The Director-General of the Securities and Exchange Commission, Dr Emomotimi Agama, has flagged weak sustainability reporting among Nigerian companies, warning that gaps in disclosures could limit access to global capital.

Speaking in Abuja on Tuesday at the launch of the Nigerian Corporate Sustainability Report by Norrenberger Research, the analytical arm of Norrenberger Group, Agama said, “The fact that a meaningful number of listed companies still lack coherent sustainability disclosures or provide disclosures that are neither structured nor verifiable is a challenge we must confront collectively as a market.”

He noted that the report comes at a critical time in Nigeria’s capital market evolution, as global investors increasingly prioritise environmental, social and governance considerations in capital allocation decisions.

According to him, sustainability disclosures have moved beyond optional reporting standards to become central requirements for attracting long-term investment.

“Nigerian companies that wish to access the vast pool of patient, long-term capital must understand one unambiguous reality: the price of entry is disclosure. Credible, consistent, comparable, and verifiable disclosure,” he said.

Agama explained that globl capital markets have shifted, with institutional investors now using ESG performance as a primary basis for investment decisions rather than a secondary filter.

“They are no longer treating ESG considerations as filters. They are the primary determinants of capital allocation decisions,” he added.

The SEC boss said Nigeria was aligning with global sustainability standards, referencing ongoing engagement with international bodies to integrate disclosure frameworks into the domestic capital market.

He noted that the International Sustainability Standards Board has established global baselines for sustainability-related disclosures, which Nigeria is working to adopt and adapt to local realities.

He disclosed that the commission would respond to the report’s findings by strengthening regulatory guidance and deepening engagement with listed companies.

“We intend to strengthen our guidance on sustainability reporting, deepen engagement with listed companies on disclosure obligations, and create regulatory incentives for early adopters of robust sustainability frameworks,” he said.

Agama added that the move is backed by the Investment and Securities Act 2025, which gives the commission wider powers to align Nigeria’s capital market with global best practices.

He stressed that improving sustainability reporting is critical to unlocking capital needed to address Nigeria’s infrastructure deficit and drive economic transformation.

The SEC DG also highlighted the growth of Nigeria’s capital market, noting that market capitalisation has risen significantly in recent years to over N140tn.

He urged corporate organisations to use the sustainability report as a benchmark to improve their practices. “Sustainability is no longer a reputational accessory. It is a strategic imperative,” Agama said, warning that companies risk losing competitiveness if they fail to adapt to evolving global standards.

He added that the cost of ignoring sustainability requirements could outweigh compliance efforts in the long run.

Also, the Minister of State for Industry, Mr John Enoh, said Nigeria faces a persistent gap in reliable sustainability data, warning that transparent and standardised ESG information is critical for policymaking, investment decisions, and long-term economic planning.

The minister, who was represented by the Director of Industrial Development at the ministry, Mrs Muyiwa Ajayi-Ade, said the Nigerian Corporate Sustainability Report provides a credible benchmark for assessing ESG performance and promoting transparency and accountability across industries.

He added that global investors are increasingly prioritising markets with strong sustainability credentials, noting that strengthening ESG practices among Nigerian firms would improve competitiveness and attract long-term foreign capital.

Enoh said sustainable economic growth, industrial transformation, and climate resilience cannot be achieved by the government alone, stressing the need for stronger collaboration between the public and private sectors.

In his remarks, the Group Managing Director and Chief Executive Officer of Norrenberger Group, Mr Tony Edeh, said the report represents the first comprehensive and independent assessment of sustainability practices in Nigeria’s corporate sector, noting that previous disclosures were fragmented and lacked structure.

He said the findings show a clear link between ESG compliance and financial performance, adding that “companies that are ESG compliant outperform their peers in the market by 28 to 30 per cent.”

Edeh disclosed that a small number of firms currently dominate ESG compliance within the market, noting that “only 21 companies… represent the prime of Nigerian capital markets,” but account for a significant share of market value.

He expressed optimism that more firms would adopt sustainability standards, noting that the remaining companies are expected to become ESG-compliant before 2028, in line with regulatory timelines.

According to him, beyond regulatory requirements, ESG adoption improves operational efficiency and value creation, stressing that it “is not just a compliance framework, but a framework for competitive operations” that benefits shareholders, employees, communities, and regulators.

Presenting the report, the Chief Research Officer at Norrenberger Group, Mr Samuel Oyekanmi, said it was developed to bridge the gap in sustainability and climate data, noting that many investors currently make decisions without reliable information.

He explained that the firm analysed 160 listed companies, then narrowed the sample to 46 firms with sustainability disclosures, from which 21 met its internal ESG assessment criteria.

According to him, the assessment covered environmental, social, and governance indicators, including carbon emissions, employee welfare, gender diversity, and board structure.

Oyekanmi said the findings showed that the 21 ESG-compliant firms accounted for about 67 per cent of market value and had outperformed the broader market over the past five years.

He added that the results confirm that sustainability practices are linked to profitability and stronger market returns.

The research head also noted gaps in gender representation and governance structures across companies, stressing that more progress is needed to improve inclusiveness.

He said the report is intended to serve as a benchmark to encourage companies to improve disclosures and adopt stronger sustainability practices.

The PUNCH earlier reported that Nigeria’s capital market regulators and professional accountants called for stronger transparency, governance, and sustainability disclosure by listed companies, as pressure mounts on firms to align corporate reporting with global standards beyond traditional financial statements.

Nigeria’s equities market lost N1.347tn in value as investors exited bellwether stocks, triggering a broad sell-off across key sectors. The decline reflects renewed profit-taking and risk-off sentiment, with heavyweight counters driving the downturn and weighing on overall market capitalisation.

Specifically, the All-Share Index declined by 2,098.31 points, representing a loss of 0.86 per cent to close at 241,750.15 points. Similarly, market capitalisation dipped by N1.347tn to close at N155.152tn.

The downturn was driven by price depreciation in large- and medium-capitalised stocks, including Aradel Holdings, MTN Nigeria Communications, Guinness Nigeria, Beta Glass, and Lafarge Africa. Looking ahead, Cowry Assets Management Limited noted that the market is expected to trade cautiously, driven by continued investor positioning.

Despite the downturn, market breadth remained positive, with 45 gainers outpacing 26 decliners. R.T. Briscoe Nigeria emerged as the top gainer, rising 10 per cent to close at N2.09 per share.

McNichols, Vitafoam Nigeria, and Zichis Agro Allied Industries followed with gains of 10 per cent each, closing at N7.92, N170.50, and N25.08, respectively.

Chemical and Allied Products appreciated 9.99 per cent to close at N175.65, while Dangote Sugar Refinery advanced 9.98 per cent to close at N84.30 per share.

On the laggards’ side, Guinness Nigeria led the losers’ chart, dropping 10 per cent to close at N447.30. Union Dicon Salt followed with a 9.82 per cent decline to close at N19.75, while AIICO Insurance fell 9.28 per cent to close at N4.30. Wema Bank lost 8.72 per cent to close at N30.35, and MTNN depreciated 8.63 per cent to close at N836.00.

Meanwhile, the total volume of trades rose 31.09 per cent to 1.268 billion units, valued at N75.226bn across 102,665 deals. FCMB Group led activity with 160.591 million shares worth N1.770bn. Guaranty Trust Holding Company followed with 94.095 million shares valued at N13.091bn, while Access Holdings traded 81.771 million shares valued at N2.072bn. Zenith Bank and Fidelity Bank also recorded significant activity, trading shares worth N8.073bn and N911.829m, respectively.

Fuel marketers have thrown their weight behind the Nigerian National Petroleum Company Limited’s plan to revive the Port Harcourt and Warri refineries through a partnership with two Chinese firms, saying the move could unlock idle investments in the dormant assets.

The NNPC on Monday signed a Memorandum of Understanding with Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co., Ltd. to drive the rehabilitation, restart, and expansion of the Port Harcourt and Warri refineries through a technical equity partnership model.

Speaking in an interview with our correspondent, the Executive Secretary of the Major Energies Marketers Association of Nigeria, Clement Isong, said bringing in technically competent partners with equity stakes would ensure efficiency and sustainability.

According to him, a lot of money had been invested in the refinery in the past with no returns, saying the new deal would unlock the tied-down capital.

“Let me be clear. We already own the assets. And in owning the assets, they have already worked for many years for the country. Now, for a while, the assets have not been producing. They have analysed many ways of getting it to produce sustainably.

“Remember that a lot of money has already been spent on the turnaround maintenance of the assets. Remember that the asset has to be upgraded for it to produce products that meet today’s specs. So, any investment by a competent party that would bring output from the previously invested capital can only be positive because the previous investments in the assets are tied-down capital that are not yielding any output.

“So, bringing a technically competent third party that will not only complete the investment but will also operate those assets efficiently and sustainably can only be good for the country,” Isong said.

On the structure of the deal, Isong stressed that the key difference is that the Chinese partners are taking equity in the assets as part owners and would want the refinery to work so they can get returns on their investments.

He described the model as innovative, adding that every Nigerian would be happy if the facilities worked again. He said the NNPC did not have the internal competence and capacity to run the refineries without a technical partner.

Despite criticisms from some stakeholders, including the billionaire businessman Aliko Dangote and former President Olusegun Obasanjo, that the plants may not work again, Isong maintained that the approach could be a pleasant surprise.

“This is an innovative way of getting the assets to work, like I say, in an efficient and sustainable way. The challenge we knew was that NNPC did not have the internal competence or capacity to run those refineries efficiently. Now, they have brought a third party, and the key difference is that the third party they have brought is taking equity. He’s a part-owner of the refinery and so would want the refinery to work so he can get returns on his investment.

“I think it’s a very interesting approach. And even for those people who said that it will never work again, I’m sure if it works again, their surprise will be very pleasant. They will be happy. I think every Nigerian will be happy if those assets begin to work and contribute to the national productivity. So, I think it can only be a good thing,” he said.

Similarly, the Petroleum Products Retail Outlets Owners Association of Nigeria described the agreement as a major shift in Nigeria’s refining strategy.

The group commended President Bola Tinubu and the leadership of the NNPC Group Chief Executive Officer, Bayo Ojulari, for pursuing what it called a bold reform.

PETROAN National President, Billy Gillis-Harry, said the agreement was “a timely and strategic intervention that signals a new direction for Nigeria’s refining sector.” He emphasised that the technical equity model would fix longstanding operational failures.

“The introduction of a technical equity partnership model would bring much-needed operational discipline, efficiency, and accountability that had been lacking in previous refinery rehabilitation efforts,” he said.

Gillis-Harry added that the initiative marks “a decisive shift from past approaches that yielded limited results to a more performance-driven model that ensures long-term sustainability”.

The PETROAN boss stated that the project would create thousands of direct and indirect jobs across engineering, logistics, retail, and support services while also reducing unemployment.

He added that increased domestic refining would reduce fuel importation, conserve foreign exchange, stabilise the naira, and stimulate growth across multiple sectors of the economy.

According to him, the integration of refining with petrochemical and gas hubs would enhance value creation and align Nigeria with global best practices. PETROAN also said the initiative would boost government revenues through taxes and exports while improving infrastructure and livelihoods in host communities in Rivers and Delta states.

The association president further linked the deal to potential relief for consumers. He said increased refining capacity and competition would create a pathway for more competitive fuel pricing, which is expected to “ultimately lead to lower fuel costs and improved affordability for citizens”.

Nearly one year after announcing a planned shutdown for maintenance of the Port Harcourt Refining Company, the Nigerian National Petroleum Company Limited has signed a fresh agreement with two Chinese firms to accelerate the long-delayed rehabilitation and commercial restart of Nigeria’s refineries in Port Harcourt and Warri, while opening a new window for technical equity partnerships.

The Port Harcourt refinery was shut down on May 24, 2025, for planned maintenance and a sustainability assessment, according to NNPC, barely six months after a previous period of operational resumption following a $1.5bn rehabilitation project.

The new deal, structured as a Memorandum of Understanding, was signed with Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co., Ltd., marking what the national oil company described as a “critical milestone” in its refinery transformation drive.

The agreement was executed in Jiaxing City, China, on April 30, 2026, by the Group Chief Executive Officer of NNPC Ltd, Bashir Bayo Ojulari, alongside the Chairman of Sanjiang Chemical Company, Guan Jianzhong, and the Chairman of Xingcheng Industrial Park, Bill Bi.

According to a statement issued on Monday by the Chief Corporate Communications Officer of NNPC Ltd, Andy Odeh, the MoU sets the stage for a potential Technical Equity Partnership aimed at completing outstanding work at the Port Harcourt and Warri refineries, as well as ensuring their long-term operational efficiency. Both facilities have a combined capacity of 335,000 barrels per day.

The statement read, “The NNPC Ltd has signed a Memorandum of Understanding with two Chinese companies, Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd, for collaboration through a potential Technical Equity Partnership in support of the completion and operation of the Port Harcourt and Warri refineries.”

The national oil firm said the collaboration would go beyond rehabilitation, extending into full-scale operation and maintenance of the facilities to achieve “best-in-class, sustainable performance.”

It added that the arrangement would also explore expansion projects that would reposition the refineries to produce cleaner fuels and higher-value petroleum products, in line with evolving global standards.

“The potential framework would cover completion of outstanding work at the two refineries, together with operating and maintaining both facilities to achieve best-in-class, sustainable performance. Planned expansion and upgrades would elevate both facilities to cleaner, more profitable product standards.

“The potential collaboration also contemplates expanding the refineries’ petrochemical capacities and harnessing gas and downstream opportunities through the development of co-located, gas-based industrial hubs,” the statement added.

Ojulari, speaking shortly after the signing ceremony, described the agreement as the outcome of more than six months of intensive technical and commercial engagements between NNPC and the Chinese firms.

He said, “All parties recognise mutually beneficial opportunities for the development and long-term sustainable profitability of NNPC’s refining assets in Nigeria, and the collective weight required for success.”

The NNPC boss stressed that the MoU represents a transition from traditional contractor-led rehabilitation to a more performance-driven partnership model anchored on shared risks and returns.

He added, “This is an important step on the journey towards identifying potential technical equity partner or partners to restart and expand NNPC’s refineries, and to explore opportunities in co-located petrochemicals and gas-based industries.”

The shift to a technical equity model signals a strategic departure from past refinery turnaround maintenance programmes, many of which failed to deliver lasting results despite significant financial outlays.

Under the proposed framework, the Chinese partners are expected to bring not just engineering expertise, but also operational discipline and investment capacity, aligning their returns with the performance of the refineries. The scope of the collaboration, as outlined by NNPC, includes the development of co-located gas-based industrial hubs, which could transform the Port Harcourt and Warri complexes into integrated energy and petrochemical centres.

Such hubs are expected to unlock additional value from Nigeria’s vast gas reserves, while supporting domestic manufacturing and export-oriented industries.

The company noted that while the MoU reflects a shared intention to advance discussions in good faith, any binding agreements would be subject to regulatory approvals and the conclusion of detailed commercial negotiations.

However, the new deal raises concerns about the fate of previous agreements signed by the company to accelerate the optimisation of the facility.

The rehabilitation of the Port Harcourt Refining Company was approved in 2021 at an estimated cost of $1.5bn, with contracts awarded to Italy’s Saipem and other partners to restore its capacity of 210,000 barrels per day.

Similarly, the Warri Refining and Petrochemical Company is undergoing rehabilitation under a contract valued at about $897m, aimed at reviving its 125,000 barrels per day capacity and integrating petrochemical production. Both projects form part of NNPC’s broader strategy to reduce Nigeria’s reliance on imported petroleum products.

The Port Harcourt refinery had briefly resumed operations in late 2024 after years of inactivity but was later shut down due to operational and financial challenges.

The latest deal aligns with Ojulari’s earlier position at the Nigeria International Energy Summit 2026, where he openly canvassed for global technical partners to take equity positions in Nigeria’s refining assets.

At the summit, Ojulari had argued that Nigeria’s refining challenges were not just financial, but deeply technical and operational, requiring experienced partners with proven track records.

He said, “What we are doing differently is moving away from just funding projects to bringing in partners who have skin in the game, partners who will operate, optimise, and guarantee performance.”

He further explained that the technical equity model would ensure accountability and efficiency, as partners would only profit when the refineries perform optimally.

He stated, “The days of spending billions on rehabilitation without sustainable output are behind us. We are now focused on partnerships that deliver value, technology transfer, and operational excellence.”

Ojulari also highlighted the importance of integrating refining with petrochemicals and gas-based industries, noting that modern refineries globally are designed as energy hubs rather than standalone fuel-processing plants.

“Refineries must evolve into integrated industrial platforms. That is where the future lies: petrochemicals, fertilizers, and gas monetisation. That is how you create real economic value,” he said.

Nigeria’s state-owned refineries, located in Port Harcourt, Warri, and Kaduna, have suffered decades of underperformance, frequent shutdowns, and failed rehabilitation efforts, forcing the country to rely heavily on imported petroleum products.

Despite multiple turnaround maintenance projects, the facilities have consistently operated far below capacity, raising concerns over efficiency, transparency, and value for money.

The current administration has prioritised refinery revival as part of its broader energy security strategy, while also supporting private sector investments such as the Dangote Refinery.

NNPC’s renewed push for technical equity partners comes amid growing pressure to reduce fuel import dependence, stabilise domestic supply, and conserve foreign exchange.

With this latest China deal, the national oil company appears to be betting on a new partnership model, one that ties investment returns directly to performance, in a bid to finally unlock the long-elusive potential of Nigeria’s refining sector.

Further findings by our correspondent revealed that Sanjiang Chemical is a Chinese private chemical manufacturing company established in 2003 and headquartered in the Zhapu Economic Development Zone, Jiaxing Port Area, Zhejiang Province. It is a listed firm on the Hong Kong Stock Exchange and is recognised as one of China’s leading integrated petrochemical producers.

The company specialises in ethylene oxide and ethylene glycol production and operates one of the world’s largest single-unit chemical processing facilities. Its product portfolio includes petrochemicals such as ethylene, propylene, polypropylene, butadiene, hydrogen, methanol derivatives, surfactants, and industrial gases.

Sanjiang runs a large integrated refining and petrochemical complex anchored on a 1,000 KTA EO/EG unit and a 1,250 KTA light hydrocarbon utilisation unit, supported by multiple downstream plants, including polypropylene and surfactant facilities.

It plays a key role in China’s industrial strategy, focusing on high-end petrochemical integration, supply chain security, and export-oriented chemical production, while leveraging advanced logistics connectivity within the Yangtze River Delta industrial corridor.

Xingcheng is an industrial park development and management company based in Guangdong Province, China, operating within the Xincheng Industrial Park in Xinxing County, Yunfu City.

The company focuses on industrial infrastructure development, park operations, and investment facilitation, supporting manufacturing clusters across metal processing, electronics, machinery, hardware, and biomedicine.

The industrial park it manages was established as a provincial-level industrial transfer zone in 2006 and upgraded in 2022 into a high-tech industrial development zone, designed to attract both domestic and foreign investors.

Xingcheng provides a full industrial ecosystem support, including land development, utilities (gas, power, and wastewater systems), tax incentives, and investment services.

It has also developed innovation platforms and supports high-tech enterprise growth, positioning the park as a hub for manufacturing relocation from China’s coastal economic zones into emerging inland industrial corridors.

The firm’s core strength lies in industrial park operations, infrastructure-led investment attraction, and enabling large-scale manufacturing ecosystems within China’s broader regional development strategy.

Higher fuel costs triggered by global tensions have pushed Nigerian firms to raise selling prices to a 16-month high, even as overall business activity continued to expand in April, according to the latest Purchasing Managers’ Index report.

The report by Stanbic IBTC Bank and S&P Global said, “The pass-through of increased input costs to customers resulted in a further sharp rise in output prices, with the rate of inflation quickening to the fastest since December 2024,” highlighting how elevated fuel costs directly fed into higher prices charged by businesses.

The PMI report, released on Monday and endorsed by the National Bureau of Statistics, showed that Nigeria’s private sector sustained growth momentum at the start of the second quarter, although inflationary pressures constrained the pace of expansion.

According to the report, the headline PMI rose to 52.4 in April from 51.9 in March, marking the third consecutive month above the 50.0 threshold that signals improvement in business conditions.

It noted that “the Nigerian private sector remained in growth territory… as customer numbers and market demand continued to strengthen,” but added that “the impacts of higher fuel costs as a result of the war in the Middle East were felt again, pushing up prices and reportedly limiting expansions in new orders and business activity.”

The report showed that new orders increased solidly in April, supported by stronger demand, although the growth rate softened due to rising inflation. Business activity also expanded at a slightly faster pace than in March, but firms said higher prices constrained output growth.

Sectoral performance was mixed, with activity rising in three of the four sectors monitored, while the services sector recorded a decline.

Cost pressures remained a major concern for businesses during the month. The report indicated that purchase prices increased rapidly, with the rate of inflation remaining close to March’s 15-month high.

It stated that “anecdotal evidence suggested that prices were often driven higher by increased fuel costs due to the war in the Middle East,” reinforcing the link between global energy shocks and domestic price dynamics.

In response to rising living costs, some firms increased staff wages to cushion the impact of higher transportation fares, leading to a modest rise in staff costs.

Despite these pressures, companies continued to expand their workforce, albeit marginally, as they responded to higher workloads. However, job creation slowed to its weakest level in three months.

Backlogs of work increased for the third consecutive month, driven by staff shortages, delayed customer payments, and challenges in sourcing raw materials.

Firms also intensified efforts to secure inputs, with purchasing activity rising for the seventeenth straight month. Inventories of raw materials increased at the fastest pace in five months, reflecting stronger demand and precautionary stock-building.

To ensure timely delivery of materials, companies prioritised prompt payments to suppliers, which contributed to a further shortening of supplier lead times, although the improvement was the weakest recorded so far this year.

Business confidence improved during the month, with about half of the surveyed firms expecting output to increase over the next 12 months. Companies cited plans to expand operations through new branches, stock accumulation, and entry into new markets.

Commenting on the report, Head of Equity Research West Africa at Stanbic IBTC Bank, Muyiwa Oni, said the sustained improvement in business conditions supported expectations of stronger economic growth in 2026.

He said, “The health of Nigeria’s private sector improved in April… as new orders increased in line with higher customer numbers and rising demand even as price pressures remain prevalent.”

Oni added that companies raised selling prices in April “to the highest level since December 2024 in response to rising fuel and raw material costs,” while staff costs also edged higher as firms adjusted wages.

He projected that the Nigerian economy would grow by 4.22 per cent year-on-year in 2026, up from 3.87 per cent in 2025, driven largely by expansion in the non-oil sector.

According to him, the non-oil sector is expected to grow by 4.24 per cent, with services projected at 5.64 per cent, supported by increased investment across key sectors such as oil and gas, solid minerals, electricity, agriculture, and manufacturing.

However, he noted that oil sector growth could slow to 3.01 per cent in 2026 from 8.50 per cent in 2025, with crude oil production projected to average 1.70 million barrels per day.

The report is based on survey responses from about 400 private-sector companies collected between April 9 and April 28, covering sectors including agriculture, manufacturing, construction, wholesale, retail, and services.

It explained that the PMI is a diffusion index, where readings above 50 indicate an overall improvement in business conditions compared to the previous month, while readings below 50 signal deterioration.

The findings point to a fragile growth environment, where rising demand is supporting business activity, but persistent cost pressures, particularly from fuel prices, continue to weigh on expansion and pricing dynamics.

Stakeholders in Nigeria’s financial services and technology sectors have highlighted the growing role of artificial intelligence and digital infrastructure in reshaping the continent’s financial ecosystem.

This was discussed at the BusinessDay Fintech Summit 2026, where participants examined how innovation, data, and emerging technologies are influencing financial services and inclusion across Africa.

Speaking during a panel session titled “Intelligent Finance: How AI, Data and Automation are Rewriting Financial Services,” the Chief Technology Officer of FCMB, Blessing Ehize, said artificial intelligence is already transforming banking operations, according to a statement from the bank on Monday.

“Artificial Intelligence is no longer a future concept; it is actively redefining how financial institutions operate. From improving risk assessment and fraud detection to enabling hyper-personalised customer experience, AI allows us to anticipate customer needs and respond in real time. The real value lies in how effectively we harness data to deliver smarter, faster, and more inclusive financial services,” he said.

Ehize said the bank’s approach to deploying AI is guided by the need to balance efficiency with trust and regulatory compliance.

“At FCMB, our approach to AI adoption is deliberate and responsible. We are integrating AI in ways that enhance efficiency without compromising trust, customer privacy, or regulatory compliance. This is why FCMB is ISO42001 certified. Technology must work for the customer, not against them, and must always align with ethical standards and human oversight,” he said.

He added that FCMB’s strategy aligns with broader global trends in financial services, where institutions are combining technological innovation with resilience.

“The intersection between what we do at FCMB and global financial best practices lies in our ability to balance innovation with resilience. Globally, AI is taking centre stage, whether you are a bank or not. It is coming to enable businesses and change lifestyles.

“We are building systems that are not only intelligent but also secure, scalable, and inclusive, ensuring that as we advance technologically, we bring more people into the financial ecosystem,” he said.

The Nigerian Exchange closed the curtain on April 2026 with a performance that can only be described as a “bullish masterclass”, despite a stark divergence in sectoral fortunes. Propelled by massive gains in industrial heavyweights and a surge in investor confidence, the market capitalisation hit a staggering N155.994tn, marking a month where investors walked away with N2.68tn in total gains.

The final week of the month saw the All-Share Index leap 7.33 per cent to close at 242,277.81 points. This rally pushed the Month-to-Date return to a robust 20.36 per cent, the strongest monthly showing of the year so far, while Year-to-Date returns accelerated to 55.69 per cent.

Sectoral divergence

The headline figures, however, mask a tale of two markets. While the broader index soared, the banking sector, traditionally the market’s bellwether, faced a brutal reckoning. The NGX Banking Index tumbled 5.52 per cent during the week, largely dragged down by a sell-off in Tier-1 lenders.

The most dramatic casualty was United Bank for Africa, which saw its share price plummet by 22.27 per cent. This sharp decline followed the bank’s unexpected decision not to announce a full-year dividend, catching income-hungry investors off guard in a high-inflation environment where yields are paramount. Similarly, Access Holdings and FBN Holdings dipped 13.17 per cent and 13.80 per cent, respectively, as investors rotated capital out of financials to chase growth elsewhere.

Conversely, the Industrial Goods sector became the market’s primary engine, gaining 16.89 per cent. This was fuelled by a “buying frenzy” in cement stocks, with BUA Cement (+24.78%) and Dangote Cement (+8.99%) leading the charge. This rotation suggests that investors are increasingly betting on infrastructure-led growth as the Nigerian economy shows signs of structural recovery.

April surge

Market analysts point to a potent mix of robust corporate earnings, a stabilising naira, and improved macroeconomic liquidity as the catalysts for this record-breaking month. With foreign exchange reserves rising above $45bn, foreign portfolio investors are showing renewed interest in large-cap Nigerian equities.

“Performance was driven by strong buying in large-cap names… The gains were supported by positive earnings releases across some of these names, reflecting resilience in the face of previous economic headwinds,” noted a market analyst at Meristem Securities.

However, the report also highlighted the sensitivity of the current market to corporate actions. “Gains were partially offset by profit-taking, with pressure concentrated in the banking sector, where sell-offs were seen in UBA following no full-year dividend announcement. This triggered a ripple effect across the sector as investors re-evaluated their positions,” according to the NGX Weekly Market Summary.

Despite the banking volatility, sentiment remains overwhelmingly positive. Market breadth, a key indicator of investor participation, improved to 0.98x, supported by a 28.29 per cent jump in trading volume and a 34.22 per cent increase in total value traded.

Capital raising, resilience

As the market enters May, liquidity remains high. Even with a four-day trading week (shortened by the Workers’ Day public holiday), turnover hit 4.842 billion shares worth N287.756bn.

Nigeria is set to further benefit from rising foreign exchange inflows as global crude oil prices surge above $105 per barrel, driven by escalating Middle East tensions that have tightened supply expectations, boosting revenues and supporting naira stability,

With Brent crude trading above $105 per barrel, well above Nigeria’s 2026 federal budget benchmark of $64.85, the ongoing global oil rally is expected to significantly strengthen Nigeria’s fiscal position, improve foreign exchange inflows, and support naira stability.

Analysts say that if geopolitical tensions escalate into a full-scale conflict disrupting the Strait of Hormuz – a critical passage for roughly 20 per cent of global crude shipments – oil prices could spike further to as high as $150 per barrel. Such a scenario would deliver a major windfall for oil-exporting countries like Nigeria, potentially improving external reserves and boosting government revenue.

The recent price surge reflects growing geopolitical risk premiums, particularly linked to heightened tensions between the United States and Iran, a key Middle Eastern oil producer. Market concerns have also been amplified by disruptions in other supply regions, including unplanned outages in Kazakhstan and weather-related production constraints in the United States caused by Winter Storm Fern.

Oil prices have remained on an upward trajectory for months, rising above $105 per barrel as fears intensified over possible U.S. military escalation in the Middle East. While markets had initially anticipated oversupply conditions in 2026, persistent geopolitical tensions, sanctions on Russian oil flows, and sustained demand from China have altered the outlook, keeping prices elevated.

For Nigeria, where over 80 per cent of government revenue is linked to oil earnings, the development presents a significant macroeconomic opportunity. Higher crude prices typically translate into improved fiscal revenues, stronger external buffers, and enhanced capacity for economic stabilisation.

CBN reforms

The Central Bank of Nigeria, under Governor Olayemi Cardoso, has implemented reforms that are expected to further amplify the benefits of higher oil receipts. These include foreign exchange market unification, improved liquidity management, and measures to attract foreign capital inflows. The reforms have also helped narrow the gap between official and parallel market exchange rates.

Recent data from the CBN indicates that the Nigerian Foreign Exchange Market rate strengthened to N1,396.99/$1 on Thursday from N1,400.48/$1 the previous day, marking the naira’s return below the psychologically significant N1,400/$1 threshold for the first time in over a year.

Market operators say the development reflects improved confidence in Nigeria’s macroeconomic direction, supported by stronger external inflows, rising reserves, and policy stability. President of the Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, said the naira has maintained relative stability across markets in recent months, reducing volatility that had previously characterised the foreign exchange space.

Foreign reserves have also continued to strengthen. Data shows that reserves stood at $48.44bn as of April 23, 2026, covering more than 12 months of import needs. Analysts project that the figure could rise to $51bn by year-end, in line with the CBN’s target of $51.04bn.

The apex bank also reports that reserves are being rebuilt organically through improved market operations, stronger non-oil exports, and increased capital inflows, rather than external borrowing.

Cardoso explained that Nigeria’s external position has improved significantly, noting that the current account balance rose over 85 per cent to $5.28bn in Q2 from $2.85bn in Q1. He added that oil production averaged 1.45 to 1.52 million barrels per day in 2025, while non-oil exports recorded growth of more than 18 per cent year-on-year.

“While oil production improved modestly to an average of 1.45–1.52 million barrels per day in 2025, the truly encouraging development is the strong performance of non-oil exports. Supported by ongoing reforms and greater exchange-rate flexibility, non-oil exports have grown by more than 18 per cent year-on-year,” he said.

Cardoso also noted that diaspora remittances increased by about 12 per cent, supported by improved transparency and settlement systems, with further gains expected as the Non-Resident BVN framework expands in 2026.

Experts speak

Financial experts say the combination of oil windfalls and structural reforms is reinforcing Nigeria’s macroeconomic resilience. Managing Director of Financial Derivatives Company, Bismarck Rewane, estimates the fair value of the naira at N1,257 per dollar, suggesting that the currency remains undervalued by about 11 per cent under purchasing power parity analysis.

He noted that exchange rates typically converge toward PPP levels over time, reinforcing expectations of medium-term currency stability if reforms are sustained.

Global economist Charlie Robertson also observed that a weaker dollar environment is beneficial for emerging markets like Nigeria, noting that it supports currency stability and capital inflows. “The weak dollar is dislocating many markets, but it is good for Africa, as we are seeing with the naira,” he said.

Beyond oil, Nigeria’s macroeconomic outlook is being shaped by structural reforms across fiscal and monetary policy. Economist Prof. Abiodun Adedipe highlighted key reforms, including fuel subsidy removal, forex market reforms, tax restructuring, and banking recapitalisation, all of which he said are improving efficiency and fiscal discipline.

He noted that subsidy removal alone has eliminated over $10.7bn in annual fiscal waste, while banking sector reforms are positioning financial institutions to support a projected $1tn economy.

Nigeria’s demographic and structural advantages, including a youthful population estimated at over 237 million and rising internet penetration of about 48 per cent, also support long-term growth potential. Improved urbanisation, telecom expansion, and digital adoption are expected to deepen productivity and expand economic activity.

The Central Bank has also strengthened coordination with fiscal authorities to enhance macroeconomic stability. Cardoso said the discontinuation of central bank deficit financing, alongside revenue reforms and Treasury Single Account improvements, has strengthened fiscal discipline.

“This stance is unequivocal as there will be no return to the practice of financing fiscal deficits by the Central Bank,” he said.

He added that sustained collaboration between fiscal and monetary authorities will be essential to maintaining price stability and restoring purchasing power.

As global oil markets remain volatile, Nigeria stands to benefit from sustained price elevation, provided reforms continue to anchor investor confidence, strengthen institutions, and improve economic efficiency.

The Dangote Petroleum Refinery is set to supply aviation fuel directly to airlines in Nigeria at N1,820 per litre, as the Lagos Chamber of Commerce and Industry has urged the Federal Government to help facilitate measures to lower airlines’ operating costs and prevent a sectoral collapse.

A senior official of the Dangote Group confirmed the move by the $20bn Lekki-based refinery exclusively to our correspondent on Sunday, stating that Dangote supplies over 90 per cent of the country’s aviation fuel needs.

The refinery has already commenced direct Jet A-1 supply to Ethiopian Airlines, according to its Managing Director, David Bird.

The official, who spoke to one of our correspondents in confidence due to the lack of authorisation to speak on the matter, said airlines and other interested buyers could approach the refinery to lift jet fuel at the new price.

“Anyone, including local airlines, can buy their requirements from our petroleum refinery,” the official said when asked if the Dangote refinery would supply jet fuel directly to local airlines.

The official confirmed that “N1,820 is the price at which we are selling at our loading bay,” adding that the refinery cannot be subsidising airlines in the face of high oil prices. The source confirmed that Dangote had been subsidising the prices of petrol and diesel, but aviation fuel would be sold at the competitive market price.

Dangote’s direct sale to airlines is coming at a time when the Airline Operators of Nigeria are accusing the Major Energies Marketers Association of Nigeria of overpricing.

Another reliable source in the organisation told The PUNCH that the refinery would now publish prices for the sake of transparency. “Yes, as of today, Sunday, our jet fuel is N1,820 a litre. Note that this price is not stable.

It changes because of the volatility in the global market.

“The US-Iran war has dealt a heavy blow to everybody, and we are not insulated from the global shock. Henceforth, we will be publishing the prices so that both the airlines and the marketers will know what is happening in the market. I think transparency is now important,” the source said.

The PUNCH reports that the war in the Middle East triggered an oil price surge when the Strait of Hormuz was blocked by Iran. From less than $70 per barrel on February 28, Brent, the global benchmark for crude, jumped above $120 on Thursday before it dropped to $108 over the weekend.

Consequently, Dangote raised its petrol gantry price from N774 in February to N1,275 as of the time of filing this report. The oil price hike also affected diesel and aviation fuel.

In the aviation sector, airlines threatened to shut down due to an over 350 per cent rise in Jet A-1 prices until the government intervened last week. The Vice President of the Airline Operators of Nigeria, Allen Onyema, had recently disclosed that aviation fuel prices skyrocketed from about N900 per litre before the Iran crisis to between N2,700 and N2,900, with some marketers selling as high as N3,500.

Earlier, in a letter dated April 14, 2026, and addressed to the Executive Secretary of the Major Energies Marketers Association of Nigeria, Clement Isong, the President of AON, Abdulmunaf Sarina, said the surge in the price of Jet A1 had become unbearable for operators.

The PUNCH reports that AON had in its letter said, “The price of Jet-A1 as sold by marketers had risen significantly from the initial N900/litre as of February 28, 2026, to N3,300/litre as of today. This represents an increase of over 300 per cent.

“This astronomical and artificial increase is not commensurate with the rise in crude oil prices and is well above international market benchmarks, which reflect approximately a 30 per cent increase in crude oil cost. For the past weeks, airlines have endured this burden and continued operations out of patriotism and in the spirit of service to the nation. However, the situation has now become unbearable and clearly unsustainable,” the letter stated.

It urged MEMAN to prevail on its members to proportionately adjust jet fuel prices in line with international market realities, “as airlines can no longer sustain purchases at the current exorbitant rates.”

Responding, MEMAN attributed the rising cost of aviation turbine kerosene to global factors, particularly disruptions linked to geopolitical tensions in the Middle East.

The marketers expressed surprise at the N3,300 per litre price referenced by airline operators, stating that their internal survey showed significantly lower prices. The marketers said they would not be able to disclose a particular price, but N3,300 is over N1,000 above the normal price.

“In light of the above, we must express our surprise at the price of N3,300 per litre stated in your letter as the price being charged to some airline operators. MEMAN members do not discuss pricing, as this will be against competition law; however, the price of N3,300 is over N1,000 higher than our average market survey price of Jet A1 carried out for this exercise, after receipt of your letter,” MEMAN explained.

Last Monday, the Nigerian Midstream and Downstream Petroleum Regulatory Authority recommended that the price of aviation fuel should range between N1,760 and N1,988 per litre in Lagos and N1,809 and N2,037 per litre in Abuja.