The Nigerian Exchange Limited has officially listed an additional 3,156,869,665 ordinary shares of United Bank for Africa Plc on its Daily Official List, marking a step in strengthening the bank’s capital base and deepening liquidity in the Nigerian capital market.

The listing follows the successful conclusion of UBA’s recent rights issue exercise, which offered shareholders one new ordinary share for every thirteen ordinary shares held at a price of N50.00 per share.

The NGX confirmed the formal listing in a letter dated 12 January 2026, addressed to UBA and signed by Godstime Iwenkehai, Head of the Issuer Regulation Department at NGX.

In the letter, Iwenkehai stated, “Following the submission of all post-approval documents, please be informed that United Bank for Africa Plc’s Rights Issue of 3,156,869,665 ordinary shares of 50 kobo each at N50.00 per share on the basis of one new ordinary share for every thirteen ordinary shares held was formally listed on the Daily Official List of Nigerian Exchange Limited on Monday, 12 January 2026.”

The listing of these shares increases UBA’s total outstanding shares on NGX from 41,039,305,642 ordinary shares to 44,196,175,307 ordinary shares. This injection of additional shares represents a substantial enhancement of UBA’s market capitalisation and is expected to significantly improve liquidity in the trading of the bank’s stock.

UBA’s Group Managing Director and Chief Executive Officer, Oliver Alawuba, welcomed the confirmation, describing it as a clear demonstration of investor confidence in the bank.

“We welcome the formal confirmation from NGX on the listing of our rights issue shares. This successful transaction reflects strong investor confidence in UBA’s financial strength, governance, and growth strategy,” Alawuba said. He added, “Needless to say, the additional capital will further support our Pan-African and global expansion and enhance our capacity to deliver sustainable value to all stakeholders.”

The recently concluded rights issue raised N158bn for UBA, which, when combined with the N239bn raised in November 2024, has increased the bank’s total capital base to N513bn. This latest capital infusion ensures that UBA’s qualifying capital now comfortably surpasses the N500bn minimum requirement set by the Central Bank of Nigeria for banks with international authorisation, solidifying its position as one of Nigeria’s leading financial institutions.

The pump prices of Premium Motor Spirit (petrol) and other refined petroleum products, including Automotive Gas Oil (diesel), and Household Kerosene, among others, may spike soon as crude oil, the major feedstock for refined fuel, crossed $66/barrel on Wednesday.

Brent, the global benchmark for crude, traded above $66 on Wednesday, as other oil grades also appreciated in price, heightening concerns that the cost of refined products might balloon in the coming days.

Industry players fingered the instability in Iran and Venezuela, coupled with the actions of the United States on Venezuela, and its recent threat to Iran. They noted that the cost of crude may continue to rise unless there is stability in these two nations that produce large volumes of the commodity.

Oil marketers projected that crude oil prices may reach $80/barrel, following the uncertainties in the international market. Crude is the major feedstock for the production of refined petroleum products. The foreign exchange rate is another factor that mainly affects the cost of imported fuel

The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, confirmed these developments in the sector while speaking with The PUNCH on Wednesday, as he noted that fuel consumers should brace for imminent price hikes.

“It is simple economics, crude oil is the main feedstock for refined petroleum products, so as the price of crude oil grows, the costs of these refined products are bound to rise. We have only one major refiner in Nigeria currently, and no one can certainly say whether the plant will retain its prices amid the spike in crude.

“Imported petrol will, of course, rise, and the same is expected of domestically produced PMS. The instability in Iran and Venezuela is definitely playing out. Even if the US decides to sell the crude produced from Venezuela at a reduced cost, it may not bring down the global crude oil prices.

“So, as fuel consumers, we should brace for hikes in the cost of refined products. It may not be now, but a sustained hike in crude oil prices would definitely lead to a spike in the costs of refined products domestically,” Gillis-Harry stated.

He noted that the instability in the Middle East may force the price of crude to hit $80 before the end of the month, adding that this may bring more FX to the Federal Government, but would raise the pump prices of refined products.

“There is apprehension that the price of crude doesn’t cross $80/barrel before the end of the month, because with the way things are going, and the seeming daily increases in crude oil price lately, the cost might get to that.

“Of course, the government would make more foreign exchange earnings as a result of this, but this will mean higher prices of refined petroleum products, and the masses would have to bear the brunt. This is the situation in the oil and gas sector right now,” Gillis-Harry explained.

The global oil industry has experienced several developments that pushed oil prices above the $60/barrel level at which it traded about a month ago. On Wednesday, The PUNCH reported that global oil prices surged on Tuesday as markets reacted to escalating drone attacks on Russia’s Novorossiysk terminal, which handles about two per cent of global daily oil supply, according to a report by Oilprice.com.

The report stated that Brent crude rose from $63 per barrel on Monday to trade around $65.14 on Tuesday evening, while US West Texas Intermediate climbed to $60.75, up from $59, representing a gain of about $2.1 per barrel.

The spike followed reported disruptions at the Caspian Pipeline Consortium infrastructure, a key export route for Kazakhstan’s crude oil operated by Western oil majors, including Chevron and Shell, raising concerns of a potential supply squeeze.

Reuters reported that two oil tankers waiting to load crude from some of Kazakhstan’s largest oilfields were hit by drones at the CPC marine terminal near Novorossiysk on Russia’s Black Sea coast.

As crude maintains the recent spike in price, data from the Major Energies Marketers Association of Nigeria on Wednesday indicated that the landing cost of imported petrol has remained stuck at rates above the ex-depot price of N699/litre of the Dangote Petroleum Refinery.

MEMAN disclosed in its bulletin that the landing cost of petrol dropped to N754.96 on Wednesday, from N758 last week. The association noted that Dangote’s gantry price was still N699 per litre, representing a difference of about N44.

But oil marketers stated that the prices of both domestically produced fuel and imported fuel would rise in the coming days if crude oil continues to spike in price. According to them, the government has to work hard to get Nigeria’s refineries under the management of the Nigerian National Petroleum Company Limited, working

Skyway Aviation Handling Company Plc has consolidated its position as one of Nigeria’s leading ground handling companies, recording a strong mix of commercial growth, safety achievements and industry recognition in 2025.

In a statement made available to The PUNCH by the company’s publicist, Vanessa Uansohia, on Friday, the company announced that it onboarded new airline customers during the year, cutting across domestic, regional, and international operations.

According to the firm, the newly signed carriers include Ethiopian Airlines, Air Tanzania and Air Algérie, alongside ValueJet Airlines and United Nigeria Airlines, whose regional operations were added to their existing domestic services.

Other airlines that commenced handling operations with SAHCO in 2025 include Pioneer Airlines, Binani Airlines and ExeJet/Enugu Air.

The company said it also expanded its international footprint by handling Air Peace’s long-haul operations to Antigua and Barbados.

In the area of safety and quality assurance, SAHCO recorded milestones with the successful renewal of its International Air Transport Association Safety Audit for Ground Operations certification.

The ISAGO certification is regarded globally as a key benchmark for safety and operational excellence in ground handling.

The company further confirmed that its Regulated Agent certification remains valid until 2027, underscoring its continued compliance with international aviation security standards.

The statement read, “SAHCO renewed its Institute of Safety Professionals of Nigeria certification and its Quality Management System certification in 2025, reinforcing its commitment to structured processes, safety culture and risk management.

“Human capital development also featured prominently in the company’s activities during the year. Our Training School Authorisation was renewed, enabling it to continue training aviation professionals to industry standards. Plans are underway to expand the training school and enhance its curriculum in 2026, in line with global best practices and emerging industry requirements.”

SAHCO says its performance in 2025 attracted multiple awards and recognitions from both local and international bodies. These include the Federal Airports Authority of Nigeria Safety Excellence Award and the Aircraft Handling Service Achievement Award from the Nigerian Aviation Ground Handling Association.

“We were also named Aviation Service Provider of the Year by the Nigerian Institute of Transport Technology and Best Ground Support Service Company of the Year at the Nigeria International Air Show. In addition, SAHCO received the Ground Support Equipment Certification of Recognition from IATA,” it further stated.

Internationally, British Airways recognised SAHCO’s Abuja Station with a Bronze Award and its Lagos Station with a Gold Award for outstanding punctuality and safety performance across the Middle East, Africa and Asia Pacific regions.

Looking ahead, SAHCO outlined a growth-focused strategy for 2026, with emphasis on operational excellence, revenue expansion and business diversification. Key priorities include expanding cargo handling services, strengthening partnerships with state-owned airports, pursuing additional industry and international certifications, and deepening engagement with airline partners across markets.

These initiatives are anchored on the company’s 4Ps Strategy for 2026, which are People, Process, Performance and Platform, “designed to build a skilled workforce, standardise operations, leverage data-driven performance management and develop an integrated digital and operational platform.”

MultiChoice Nigeria has appointed Kemi Omotosho as its new Chief Executive Officer, following the retirement of John Ugbe, the company said in a statement on Monday.

The appointment will take effect from January 2026, marking a leadership transition at the pay-TV operator after nearly 15 years under Ugbe, who oversaw the business through significant shifts in Nigeria’s media and entertainment landscape.

Ugbe stepped down after a long tenure during which MultiChoice Nigeria navigated rapid digital transformation, changing consumer habits and intensifying competition within the pay-TV and streaming markets.

Omotosho brings more than two decades of experience spanning media, telecommunications and digital services across Nigeria and sub-Saharan Africa. She has held several senior roles within the MultiChoice Group, including Executive Head of Customer Value Management in Nigeria and Group Executive Head of Customer Value Management for the Rest of Africa.

Most recently, she served as Regional Director for Southern Africa, where she had overall responsibility for operations across seven countries.

Commenting on her appointment, Omotosho described Nigeria as a critical market for the Group and said she was looking forward to leading the business at a pivotal time.

“It is a privilege to be entrusted with the leadership of MultiChoice Nigeria at this important moment. Nigeria remains one of the Group’s most strategic and dynamic markets,” she said. “I look forward to working with our teams and partners to deepen our relationship with consumers and champion local storytelling and the creative economy, as well as build a future-ready organisation that delivers sustainable value.”

The company said the leadership change followed a structured transition process designed to ensure continuity and stability in its Nigerian operations.

The NGX Pension Broad Index, which tracks pension-compliant equities on the Nigerian Exchange, recorded a return of 59.72 per cent in 2025, outperforming the broader market as measured by the NGX All-Share Index.

Data from the Exchange showed that the Pension Broad Index closed the year at 2,917.84 points, rising from 1,826.89 points at the end of 2024. In comparison, the All-Share Index gained 51.19 per cent over the same period, highlighting the stronger performance of equities eligible for pension fund investment.

The Pension Broad Index comprises stocks that meet the investment eligibility criteria set by the National Pension Commission, making it a benchmark for Pension Fund Administrators seeking to comply with regulatory requirements while pursuing competitive returns.

The index includes a diversified mix of equities across key sectors such as financial services, telecommunications, consumer goods, industrials and energy. Analysts said this broad sectoral exposure helped support performance during a year marked by strong market activity and improved investor sentiment.

The Pension Broad Index outperformed the All-Share Index by more than 850 basis points in 2025, reinforcing the capacity of pension-compliant equities to deliver strong, risk-adjusted returns over the long term.

Market analysts noted that the performance underscores the growing influence of pension assets in Nigeria’s capital market, as well as the role of transparent, rules-based indices in supporting portfolio construction and long-term retirement planning.

The Nigerian Exchange said it will continue to engage with the National Pension Commission and Pension Fund Administrators to promote market education, data analytics and the development of pension-focused investment products aimed at deepening participation in the equities market.

Three bank mergers are anticipated early this year as lenders scramble to comply with the Central Bank of Nigeria’s new minimum capital requirements before the 31 March 2026 recapitalisation deadline.

This projection was made by the rating firm, DataPro, in its 2026 Banking Sector Prospects in Nigeria, as it also highlighted some of the threats to the sector.

By the end of 2025, most tier-1 institutions had already met the new capital threshold, and more have announced that they have met the target MCR in this New Year, leaving smaller banks under mounting regulatory and market pressure to shore up their balance sheets.

Analysing the banking sector prospects for 2026, DataPro’s in-house expert and analyst on Enterprise Risk Management, Idris Shittu, posited, “By the end of 2025, major banks will have successfully met the minimum capital threshold required by the Central Bank of Nigeria. Meanwhile, Tier-2 banks are under increasing pressure to comply, with three significant mergers expected by early 2026 as institutions scramble to meet the 31 March recapitalisation deadline.

“This regulatory push has spurred an active M&A environment, but it brings with it considerable risks. Post-merger integration challenges, including IT system harmonisation, cultural alignment, and the migration of Non-Performing Loans, could strain newly merged entities, especially among smaller banks. The looming deadline has also sparked ‘War Room’ discussions focused on deal execution and risk mitigation.”

Shittu maintained that the sector will be facing triple threats in the New Year, which demand agility and operational resilience from banks across the country. These threats include regulatory tightening, as a high Cash Reserve Ratio continues to restrict liquidity. Capital pressure as the recapitalisation deadline drives consolidation but also heightens risks around merger execution and integration and technological disruption from rapid fintech innovation, which would demand urgent modernisation and digital transformation from traditional banks to stay competitive.

The ERM expert anticipates that banks would continue to prioritise fee-based income streams over traditional lending activities to deal with the 45 per cent Cash Reserve Ratio for commercial banks. This CRR effectively sterilises nearly half of the naira deposits and severely limits liquidity.

On the disruption brought on by the agile fintechs, Shittu said, “Technology continues to reshape Nigeria’s banking sector, with fintech innovators like Moniepoint and Opay aggressively capturing market share, particularly among SMEs and retail customers. In response, 2026 is poised to become the year Nigerian banks evolve beyond traditional banking to compete as lifestyle ‘super-apps’.

“These super-apps aim to integrate services such as flight bookings, food delivery, and other daily conveniences directly into banking platforms to enhance customer retention and engagement. However, traditional banks face an agility challenge due to slow IT procurement cycles and legacy core systems, risking a continued exodus of younger users to nimbler fintech rivals. To keep pace, banks are expected to innovate rapidly, either through strategic fintech acquisitions or by spinning off autonomous digital subsidiaries capable of operating with fintech speed and flexibility.”

On the outlook for the sector in 2026, Shittu projects a decline in the number of banks in the country, saying, “By the end of 2026, the Nigerian banking industry is expected to consolidate significantly, shrinking in number. While this consolidation promises a more resilient banking system capable of underwriting larger transactions and supporting Nigeria’s ambition toward a $1tn economy, integration risks loom large.

“Past consolidation efforts, such as those in 2005, highlight the potential pitfalls of IT system failures and cultural clashes. Particularly challenging is the merger of conservative Tier-1 banks with aggressive Tier-2 acquirers, which could cause decision-making gridlock and operational disruptions.”

The expert warned that success in the consolidation phase will depend heavily on effective due diligence around asset quality and cultural fit, as well as robust post-merger integration planning.

PwC, which listed the finance sector as one of the sectors to drive growth in 2026 in its Nigeria Economic Outlook – January 2026, holds a more optimistic view of the sector.

PwC said, “Regulatory initiatives such as bank recapitalisation mandates and evolving frameworks for fintech and digital financial services are further drawing institutional interest, while secondary listings by major banks on international exchanges demonstrate growing cross-border investor engagement and confidence.

“In 2026, strong demand for modern financial products, credit expansion, and advanced risk management solutions, combined with projected capital market growth to N262tn, driven by anticipated listings of Dangote Refinery and NNPC, will deepen liquidity, attract new investors, and sustain interest across banking, fintech, and insurance.”

On the tech front, PwC added, “In 2025, banks and fintechs accelerated AI and blockchain adoption to personalise services, automate risk management, and enhance fraud detection, while major lenders deployed AI chatbots and advanced analytics to streamline operations. The insurance sector embraced insurtech, with the National Insurance Commission and fintechs collaborating on digital platforms to boost product innovation and access.

The Nigerian Exchange Limited opened the new trading week on a positive note on Monday as strong buying interest across key stocks lifted total market capitalisation by N745bn, reflecting improved investor sentiment in the equities market.

At the close of trading, the equities market capitalisation rose to N104.52tn from N103.78tn recorded at the previous session, while the All-Share Index advanced by 946.61 points, or 0.58 per cent, to close at 163,244.69 points from 162,298.08 points.

Market activity also improved markedly. A total of 1.15bn shares valued at N19.21bn were traded in 59,326 deals, representing an increase of 84 per cent in volume, a four per cent rise in turnover and a 35 per cent improvement in the number of deals compared with the preceding trading day.

Trading was broadly positive, with 128 listed equities participating in the session. Forty-nine stocks closed higher, while twenty equities ended the day lower, underscoring a bullish undertone in the market.

On the gainers’ table, E-Tranzact International topped the list after its share price appreciated by 10 per cent to close at N16.50. Red Star Express also gained 10 per cent to settle at N11.55, while McNichols rose by 10 per cent to close at N6.05. UPDC advanced by 10 per cent to N5.50, RT Briscoe added 10 per cent to close at N3.96, and Deap Capital Management and Trust appreciated by 10 per cent to end the session at N3.30 per share.

Conversely, trading closed on a weaker note for some stocks, led by Champion Breweries, which recorded the highest decline, shedding 8.51 per cent to close at N15.05 per share. Eunisell Interlinked followed with a loss of 8.01 per cent to close at N156.20, while Ikeja Hotel declined by eight per cent to settle at N36.80. Guinea Insurance dropped by 7.30 per cent to N1.27, Omatek Ventures fell by 3.12 per cent to close at N1.24, and Lasaco Assurance declined by 2.99 per cent to end the session at N2.60 per share.

In terms of trading activity, Sovereign Trust Insurance recorded the highest volume of shares traded, with over 307m units exchanging hands. Fidelity Bank followed with approximately 158 million shares, while Linkage Assurance and Mutual Benefits Assurance also featured prominently among the most actively traded stocks.

By value, Fidelity Bank led transactions with shares worth N3.14bn traded during the session. Aradel Holdings, Zenith Bank, Eunisell Interlinked and Sovereign Trust Insurance also recorded significant value turnover, contributing to overall market liquidity.

Analysts attributed the market’s positive performance to renewed bargain hunting in select stocks, particularly in the banking and insurance sectors, as well as improved confidence following recent gains in market capitalisation above the N100tn mark.

They noted that sustained buying interest, supported by expectations of full-year corporate earnings and portfolio rebalancing by investors, could help maintain the upward momentum in the near term, although intermittent profit-taking is likely to remain.

The NGX’s strong start to the week reinforces its position as one of the best-performing markets in the region, with market capitalisation firmly above N104tn, signalling continued resilience in Nigeria’s equities market despite prevailing macroeconomic challenges.

Electricity distribution companies across the country billed customers a total of N255.19bn for power supplied in October 2025, but collected N210.92bn, leading to combined losses from unbilled energy and unpaid bills that continue to strain the liquidity of the power sector.

This is according to the latest commercial performance factsheet released by the Nigerian Electricity Regulatory Commission.

The NERC report showed that the 11 DisCos received electricity worth N303.85bn from the national grid in October, representing an 8.73 per cent increase over September. However, they were unable to fully convert the energy received into billable revenue, as the value of energy billed declined by 5.65 per cent to N255.19bn.

This left a gap of N48.66bn attributable to electricity supplied but not billed to customers during the month. As a result, industry-wide billing efficiency dropped to 83.99 per cent, a 2.45 percentage-point decline from September, meaning that more than 16 per cent of power delivered to DisCos was never captured in customer bills.

Despite the setback in billing, revenue collection performance improved. Total collections rose by 7.48 per cent month-on-month to N210.92bn, lifting collection efficiency to 82.66 per cent, up 1.40 percentage points from September. NERC explained that instances where collection efficiency exceeded 100 per cent in some DisCos were largely due to the recovery of outstanding debts from previous months.

However, even with the improvement in collections, the sector continued to record significant shortfalls.

Of the N255.19bn billed in October, DisCos failed to collect N44.27bn, compounding the losses from unbilled energy. Taken together, the weaknesses in billing and collection translated into a recovery efficiency of 82.49 per cent, reflecting the proportion of allowed revenue that was actually realised by operators.

The commission’s data showed that while the allowed average tariff for October stood at N116.25 per kilowatt-hour, the actual average collection dropped to about N95.85/kWh, representing a 1.23 per cent decline from September. This widening gap between regulated tariffs and realised revenue continues to fuel liquidity pressures across the electricity value chain, affecting remittances to the Nigerian Bulk Electricity Trading Plc and other market participants.

A breakdown of the October figures revealed sharp contrasts in performance across the DisCos. Ikeja Electricity Distribution Company delivered the strongest overall performance during the month.

It billed N41.26bn out of N43.72bn worth of energy received, achieving a billing efficiency of 94.36 per cent. The utility collected N42.11bn, exceeding its billings and pushing collection efficiency to 102.07 per cent, while recovery efficiency climbed to 108.17 per cent.

Eko DisCo also remained among the strongest performers, despite a slight deterioration in billing. It billed N40.29bn out of N42.10bn received, posting a billing efficiency of 95.71 per cent, though this was 3.33 percentage points lower than in September. It collected N37.67bn, resulting in a collection efficiency of 93.50 per cent and a recovery efficiency of 101.65 per cent.

Abuja DisCo received electricity valued at N46.32bn in October but billed only N38.93bn, translating to a billing efficiency of 84.05 per cent, a sharp 5.75 percentage-point decline from the previous month. Despite weaker billing, it posted a relatively strong collection efficiency of 88.35 per cent, collecting N34.39bn, while recovery efficiency stood at 88.30 per cent.

Port Harcourt DisCo billed 80.32 per cent of the energy it received, slightly lower than September’s performance. However, its collection efficiency improved to 87.07 per cent, and recovery efficiency rose to 82.97 per cent, placing it among the better-performing utilities in the southern region.

In contrast, several northern DisCos continued to struggle with deep commercial inefficiencies. Jos DisCo recorded the weakest overall performance in the market. Although its billing efficiency improved marginally to 84.89 per cent, it collected only N5.26bn out of N13.50bn billed. This left collection efficiency at just 38.98 per cent, down 18.19 percentage points, while recovery efficiency fell sharply to 42.28 per cent.

Kaduna DisCo posted a notable improvement in billing efficiency, which rose by 8.69 percentage points to 84.62 per cent. However, collections remained weak at 43.03 per cent, and recovery efficiency stood at 43.70 per cent, highlighting persistent commercial challenges.

Enugu DisCo recorded a deterioration in billing performance. Out of N26.11bn worth of energy received, it billed N20.95bn, resulting in a billing efficiency of 80.23 per cent, down 4.23 percentage points. Collection efficiency improved to 80.74 per cent, although recovery efficiency slipped to 77.67 per cent.

Ibadan DisCo showed one of the strongest improvements in collections. While billing efficiency declined slightly to 73.51 per cent, collection efficiency surged by 10.10 percentage points to 84.49 per cent, with N22.56bn collected. Recovery efficiency rose significantly to 74.16 per cent.

Benin, Yola, and Kano DisCos also remained in the amber zone for recovery performance. Benin DisCo billed only N19.84bn out of N30.38bn received, leaving billing efficiency at 65.32 per cent.

Its collection efficiency fell to 83.72 per cent, while recovery efficiency dropped to 65.16 per cent. Kano DisCo achieved one of the highest billing efficiencies at 98.05 per cent but collected just 58.67 per cent of its billings, with recovery efficiency at 68.65 per cent. Yola DisCo recorded billing efficiency of 66.03 per cent and a collection efficiency of 69.35 per cent, leaving overall performance fragile.

The October performance comes amid ongoing regulatory and structural reforms aimed at improving the financial sustainability of Nigeria’s power sector. NERC has repeatedly stressed the need for improved metering, reduction in energy theft, and stricter enforcement of commercial performance benchmarks.

Despite recent tariff adjustments and reforms under the amended Electricity Act, the latest data suggest that unresolved challenges in energy accounting, customer enumeration, and revenue protection continue to drain billions of naira monthly from the sector, raising concerns about the sustainability of ongoing reforms and the stability of the electricity market.