The Nigerian Exchange closed last week on a positive note, gaining N1.54tn as the All-Share Index rose by 1.63 per cent despite a decline in trading volume. Financial services stocks dominated activity, followed by ICT and oil and gas, reflecting selective investor interest across key sectors. Analysts said the market’s resilience, supported by strong sector participation and new listings, signalled sustained investor confidence amid mixed performances across indices and equities. TEMITOPE AINA writes.

Investors on the floor of the Nigerian Exchange Limited traded a total of 4.373 billion shares valued at N97.783 bn in 110,736 deals last week, reflecting a slowdown compared with the preceding week when 6.617 billion shares worth N113.224 bn were exchanged in 109,590 deals. Despite the lower volume, the market recorded significant gains, as the All-Share Index and Market Capitalisation appreciated by 1.63 per cent and 1.64 per cent to close the week at 149,433.26 points and N95.264 tn, respectively.

The Financial Services Industry led market activity in terms of volume, accounting for 2.252 billion shares valued at N47.204 bn traded in 44,808 deals. This represented 51.49 per cent of total equity turnover by volume and 48.27 per cent by value. The Information and Communication Technology sector followed with 1.118 billion shares worth N13.148 bn in 10,413 deals, while the Oil & Gas Industry recorded a turnover of 233.891 million shares valued at N4.726 bn in 7,515 deals.

Trading in the top three equities, E-Tranzact International Plc, Access Holdings Plc and FCMB Group Plc, accounted for 1.921 billion shares worth N22.218 bn in 9,558 deals, representing 43.93 per cent and 22.72 per cent of total turnover by volume and value, respectively.

Market breadth closed mixed, with 49 equities appreciating in price, lower than the 55 recorded in the previous week, while 41 equities depreciated, higher than the 29 recorded earlier. Fifty-seven equities remained unchanged, compared with 63 in the preceding week. Most indices closed higher, although the Banking, AFR Div. Yield, MERI Growth, MERI Value, Oil and Gas, Sovereign Bond and Commodity Indices declined by between 0.12 per cent and 2.02 per cent.

In the corporate space, Chapel Hill Denham Management Limited listed an additional 140,100,000 units of its Series 11 Nigeria Infrastructure Debt Fund at N109.50 per unit under its N200 bn Issuance Programme. With the listing on Wednesday, 10 December 2025, total outstanding units of the fund on the NGX increased from 1,056,257,953 to 1,196,357,953 units. Analysts said the expanded fund would enhance investor access to infrastructure-focused instruments and improve liquidity in the fixed-income market.

Market analysts noted that although turnover declined week-on-week, the overall gains point to renewed investor confidence, particularly in the Financial Services and ICT sectors. They added that the rise in the All-Share Index and Market Capitalisation underscores the resilience of the equities market despite mixed sectoral performances.

United Bank for Africa has announced strategic appointments to its executive board, effective 1 January 2026.

In a statement made available to The PUNCH on Sunday, it was indicated that the appointments followed the completion of tenure by four long-serving Executive Directors.

The retirements, which take effect on 1 January 2026, include Deputy Managing Director Mr. Muyiwa Akinyemi and Executive Directors Mrs. Abiola Bawuah, Mr. Alex Alozie, and Mrs. Sola Yomi-Ajayi.

To replace the retiring directors, the UBA Board has approved the appointment of three new Executive Directors—Mr. Emmanuel Lamptey, Mr. Tosin Adewuyi, and Mr. Chidi Okpala—effective 1 January 2026, subject to regulatory approval by the Central Bank of Nigeria.

Lamptey, appointed Executive Director, Digital Banking, is said to bring 25 years of multinational and cross-functional experience spanning retail and corporate banking, asset management, securities brokerage, pensions, insurance, and microfinance, with operations across more than 30 African countries.

He is an alumnus of Harvard Business School, a Fellow of the Association of Chartered Certified Accountants (UK), and holds a Bachelor of Commerce degree from the University of Cape Coast, Ghana.

Adewuyi, the new Executive Director, Corporate Banking, has over 25 years of experience across Sub-Saharan Africa, including more than 15 years in senior management and FCA- and CBN-approved roles in London and Lagos. He has driven senior client engagement across a broad corporate and sovereign clientele.

Adewuyi is a Fellow of the Association of Chartered Certified Accountants (FCCA) and holds a BA (Hons) in Economics and Accounting from the University of Manchester. He is an honorary member of the Chartered Institute of Bankers of Nigeria and an alumnus of The Wharton School.

Okpala will serve as Executive Director, UBA Nigeria. Prior to his appointment, he served as Executive Director for Payments, Group Integration, and Strategy at Heirs Holdings, where he provided leadership across the Group’s payments businesses while overseeing strategic investments in technology and healthcare.

Okpala has more than 20 years of banking experience and holds a BSc in Finance, an MBA in Banking and Finance, and an MSc in Leadership and Strategy from London Business School, where he is a Sloan Fellow.

Commenting on the new appointments, Group Chairman Tony Elumelu said: “I congratulate the incoming Executive Directors on their appointments. The Board is confident that they will bring the experience, depth, and execution capability needed to build on the solid foundation laid by their predecessors and to propel UBA into its next phase of growth.”

Elumelu also expressed appreciation to the retiring executives, saying: “I extend my sincere gratitude to our retiring Executive Directors for their years of dedicated service and unwavering commitment. Each has played a significant role in UBA’s growth and success. On behalf of the Board, I thank them for their contributions and commend the impact they have made. They remain cherished members of the UBA family and enduring ambassadors of our values.”

Africa’s global bank also announced other Group Executive Management appointments, including that of Mr. Vikrant Bhansali as Group Executive, International Banking. Before his appointment, Bhansali served as Chief Executive Officer of United Bank for Africa Plc in Dubai, where he led the bank’s Middle East operations and strategic expansion across the region. With more than 25 years of international banking experience spanning Sub-Saharan Africa, the United Kingdom, the Middle East, North Africa, and India, he brings deep expertise in cross-border financial services and emerging markets.

Mr. Joel Owoade, who has been approved as Group Chief Risk Officer, brings over two decades of experience in the financial services industry, with a strong background in credit risk management, strategic planning, and regulatory compliance. He holds an MSc in Banking and Finance from the University of Ibadan, Nigeria, and qualified as a member of the Institute of Chartered Accountants of Nigeria in 1991. He also serves as Vice President of the Chartered Risk Management Institute of Nigeria. His academic background and professional qualifications have equipped him with a deep understanding of the financial landscape, enabling him to make significant contributions to the institutions he has served.

Mr. Samuel Ocheho, appointed Group Executive, Treasury and Financial Institutions, is a seasoned financial markets executive with over 27 years of experience spanning banking, trading, and investment management. Throughout his distinguished career, Ocheho has successfully led diverse financial portfolios and large teams across Nigeria and West Africa. His expertise covers liquidity management, fixed income, derivatives, and foreign exchange. Renowned for his results-driven leadership, he has consistently delivered exceptional performance, driving revenue growth, shaping market behaviours, and sustaining operational excellence.

UBA operates in 20 African countries, as well as the United Kingdom, the United States, France, and the United Arab Emirates. The bank provides retail, commercial, and institutional banking services and is a leader in financial inclusion and technology-driven banking solutions.

UBA is one of the largest employers in the African financial sector, with 30,000 employees across the Group and more than 50 million customers globally.

Barring any last-minute change, MRS and other partners of the Dangote Petroleum Refinery are set to begin selling petrol at N739 per litre.

This comes two days after the refinery slashed its petrol gantry price from N828 to N699 per litre. Speaking at a press briefing at the Lekki refinery on Sunday, the President of the Dangote Group, Alhaji Aliko Dangote, said he was aware that despite lower gantry prices, some filling stations often choose to keep pump prices high, thereby sabotaging his efforts.

According to him, MRS would commence the sale of petrol at N739 per litre from Tuesday, while other partners would follow. Dangote alleged that some officials had met with certain marketers and encouraged them to keep prices high in order to frustrate the price reduction, stressing that he would fight to enforce the new price regime.

“I was told that the marketers have met with (some officials) and were told to make sure that the price is maintained high. But this price we are going to introduce, we are going to start with MRS stations most likely on Tuesday in Lagos; that N970 per litre, you won’t see it again. We have also asked members of IPMAN to come now.

We have asked anybody who can buy 10 trucks to come and buy 10 trucks at N699.

“We are going to use whatever resources that we have to make sure that we crash the price down. We will get these sales; maybe it will take us a week to 10 days. But first of all, within a week to 10 days, we will be able to deliver. For this December and January, we don’t want people to sell petrol for more than N740 nationwide. Those who want to keep the price to sabotage the government, we will fight as much as we can to make sure that these prices are down. That’s not the price. If you have money to come and buy, you can pick up petrol at N699,” he said.

Dangote said transporting petrol from the refinery costs no more than N15 per litre, questioning why pump prices would rise as high as N900 per litre. He also accused the Nigerian Midstream and Downstream Petroleum Regulatory Authority of issuing 47 import licences to bring in more than seven billion litres of petrol in the first quarter of 2026, a move he said was killing local investments.

“Freight within Lagos is N10 or N15, maximum. So if it’s N10 to N15, everything is going to cost you N715. Why do you want to sell at N900? People should get the real price. I cannot come now and take the hit. Did we make money? No, we didn’t make money. But as we speak now, even our tanks are full because the NMDPRA has issued reckless licences. And we have to now go and complain to the government.

“They normally issue licences in the middle of the month. So, they are now ready to issue licences for about 7.5 billion litres for the first quarter of 2026, despite the fact that we have guaranteed to supply enough quantity.

“If you are talking about monopoly, did we stop anybody? They issued 47 licences. Let those people come and put up a refinery here, or let them go and buy even NNPC’s and operate them. If it’s profitable, they should go and do that now. NNPC was the only business that was bringing in fuel before.

“Now, we are the only one and one of the few modular refineries that are producing. Those modular refineries, I can tell you for nothing that they are almost on the verge of collapse. None of them is making a dime,” he added.

The billionaire businessman assured Nigerians that the N739 per litre price would be enforced, beginning with MRS stations on Tuesday. “Starting from Tuesday, MRS will start selling petrol at N739/litre. Definitely, we will enforce that low price. We will make sure that it’s implemented. If you have your truck, you can come here and buy it. We are selling at N699. The N699 includes the percentage of NMDPRA. So what actually comes out to us is about N389 or so,” he stated.

Contacted for his reaction, the NMDPRA spokesman, George Ene-Ita, said, “For now, no comment.”