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Foreign reserves near $53bn as CBN reforms gain traction

CBNThe Central Bank of Nigeria on Tuesday said recent stability in the foreign exchange market, rising foreign reserves and moderating inflation indicate that its ongoing monetary reforms are beginning to yield positive results.

The apex bank disclosed that Nigeria’s external reserves had risen above $52.5bn as of July 17, 2026, exceeding its annual target and reaching their highest level in 17 years.

CBN Governor Olayemi Cardoso, represented by the Acting Director of the Corporate Communications and Investor Relations Department, Mrs Hakama Sidi-Ali, made the disclosure at the CBN Fair held at the International Conference Centre, Gombe. Sidi-Ali also reiterated the development in a statement issued on Tuesday.

According to the statement, “The Central Bank of Nigeria has disclosed that Nigeria’s foreign reserves have exceeded its annual target and have climbed above $52.5bn as of July 17, 2026, representing a 17-year high.”

Cardoso said the milestone reflected sustained capital inflows, renewed investor confidence and growing confidence in Nigeria’s economic management. “This is supported by sustained inflows and renewed investor confidence and participation across asset classes in Nigeria,” he said.

He noted that headline inflation declined marginally from 15.93 per cent in May 2026 to 15.91 per cent in June, while core and food inflation also moderated during the period.

According to him, the improvement was driven by “disciplined monetary tightening, exchange-rate unification, and improved market transparency.” Cardoso added that the naira had recorded greater stability, with the gap between the official exchange rate and Bureau de Change rates narrowing to below two per cent.

He said, “The naira continues to strengthen, with the spread between official and Bureau de Change rates now narrowing to below two per cent.”

The CBN governor said the bank had, over the past 34 months, implemented reforms aimed at laying the foundation for sustainable economic growth, job creation and poverty reduction.

He listed the reforms to include the unification and increased transparency of the foreign exchange market, recapitalisation of the banking sector, the introduction of the non-resident Bank Verification Number, the B-Match foreign exchange trading platform, the Nigeria Payments System Vision 2028, the introduction of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits and the Nigerian Overnight Financing Rate benchmark.

He said the reforms were designed to strengthen liquidity management, improve transparency, deepen financial markets and align Nigeria’s money market infrastructure with international best practices.

Speaking on the theme of the fair, “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” Cardoso said the CBN remained committed to promoting alternative payment channels to deepen financial inclusion and support economic activities.

He said the fair provided an opportunity for the apex bank to engage directly with citizens, businesses and other stakeholders, explain its policies and obtain public feedback. “The fair is one of the Bank’s platforms strategically designed to engage the public on the Bank’s policies and initiatives,” he said.

He urged participants to actively engage in the sessions by asking questions and seeking clarification on the bank’s policies and programmes. The apex bank also reiterated its warning against the abuse and misuse of the naira.

Sidi-Ali urged Nigerians to obtain information on CBN policies only from the bank’s verified platforms and to respect the national currency. She said, “I also urge you to uphold the cleanliness and respect of the Naira. It is prohibited to spray, hawk, mutilate, or counterfeit the  naira.”

Earlier, the Branch Controller of the CBN Gombe Branch, Yunusa Buba-Mubi, described the CBN Fair as an annual engagement platform designed to educate the public on the bank’s policies and provide stakeholders with opportunities to ask questions and offer feedback.

He urged participants to pay attention to the presentations and actively engage in the sensitisation sessions to deepen public understanding of the apex bank’s initiatives and their impact on the economy.

The CBN said it would continue implementing policies aimed at maintaining monetary and price stability, strengthening financial markets, rebuilding investor confidence and promoting sustainable economic growth.

admin by — August 5, 2026 in Business 0
Dangote eyes $5bn IPO to finance refinery expansion

Dangote Petroleum Refinery & Petrochemicals FZE is targeting about $5bn through an Initial Public Offering expected to conclude in October, with the proceeds earmarked to expand its Lagos refinery’s capacity to 1.4 million barrels per day.

According to a Reuters report on Tuesday, the proposed transaction could become Africa’s biggest-ever stock market listing.

Sources familiar with the transaction said the refinery had submitted an initial application to the Securities and Exchange Commission and was awaiting regulatory approval in the coming weeks. Subject to approval, the company is expected to publish its prospectus in September ahead of the October share sale.

One source familiar with the transaction said the refinery was targeting a $5bn fundraising, although the final amount would depend on the approval granted by the Nigerian regulator.

“The IPO’s target was $5bn, but the final figure will depend on what the Nigerian regulator approves, as the primary listing will be on the Nigerian Stock Exchange,” the source said.

If achieved, the fundraising would account for just over four per cent of the Nigerian Exchange’s All Share Index, whose market capitalisation stood at about $116bn on Tuesday.

 The refinery, owned by Africa’s richest businessman, Aliko Dangote, plans to use the proceeds to increase refining capacity as part of efforts to reduce Africa’s dependence on imported refined petroleum products and strengthen the continent’s position as a fuel exporter.

According to the sources, the company is also considering constructing a refinery along the Kenyan coast in partnership with East African governments.

The planned public offering has attracted interest from capital markets across Africa. Stock exchanges in South Africa, Kenya, Egypt, Ghana and Rwanda have reportedly held discussions with the refinery’s advisers in recent months.

One source said Kenya’s capital market could contribute as much as $500m towards the IPO, citing strong demand from institutional investors. “There is tremendous appetite for the issue among local investors such as pension funds,” the source said.

The refinery also intends to make the offering a pan-African investment opportunity. According to one source, investors outside Nigeria may gain access to the IPO through structured investment products rather than a cross-listing.

The source explained, “Other capital markets on the continent that want a slice of the deal will have to craft structured solutions for their investors, such as global depositary receipts or exchange-traded instruments, which mirror the actual shares to be listed on the Nigerian exchange, including the right to accrue future dividends.”

However, the source clarified that a cross-listing or dual listing on other African exchanges was not planned. The proposed IPO follows a $2.5bn private placement completed last month for a six per cent stake, which valued the refinery at about $40bn.

Reuters noted that the valuation is significantly higher than those of some listed global refiners. Turkey’s Tupras, which has a combined refining capacity comparable to Dangote’s across four refineries, has a market value of about $12bn, while United States-listed HF Sinclair, with a refining capacity of 678,000 barrels per day, has a market capitalisation of around $16bn.

The refinery, which cost about $20bn to build, commenced operations in 2024 and reached full production capacity earlier this year. Nigeria’s state-owned Nigerian National Petroleum Company Limited holds a stake of just over seven per cent in the facility.

In April, Dangote announced plans to increase the refinery’s production capacity to 1.4 million barrels per day. The sources also disclosed that investors participating in the IPO would have the option of subscribing and receiving returns in either naira or US dollars.

According to the sources, Dangote wants the public offering to become “an African champion”, enabling capital markets across the continent to participate in financing one of Africa’s largest industrial assets.

Both sources requested anonymity because discussions surrounding the transaction remain confidential. Efforts to obtain comments from Dangote were unsuccessful.

admin by — August 5, 2026 in Business 0
FG plans to end crude oil exports

Crude oilThe Federal Government is working towards ending crude oil exports as Nigeria expands its refining capacity and seeks to transform the country into a major hub for refined petroleum products in Africa.

The Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Rabiu Umar, disclosed this on Monday at the 49th Nigeria Annual International Conference and Exhibition organised by the Society of Petroleum Engineers Nigeria Council in Lagos.

Umar said Nigeria’s expanding refining capacity meant the country should increasingly process its crude locally rather than export the raw commodity. He said the development of new private and modular refineries was rapidly transforming Nigeria from a crude oil exporter and importer of refined petroleum products into a regional refining hub.

“The fact that today, we have more refining capacity in Nigeria than we’ve ever had. And, of course, with the projects that are on stream and the expansions that we are also going to witness in the coming years, clearly Nigeria is going to turn into a refining hub for Africa, which means that perhaps every single molecule of our three million barrels a day production that we hope to achieve in the next couple of years will actually be refined locally.

“What that means, and I think this is a monumental shift, is a handshake between the upstream, midstream and downstream. Effectively, it’s not just exporting the raw crude, but making sure that what we actually end up exporting is the refined petroleum products. And I think this is quite substantial,” he stated.

The NMDPRA chief executive said his agency was working with the Nigerian Upstream Petroleum Regulatory Commission to enforce the domestic crude supply obligation, which he described as critical to supporting the country’s growing refining industry.

“True resilience requires operational and commercial balance. And we remain steadfast in working with our sister agency, the NUPRC, in enforcing the domestic crude supply obligation. And this is really, really important because if we have enough refining capacity, really we don’t have any reason to be exporting crude oil.

“The more of the refined products we are able to export, the more value we create because, after extraction, we’re also adding value, including in the gas and petrochemical sectors as well,” Umar stated.

He said the shift towards domestic refining would enable Nigeria to capture more value from its petroleum resources by integrating the upstream, midstream and downstream sectors. Umar also identified energy security, gas expansion and regulatory excellence as key priorities of the NMDPRA.

He said the authority was working to ensure adequate petroleum product stocks were maintained close to markets to guard against supply disruptions and price shocks.

“In addition, we are also working on ensuring that we maintain a certain level of stock in the country at any given point in time. As we’ve seen with the current global crises, we have seen how countries have had to dip into their reserves to make sure that prices don’t escalate.

“So, when we talk about energy security, it’s not just having the products on the coastline, but having the products near markets. In addition to that, we’re also working to make sure that we have stock that will have a protocol of release to make sure that prices remain fairly stable because, of course, as we know, supply and demand drive what we see in terms of pricing,” he added.

Umar said the NMDPRA was also removing bottlenecks affecting the deployment of midstream infrastructure, including pipelines, depots and strategic storage terminals.

He said the agency was working with the Nigerian National Petroleum Company Limited, in line with the Petroleum Industry Act, to rehabilitate critical infrastructure, strengthen integrity management, sustain throughput, and reduce losses and disruptions.

On regulation, Umar said the authority was seeking to make the sector more predictable for investors by reducing bureaucratic hurdles and speeding up regulatory decisions.

“On our own part, what we’re trying to do is to make sure that we move away from regulators being seen as police people. Our job is to make sure that the environment is predictable. People can predict what to expect. People can actually determine how long it will take to get a certain refining licence, for example. Because once the conditions are met, it’s like clockwork.

“Because we can’t move forward in the 21st century in terms of investment when we are having a mindset of 1960. So this is really the core of what we’re trying to achieve,” Umar explained.

The NMDPRA chief executive said Nigeria was also seeking to strengthen its position in the West African petroleum products market through the development of a regional pricing benchmark.

He said the initiative, being pursued with other West African regulators and S&P Global Commodity Insights, would help create a transparent regional market and turn Nigeria into a trading hub.

“Our idea is to see how we can actually turn Nigeria into a trading hub. Working with other West African regulators, how do we have one single standard or, if you like, specification for all the products that we consume? That way, people can move products from one region to another without constraint. Today, you hear 50 ppm, somewhere it’s 200 ppm, and all sorts of other parameters that are different,” he stated.

Umar urged stakeholders to focus on implementing existing policies and strategies rather than continuing to develop new plans.

Meanwhile, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Oritsemeyiwa Eyesan, said collaboration remained critical to developing Nigeria’s oil and gas industry amid rapid changes in the global energy landscape.

Eyesan said geopolitical developments, climate considerations, technological disruptions, artificial intelligence, changing investment priorities and rising energy demand were redefining how countries produce, transport and consume energy.

“The theme of this year’s conference, ‘Thriving in the Evolving Global Energy Landscape: Collaborative Growth and Resilience,’ speaks directly to the realities confronting our industry today.”

She said the conference was more than an annual gathering, noting that discussions held at the event over the years had contributed to shaping the direction of Nigeria’s petroleum industry.

Eyesan said collaboration among government, regulators, operators, investors, service providers and professionals had helped shape reforms in the upstream sector.

Also speaking, the Chairman of the SPE Nigeria Council, Francis Nwaochie, said Nigeria’s energy future would depend not only on its natural resources but also on its ability to develop solutions to its energy challenges, strengthen institutions, attract investment and sustain collaboration.

Nwaochie said the country had abundant hydrocarbon resources, a growing gas economy, resilient indigenous operators, skilled professionals and an expanding technology ecosystem.

He stressed that recent developments, including the 2025 oil and gas licensing round, the Decade of Gas initiative and the Federal Government’s plan to settle verified arrears owed to power generation companies and gas suppliers through a N4tn government-backed bond, indicated that the industry was moving towards greater investment and stability.

Nwaochie said resilience should translate into increased production, gas commercialisation, improved ease of doing business, stronger regulatory coordination, deeper local content and increased access to long-term capital.

admin by — August 4, 2026 in Business 0
Airtel Africa revises share capital, voting rights

Airtel AfricaDual-listed telecommunications giant Airtel Africa plc has officially notified the Nigerian Exchange Limited and the London Stock Exchange of a shift in its total voting rights and share capital structure as of the close of business on 31 July 2026.

The regulatory disclosure on Monday reveals that the total effective voting rights denominator for shareholder reporting calculations now stands at 3,632,760,281 ordinary shares.

The update was issued in accordance with Rule 5.6.1R of the UK Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.

Addressing the shift in capital and voting structure, the company stated, “The total number of voting rights that may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, the Company… is 3,632,760,281.

According to the corporate filing signed by Group Company Secretary Simon O’Hara, the company’s issued share capital as of  31 July 2026, consisted of 3,639,696,802 ordinary shares of $0.50 per share, with each share carrying one vote.

However, the active voting power available to investors has been adjusted due to internal treasury holdings and ongoing corporate capital allocation actions. Specifically, the total issued share count includes 6,136,678 ordinary shares held in treasury, which carry zero voting rights under market regulations.

The resulting 6,936,521-share difference between total issued share capital and available voting rights stems directly from treasury shares and pending buyback cancellations.

“The difference between the issued share capital and the total number of voting rights relates to the 6,136,678 ordinary shares held in treasury and the unsettled share purchases (799,843 shares) which are yet to be cancelled in accordance with the ongoing share buyback programme of the Company as announced on 22 May 2026,” the corporate disclosure noted.

The share buyback initiative forms part of the telecommunications company’s strategy to optimise its balance sheet, manage equity structure, and return value to its shareholders. By systematically purchasing and repurchasing shares from the open market for cancellation, the company reduces the total number of circulating shares, effectively enhancing key financial metrics such as earnings per share.

Airtel Africa remains a leading provider of telecommunications and mobile money services, operating across 14 sub-Saharan African countries. The group offers an integrated footprint including mobile voice, data services, and international mobile financial solutions.

Following the capital adjustment, shareholders and institutional investors holding interests in the telecom provider must now use 3,632,760,281 as the official denominator to calculate and disclose significant shareholding changes under international transparency regulations.

admin by — August 4, 2026 in Business 0
Aradel finance costs surge to N326bn in H1

Aradel finance costs surge to N326bn in H1Aradel Holdings Plc has revealed that its finance costs escalated sharply to N326.14bn for the six-month period ended 30 June 2026, marking a massive surge from the N11.08bn recorded in the corresponding period of 2025.

According to the energy firm’s official financial disclosure, the steep increase was driven primarily by interest expenses on bank borrowings and obligations tied to asset expansion and decommissioning provisions.

Despite the heavy financing obligations, the group delivered a record operational performance.

The Chief Executive Officer of Aradel Holdings Plc, Adegbite Falade, noted that the company delivered a strong first-half performance.

“Revenue of N2,491.5bn and EBITDA of N1,389.2bn, with an EBITDA margin of 55.8 per cent, reflect production of 25.2 mmboe and sustained gas offtake at 503.2 mmscf/d,” Falade said.

He added that a firmer price environment supported performance, generating net cash from operating activities of N975.6bn and a closing cash balance of N1,716.6bn.

The dramatic top-line expansion was spearheaded by crude oil sales, which generated N1.98tn, while gas commercialisation and refined products contributed N512.10bn and N129.44bn, respectively.

Strong operational leverage allowed the company to comfortably absorb the elevated financing costs, as pre-tax profit quadrupled to N752.71bn, up 293 per cent year-on-year.

Aradel’s balance sheet continued to strengthen alongside its operational scaling, with total assets expanding to N10.88tn, while net cash generated from operations reached N975.61bn.

Falade previously noted that Q1 2026 marked a significant milestone as the first full quarter reflecting the earnings impact of the group’s enlarged asset base following the consolidation of NDW and its majority interest in Renaissance, setting the foundation for the group’s robust first-half performance.

admin by — August 4, 2026 in Business 0
FirstHoldCo hits historic N6tn market capitalisation milestone

FirstHoldCo Plc has become the first Nigerian banking group to cross the N6tn market capitalisation mark, setting a historic record for the nation’s financial sector as strong investor demand continues to fuel a sustained rally in its shares.

The financial services holding company reached the landmark during Monday’s trading session on the Nigerian Exchange Limited after its share price rose to N136.50. Based on its 45.48 billion total outstanding shares, the price appreciation pushed the group’s total market value to approximately N6.21tn.

The achievement comes less than two weeks after the financial services group first crossed the N5tn market capitalisation threshold. Sustained buying pressure on the local bourse saw investors add more than N1tn to the company’s equity value in under a fortnight.

Since the start of 2026, FirstHoldCo’s stock has surged by 184.97 per cent, with a 143.53 per cent gain recorded since the end of June alone. The performance positions the lender as one of the top-performing large-cap equities on the NGX this year.

The stock’s momentum gained significant traction following the release of the group’s half-year financial results, which showed robust top-line and bottom-line earnings growth. Market analysts attribute the rally to renewed investor optimism surrounding Nigeria’s banking sector, driven by higher net interest margins in an elevated-interest-rate environment and strong transactional volume across digital channels.

The rally also comes against the backdrop of the Central Bank of Nigeria’s ongoing recapitalisation exercise, which mandated commercial banks to upgrade their minimum capital base—N500bn for banks with international operational licences—by March 2026. Institutional investors have increasingly reallocated capital toward tier-1 lenders with strong balance sheets, robust capital adequacy ratios, and clear capitalisation strategies to meet the regulatory deadline.

For FirstHoldCo, the parent entity of First Bank of Nigeria Limited, alongside subsidiaries in merchant banking, asset management, and insurance, the valuation represents a turnaround following years of corporate governance reforms and balance sheet clean-ups aimed at resolving non-performing loans.

While crossing the N6tn threshold does not immediately alter daily operations, market watchers note that it sends a strong signal regarding shareholder expectations for future earnings and dividend payouts.

Attention will now shift to whether the group can sustain its valuation momentum in subsequent quarters, with investors closely watching its forthcoming third-quarter financial results, corporate actions, and execution of its long-term strategic plans.

The PUNCH reported that billionaire businessman Femi Otedola has increased his stake in FirstHoldCo Plc after acquiring an additional 1.77 billion shares in the financial institution through his investment vehicle, Calvados Global Services Limited.

A regulatory filing showed that the transaction, valued at N222.20bn, was executed on Thursday, 30 July 2026.

The latest acquisition raises Otedola’s shareholding in FirstHoldCo from 9.99 billion shares to 11.77 billion shares, increasing his ownership stake from 21.96 per cent to 25.88 per cent.

The purchase marks Otedola’s second major investment in the bank in July. On 22 July, he acquired 706.13 million shares valued at N77.58bn, further strengthening his position as the company’s largest shareholder.

admin by — August 4, 2026 in Business 0
NAHCO grows profit by 22% to N14bn in H1

NAHCOThe Nigerian Aviation Handling Company Plc has sustained its growth trajectory in the first half of 2026, recording a 22 per cent increase in profit.

The company disclosed that recent strategic investments and corporate management initiatives continued to strengthen its overall performance outlook.

NAHCO’s six-month financial report for the period ended June 30, 2026, released on the Nigerian Exchange Limited, showed that the aviation handling and logistics group benefited from increasingly efficient operations and diversified income sources, moderating the impact of adverse operating conditions.

According to the report, gross revenue rose to N35.36bn in H1 2026 compared to N32.33bn in H1 2025. Operating profit grew by 25.4 per cent from N11.64bn in H1 2025 to N14.59bn in H1 2026.

Profit before tax improved by 21.8 per cent to N14.37bn in H1 2026 against N11.79bn recorded in the corresponding period of 2025. After taxes, net profit rose by 22.2 per cent from N8.88bn to N10.85bn.

Consequently, adjusted basic earnings per share improved from N4.55 in H1 2025 to N4.87 in H1 2026, providing adequate headroom for a cash dividend despite an increase in outstanding shares due to bonus shares distributed for the 2025 business year.

At their Annual General Meeting in May, shareholders of NAHCO approved a combined dividend of cash and bonus shares. The company increased its cash dividend to N12.18bn for the 2025 business year compared to N11.58bn paid for 2024. Shareholders received a dividend per share of N6.25 for 2025 compared with N5.94 paid for the previous year.

Shareholders also received one ordinary share of 50 kobo for every seven ordinary shares held, increasing individual shareholdings by 14.3 per cent. The company’s outstanding paid-up shares subsequently rose from 1.95 billion ordinary shares of 50 kobo each to 2.23 billion ordinary shares.

Commenting on the results, the Chairman of NAHCO Plc, Seinde Fadeni, said the H1 2026 performance demonstrated the resilience of the group’s operating structure and the ongoing benefits of investments in critical assets.

He noted that NAHCO has remained proactive in maintaining its position as a leading aviation handling group.

Fadeni added that investments in world-class warehouses, ground handling equipment, and human capital strengthened the group’s capacity to adapt to macroeconomic shifts while capturing growth opportunities.

He said, “Our H1 2026 results further confirm our assurance on the sustainability of our growth model. We have not only seen growth year-on-year, but also period-on-period, showing that we are growing steadily across operations.

“As the Nigerian aviation industry opens up further to global opportunities, NAHCO’s strategic focus on growth, diversification, and sustainability will ensure stronger performance and returns to our shareholders.”

Also speaking, the Group Managing Director of NAHCO Plc, Mr Olumuyiwa Olumekun, said the company continued to leverage its efficient operating model and built-in resilience to mitigate risks and sustain growth.

He noted that the H1 2026 performance underlined management’s focus on quality expansion, ensuring that growth is reflected both in the scale of operations and the quality of returns.

“We are focused on our strategy of diversification, operational excellence, and quality growth. We continue to invest in automation and human technical capabilities while expanding our nationwide storage and warehousing facilities,” Olumekun stated.

The H1 2026 performance indicates that NAHCO could surpass its 2025 financial results.

In the audited report for the year ended December 31, 2025, total revenue rose by 21.8 per cent from N53.54bn in 2024 to N65.21bn in 2025. Gross profit increased from N33.08bn to N38.61bn, while operating profit rose by 25 per cent from N19.84bn in 2024 to N24.84bn in 2025.

Profit before tax jumped by 30 per cent to N24.26bn in 2025 from N18.70bn in 2024, while profit after tax grew by 39.9 per cent from N12.87bn in 2024 to N18.00bn in 2025. Earnings per share also rose by 40 per cent from N6.60 in 2024 to N9.24 in 2025.

Additionally, the group’s balance sheet strengthened as total assets increased from N46.95bn in 2024 to N53.88bn in 2025, while shareholders’ funds grew by 32 per cent from N20.08bn to N26.50bn.

admin by — August 3, 2026 in Business 0
Banking stocks drive NGX turnover up 32% to N404.7bn

The NGX All-Share Index depreciated 0.84 per cent to close the week at 245,283.68 points, while overall Market Capitalisation fell 0.79 per cent to finish at N158.326tn. Despite this weekly pullback, market momentum remains firmly bullish on a broader horizon, backed by a Year-to-Date return of 57.62 per cent.

Sectoral performance was predominantly bearish across most sector boards, though resilience was registered in select indices. The NGX Premium Index, NGX Insurance Index, and NGX Sovereign Bond Index bucked the downward trend by appreciating 0.02 per cent, 1.72 per cent, and 0.27 per cent, respectively.

In contrast, sectors such as NGX Growth (-8.82 per cent), NGX MERI Growth (-4.23 per cent), NGX-AFR Bank Value (-2.99 per cent), and NGX Consumer Goods (-2.29 per cent) experienced notable sell-offs.

Market activity breakdown

Overall market liquidity surged during the review period, driven by high investor participation.

Total turnover reached 5.119bn shares valued at N404.762bn across 285,223 deals, reflecting an increase compared to the previous week’s record of 4.433bn shares worth N306.143bn that exchanged hands in 255,589 deals.

Sectoral volume distribution showed that the Financial Services Industry dominated market activity, accounting for 3.918bn shares valued at N271.428bn traded in 123,514 deals. This contribution represented 76.55 per cent of the total equity turnover volume and 67.06 per cent of the total value.

The Services Industry followed in second place with 203.203m shares valued at N3.061bn in 18,333 deals, while the Consumer Goods Industry secured third position with 191.283m shares worth N13.203bn exchanged in 30,730 deals.

Trading activity was heavily concentrated in the top three equities—First Holdco Plc, AVA Capital Plc, and Access Holdings Plc—which jointly generated 2.308bn shares worth N224.773bn in 27,359 deals, accounting for 45.09 per cent of total volume and 55.53 per cent of total value.

Breadth, gainers, losers

Market breadth closed negative as decliners outnumbered gainers across the board. A total of 33 equities appreciated over the week, dropping from 57 in the previous week. Conversely, 56 equities depreciated compared to 38 in the preceding period, while 58 equities remained unchanged relative to 51 registered previously.

Leading the gainers’ chart was Critical Minerals Financing Corp Plc with an advance of 22.78 per cent to close at N3.88, followed by Coronation Infrastructure Fund, which rose 20.92 per cent to N154.30, and Thomas Wyatt Nig. Plc, gaining 20.66 per cent to close at N4.38. Other notable advancers included Consolidated Hallmark Holdings Plc (+19.60 per cent) and Lasaco Assurance Plc (+18.68 per cent).

On the decliners’ side, Associated Bus Company Plc led the losses with an 18.44 per cent drop to close at N5.75. Fortis Global Insurance Plc followed with a decline of 16.13 per cent to close at N2.34, while Tripple Gee and Company Plc dipped 15.54 per cent to N2.88. Veritas Kapital Assurance Plc and International Breweries Plc also pared value, dropping 15.38 per cent and 13.87 per cent, respectively.

Corporate actions review

The week was marked by significant corporate restructuring and exchange actions. On Thursday, 30 July 2026, Fortis Global Insurance Plc listed an additional 15.0bn ordinary shares of 50 kobo each on the Exchange following the conversion of an N12.0bn debt to equity at N0.80 per share, expanding its total paid-up shares to over 18.227bn.

Additionally, on Friday, 31 July 2026, AVA Capital Plc successfully listed its entire 5.0bn ordinary shares of N1.00 each by Introduction on the Main Board at N7.50 per share under the ticker AVACAP.

Price adjustments were also executed for United Capital Plc, Guinness Nig. Plc, and Nigerian Exchange Group Plc following dividend declarations. Beyond equities, Exchange-Traded Products recorded a total turnover of 4.607m units valued at N549.378m traded in 6,535 deals, up from 2.559m units worth N447.340m traded in 5,338 deals the prior week.

The Fixed Income segment similarly gained traction, recording 305,669 bond units traded for N311.559m across 53 deals, compared to 189,675 units valued at N185.844m in 64 deals during the preceding session.

admin by — August 3, 2026 in Business 0
CBN Lists Five Strategies To Drive Next Stage Of Fintech Growth In Nigeria

 

The Central Bank of Nigeria (CBN) says the next stage of fintech development in Nigeria must focus on five important outcomes to achieve sustainable growth of the initiative.
Mr. Yemi Cardoso, Governor, Central Bank of Nigeria (CBN) said in a goodwill message at the 3rd Business Journal Fintech & Financial Inclusion Roundtable 2026 in Lagos that Nigeria’s fintech development must deliver digital financial services that are reliable, secure, fair and accessible.

 

 

Cardoso, who was represented by Dr. Rakiya Yusuf, Director, Payments System Supervision, added that Nigerians should be able to transact with confidence, including during periods of high demand.

 

“Charges should be clear, complaints resolved promptly and failed transactions addressed without unnecessary hardship to customers, Cybersecurity and fraud prevention must remain a shared responsibility, institutions must continually invest in secure technology, effective controls and practical customer education.”

 

Mr. Babatunde Ajiboye, Assistant Director at CBN, who stood in for Yusuf, said another major strategy is to ensure that “competition must also remain open and fair, with qualified participants having equal access to essential payment infrastructure.”

 

The apex bank said it cannot achieve these strategies alone, saying that banks, fintech companies, mobile money operators, switches, processors, telecom companies, consumer groups and government institutions all have important roles to play to realise the outcomes.
Looking ahead, the CBN said:

 

“The future of Nigeria’s digital financial ecosystem is promising. Our population is young, entrepreneurial and increasingly connected. Our financial institutions have demonstrated a strong capacity for innovation. With appropriate regulation, responsible conduct and sustained investment, Nigeria can build a digital financial system that serves as a model for Africa and the wider world.”

 

The CBN governor promised that the apex bank will continue to support innovation that solves real problems, expands access and strengthens the economy.

 

“We will also continue to act where market conduct, concentration, weak governance or operational risks threaten customers or the stability of the system. Our message is simple: innovation welcome, fair competition is essential and public trust must remain at the centre of everything we do.”

 

He commended the Business Journal Media Group for organising the Roundtable and encouraged participants to engage openly and develop practical recommendations that will advance a safer, fairer and more inclusive digital financial ecosystem in Nigeria.

admin by — August 3, 2026 in Business 0
Guinea Insurance Exceeds NAICOM’s ₦15bn Minimum Capital Requirement

Guinea Insurance Plc has surpassed the ₦15 billion minimum capital requirement for non-life insurance companies prescribed by the National Insurance Commission (NAICOM), following the successful completion of its hybrid capital raising exercise.

The insurer raised approximately ₦12.6 billion through a hybrid offer comprising a Rights Issue and a Private Placement. The transactions were conducted in compliance with regulatory guidelines and received all necessary approvals from the Securities and Exchange Commission (SEC).

Managing Director of Guinea Insurance Plc, Mr. Ademola Abidogun, said the proceeds from the capital raising exercise, when combined with the company’s existing paid-up capital, have positioned the insurer above the ₦15 billion minimum capital requirement for non-life insurance companies, subject to final regulatory capital verification.

He described the milestone as a major achievement in the company’s recapitalisation programme, noting that it reinforces Guinea Insurance’s commitment to strengthening its financial position, expanding its underwriting capacity, and creating sustainable value for shareholders and other stakeholders.

Abidogun expressed appreciation to the company’s shareholders, investors, regulators and professional advisers for their confidence and support throughout the capital raising process, which he said contributed significantly to the successful outcome of the exercise.

The company also announced that the allotment results for both the Rights Issue and the Private Placement will be published in national newspapers on or before August 6, 2026, in line with regulatory requirements.

Guinea Insurance Plc reaffirmed its commitment to completing the recapitalisation process and said it would continue to keep shareholders, investors and other stakeholders updated on further developments, including the outcome of the final regulatory capital verification exercise.

admin by — August 3, 2026 in Business 0