domestic challenges while drawing strength from its growing international footprint.”

Stronger Balance Sheet, Broader Horizon

The Group’s balance sheet expansion remains one of the strongest in the industry. Total assets jumped 25.8 per cent to N52 trillion, propelled by customer deposits, which rose 47 per cent to N33.1 trillion. Loans and advances also grew 19.7 per cent to N15.6 trillion, reaffirming Access Holdings’ commitment to supporting productive sectors and private enterprise across markets.

One of the most remarkable aspects of this growth story is the performance of the Group’s non-Nigerian subsidiaries, which now contribute over half of consolidated results. From Ghana to Kenya, South Africa to the UK, Access Holdings’ pan-African and international operations  through its banking subsidiaries, have become a stabilising force, insulating the Group from the full impact of domestic macroeconomic pressures.

This strategic diversification, both sectorally and geographically, has emerged as a core differentiator in a banking landscape grappling with policy shifts, regulatory tightening, and evolving customer needs. It’s a long-term play that is beginning to pay dividends.

Resilience Rooted in Strategy

Apart from the impressive numbers, Access Holdings’ success is anchored in a clear strategy: build a financial ecosystem that connects individuals, businesses, and markets across Africa and beyond. The Group continues to deepen synergies across its banking, insurance, pension, payments, and asset management businesses, creating a vertically integrated model designed for scale, efficiency, and sustainability.

Even as return on equity (ROE) and return on assets (ROA) moderated slightly to 15.4 per cent and 1.3 per cent, respectively, the Group’s management remains focused on long-term value creation. Its digital transformation initiatives, regional expansion, and robust risk management framework all point toward sustained competitiveness in an increasingly integrated financial landscape.

According to the Group’s management, the focus going forward will be on “deepening market presence, strengthening operational resilience, and delivering long-term value for stakeholders.” That ambition is underpinned by a clear understanding of the shifting financial ecosystem,  where technology, innovation, and trust increasingly define success.

Compelling Proposition for Investors

For investors, Access Holdings remains one of the most compelling plays in Nigeria’s financial services sector. Its earnings momentum, disciplined cost management, and pan-African expansion give it an edge in both growth potential and stability. The Group’s ability to generate consistent returns amid macroeconomic turbulence reinforces its standing as a reliable long-term investment option.

In a year when global uncertainty continues to shape market sentiment, Access Holdings’ trajectory offers a counter-narrative,  one of resilience, adaptability, and focused execution. Its story is no longer just about size or scale, but about strategy and sustainability.

As the Group looks ahead to year-end, the message from its nine-month results is unmistakable: Access Holdings is not merely navigating the storm,  it is building strength within it. In doing so, it continues to define what it means to be a modern African financial institution: resilient, diversified, and future ready.

Kayode Tokede

Standard Chartered Bank Nigeria Limited has announced that it has successfully fulfilled the Central Bank of Nigeria’s (CBN) N200 billion minimum capital requirement for national commercial banks, in advance of the regulatory deadline.

This achievement highlights the bank’s formidable financial foundation and steadfast commitment to deeply contribute to Nigeria’s economic advancement and financial stability.

Chief Executive Officer, Standard Chartered Bank Nigeria Limited, Dalu Ajene in a statement stated that: “Delivering on the CBN’s recapitalization directive ahead of schedule underscores our unwavering confidence in the resilience and potential of the Nigerian economy. This achievement reaffirms Standard Chartered’s enduring partnership with Nigeria and our steadfast commitment to foster sustainable growth, support clients, and play a pivotal role in Nigeria’s financial and economic transformation.”

With a distinguished global heritage spanning over 170 years in Africa, and 26 years of dedicated service in Nigeria, Standard Chartered Bank Nigeria Limited continues to harness its global expertise with local insights to provide innovative banking solutions that empower individuals, businesses, and communities to prosper.

Executive Director and Chief Financial Officer, Standard Chartered Bank Nigeria Limited Dayo Omolokun added: The recapitalisation of Standard Chartered Bank Nigeria Limited ahead of the March 2026 deadline reinforces the Group’s commitment to Nigeria, as an important and strategic market on the African continent.

“Since returning to Nigeria to establish a wholly owned subsidiary in 1999, the Bank has supported clients and customers with structured financial solutions running into billions of Dollars, combining differentiated cross-border capabilities with leading wealth management expertise.”  

Kayode Tokede

Caverton Offshore Support Group Plc, Nigeria’s leading provider of marine, aviation, and logistics services to local and international oil and gas companies, has announced its unaudited results for the third quarter ended September 30, 2025, showing continued operational improvement and strong recovery momentum despite a difficult business environment.

The group’s financial figures for Q3, 2025, made available to investors on the Nigerian Exchange Limited, showed that Gross profit rose by 16 per cent to N10.9 billion in the review period compared to N9.4 billion in the same period of 2025.

Operating profit improved to N9.8 billion as against the N34.9 billion loss printed in Q3 2024 while Loss Before Tax scaled down to N4.6 billion compared with N41.6 billion in Q3 2024. 

Earnings Per Share (EPS) though still in the negative, appreciated to-N1.38 up from  -N12.42 in Q3 2024.

Revenue dropped by 66.8 per cent from  N34.2 billion in Q3, 2024 to N20.5 billion in Q3, 2025.

Furthermore, the group’s profitability ratios look more promising with gross margin rising to 55.6 per cent in the review period compared to 15.2 per cent in 2024. Net Profit(loss) Margin stood at  – 18.9.per cent  as against -19.7 per cent in 2024. EBIT/Interest Expense  rose to 28.1.per cent from 23.1 per cent in 2024. Capital Structure ratios showed that Net debt/Equity  recorded -1.1x (2.4x in 2024). Long-Term Debt/Total capitalization is -1.1x (-5.6x in 2024),  Asset turnover is 0.3x (0.3x in 2024) and EBIT/Capital Employed is -0.2% (-0.1% in 2024).

Commenting on the results, Group CEO, Caverton Group,  Olabode Makanjuola noted that the Q3 2025 performance underscores the strength of Caverton’s business fundamentals and the positive trajectory of its turnaround strategy.

“While we acknowledge the current loss position, the significant reduction in pre-tax losses and strong operating profit demonstrate the effectiveness of our strategic initiatives to stabilize operations, enhance cost efficiency, and strengthen earnings quality. Our focus remains on repositioning Caverton for long-term, sustainable growth,” said Makanjuola.

Caverton continues to implement key management initiatives aimed at strengthening business continuity, diversifying revenue streams, and enhancing shareholder value. Notable developments include:

“The Company is advancing plans to launch its air cargo business to capture opportunities in Nigeria’s growing logistics and e-commerce sectors. This follows Caverton’s participation in Nigeria’s presidential state visit to Brazil, during which the Group announced its strategic entry into cargo operations.

“Preparations are at an advanced stage for the launch of Unity Shipping Worldwide, a joint venture between Caverton marine, NNPC and Swedish shipping giant, Stena Bulk. This initiative is expected to diversify the Group’s income base and improve cash flow stability whilst developing indigenous shipping capacity on an international platform for the shipment of petroleum and bulk cargoes.

“Caverton is expanding its boat-building capacity through collaboration with the Nigerian Navy at the Naval Dockyard. The Company’s OMIBUS fleet, designed to address water transportation challenges in Lagos and across Nigeria, recently launched the first-ever 100% electric ferry built in Nigeria. Developed in partnership with Chinese outboard engine manufacturer Explomar and supported by the Naval Dockyard, the ferry has successfully completed sea trials, with full-scale production expected to commence in Q4 2025,” he said.

The management, he added. continues to implement robust cost control measures and process automation across its aviation and marine businesses to sustain profitability improvements.

“The Company remains committed to deepening its relationships with key clients in the oil and gas and logistics sectors while exploring new commercial opportunities within and outside Nigeria. The Group is equally repositioning its helicopter operations, previously accounting for 80% of Group revenue—through renewed strategic operating and leasing partnerships.

“Caverton UAV Solutions is the newest addition to our aviation portfolio at the Caverton MRO and Training Centre. Around the world, Unmanned Aerial Vehicles (UAVs), commonly known as drones, are increasingly becoming an integral part of everyday life. Caverton is developing drone applications spanning agriculture, land surveying, social events such as the recently concluded FIDA Drone Soccer Championship in South Korea, and critical security operations.  

“As part of our ongoing commitment to technological advancement and local innovation, Caverton, in partnership with NASENI, plans to commence the design and development of a range of UAV solutions beginning in Q1 2026.  

“Despite industry headwinds, Caverton remains confident in its long-term prospects. The Company’s proactive management strategies, new business initiatives, and strengthened governance framework are expected to enhance business continuity, improve margins, and support the return to profitability in the near term,” he added.

Kayode Tokede

United Bank for Africa (UBA) Plc, continues to demonstrate its commitment to youth empowerment and leadership development as 700 young professionals joined the bank through the Graduate Management Accelerated Programme (GMAP), signalling a major investment in the next generation of leaders who will continue to drive the continent’s economic and financial transformation.

At the graduation ceremony held in Lagos, the bank celebrated graduates from Nigeria and across African countries where the bank operates.

UBA’s Group Chairman, Tony Elumelu; Deputy Group Managing Director, Chukwuma Nweke, and other Board Members, Executive Management, faculty members, were on ground to receive the newly graduated professionals into the UBA Tribe.

In his speech, Elumelu, who referred to the graduands as “lions and lionesses”, reiterated the bank’s commitment towards raising the next generation of passionate and competent leaders on the continent.

“We are happy to have you as part of this tribe. At UBA, we strongly believe in the transformative power of young people, and that is why we designed this programme that allows us to transfer the baton of knowledge and experience onto others,” he said. “A few decades ago, I started out just like you fresh out of the university, and I am glad that this organisation is providing for you that same opportunity that I got, and I look forward to seeing you guys prove your worth.”

Also speaking at the event, Deputy Managing Director, Chukwuma Nweke, who represented the Group Managing Director, Oliver Alawuba, celebrated the graduates’ perseverance and reaffirmed the bank’s belief in human capital development.

“This ceremony is a celebration of potential, perseverance and purpose. You all are not just graduates; you are our next generation of innovators, leaders, and ambassadors of an enduring legacy. This program reflects our belief that Africa’s future will be shaped not by chance, but by capable and courageous Press leaders like you,” he said.

Nweke elaborated on the rigorous, six-month Graduate Management Accelerated Programme (GMAP), which, according to him, blended classroom learning, digital simulations, field assignments, and mentorship from senior executives.