2027: Why Peter Obi, Atiku can’t form coalition – Umar Ardo

Political strategist and Convener of the League of Northern Democrats, Umar Ardo, has stated that the presidential candidate of the African Democratic Congress, ADC, Atiku Abubakar, lacks the inclination to withdraw from the presidential race.

He, however, noted that Peter Obi, the presidential candidate of the Nigeria Democratic Congress, NDC, has the ability to step down, although doing so would alienate his support base.

He explained that if Atiku were to express a willingness to withdraw, the former vice president would likely retain his support base.

However, he emphasised that it is highly improbable for the 2023 presidential candidate of the Peoples Democratic Party, PDP, to take such a step.

Ardo said that while Peter Obi could easily step aside, his supporters might not react favourably to such a decision, highlighting these as the two significant challenges hindering a robust merger ahead of the presidential election.

Speaking on Arise News, Ardo said, “My view is that Atiku does not have the propensity by himself to say, ‘I will step down.’ If he says so, he will not have a problem with his support base. But the issue is that he is highly unlikely to say that.

“Then Peter Obi has the propensity to say, ‘I will step down.’ But if he says so, he will not have his support base. He will not be able to carry his support base. His support base will not go with him. So, now, these are the two problems.

“Unless we are able to resolve these two challenges, then I don’t see the fusing together being possible. However, even if they do not fuse together, individually, anyone of them has the capacity to upturn the order, depending on how he strategises himself.

“So, even if they don’t, they still have the capacity to win the election against the incumbent on an individual basis.”

Osun Guber: Gov Adeleke urges unity among political leaders

Osun State governor, Ademola Adeleke has urged political leaders across the state to work together to move the state forward.

The call came after the 2026 governorship election.

Governor Adeleke made the call while reacting to the peace appeal issued by the All Progressives Congress, APC, governorship candidate, Bola Oyebamiji, following his recent visit to President Bola Tinubu in Abuja.

The governor described Oyebamiji’s appeal as a welcome development after weeks of intense political activities and tension surrounding the election.

In a statement issued by his spokesperson, Olawale Rasheed on Friday, Adeleke said the people of Osun deserved peace and stability after the election season.

The governor also called on members and supporters of all political parties to exercise restraint and avoid actions capable of undermining peace across the state.

Adeleke said his administration had consistently opposed the use of violence for political purposes, despite the pressures experienced during the campaign and election period.

He said, “I am forever a man of peace. It is heartwarming that my brother, Oyebamiji, is also preaching peace. I assure him that my supporters have not and will not attack APC members.”

According to the governor, “the period of political competition has ended, making cooperation among leaders necessary to ensure effective governance and development across Osun.

“Elections have come and gone, and we are all winners. The common task for us all is to sustain the delivery of democratic dividends and good governance to the good people of Osun State.”

Adeleke invited former governor Adegboyega Oyetola, Oyebamiji and other opposition leaders to participate in efforts aimed at advancing the interests of the state.

He said, “We are all important stakeholders in this Osun project.”

He also reiterated his commitment to maintaining peace and encouraged political cooperation after the election.

NIS arrests 55 illegal migrants from Cameroon, Congo in Osun

The Nigeria Immigration Service, NIS, Osun State Command, has arrested 55 migrants from Cameroon and the Republic of Congo for allegedly entering the state through unauthorised routes and staying without valid travel documents.

The migrants were paraded in Osogbo on Friday following their arrest at different locations across the state.

Speaking to journalists after the exercise, the Osun State Comptroller of Immigration, Ibrahim Akinyemi, said the arrests were carried out based on intelligence received by the command.

Akinyemi described the suspects as irregular migrants and said the exercise was part of efforts to identify foreigners residing in and operating businesses in the state without the required immigration documentation.

“These people are about 55. They are irregular migrants. They were arrested and brought here for repatriation. They came in through an unauthorised route. So, their stay here has become a serious nuisance,” he said.

According to him, immigration officials traced the migrants to their various locations after gathering intelligence and subsequently brought them to the command headquarters on the directive of the NIS headquarters through the Comptroller-General.

He said the exercise was only the beginning, adding that the migrants would undergo profiling to determine their immigration status and whether any of them qualified for regularisation.

“They were apprehended through intelligence gathering. We had to go to their various locations to bring them here to the office. We have to profile and check their documents to know which ones are eligible, or which ones are legal and can be regularised,” Akinyemi stated.

The comptroller said preliminary checks showed that the migrants did not possess valid travel documents, including passports.

“They don’t even have ordinary passports, and they are here doing this illegal online business that is not registered with the Corporate Affairs Commission,” he added.

Akinyemi disclosed that some of the migrants were found living in the Owode-Ede area of the state, while immigration officials were continuing efforts to identify and apprehend others who might be staying at undisclosed locations.

He said the migrants told investigators that they came to Osun to engage in an online business known as QNET, although they allegedly declined to provide further details about the operation.

The comptroller also said the command would investigate how the migrants entered the state and pursue those suspected of facilitating their movement into Osun.

“They also claimed to have come through Yola (Adamawa State). By the grace of God, we are taking them back to where they came from,” he said.

One of the migrants, Ismail Mohammed, a Cameroonian national, told journalists that he arrived in Osun in February 2026 after being invited by a woman living in Chad to engage in online business in the state.

The NIS said further profiling and investigation would determine the migrants’ individual circumstances and the appropriate administrative action to be taken.

Abuja residents demand action as scavengers fuel criminal activities

Nigerians, especially residents of the Federal Capital Territory, FCT, have expressed concerns over the upsurge in the activities of scavengers, who wander around neighbourhoods at odd hours, posing security risks.

The residents are pleading with the authorities to intensify enforcement, limit their activities, and provide alternative means of domestic waste disposal.

In the FCT, there is a damning image associated with the nomenclature of waste scavengers, popularly known as ‘Baban bola’.

Many of them have reportedly used the title as a cover for all sorts of criminal activities. They rob and pilfer residents’ properties, vandalise and steal government assets and, working in gangs, harass innocent citizens.

Some of them, according to reports, go about as scavengers by day and then operate as armed robbers and pickpockets by night.

Speaking to DAILY POST, some residents of the FCT and its outskirts said the rising cases of kidnapping and other related crimes could be linked to scavengers who move around unperturbed.

DAILY POST gathered that, in recent times, major locations such as Nyanya, Karu, Jikwoyi, Mararaba and Masaka, all suburbs of the FCT, have had their neighbourhoods crowded with scavengers.

A resident simply identified as Mama Amina told DAILY POST that Abuja is fast becoming a hotspot for kidnappers and other criminal elements due to its porous boundaries and security setup.

She said two major incidents of burglary were reportedly carried out by scavengers in Mararaba, and that nothing had been done to permanently end the menace.

“You see these Baban bola (scavengers); they are professional criminals. Forget about their pitiable look. At night, they broke into my neighbour’s house and went away with expensive valuables. We lodged a complaint, but till now, nothing has been done,” she said.

Another resident, Ifeanyi Ike, in Nyanya, regretted the absence of an organised system for collecting domestic waste, stating that the flawed system empowers criminals who disguise themselves as scavengers.

“Previously, the Abuja Environmental Board was more organised. As long as there is no means of disposing of domestic waste, the scavengers will keep increasing in number. The evil these scavengers are capable of is limitless,” he said.

On his part, Suleman Danladi blamed the rising insecurity in the North for the situation, noting that the young men who engage in scavenging used to be thriving farmers in their villages until the insurgency.

Also speaking to DAILY POST, some scavengers, who mostly spoke Hausa, said they ventured into the job to make ends meet, adding that they had to feed their families.

A scavenger, Ibrahim Dantata, said, “There is no job. I have no education and I have no skills. Not every scavenger is a thief. I know people are ruining our reputation, but we are not all bad. I am into this business because it helps me feed my four wives and nine children in Zamfara.”

Another scavenger, simply identified as Adamu, who carries out his activities around Nyanya and Karu, said they punish any scavenger caught stealing or engaging in any criminal activity.

“We don’t tolerate stealing among ourselves. Anybody who is caught stealing faces disciplinary action from us. We either collect their trucks or go physical on them,” he said.

But Mr Ndu Nwokolo, a security expert and Managing Partner at Nextier, said the menace of scavengers in Abuja has exposed residents to pilfering, burglary, illegal surveillance, knife attacks and hooliganism.

According to him, during odd hours, the scavengers inflict violence on innocent individuals and vandalise government property.

He advised the Federal Capital Territory Administration to enforce the ban on indiscriminate disposal of refuse and scavenging.

He said, “The authorities should implement the ban, which should include moving these young people to skills acquisition centres or other sources of livelihood, while the waste management system in the city needs to be effective, thereby making their (scavengers) access to bins difficult.”

Church, govt must work together – CAN

The Christian Association of Nigeria (CAN), Taraba State chapter, has called for stronger collaboration among the church, government and traditional institutions to promote peace, unity, good governance and sustainable development in the state.

The call was contained in a 10-point communiqué issued at the end of a three-day Ministers of the Gospel Conference held at the CAN Secretariat along FGGC Road, Jalingo.

The conference, themed The Roles of the Church and the State in Advancing God’s Purpose in a Changing World,” brought together bishops, pastors, church leaders, traditional rulers, politicians and CAN leaders from the 16 local government areas and two development areas of the state, as well as participants from across the country.

The communiqué, signed by the CAN Chairman in Taraba, Rev. Fr. Williams P. Awoshiri, and Chairman of the Conference Working Committee, Bishop (Dr.) Innocent R. Solomon, stated that the church and government had distinct but complementary roles in nation-building.

“The church has a spiritual and moral responsibility to preach the gospel, defend human dignity, promote peace and justice, care for vulnerable people and speak for the voiceless,” the association said.

It said government was responsible for providing security and justice, delivering essential services and creating an enabling environment for development.

CAN urged Christians holding political offices to regard their positions as opportunities for service rather than personal advancement, citing biblical figures such as Joseph, Daniel, Esther and Nehemiah as examples of integrity and effective leadership.

The association also called on the church to provide moral and ethical leadership without becoming an instrument of partisan politics.

It urged churches to prepare Christians not only for participation in elections but also for responsible service in governance, including in the areas of economics, security, law, agriculture, education and technology.

On church-state relations, CAN advocated constitutional independence, mutual respect and constructive cooperation.

It urged the church to complement government efforts in education, healthcare, poverty reduction and peacebuilding while retaining the courage to speak truth to power when necessary.

The association further called for greater consultation between government and traditional rulers, describing traditional institutions as important custodians of culture and grassroots values.

It urged authorities to involve traditional rulers in policies affecting their communities.

CAN expressed concern over divisions among Christians and called on church leaders to resolve differences within and across denominations, stressing that denominational differences should not undermine Christian unity or become sources of conflict.

The association also resolved to establish continuous channels of engagement among church leaders, traditional rulers and Christian politicians beyond election periods and times of crisis.

It said such engagement should focus on government policies and issues affecting citizens.

CAN called for greater involvement of church leaders in conflict prevention and peacebuilding, particularly in view of Taraba’s multi-ethnic composition and history of communal conflicts.

It urged leaders to adopt early intervention mechanisms and traditional methods of dispute resolution to prevent conflicts from escalating.

BREAKING: Fire outbreak at popular SPAR shopping outlet in Calabar [VIDEO]

A fire outbreak is currently raging at SPAR, a popular shopping outlet in Calabar, this Saturday morning.

The fire, which reportedly started inside the shopping outlet, has sent thick smoke billowing across the city, while fierce flames can be seen from Barracks Road, about 100 yards away from the scene.

Firefighters had reportedly arrived at the scene and are making efforts to put out the raging flames.

The cause of the fire is yet to be ascertained as of the time of filing this report.

FG targets 80% electricity access within five years

FG targets 80% electricity access within five yearsThe Federal Government has pledged to raise electricity access above 80 per cent within five years and close the gap between installed and available power generation within three years as part of measures to address the energy crisis undermining Nigeria’s manufacturing sector.

The commitment was disclosed by the Minister of Power, Joseph Tegbe, during a presentation on ‘Industrialisation and Regional Competitiveness: The Role of Power’ at the just-concluded Nigeria Economic Summit Group event in Lagos.

The minister also pledged to align with the Nigerian Electricity Regulatory Commission’s target of reducing Aggregate Technical, Commercial and Collection losses to below 16.92 per cent within three years.

In his presentation, delivered at the event by his Special Adviser, Martins Olajide, the minister said the Federal Government’s plan would strengthen key transmission corridors, including Lagos, Enugu-Port Harcourt, and Abuja-Kaduna-Kano, while expanding electricity access and improving the reliability of power supplied to businesses and households.

“Over 80 per cent access, ATC&C losses below 17 per cent, the capacity gap closed – Nigerian industry gets the reliable, affordable power it needs to compete for AfCFTA’s 1.4 billion consumers,” he stated.

He said the reforms aligned with President Bola Tinubu’s ambition to transform Nigeria into a $1tn economy, noting that electricity remained central to achieving the target.

“President Bola Tinubu has been absolutely clear about the economic direction of this administration – to transform Nigeria into a one trillion-dollar economy – and electricity sits at the heart of that ambition,” he said.

Tegbe added that the administration had begun strengthening transmission infrastructure across the Lagos, Enugu-Port Harcourt and Abuja-Kaduna-Kano corridors, while rolling out seven million meters and training 5,000 people.

“The plan is in motion: transmission corridors through Lagos, Enugu–Port Harcourt and Abuja–Kaduna–Kano are being strengthened, seven million meters are rolling out, training of 5,000 recently commenced, and captive economic clusters are linking power directly to industry,” he said.

He said the government also planned to establish an independent electricity market free from government intervention, improve liquidity and sustainability in the sector, and reduce recurring debts and losses.

The ministry identified the electricity deficit as a major constraint to industrialisation, noting that Nigeria currently has 13,625 megawatts of installed grid capacity but only 4,854MW of average daily availability.

It said about 62 per cent of installed capacity remained idle, while realistic peak demand stood at about 20,000MW. It said the country’s inadequate electricity supply had forced businesses to rely heavily on self-generation, imposing a huge cost on manufacturers.

“4,500 to 5,000MW average available for 200m+ people. 26 grid collapses in 2024. Energy is 30 to 40 per cent of factory cost,” the power minister stated.

The presentation stated that Nigerians spent N16.5tn on self-generation in 2023, compared with about N1tn in grid revenue, while the World Bank estimated that unreliable electricity caused an annual economic loss of $25bn, equivalent to between five and seven per cent of the country’s Gross Domestic Product.

The ministry said improved grid stability, the creation of economic clusters and expansion of the transmission network along major economic corridors would unlock industrial productivity and investment.

It also said the reforms would support competitiveness by providing industries with more reliable and affordable electricity.

Speaking on a panel at the event, the Director, Research and Economic Policy Division, Manufacturers Association of Nigeria, Dr Oluwasegun Osidipe, said inadequate energy supply remained the biggest constraint identified by manufacturers in the Q2 2026 Manufacturers’ CEO Confidence Index.

“In the Q2 2026 Manufacturers’ CEO Confidence Index Report by MAN, manufacturers highlighted 10 top constraints limiting their operations. According to that report, the first on the list was inadequate energy supply,” he said.

Osidipe said manufacturers had invested heavily in alternative power generation because of unreliable grid supply, adding that the cost had further weakened their competitiveness.

“Manufacturers have suddenly, apart from setting up their own production units, they have also set up power-generating facilities. And when you look at the cost of maintaining that facility, for example, manufacturers in 2035 spent about N1.35tn on alternative energy sources,” he said.

He said the expenditure was separate from the electricity bills manufacturers paid for grid power, making it difficult for Nigerian firms to compete effectively. “And that is excluding the bills they’ve paid for energy supply from the grid. So how do you expect such a manufacturing concern to be competitive?” Osidipe said.

The MAN research director identified regulatory bottlenecks as another major challenge, saying manufacturers faced multiple agencies, overlapping requirements and additional administrative charges.

“The second issue is regulatory tyranny. You have a situation where you have multiple regulations, and the time that CEOs and staff should focus on core manufacturing is used to attend to regulatory agencies,” he said.

Osidipe also cited the exchange rate, manufacturers’ dependence on imported machinery, spare parts and strategic raw materials, as well as weak coordination between monetary and fiscal policies as major constraints.

“The fourth one is the weak handshake between the monetary and fiscal policy. You see the government coming up with one monetary policy and on the other hand, the fiscal authority is also using a contradictory policy,” he stressed.

He added, “You might agree with me that the manufacturing sector cannot be competitive in an environment where the government is using its right hand to counter what the left hand is extending to the industry.”

Nigeria’s oil reserves no longer enough to win investors – PENGASSAN

PENGASSAN logoNigeria may possess one of Africa’s largest hydrocarbon endowments, but the Petroleum and Natural Gas Senior Staff Association of Nigeria has warned that the country can no longer rely on the sheer size of its oil and gas reserves to win the increasingly competitive battle for global investment capital.

PUNCH Online reports that Nigeria has about 37.01 billion barrels of proven oil and condensate reserves and 215.19 trillion cubic feet of natural gas reserves, making it one of Africa’s most resource-rich petroleum countries.

The union said Nigeria was competing with other oil-producing jurisdictions for a limited pool of global capital and must therefore offer investors competitive fiscal and commercial terms, improved security, predictable regulations and efficient project execution.

This was contained in a communiqué issued on Friday at the end of the three-day 5th PENGASSAN Energy and Labour Summit, held in Abuja from August 19 to 21, 2026.

The communiqué was jointly signed by the PENGASSAN President, Festus Osifo, and the General Secretary, Jerry Amah.

The summit, with the theme, “Strengthening Regulatory Frameworks as a Catalyst for Stability and Growth in Nigeria’s Oil and Gas Industry,” brought together government officials, regulators, oil companies, investors, organised labour and other industry stakeholders.

It focused on the regulatory, commercial and labour conditions required to attract investment, raise production and sustain employment in Nigeria’s petroleum industry.

The union said, “The Summit recognised the direct relationship between regulatory certainty, investment, projects, production, government revenue and sustainable employment.

“Nigeria competes with other jurisdictions for finite global capital and cannot rely solely on the size of its hydrocarbon resources to attract investment. The country must offer competitive fiscal and commercial terms, security, predictable regulation and efficient project execution.”

PENGASSAN urged the Federal Government and petroleum regulators to consolidate recent reforms and incentives that had stimulated renewed investments and Final Investment Decisions, stressing that Nigeria must remain internationally competitive to attract long-term energy capital.

The warning comes as Nigeria continues efforts to reverse years of declining investment and production in its oil and gas sector. Although the Petroleum ndustry Act, signed into law in 2021, was expected to provide a clearer legal and commercial framework, industry stakeholders have continued to raise concerns about regulatory uncertainty, policy changes, approval delays, security challenges and the high cost of operating in the country.

PENGASSAN acknowledged the PIA as a major milestone but argued that the existence of legislation alone was insufficient to attract the long-term capital required for multi-billion-dollar petroleum projects.

“The long-term capital required for oil and gas development depends not only on the existence of laws and regulations, but on their predictability, durability, transparency and consistent application,” the union said.

It consequently called for greater stability in Nigeria’s fiscal and regulatory environment, urging government institutions to avoid abrupt policy changes and ensure adequate consultation with industry stakeholders before introducing major changes.

The union also demanded that the recent executive orders issued by President Bola Tinubu to improve investment conditions in the petroleum sector should be transmitted to the National Assembly as an executive bill to amend the PIA.

It said, “The recent ‘Executive orders’ issued by the President and Commander-in-Chief should be submitted to the National Assembly as an executive bill to amend the PIA. This should be transparently done, and all stakeholders in the industry must be carried along.”

The union argued that incorporating the reforms into the petroleum law would provide greater certainty and durability for investors whose projects often require billions of dollars and several years to develop.

PENGASSAN further urged the government to rehabilitate and expand critical energy infrastructure while addressing insecurity and other challenges that increase investment risks and operating costs.

It stated, “They should also prioritise the rehabilitation and development of critical energy infrastructure and address wider issues, including security and other factors that increase the risks and costs associated with investment.”

The union called for what it described as smarter and outcome-driven regulation, supported by digitalisation, clear timelines and faster approvals.

According to the communiqué, “Regulatory effectiveness should ultimately be measured by its ability to facilitate responsible investment, increase production, generate revenue, protect workers and create sustainable national value.”

The summit also welcomed the Nigerian Upstream Petroleum Regulatory Commission’s commitment to continually review its regulations and maintain transparent and time-bound licensing processes.

Beyond crude oil, PENGASSAN said Nigeria must urgently convert its vast gas reserves into industrial and economic value.

The union noted that Nigeria has more than 215 trillion cubic feet of proven gas reserves but continues to struggle with inadequate infrastructure, commercially sustainable pricing, bankable offtake arrangements and creditworthy customers.

It called for an integrated approach covering upstream gas supply, processing facilities, pipelines, storage and infrastructure for LNG, LPG and CNG.

The union also pushed for accelerated gas utilisation in power generation, manufacturing, transportation, fertiliser production, petrochemicals and domestic cooking, while reducing gas flaring and methane emissions.

On refining, the union urged sustained policies to expand domestic processing capacity and reduce the economic inefficiency of exporting crude oil while importing refined petroleum products.

It specifically stressed the need to protect investments in domestic refineries, including the Dangote Refinery and Waltersmith refinery, while encouraging greater value addition through petrochemicals and gas processing.

On the industry’s broader outlook, PENGASSAN said Nigeria’s fundamental problem was not a shortage of resources, laws or human capacity but the failure to convert these advantages into bankable projects and measurable outcomes.

“The Summit observed that Nigeria already possesses significant resources, laws, institutions, policies and human capacity. The critical challenge is the ability to convert these advantages into bankable projects and measurable outcomes,” it said.

It added, “Policies must translate into implementation; resources into projects; projects into production; production into value; and investment into sustainable jobs and national prosperity.”

PENGASSAN therefore called for stronger collaboration among the government, regulators, NNPC Limited, operators, investors, organised labour and host communities, insisting that Nigeria’s petroleum industry would ultimately be judged not by the quantity of hydrocarbons beneath the ground but by the value generated from them.

“The strength of Nigeria’s oil and gas industry will not be measured merely by the resources beneath the ground, but by the projects delivered, the value created, the Nigerian capabilities developed, the decent jobs sustained and the prosperity generated for the Nigerian people,” the union said.

It added, “The opportunity is enormous. The responsibility is shared. Execution must now be the priority.”

AIICO Insurance Plc Reaffirms Commitment To Due Process

AIICO Insurance Plc has dismissed as misleading some damaging allegations being circulated by Mr. Obinna Adolphus Nwosu, a former agent of the Company, to various stakeholders, including regulatory authorities, law enforcement Agencies, media organisations, bloggers, employees and other members of the public.

AIICO Insurance said Mr. Nwosu’s appointment as an agent of AIICO Insurance Plc was terminated and the termination of his appointment, the Company published a public notice in national newspapers on 26 June 2025, expressly warning customers and members of the public against continuing to transact or maintain any business relationship with him on behalf of, or in connection with, AIICO Insurance Plc.

Notwithstanding this, Mr. Nwosu has continued to circulate false and misleading narratives about the Company through various channels, including digital platforms and direct communications with stakeholders.

His persistent and increasingly aggressive efforts to disseminate these claims have the potential to cause unwarranted damage to the Company’s reputation and create unnecessary concern among its employees, customers and other stakeholders.

AIICO Insurance Plc wishes to state unequivocally that these allegations are false and should be treated with the utmost caution.

Rather than engage in a media exchange or submit to a trial in the court of public opinion, the Company has elected to pursue the matter through the appropriate legal channels and has consequently commenced a defamation action against Mr. Nwosu at the Lagos State High Court.

AIICO Insurance Plc said it will not be drawn into a public exchange with a former agent who has chosen to continue making unsubstantiated allegations while the matter is being pursued through the courts.

The Company said it remains confident that the facts will be properly examined and determined through the established judicial process.

It urged the media, regulators, employees, customers and the public to exercise due caution and discountenance the false and misleading narratives being circulated by Mr. Nwosu.

“Mr. Nwosu should make himself available to receive the relevant court processes and allow the matter to proceed in accordance with the law, rather than continuing to prosecute his claims through digital media and direct approaches to individuals within and outside the Company.

“Any genuine grievance or complaint should be presented through the appropriate regulatory, investigative or judicial channels, where it can be properly examined and determined based on verifiable facts and evidence.

“AIICO Insurance Plc remains committed to the highest standards of integrity, accountability and transparency. The Company will continue to pursue all lawful avenues available to protect its reputation, its employees, customers and other stakeholders, and to ensure that the matter is resolved through due process and in accordance with the law.” AIICO said in a statement.

Aig-Imoukhuede Credits Record NGX 57% Rally To Domestic Capital Support 

The Managing Director of Coronation Asset Management, Aigbovbioise Aig-Imoukhuede, has asserted that Nigeria’s equities market recorded a 57 per cent return in the first seven months of 2026, was driven predominantly by domestic capital.
Aig-Imoukhuede, who spoke at the H1 2026 Capital Market Review and Outlook for Second Half of the year on Friday said the performance of the Nigerian Exchange (NGX) reflected stronger domestic participation, improving macroeconomic conditions and rising investor confidence, rather than significant foreign capital inflows.
As of the end of July, the NGX All-Share Index had gained 57 per cent, while total market capitalisation increased by N58.9tn to N158.2tn.
 According to him, the performance placed Nigeria among the world’s strongest-performing equity markets in dollar terms, according to Bloomberg data.
He however, cautioned that the scale of the rally should prompt investors to assess whether the performance represented a sustainable structural recovery or a temporary market re-rating.
“These numbers are certainly worth celebrating,” he said, noting that the rally reflected a strengthening domestic capital base, improving macroeconomic stability and growing opportunities for long-term investors.
The Coronation Asset Management executive said the changing composition of market participation was one of the most significant features of the 2026 rally.
According to him, domestic investors have become the dominant force behind the market’s performance, even as foreign participation has declined.
By June 2026, foreign investors accounted for 12.1 per cent of total NGX transaction value, down from 27 per cent a year earlier.
Aig-Imoukhuede, however, said the decline in foreign participation should not be interpreted as a complete withdrawal of international investors from Nigeria.
He noted that the value of foreign investors’ portfolios increased modestly from N1.13tn to N1.16tn during the first half of the year, suggesting that the major shift was in the relative scale of domestic investment activity.
“What changed was the scale of domestic participation, which expanded at a far more significant pace of 129.1 per cent,” he said.
Foreign portfolio investors were also net sellers of Nigerian equities during the first six months of the year, despite the broader market rally.
Aig-Imoukhuede attributed part of the foreign investors’ positioning to the attractiveness of short-dated Nigerian government securities, which offered yields close to 20 per cent.
“From a pure risk-adjusted perspective, that allocation decision was understandable,” he said.
He identified domestic institutional investors, particularly pension funds, as important contributors to the equities rally following changes to investment thresholds by the National Pension Commission (PenCom).
The resurgence in domestic retail participation also contributed significantly to the market’s performance, reinforcing what he described as a structural shift in the investor base.
Aig-Imoukhuede rejected concerns that increased domestic participation represented a weakness for the market, arguing that a market supported by domestic savings could become more resilient over time.
“If anything, this is a sign of market maturity. Markets become more resilient when they are supported by savings rather than speculation,” he said.
Despite the strong performance, he acknowledged that the rally had been relatively narrow and that the market would need broader participation and stronger fundamentals to sustain the gains.
He said the key question for the second half of 2026 was therefore not whether the rally would simply continue, but whether Nigeria could attract a new wave of international capital.
According to him, the second half of the year could represent a potential re-entry window for foreign investors as conditions around market classification, foreign-exchange liquidity, reserves and corporate earnings continue to improve.
Aig-Imoukhuede said international index providers were increasingly paying attention to Nigeria’s market.
He noted that FTSE Russell was reviewing Nigeria’s position within its Frontier Market Index framework, while S&P Dow Jones Indices had placed Nigeria on a watchlist for possible reclassification from standalone to frontier-market status.
Although neither outcome was guaranteed, he said any change in Nigeria’s classification could have significant implications for international capital flows, particularly passive investment.
“Global capital follows confidence, but domestic capital trades on it,” he said.
He also pointed to improvements in Nigeria’s foreign-exchange market as a factor that could strengthen the investment case for foreign investors.
According to him, improved FX liquidity, a stronger naira and reserve accumulation supported by more sustainable sources of foreign-exchange inflows were important indicators of Nigeria’s external resilience.
He said foreign investors would be particularly interested in the sustainability of exchange-rate stability because currency risk remains a major consideration when assessing Nigerian assets.
Corporate earnings and ongoing economic reforms were also identified as potential catalysts for renewed foreign investment.
Aig-Imoukhuede said the banking sector’s recapitalisation cycle, stronger corporate performance and broader economic reforms were improving the long-term investment proposition for Nigeria within the frontier-market universe.
He said the market’s decline in June, which marked the first month of sequential decline during the period under review, should not necessarily be viewed as evidence of weakening investor confidence.
Rather, he attributed the decline largely to profit-taking by domestic investors following the exceptional gains recorded in the first half of the year.
“Domestic investors were prudently locking in gains after a historic first half,” he said.
Aig-Imoukhuede maintained that the structural case for foreign investors to return to Nigeria was stronger than it had been at the beginning of 2026, although he stressed that investors would become increasingly selective.
He said a market that had gained more than 55 per cent and experienced significant re-rating in several large-cap stocks was unlikely to continue rewarding indiscriminate investment.
He therefore urged institutional investors to focus on companies with strong earnings momentum, sound corporate governance, adequate liquidity and clear prospects of benefiting from renewed international participation.
Looking ahead, Aig-Imoukhuede outlined three broad principles for capital allocation during the remainder of the year, particularly as monetary policy remains relatively tight and investors reassess the attractiveness of fixed-income and equities markets.
With the Central Bank of Nigeria (CBN) expected to maintain its Monetary Policy Rate broadly around current levels, he said the short end of the yield curve could become increasingly crowded as investors continue to seek attractive risk-adjusted returns.
The CBN has maintained the MPR at 26.5 per cent for two consecutive meetings following a 50-basis-point reduction from 27 per cent in February.
Aig-Imoukhuede described the decision to maintain the rate as deliberate and data-dependent, rather than indecisive, citing global uncertainty, geopolitical tensions and volatility in domestic inflation.
Headline inflation stood at 15.43 per cent in July, although he noted that the decline in inflation had not been linear.
He stressed that food-price pressures remained influenced by structural factors such as supply-chain constraints, logistics, agricultural cycles and exchange-rate movements, which cannot be addressed solely through monetary policy.
“At Coronation Research, our base case remains that the MPR will broadly hold at current levels through year-end. We are not forecasting a dramatic policy pivot.
 We are forecasting disciplined, data-dependent stability,” he said.
According to him, monetary-policy stability may not generate significant headlines, but it creates an environment in which long-term capital can be deployed with greater confidence.
He also identified opportunities in quality credit, infrastructure debt and selected fixed-income instruments as investors consider extending duration in response to changing market conditions.
He said Coronation remained committed to infrastructure financing, particularly in the energy and transport sectors, where Nigeria’s long-term capital requirements remain substantial.
Beyond the equities market, Aig-Imoukhuede said Nigeria’s capital market had a broader responsibility to strengthen trust, transparency and institutional credibility.
He argued that attracting more capital would not be sufficient unless the market also developed institutions capable of providing the transparency, governance and investor protection required to retain that capital.
He said capital could enter and exit a market quickly, while investor trust takes years to build and can be lost in moments.
Aig-Imoukhuede described Nigeria’s capital market as being at an inflection point, with the first half of 2026 demonstrating the growing strength of domestic capital and the second half likely to test whether international investors are prepared to return.
He expressed optimism that Nigeria was better positioned than in previous years to attract both domestic and foreign investment, provided the country sustained reforms, strengthened market institutions and maintained macroeconomic stability.
“The opportunity before us is not simply to deliver market returns. It is to build a capital market that is deeper, more trusted, more liquid and more globally relevant,” he said.
He urged asset managers, market operators, regulators and other stakeholders to ensure that Nigeria’s market infrastructure and institutions were prepared to absorb renewed international investment.
“Our responsibility as firms and as an industry is to ensure that when capital chooses Nigeria, it finds institutions that are prepared, markets that are credible and opportunities that are compelling,” he said.

Aig-Imoukhuede’s comments come as Coronation continues to position itself around long-term capital allocation and investment opportunities in Nigeria and across Africa.