FirstBank Nigeria Limited and the University of Lagos have reaffirmed their joint commitment to driving academic research, ethical leadership, and structured support for small and medium-sized enterprises across the country.

The institutions demonstrated this partnership at the FirstBank Samuel Asabia Professorial Chair in Business Ethics Public Lecture, held recently at the George Ade Ajayi Auditorium, UNILAG, where industry leaders and scholars convened to advocate for business ethics that extend from corporate boardrooms directly to everyday micro-enterprises.

Speaking on the theme, ‘Ethical Paradoxes, Small Businesses, and the Informal Economy: Lessons for Tax Compliance and Accountability,’ the Group Managing Director and Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, highlighted that the informal sector contributes approximately 42.5 per cent to Nigeria’s Gross Domestic Product.

Representing the Vice Chancellor of UNILAG, Prof. Folasade Ogunsola, the Deputy Vice Chancellor, Prof. Mathew Ilori, commended FirstBank’s enduring endowment initiative, assuring that the university remains committed to fostering an academic environment that yields actionable solutions for both formal and informal business sectors.

Delivering the inaugural lecture, the Chair in Business Ethics at UNILAG, Prof. Kenneth Amaeshi, urged governments and policymakers to accord greater recognition to the informal sector, describing it as the primary engine driving job creation and economic growth in Nigeria.

He noted that while large corporate entities like banks and capital market firms dominate public attention and receive government bailouts during crises, they account for only a tiny fraction of direct employment compared with the micro-enterprises that make up the everyday economy.

“Informal sector key for job creation, economic growth,” Amaeshi stated, emphasising that the taken-for-granted invisible economy of ordinary citizens forms the true majority economy where most Nigerians earn their livelihood.

He explained that despite the glamour of large businesses and their ability to generate massive wealth, their capacity to create direct employment opportunities remains significantly lower than that of small businesses operating across urban and rural communities.

Amaeshi said, “If you take First Bank, for example, First Bank has about 30,000 employees directly, or between 50,000 and 60,000. So there are about 30 banks in Nigeria. If you assign all of them the same number of employees as First Bank, we are looking at about 600,000 direct jobs. But we have about 200 million people in Nigeria, and if the banks are only employing about 600,000, then you can imagine where most of us are.”

The Don noted that while formalisation of the informal economy is a welcome development that could help small enterprises access finance, technical assistance, and structured support systems, attempts to homogenise the sector through rigid taxation often create severe friction.

He stressed that small business owners are not inherently opposed to contributing to national development, but they are often discouraged by the perceived lack of transparency and accountability regarding how tax revenues are utilised by government authorities.

“Nigerians do not actually hate tax. Most of the small business owners are cognisant of their tax responsibilities, but taxpayers’ concerns about how taxes are used point to one thing: tax accountability matters. If you want more money from us, show us how you spend money,” Amaeshi said.

On his part, Alebiosu noted that the sector operates largely on personal trust and reputation rather than formal regulatory frameworks, making it essential to address the paradox of promoting ethical conduct without placing undue sustainability burdens on struggling small enterprises.

“The informal sector provides livelihoods, employment and entrepreneurial opportunities for millions of Nigerians. From traders and artisans to farmers and small business owners, these enterprises are an important part of our economic ecosystem. Yet, many operate within challenging environments characterised by limited access to finance, infrastructure, capacity and formal business structures. Despite this, the sector contributes significantly to Nigeria’s gross domestic product and remains, for many households, the first and sometimes only source of income,” Alebiosu stated.

He added, “At FirstBank, we believe that ethics and sustainability should not be viewed as competing priorities, but rather that ethical business is sustainable. Integrity builds trust. Transparency strengthens relationships. Responsible practices enhance resilience. And businesses that earn the confidence of their customers, employees, partners and financial institutions are better positioned to grow.”

The FirstBank boss highlighted that the Samuel Asabia Chair is one of ten permanently restricted endowments funded by the financial institution across federal universities in Nigeria’s six geopolitical zones to drive academic research and build ethical leadership.

He emphasised that the scholarship produced under the Chair must extend beyond corporate boardrooms to benefit market stalls, workshops, and agricultural enterprises across the informal economy.

The Vice Chancellor reaffirmed the university’s total support for the FirstBank Samuel Asabia Professorial Chair in Business Ethics, assuring that UNILAG would continue to provide the enabling academic environment required to maximise the impact of the endowment.

She expressed confidence that the insights generated through the Chair’s public lectures and research outputs would yield actionable solutions to advance ethical standards across both the formal and informal sectors of the Nigerian economy.

United Bank for Africa (UBA) Plc has been named as an authorised financial institution through which eligible investors can subscribe to acquire shares of the anticipated Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE.

This means that UBA can provide investors with access to the landmark public offer, which presents Nigerians and eligible international investors with an opportunity to become shareholders in one of Africa’s most significant industrial investments.

The Dangote Refinery IPO offers 4.1 billion ordinary shares at N525 per share, with a minimum subscription of 10 shares valued at N5,250, and investors can apply for additional shares in accordance with the terms of the offer.

The offer, which opened on Monday, 14 September, 2026 will close on 13 October, 2026, subject to the terms contained in the offer documents.

UBA is encouraging interested investors, including its customers and members of the investing public, to take advantage of its approved channels to participate in the offer.

Commenting on the development, Executive Director Designate, UBA Group, Tosin Adewuyi, said: “We are pleased to be named as one of the approved financial institutions providing access to the Dangote Refinery public offer. At UBA, we remain committed to deepening financial inclusion and expanding opportunities for individuals and businesses to participate meaningfully in Nigeria’s capital market.

“This public offer provides eligible investors with an opportunity to participate in the ownership of a major Nigerian industrial enterprise. We encourage interested investors to obtain and carefully review the offer documents, understand the terms and risks involved, and make informed investment decisions,” Adewuyi said.

He explained that eligible investors can subscribe for the Dangote Refinery shares through UBA’s approved subscription channels.

Investors are advised to ensure that their personal and banking details, including their BVN information, are accurate and up to date before submitting their applications.

UBA customers can access the offer through the Bank’s designated channels, subject to the applicable subscription process and terms via https://www.ubagroup.com/nigeria/self-service/

Investors are, however, advised to read the Prospectus and other offer documents carefully and seek appropriate professional advice where necessary before investing. An investment in shares carries risks, and the value of an investment may rise or fall.

UBA also advises investors to subscribe only through approved channels and to remain vigilant against fraudulent investment schemes. The official Dangote Refinery IPO website specifically warns investors never to disclose their PIN, password or OTP or pay money into a personal account.

The Nigerian Exchange Limited closed the trading week on a distinctly bearish note, driven by broad-based sell-offs across major industry sectors.

The benchmark Nigerian Exchange All-Share Index dropped by 1.60 per cent to settle at 243,052.74 points, down from its opening level of 246,992.44 points at the start of the week.

Concurrently, market capitalisation contracted by 1.24 per cent to finish at N157.587tn. Despite this week’s pullback, the market continues to maintain a remarkable year-to-date performance, remaining up by 56.19 per cent overall.

Overall market sentiment turned heavily negative, as evidenced by a total of eighty equities depreciating against a slim nine equities that managed to record price appreciation, while fifty-eight stocks closed the week unchanged.

Macroeconomic factors fuel market profit-taking

The weekly contraction on the Exchange reflects broader economic dynamics as institutional investors rebalance portfolios following extended bull runs across tier-1 equities.

Market analysts attribute the recent profit-taking wave to lingering inflationary pressures, high debt-issuance yields in the fixed-income market, and corporate earnings recalibration across the banking and manufacturing sectors.

Furthermore, heightened activity in primary capital issuances, including major rights issues, commercial paper offerings, and sovereign bond sales, has temporarily diverted liquidity away from secondary equity trading, contributing to the lighter trading volumes recorded across equity counters.

Financial sector anchors trading volume

Trading activity on the floor of the Exchange reflected a slight slowdown in market turnover compared to the preceding week.

Total traded volume reached 3.647bn shares valued at N130.151bn exchanged across 244,777 deals. This marked a decrease from the previous week’s figures, which recorded 4.360bn shares worth N210.331bn in 223,284 transactions.

As in previous weeks, the Financial Services Industry dominated the market activity chart by volume, recording 2.909bn shares valued at N56.668bn in 106,662 deals.

This heavy trading volume ensured the sector contributed nearly eighty per cent of the total equity turnover volume and over forty-three per cent of the total value for the week.

The Services Industry followed behind, generating 153.122m shares worth N2.331bn, while the Consumer Goods Industry occupied third place with 116.656m shares worth N11.035bn.

Activity was heavily concentrated among the top three individual stocks traded during the session. Fortis Global Insurance Plc, Mutual Benefits Assurance Plc, and Sterling Financial Holdings Company Plc led the volume chart, collectively accounting for 1.544bn shares valued at N4.067bn in 3,017 deals.

Together, these three equities alone represented over forty-two per cent of the overall equity turnover volume, though they accounted for just over three percent of total value.

An analyst at Apt Securities and Funds Limited said, “Overall, the session was characterised by bullish sentiment and weaker trading activity, as renewed buying interest supported another positive close despite lower market turnover.”

Sectoral performance, top gainers

Sectoral indices almost uniformly tracked lower alongside the main board, reflecting widespread sell pressure across key industry segments.

The Banking Index registered a noticeable decline of 4.07 per cent, while the Industrial Goods Index and the Consumer Goods Index retreated by 3.36 per cent and 2.55 per cent, respectively.

The Insurance Index experienced the largest sectoral drop, falling 5.52 per cent. However, a few specialised indices bucked the market trend and posted positive gains.

The Oil and Gas Index advanced by 2.83 per cent, while the Commodity Index gained 2.19 per cent. Modest positive movements were also recorded in the MERI Value Index, the AFR Dividend Yield Index, and the Sovereign Bond Index.

Among individual stock performances, Nigerian Exchange Group Plc emerged as the top gainer for the week, surging 13.85 per cent to close at N148.00 per share after opening at N130.00. Ellah Lakes Plc also gained ground, rising 13.33 per cent to end at N10.20, while energy major Seplat Energy Plc posted a 10.00 per cent gain to finish at N14,907.80 per share.

Conversely, Fortis Global Insurance Plc registered the largest drop of the week, declining by 27.50 per cent to close at N1.45 per share. Critical Minerals Financing Corp Plc followed closely behind with a 24.24 per cent reduction in value to end at N2.00 per share.

Alternative assets and corporate listings

In alternative trading segments, Exchange Traded Products recorded a transaction volume of 2.259 million units valued at N451.246m across 5,627 deals. This represented an increase from the previous week’s record of 2.102 million units worth N425.921m.

Meanwhile, the Fixed Income segment saw 115,145 bond units valued at N123.330m traded in 50 deals, down from the 295,465 units valued at N293.761m recorded the previous week.

The primary market saw significant corporate activity with new listings on the Exchange. Two tranches of Federal Government of Nigeria Savings Bonds issued in August were officially listed on 9 September.

These included the two-year 13.963 per cent bond maturing in August 2028 with an issued value of N1.318bn, and the three-year 14.963 per cent bond maturing in August 2029 with an issued value of N4.545bn.

In equity listings, Dangote Sugar Refinery Plc added over 8.097 billion ordinary shares to the official list following its successful Rights Issue at N60.00 per share, raising the company’s total issued share capital to more than 20.244 billion shares.

Finally, Chapel Hill Denham Nigeria Infrastructure Debt Fund listed an additional 350,531 units arising from its second-quarter scrip distribution.