Nigeria’s equities market sustained its upward trajectory on Thursday, recording a gain of N479bn in market capitalisation as investors continued to respond positively to ongoing economic reforms and improving macroeconomic indicators.

At the close of trading, the Nigerian Exchange index advanced by 753.65 points, or 0.49 per cent, to close at 154,489.90 points, while the market capitalisation appreciated to N98.1tn from the N97.6tn recorded in the previous session. The week-to-date performance showed a 4.14 per cent increase, reflecting renewed buying interest in blue-chip stocks across key sectors.

Market data showed that a total of 926.91 million shares valued at N26.94bn were traded in 30,685 deals, representing a 57 per cent improvement in volume, a 12 per cent rise in turnover, and an eight per cent increase in the number of deals compared to the previous trading day.

In all, 130 listed equities participated in the day’s trading, with 34 gainers and 37 losers. PZ Cussons Nigeria led the gainers’ chart with a 10 per cent rise to close at N42.90 per share, followed by The Initiates Plc, which also gained 10 per cent to close at N14.30. Aso Savings and Loans appreciated 9.09 per cent to N0.60, while CAP Plc added 8.82 per cent to settle at N74.00 per share. Lafarge WAPCO climbed 8.63 per cent to N150.45 amid renewed investor interest in industrial stocks.

On the flip side, John Holt Plc topped the losers’ chart, declining 9.72 per cent to N6.50 per share. Multiverse Mining and Exploration dropped 9.71 per cent to N12.55, while Stanbic IBTC Holdings and Nigerian Breweries shed 9.15 per cent and 7.83 per cent, closing at N107.20 and N70.00 per share, respectively.

Japaul Gold and Ventures led in trading volume with 436.04 million shares worth N1.09bn, followed by Fidelity Bank with 77.3 million shares valued at N1.53bn. Lafarge WAPCO traded 46.4 million shares worth N6.98bn, while Access Holdings exchanged 32.6 million shares valued at N804.76m. NASCON Allied Industries also featured among the top trades with 17.9 million shares worth N1.99bn.

The top five stocks by value were Lafarge WAPCO (N6.98bn), Seplat Energy (N2.31bn), NASCON (N1.99bn), Presco Plc (N1.75bn), and Aradel Holdings (N1.62bn).

Sectoral performance showed mixed sentiments as the Industrial Index surged 3.09 per cent, the Premium Index rose 1.67 per cent, and the Oil and Gas Index appreciated 1.13 per cent. However, the Main Board Index declined slightly by 0.17 per cent.

Analysts attributed the sustained market rally to reform-led optimism, stronger foreign exchange liquidity, and improving macroeconomic coordination between fiscal and monetary authorities. They noted that the liberalisation of the naira, removal of fuel subsidies, and passage of the new Investments and Securities Act have contributed to renewed investor confidence.

At the recently held Financial Times Africa Summit 2025 in London, the Group Managing Director and Chief Executive Officer of NGX Group, Temi Popoola, highlighted the role of coordinated reforms in restoring investor trust. “The strength we’ve seen in the market has been driven largely by reforms, from the president’s economic agenda to decisive actions by the Central Bank of Nigeria, the Securities and Exchange Commission, PENCOM, and other regulators,” he said.

Similarly, the Director-General of the Securities and Exchange Commission, Emomotimi Agama, noted that the new Investments and Securities Act 2025 has enhanced governance and regulatory transparency in the market. “Robust regulation has been central to restoring market integrity and investor trust, providing the clarity required to anchor long-term capital formation in Nigeria,” he stated.

With a year-to-date gain of 50.1 per cent, the NGX remains one of the best-performing markets globally, reflecting growing investor conviction that Nigeria’s policy realignment is beginning to yield tangible results. Analysts believe that sustained reform implementation and deepening private sector participation will further enhance market stability and attract long-term capital inflows into the economy.

Savannah Energy Plc, a British independent energy company focused on the delivery of critical energy projects, has reported a total revenue of US$185.2m for the nine months ended September 30, 2025, representing a nine per cent increase from the US$169.3m recorded in the corresponding period of 2024.

The unaudited operational and financial update released by the company showed that cash collections also rose by five per cent to US$241.6m from US$229.3m in the same period of 2024. Savannah’s cash balance grew significantly to US$101.8m as of September 30, 2025, up from US$32.6m at the end of December 2024.

According to the report, the company recorded a one per cent and nine per cent reduction in net debt and trade receivables, respectively. Net debt stood at US$629.9m, down from US$636.9m as of December 2024, while trade receivables dropped to US$493.3m compared to US$538.9m at year-end 2024.

Savannah disclosed that it signed agreements with a consortium of five Nigerian banks to increase its Accugas debt facility from N340bn (approximately US$222m) to N772bn (around US$500m). The transitional facility is expected to help repay the remaining outstanding balance of the Accugas US$ facility by the end of 2025.

The company also said it had reached a term sheet agreement between its wholly owned subsidiary, Savannah Energy EA, and a major African financial institution for a new US$37.4m debt facility to fund its planned acquisition of a 50.1 per cent stake in Klinchenberg BV, which holds indirect interests in three East African hydropower projects.

As part of its fundraising efforts, Savannah announced plans to raise about £11.3m through the subscription of 161,061,510 new ordinary shares at seven pence per share. It added that the completion of the final tranche of its March 2025 fundraising—138,977,614 new shares at seven pence per share—is expected soon, with approximately £9.7m in subscription funds to be received.

Savannah further announced the planned entry of a new strategic shareholder, NIPCO, a Nigerian energy conglomerate, which intends to invest around £28.7m in the company through a combination of new share purchases and secondary market acquisitions, representing an estimated 19.4 per cent stake in the company’s enlarged share capital.

United Bank for Africa has partnered with Renewvia Solar Nigeria to deploy solar solutions across 25 UBA branches in five Nigerian states.

According to a statement from the lender on Wednesday, the move strengthened economic ties between Nigeria and Norway.

The partnership was formalised at the ribbon-cutting ceremony held at the UBA Oba Akran 2 branch, Ikeja-Lagos, Nigeria, which was attended by the Nordic Ambassador to Nigeria, Mr. Svein Bæra, following an inspection of the Inverter/Battery room and operations by the Renewvia team.

This initiative reflects a growing commitment to sustainable investment and innovation, a key message emphasised by UBA Group Chairman, Tony Elumelu, during the recent Norway–Africa Business Summit held in Oslo, where he urged global partners to view Africa not as an aid destination, but as a continent of opportunity and enterprise.

The partnership between UBA and Renewvia embodies that call, channelling Nordic investment and African innovation into tangible, long-term impact. Supported by Empower New Energy, a leading Norway-based renewable investment company, and Incremental Energy Solution, the project will deliver the first phase of 152,000 kWh of clean energy monthly, reducing UBA’s carbon footprint by over 89,000 kilograms of CO₂ each month.

Under a 10-year Power-as-a-Service agreement, Renewvia will deploy advanced solar and battery hybrid systems across UBA’s branches, ensuring superior power reliability, operational efficiency, and an enhanced customer experience. Upon full rollout, the project will cover 50 locations across 18 states, representing 3 MWp of solar capacity and 7 MWh of energy storage.

On the partnership, UBA’s Deputy Managing Director, Muyiwa Akinyemi, said, “At UBA, we believe sustainability is not just a responsibility but a key part of building Africa’s future. This project demonstrates how innovation and partnership can deliver lasting impact in terms of growth and advancement, as well as reducing our carbon footprint, improving operational efficiency, and contributing to a cleaner environment. We are proud to work with Renewvia Solar Nigeria, Incremental Energy Solutions, and Empower New Energy to make this vision a reality.”

Earlier, in his goodwill message, the Norwegian Ambassador to Nigeria, Svein Bæra, noted that the partnership is a shining example of what can be achieved when African ambition meets Nordic investment and innovative practices. “It also represents not just an energy milestone but a strong statement of shared commitment to sustainable growth and climate responsibility,” he said.

On his part, the Managing Director of Renewvia Solar Nigeria Limited, Adebowale Dosunmu, said, “This partnership with UBA marks a major milestone in our mission to deliver reliable, clean energy to commercial and industrial clients across Nigeria. We are proud to support UBA’s leadership in sustainability and operational excellence.

The CEO of Incremental Energy Solutions Ltd, Oladipupo Omodara, who also spoke on the project, said, “We appreciate the cooperation and proactiveness of the UBA management team, whose support helped bring this remarkable project and partnership to life. We at IES are particularly pleased that this success reinforces our commitment to helping Africa claim its rightful place in global energy investment and technology deployment.”

Giving his remarks, CEO of Empower New Energy, Terje Osmundsen, stated that Empower New Energy is proud to be the financing partner for a landmark project with Renewvia Solar Nigeria, supporting UBA’s commitment to cleaner and more reliable energy.

“This partnership reflects our mission to enable African businesses to access sustainable power through innovative financing. It also demonstrates the strength of Nordic-African cooperation in accelerating the transition to renewable energy,” Osmundsen explained.