Billionaire businessman and Chairman of First HoldCo Plc, Femi Otedola, has further consolidated his controlling position in the financial services group through a fresh N12.58bn equity transaction.

The insider transaction was formally disclosed in a regulatory filing submitted to the Nigerian Exchange Limited, which was authorised by the Group Company Secretary, Abiola Baruwa.

According to the official notification, Otedola executed the trade through his affiliated investment vehicle, Calvados Global Services Limited. The firm purchased 95,699,240 ordinary shares of First HoldCo Plc (ISIN: NGFBNH000009) at a unit price of N131.48 per share on the floor of the NGX.

The regulatory disclosure highlights an ongoing share accumulation strategy by the chairman on the main board of the local exchange. Emphasising corporate transparency, Baruwa stated in the filing that the publication serves as an “Initial Notification” of insider share dealing to satisfy all standard regulatory disclosure requirements for capital market issuers.

Outlining his strategic intent behind expanding his ownership, Otedola previously stated, “Building a strong, major stake in an institution of this caliber ensures long-term stability and aligns strategic direction directly with sustainable shareholder value.”

This latest acquisition brings Otedola’s total equity holding in First HoldCo to 27.70 per cent, comprising approximately 12.14 billion shares, as he steadily closes in on his long-term ambition of securing majority control of Nigeria’s premier financial institution holding group.

The continuous capital injection follows an aggressive wave of share acquisitions over recent months, including a massive 1.78 billion share buyout in late July, which firmly displaced institutional holders to solidify his position as the single largest shareholder.

The latest market activity serves as a critical insider dealing notification and further cements the chairman’s position as the financial holding group’s principal investor.

The Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Rabiu Umar, has warned that uncertainty in the regulatory environment could undermine investments in Nigeria’s petroleum industry.

Umar said investors were prepared to manage commercial risks but found regulatory uncertainty more difficult to accommodate, stressing that clear, consistent and predictable rules were critical to attracting and retaining capital.

The NMDPRA chief executive stated this Wednesday in a message on regulatory certainty, where he highlighted the importance of predictable regulation to the development of Nigeria’s midstream and downstream petroleum sectors.

“Investors are prepared to manage commercial risk. What they find far more difficult is regulatory uncertainty,” he said.

According to him, government efforts to provide fiscal incentives, financing support and policy reforms to encourage investment could achieve little if investors were unsure how the regulatory system would operate in practice.

Umar said investors wanted assurances that rules were clear, decisions were consistent and regulatory processes were predictable, adding that such confidence could influence investment decisions as much as commercial considerations.

He noted that the issue was particularly important in the midstream and downstream sectors, where investments in refineries, pipelines, storage facilities and gas infrastructure were designed to operate over many years.

“Investments in refineries, pipelines, storage facilities and gas infrastructure are designed to operate over many years. Investors need confidence that the regulatory environment will remain stable, consistent and credible throughout the life of those assets,” he said.

The NMDPRA boss said the Petroleum Industry Act had provided the industry with a strong legal and regulatory framework based on transparency, competition and accountability.

He said the responsibility of the NMDPRA is to ensure that those principles are reflected in its day-to-day regulatory activities.

Umar, who said he had spent nearly three decades on the commercial and operational side of the downstream petroleum industry before joining the Authority, said he understood the concerns investors raised before committing capital.

He listed timely approvals, consistent application of regulations and fair and predictable decisions by institutions among the key issues investors considered.

The NMDPRA chief executive further stated that effective regulation went beyond issuing licences and enforcing compliance, as it should provide certainty and create an environment where businesses could plan and investment could grow.

He said the authority was strengthening collaboration with other government institutions, noting that effective regulation depended not only on good policies but also on consistent implementation.

“When institutions work together, the industry experiences a more coordinated and predictable regulatory environment,” he said.

Umar said the implementation of reforms would ultimately determine the confidence investors had in Nigeria’s regulatory system.

“The true measure of any reform is how it is implemented. Every licence issued, every inspection conducted and every regulatory decision contributes to confidence in the regulatory system,” he stated.

He assured stakeholders that the agency would carry out its mandate fairly, consistently and transparently to support responsible investment and the continued development of Nigeria’s midstream and downstream petroleum industry.

Dangote Petroleum Refinery and Petrochemicals FZE has increased the gantry price of Premium Motor Spirit (petrol) from N1,185 to N1,200 per litre, effective August 26, 2026.

In an official communication to customers issued on Tuesday, the refinery’s Group Commercial Operations announced revised depot prices for gantry and coastal deliveries.

The email, titled ‘PMS Price Change Communication (N1,185 per Litre To N1,200 Per Litre)’, asked customers to take note of the revised DPRP PMS gantry and coastal price, which is effective 26th August 2026.

According to the table contained in the notice, the coastal price rose from N1,562,265 per metric tonne to N1,582,380, while the gantry price increased from N1,185 to N1,200 per litre.

The refinery further directed customers to return all Authorisation to Collect documents for repricing, adding that a new volume contract would be issued for immediate loading resumption.

“You are advised to return all ATCs for repricing, and a new volume contract will be issued for immediate loading resumption. Should you require any further clarification, please do not hesitate to contact us,” the notice said.

The latest adjustment represents a N15 per litre increase in the gantry price and comes barely days after the refinery raised the price from N1,165 to N1,185 per litre. The previous increase took effect from midnight on August 21, 2026, according to industry trackers.

However, the latest hike comes against a backdrop of falling international crude oil prices. Data from oilprice.com on Tuesday showed West Texas Intermediate crude trading at $82.13 per barrel, down $2.88 or 3.39 per cent, while Brent crude stood at $88.37 per barrel, declining by $3.80 or 4.12 per cent. Murban crude also fell to $92.71 per barrel, shedding $8.73 or 8.61 per cent.

Our correspondent gathered that marketers and depot operators who received the circular might have begun returning existing ATCs for repricing in line with the refinery’s directive.

The N15 increase could result in higher pump prices as oil marketers factor in transportation, landing and other downstream costs. Petrol is expected to return to an average of N1,250 per litre.

The Dangote Group has yet to respond to messages from our correspondent.

The price increase comes at a time of renewed volatility in the international oil market amid the ongoing US-Iran conflict. Reuters reported that oil prices fell as investors viewed the latest US sanctions against Iran as less threatening to global oil supplies than a military escalation. However, analysts warned that the decline could be an overreaction, noting that prices could rise sharply if Iran retaliates militarily.

Reuters also reported that supply disruption risks remained, with only two commodity vessels transiting the Strait of Hormuz on Monday, the lowest daily tally since early May. The waterway handled about one-fifth of global oil consumption before the conflict began, leaving the market vulnerable to further disruptions.

Top 10 stockbroking firms dominated market activity across equities, fixed income, exchange-traded funds, and overall asset classes, as the Nigerian Exchange Limited witnessed a strong concentration of trading activity between 17 August and 21 August 2026.

In the equities market, the top 10 stockbrokers generated 59.89 per cent of the total transaction value during the five-day trading period. First Securities Brokers Limited led the equities leaderboard with N30.04bn in total trade value, representing 9.52 per cent of overall volume. Imperial Asset Managers Limited followed in second place with N28.57bn, accounting for 9.06 per cent, while CardinalStone Securities Limited captured third place with N26.58bn or 8.43 per cent.

Other prominent performers in the equity market included Cordros Securities Limited with N24.23bn (7.68 per cent), Stanbic IBTC Stockbrokers Limited with N21.98bn (6.97 per cent), and United Capital Securities Limited with N15.66bn (4.97 per cent). CSL Stockbrokers Limited, Chapel Hill Denham Securities Ltd, Stanex Financial Nigeria Limited, and Meristem Stockbrokers Limited rounded out the top 10, with trades ranging from N9.87bn to N11.04bn.

Fixed income trading reflected an even higher degree of market concentration, with the top 10 stockbrokers responsible for 96.41 per cent of the total trade value. Coronation Securities Limited and Vetiva Capital Management Ltd dominated the segment, each commanding 47.19 per cent of total market value with N1.38bn in transactions.

Apel Asset Limited came in third with N20.57m (0.70 per cent), closely followed by Finmal Finance Company Limited with N20.24m (0.69 per cent) and Smadac Securities Limited with N19.30m (0.66 per cent). Other brokers contributing to the fixed income segment included APT Securities and Funds, Meristem Stockbrokers Limited, El-Elyon Alliance and Securities Ltd, Sigma Securities Limited, and Tiddo Securities Limited.

The exchange-traded funds segment showed distinct market leadership, with the top 10 brokers handling 89.06 per cent of total transaction value. Lambeth Capital Limited secured the top spot in ETF trading with N330.88m, capturing 27.41 per cent of total trades.

CardinalStone Securities Limited placed second with N113.84m (18.62 per cent), while Stanbic IBTC Stockbrokers Limited generated N93.03m (14.35 per cent). Afrinvest Securities Ltd and Atlass Portfolios Limited posted N81.15m and N68.34m, respectively, followed by Apel Asset Limited, Vetiva Capital Management Ltd, Smadac Securities Limited, United Capital Securities Limited, and Morgan Capital Securities Limited.

Across all asset classes combined, the top 10 stockbrokers accounted for 59.26 per cent of total market value over the trading week. First Securities Brokers Limited maintained its supreme position across all asset classes with N30.05bn in transactions, representing 9.40 per cent of total market value.

Imperial Asset Managers Limited took second place with N28.57bn (8.94 per cent), followed by CardinalStone Securities Limited with N26.79bn (8.39 per cent). Cordros Securities Limited recorded N24.23bn (7.58 per cent), while Stanbic IBTC Stockbrokers Limited posted N22.15bn (6.93 per cent).

The remaining overall leaders included United Capital Securities Limited with N15.68bn, CSL Stockbrokers Limited with N11.05bn, Chapel Hill Denham Securities Ltd with N10.57bn, Stanex Financial Nigeria Limited with N10.36bn, and Meristem Stockbrokers Limited with N9.90bn.

The figures underscore the strong institutional presence and trading volume generated by the top brokerages on the Nigerian Exchange as investors continually route major transactions through established market operators.

The Federal Government has raised N7.62tn from the domestic bond market between January and August 2026 as it continues to tap the fixed-income market to finance its budget and other fiscal obligations.

The funds were raised through eight Federal Government of Nigeria bond auctions conducted by the Debt Management Office during the period.

The latest figures highlight the growing importance of domestic borrowing in meeting the government’s financing requirements, amid a projected budget deficit of about N31.5tn.

At the August bond auction, the DMO allotted N805.2bn through competitive bids across the January 2035, April 2037 and June 2038 instruments.

Although the amount allotted through competitive bids was below the N1.1tn offered, total allotments climbed to about N1.56trn after N752.3bn was sold through non-competitive allotments, according to Cowry Asset Management Limited.

Investor demand remained firm, with subscriptions reaching N1.7trn. This produced a bid-to-cover ratio of 2.1 times, compared with 1.9 times recorded at the preceding auction.

The June 2038 bond attracted the highest demand, receiving N821.3 billion in bids against N631 billion in competitive allotments. It also recorded N742.3 bn in non-competitive allotments.

Despite the strong demand, the DMO maintained a cautious approach to pricing. The June 2038 bond recorded a marginal yield of 17.79 per cent, while the January 2035 instrument attracted subscriptions of N513.6bn but received only N64.1bn in competitive allotments at a marginal yield of 17.15 per cent.

Analysts said the relatively low competitive allotments reflected the government’s yield considerations rather than a lack of investor interest.

Demand for government securities has remained strong as investors seek attractive returns while positioning for a possible decline in yields as inflation continues to moderate.

However, higher returns on short-term treasury bills have continued to influence investment decisions, contributing to an inverted yield curve in which shorter-dated instruments offer higher yields than some longer-term securities.

The N7.62 trillion raised through FGN bonds does not include funds obtained through treasury bills, Sukuk and other debt instruments, underscoring the government’s continued reliance on the domestic capital market to fund public spending.

The Nigerian equities market extended its bearish trend on Monday as investor sell-offs pushed key indicators further into negative territory. The All-Share Index dropped by 265.99 points to close at 239,085.17, representing a decline from Friday’s benchmark of 239,351.16.

Correspondingly, overall equity market capitalisation shed N137.12bn during the trading session, contracting to N154.40tn compared with N154.53tn recorded at the close of the previous week.

Over the five-day trading period, the benchmark index fluctuated between a high of 241,611.23 points on Tuesday and a low of 239,085.17 points on Monday, recording an average of 240,167.17 points for the week.

Trading activity across the Exchange yielded a total turnover of 668.68m shares exchanged across 45,817 deals in the equities sector.

Sectoral performance reflected broad selling pressure across multiple market segments. The NGX Banking Index dipped to 2,458.04 points, driven down by notable losses in tier-one and tier-two lenders, including Fidelity Bank Plc, which dropped 6 per cent to close at N18.80, and United Bank for Africa Plc, which lost 1.44 per cent to settle at N44.45.

Additional pressure came from First Holdco Plc, falling 1.58 per cent to N127.90, and Wema Bank Plc, declining 1.19 per cent to N28.95.

However, some financial counters bucked the downward trend, led by Access Holdings Plc, which advanced 1.85 per cent to N27.50, and Guaranty Trust Holding Company Plc, which added 0.55 per cent to close at N127.70. The insurance sector also experienced noticeable contraction, with the NGX Insurance Index falling to 1,080.69 points.

International Energy Insurance Plc posted the heaviest sectoral loss, plunging 9.82 per cent to N3.49, closely followed by Guinea Insurance Plc, which sank 5.19 per cent to N0.73. Coronation Insurance Plc and Prestige Assurance Plc also registered declines of 3.85 per cent and 3.47 per cent respectively.

Conversely, Sunu Assurances Nigeria Plc provided a bright spot within the insurance space, gaining 3.33 per cent to close at N3.10.

Despite the prevailing market downturn, several individual equities managed to record notable price advances. Red Star Express Plc topped the gainers chart, surging 9.86 per cent to finish at N16.15. University Press Plc followed closely with a 9.38 per cent increase to N5.25, while UPDC Plc rose 5.97 per cent to close at N3.55. Haldane McCall Plc and Japaul Gold & Ventures Plc also posted positive performances, appreciating 3.90 per cent and 2.76 per cent to settle at N4.00 and N2.98 respectively.

On the flip side, Neimeth International Pharmaceuticals Plc joined the top losers list after shedding 9.38 per cent to end the day at N7.25. Beyond the main equities market, activity in derivative and fixed-income products remained mixed.

Exchange Traded Funds recorded 1,430 trades with a volume of 368,055 units, led by price gains in Vetiva Industrial ETF and NewGold ETF.

Nigeria’s push to revive investment in its deepwater oilfields gained fresh momentum on Monday as the Nigerian National Petroleum Company Limited and its partners signed agreements expected to move the proposed Bonga Southwest/Aparo project, estimated to attract up to $21bn in investment, closer to a Final Investment Decision.

The project, located in Oil Mining Lease 118, is expected to become one of Nigeria’s biggest new deepwater developments, with a projected peak production of about 175,000 barrels of oil per day and 140 million standard cubic feet of gas per day.

The NNPC Ltd and the OML 118 Contractor Parties, Shell Nigeria Exploration and Production Company Limited, Esso Exploration and Production Nigeria (Deepwater) Limited and Nigerian Agip Exploration Limited, executed an Addendum to the OML 118 Production Sharing Contract and an Addendum to the Dispute Settlement Agreement.

The agreements give effect to new fiscal and commercial terms approved by the Federal Government to support the development of the Bonga Southwest/Aparo project. The development is particularly significant for Nigeria, which has struggled in recent years to secure major new investments in its deepwater petroleum sector despite possessing some of Africa’s largest offshore oil and gas resources

Unlike onshore and shallow-water operations, deepwater projects require huge upfront capital and long-term fiscal certainty, making the competitiveness of a country’s tax and commercial framework a major consideration for international investors.

The NNPC, in a statement issued by its Chief Corporate Communications Officer, Andy Odeh, said the latest agreements demonstrated the practical impact of the Federal Government’s recent reforms aimed at restoring Nigeria’s attractiveness as a destination for deepwater investment.

The statement read, “The Nigerian National Petroleum Company Limited, and the OML 118 Contractor Parties, Shell Nigeria Exploration and Production Company Limited, Esso Exploration and Production Nigeria (Deepwater) Limited, and Nigerian Agip Exploration Limited, today executed the Addendum to the OML 118 Production Sharing Contract and the Addendum to the Dispute Settlement Agreement, marking a major milestone in the advancement of the deepwater Bonga Southwest/Aparo project towards Final Investment Decision.

“The execution gives effect to the fiscal and commercial terms approved by the Federal Government to support the development of BSWAp, and it reinforces Nigeria’s commitment to creating a competitive, stable and attractive environment for large-scale deepwater investment.”

The milestone followed President Bola Tinubu’s approval of the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, which was designed to improve the competitiveness of Nigeria’s deepwater fiscal regime and unlock fresh investments.

The NNPC said the execution of the addenda showed how the policy reforms were beginning to translate into concrete project development.

Speaking on the development, the Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, said the agreements provided evidence that the Federal Government’s reforms were beginning to create a pathway for major investments that had remained uncertain.

Ojulari said, “The execution of the BSWAp PSC and DSA Addenda demonstrates the effectiveness of President Tinubu’s reforms in translating policy into investment. This is about unlocking a major deepwater project and demonstrating that Nigeria has a competitive fiscal framework and a clear pathway for sustainable investment in its energy sector.

“NNPC Ltd will continue to work closely with the Federal Government, our partners and other stakeholders to ensure that this project delivers maximum value for the Federation and the Nigerian people.”

The project partners also announced the successful completion of the project’s Pre-Front End Engineering Design phase, another step towards taking the proposed development into the more detailed Front End Engineering Design stage.

According to the statement, the completion of the Pre-FEED work had helped to mature the technical and commercial scope of the project and positioned it for further engineering activities, subject to approvals and other governance requirements.

In another indication that preparations for the project are advancing, the partners said a bidder had emerged as the preferred contractor for the Floating Production Storage and Offloading vessel planned for the Bonga Southwest/Aparo development.

The FPSO is expected to be the central offshore facility for processing, storing and exporting crude oil from the field. However, the NNPC and its partners stressed that the identification of the preferred bidder did not amount to a final contract award.

The statement said the selection was still subject to the completion of “applicable partner, regulatory, assurance and governance processes,” while any eventual Engineering, Procurement, Construction and Installation contract would require further approvals.

The preferred bidder’s emergence, however, provides a basis for the FPSO concept to progress into the FEED stage and for further engineering and commercial work required to mature the project towards an FID.

With an estimated lifetime investment of between $15bn and $21bn, the Bonga Southwest/Aparo project could rank among the biggest investments in Nigeria’s oil and gas industry in years.

Beyond its projected crude oil and gas output, the project is expected to generate additional government revenues and foreign exchange, while creating opportunities for Nigerian companies involved in engineering, fabrication, offshore construction, logistics and other services.

The NNPC said the development would also deepen local content participation through increased contracting opportunities for indigenous companies and suppliers. It added that the project was expected to strengthen local fabrication, marine and engineering capabilities, facilitate technology transfer and support skills development.

The latest development comes as Nigeria seeks to reverse years of underinvestment in its oil and gas industry and raise crude production through new investments in both existing and frontier assets.

The Federal Government and industry regulators have in recent months introduced a series of fiscal and regulatory measures aimed at attracting fresh capital into the petroleum sector, particularly in deepwater projects where investment decisions are often influenced by global competition and the long development cycle of offshore fields.

Once operational, the Bonga Southwest/Aparo project is expected to become a major new production hub and contribute to Nigeria’s ambition to sustainably increase its oil and gas output.

The NNPC said the signing of the agreements reflected collaboration among the Federal Government, the national oil company, regulatory agencies and the OML 118 Contractor Parties.

It added that it would continue to work with all stakeholders to advance the project “safely, competitively and responsibly, while maximising value for Nigeria and the Nigerian people.”