The Nigerian Exchange maintained its bullish momentum on Wednesday as renewed investor confidence pushed the market capitalisation higher by N459bn, driven by sustained interest in banking and oil stocks.

At the close of trading, the market capitalisation rose to N92.5tn from N92.04tn recorded on Tuesday, while the All-Share Index appreciated 0.50 per cent to close at 145,719.09 points.

A total of 525.7 million shares valued at N13.59bn were traded in 25,571 deals, representing a four per cent rise in volume, a 44 per cent drop in turnover, and a 17 per cent decline in the number of deals compared with the previous session.

Market data showed that 130 listed equities participated in the day’s trading, ending with 29 gainers and 35 losers

FTN Cocoa Processors led the gainers’ chart with an 8.89 per cent increase to close at N6.00 per share, followed by Livestock Feeds, which rose 7.43 per cent to N7.95. Eterna gained 6.96 per cent to settle at N41.50, while Prestige Assurance and Fidelity Bank appreciated  4.94 per cent and 4.74 per cent, respectively. MTN Nigeria also advanced 4.64 per cent to close at N470.90.

On the losers’ table, Industrial & Medical Gases led with a 9.97 per cent decline to close at N32.95 per share. LivingTrust Mortgage Bank dipped 9.93 per cent to N5.35, Sunu Assurances shed 9.48 per cent to N5.25, while Jaiz Bank and Chams fell 7.53 per cent and 6.28 per cent respectively.

Consolidated Hallmark Holdings emerged as the most traded stock by volume with 83.5 million shares, followed by FBN Holdings with 36.5 million shares, Jaiz Bank with 28.7 million, and Chams with 24.5 million shares. In terms of value, GTCO led with N1.79bn worth of shares exchanged, followed by Lafarge Africa (N1.39bn), Aradel Holdings (N1.30bn), Zenith Bank (N1.28bn), and FBN Holdings (N1.13bn).

Sectoral performance reflected positive sentiment as the Premium Index rose 1.47 per cent, the Oil & Gas Index increased 0.59 per cent, and the Banking Index appreciated 0.12 per cent. The Pension Index also gained 0.74 per cent, underscoring steady investor appetite for value and dividend-paying stocks.

Overall, the market recorded a one-week gain of 2.11 per cent, a four-week gain of 4.24 per cent, and a year-to-date return of 41.58 per cent.

FirstBank Group has expressed its commitment to bridging financing gaps and leveraging digital solutions to tackle business challenges across key sectors of the economy.

This was disclosed by the Managing Director/Chief Executive Officer of FirstBank, Segun Alebiosu, at a breakfast session during the 31st Nigeria Economic Summit, themed ‘Expanding Access to Finance and Driving Growth Across Middle Market and Emerging Corporate Segments’, held in Abuja.

He said that a prosperous nation is built on the backbone of its real sector, adding that access to finance remains fundamental to unlocking the sector’s full potential.

“That is why we have placed this subject at the heart of our discussion, to catalyse sustainable growth and inclusion where it matters most,” he said.

According to him, FirstBank empowers Small and Medium Enterprises and emerging corporates through tailored products and services designed to stimulate growth across their value chains and support Nigeria’s economic evolution.

He stressed that collaboration among policymakers, industry players, and technology partners was vital to achieving lasting impact.

“By forging partnerships across policy, industry, and technology, we can create an enabling environment that unlocks new opportunities for businesses to thrive. That is the driving purpose of today’s session,” Alebiosu said.

He highlighted that with a legacy spanning 131 years, FirstBank remains a trusted partner to SMEs and large corporates, offering comprehensive banking solutions that enhance innovation, resilience, and diversification in the economy.

Also speaking, the Group Executive, Commercial Banking, North Division, Mrs. Aishatu Bubaram, said the middle market and emerging corporates are central to Nigeria’s future prosperity.

She described these enterprises as vibrant drivers of job creation, innovation, and diversification across key sectors such as agribusiness, healthcare, digital services, and light manufacturing.

Bubaram noted that despite their potential, these businesses face persistent challenges, including limited access to finance, inadequate advisory support, and fragile operational ecosystems.

“FirstBank recognises that addressing these barriers is not just a banking imperative; it is a national imperative,” she said, adding that  the discussion was not merely about banking but reimagining how finance can boost inclusion.

Some of the engineers sacked by the Dangote refinery for allegedly joining the Petroleum and Natural Gas Senior Staff Association of Nigeria have decried the plan to redeploy them to sugar, cement and other business units under the Dangote Group.

The workers, who spoke with The PUNCH anonymously due to the sensitivity of the matter, said the company was victimising them for unionisation.

However, the Dangote media team debunked these claims on Wednesday, saying there are PENGASSAN members still working in the refinery.

PENGASSAN shut down oil and gas facilities between Sunday and Tuesday last week over allegations that 800 refinery workers were fired for volunteering to be members of the union.

But the Dangote refinery said it only sacked a few workers who were sabotaging the facility, tagging it reorganisation.

Oil and gas workers went on strike in defence of their colleagues, causing the nation losses in oil and gas production as well as a drop in power generation.

The intervention of the Federal Government restored peace as the Dangote Group was asked to redeploy the sacked workers.

Speaking with our correspondent, the workers said they have yet to be recalled or redeployed as of Tuesday.

Sources within the Dangote Group had earlier told our correspondent that the company was ready to redeploy the engineers to its sugar and cement plants.

It was learnt that the company would also recruit new engineers to replace the redeployed ones, and the redeployment would be a huge loss to the company.

Our correspondent also gathered that some of the 800 workers could be deployed to units within the group’s operations outside the country.

But the affected workers said they were not pleased with the development.

According to them, their appointment letters showed that they were specifically employed by the refinery and not the Dangote Group, saying being transferred out of the company that employed them would be unfair to them, and wondering how a petrochemical engineer would cope at a sugar plant.

“It is victimisation. How will you redeploy us from the refinery to sugar or cement plants? It is not fair. Most of us weren’t employed by the Dangote Group; we were employed by Dangote Petroleum Refinery and Petrochemicals. If we were employed by the Dangote Group, we would know that we could be redeployed from one unit to another. This is like victimising us. Some of us are petrochemical engineers; how do you want them to cope? It is affecting some of us psychologically,” they said.

The engineers disclosed that they have been sitting at home since September 25, after the company issued a letter to sack all staff, though the company said it sacked a few workers for sabotage.

According to the engineers, 800 of them were asked to stay away pending when they would be redeployed. They recalled that previous attempts to access the refinery were rebuffed by security agents at the gate.

“Currently we are at home; we are not allowed to go into the refinery. The management said they would get back to us as far as the redeployments are done, but we have not heard anything so far. There were times when we tried to enter the refinery, but we were sent back. There are pictures of those incidents,” they said.

It was stated that Indian nationals were the only ones operating the refinery at the moment, as all Nigerian engineers were sent away for joining the union.

“At the moment, only Indians are running the refinery. All Nigerian engineers were sacked because we joined PENGASSAN,“ they alleged.

Recall that the refinery had earlier dismissed this allegation, saying, “Over 3,000 Nigerians continue to work actively in our petroleum refinery at present. Only a very small number of staff were affected, as we continue to recruit Nigerian talent through our various graduate trainee programmes and experienced hire recruitment process.”

Speaking further, the workers explained that they wouldn’t have joined PENGASSAN if they were well paid. They clarified that the decision to join PENGASSAN came after the Dangote management announced that workers were free to unionise.

“We wouldn’t have joined PENGASSAN if we were well paid. Our salary is around N400,000, and after deductions, it falls below that.

“We didn’t plan to join PENGASSAN; the management announced it themselves that workers were free to unionise. We joined PENGASSAN, and it became an issue,” they expressed worries.

On allegations of sabotage, the engineers declared their love for the $20bn refinery, saying they would never sabotage a facility they helped build.

“We cannot sabotage the refinery. We love the refinery. Some of us built it from the beginning. How can we sabotage what we built? It is not possible. We’ve been very committed, and we were doing everything to ensure the success of the plant for the good of all Nigerians.

“As it is, we are all waiting for our posting letters. There’s nothing we can do now because the issue has become a national issue. The presidency is now involved. But we are not guilty of anything. Our only ‘crime’ is that we joined PENGASSAN,” the engineers submitted.

Dangote Group debunks allegations

Meanwhile, the Dangote Group debunked the claims of the affected workers.

According to the group, the engineers were sacked for sabotaging the facility and not because they joined PENGASSAN.

A senior official of the company told our correspondent that PENGASSAN members are still working within the refinery presently.

“Those guys were sacked because of their acts of sabotage. Nobody is victimising them. Their September salary has been paid. Can we call that victimisation? They were not sacked for joining PENGASSAN. We have PENGASSAN members still working with us.

“They should also know that all of us in Dangote can be moved to anywhere within the company. You can be moved from cement to refinery, sugar, salt or fertiliser. That is the business. Many of us have been moved in the past,” the official noted.

He denied the allegation that the engineers were paid below N400,000 as salaries.

“The claim of a N400,000 monthly salary is an outright falsehood; it is far more than that,” he emphasised.

The PUNCH recalls that the Dangote refinery had in recent weeks come under fierce attacks. It began with the Nigeria Union of Petroleum and Natural Gas Workers and the Depot and Petroleum Products Marketers Association of Nigeria, which accused the plant of “monopolistic practices and unfair pricing” after slashing petrol prices.

Air Peace Limited has issued a strong disclaimer regarding a circulating social media post advertising a supposed “30% off Africa flights” promotion.

The airline, in a statement by its spokesperson, Osifo-Whiskey Efe, stated that it is not running any such promotion, describing the advert as “fraudulent and not affiliated with Air Peace in any way.”

The publicist appealed to the public to disregard the misleading post and avoid engaging with its promoters, who are allegedly attempting to deceive unsuspecting individuals.

The airline said, “Our attention has been drawn to a sponsored post circulating on social media, advertising a purported ‘30% off Africa flights’ promotion and requesting members of the public to sign up to access this offer.

“We wish to categorically state that Air Peace Limited is not running any 30 per cent discount promotion. The said advertisement is fraudulent and not affiliated with Air Peace in any way. We therefore urge the public to disregard such posts and refrain from engaging with the promoters, as they are only attempting to defraud unsuspecting individuals.”

The airline also raised concerns about reports of customers trying to book tickets through the domain airpeace.com. Air Peace clarified that its only official website is www.flyairpeace.com and that it has no association with airpeace.com or any other unauthorised sites promoting false offers.

The statement added that, “For your safety and to avoid falling victim to scams, passengers are advised to use only the following official contact channels: Call Centre: +234 201 343 8133; Email: callcenter@flyairpeace.com; Website: www.flyairpeace.com

“Air Peace will not be responsible for any transactions or ticket purchases made through unauthorised websites, contact numbers, or social media pages.”

Access Bank Plc has rewarded more than 30,947 customers with prizes worth over N6.62bn through its DiamondXtra reward scheme, as part of activities marking 17 years of the customer loyalty programme.

At the Diamond Xtra Season 17 Regional Draw held at the weekend in Lagos, a businessman, Edwin Oraka, emerged winner of the star prize tagged ‘Salary 4 Life’, which entitles him to N200,000 monthly for 15 years.

Speaking at the event, the Regional Manager, Mainland 3, Access Bank, Chika Ochuwa, said the Diamondxtra Reward Scheme reflects the bank’s continued commitment to rewarding loyalty and promoting financial inclusion.

“This initiative has grown stronger with each passing year, achieving remarkable milestones through the trust of our customers and the dedication of our exceptional team,” Ochuwa said.

He disclosed that the 17th season would see the bank share N228.7m among 12,073 participants through various reward categories, including the ‘Salary 4 Life’ prize, loyalty rewards, monthly and regional draws, complimentary digital marketing training, and special cluster draws.

Ochuwa added that despite challenges in the banking industry, the DiamondXtra scheme continues to stand out as one of the most consistent and trusted customer reward programmes in Nigeria.

He explained that the draw process was monitored by regulatory bodies such as the Lagos State Lottery Regulatory Commission and the Federal Competition and Consumer Protection Commission to ensure transparency and fairness.

Expressing his excitement, Oraka, who runs a real estate business, described the win as life-changing. “I am incredibly happy and thankful for this unexpected opportunity. My loyalty to Access Bank has been steadfast, and I believe in the bank’s long-term value as an asset,” he said.

Also speaking, the Zonal Coordinator for the South-West Zonal Office of the Federal Competition and Consumer Protection Commission, Olubunmi Otti, commended the initiative, noting that the Commission collaborates with the bank to ensure that all promotional commitments are fulfilled in line with consumer protection standards.

Launched in July 2008, the DiamondXtra reward scheme was designed to encourage savings culture and reward loyal customers across the country.

The Securities and Exchange Commission has said Nigeria’s non-interest capital market has grown to over N1.6tn, reflecting investor confidence and participation in finance.

The Director-General of the SEC, Emomotimi Agama, disclosed this on Monday at a joint press briefing in Abuja ahead of the 7th African International Conference on Islamic Finance, scheduled to be held in Lagos on November 4 and 5, 2025.’

The conference, jointly organised by the SEC, Metropolitan Law Firm, and Metropolitan Skills Ltd., is themed ‘Africa Emerging: A Prosperous and Inclusive Outlook.’ It aims to promote ethical financing as a tool for building a resilient and inclusive African economy.

Agama said the non-interest capital market had recorded remarkable momentum, with Sukuk dominating the sector, noting that the most recent Sukuk issuance was oversubscribed by over 700 per cent, demonstrating strong investor appetite for non-interest products and confidence in the regulatory environment.

“The non-interest capital market has attained a valuation of N1.6tn. The overwhelming subscription to our Sukuk issuances demonstrates strong investor confidence and an expanding demand for ethical financial instruments,” he said.

He added that the enactment of the Investments and Securities Act 2025 had strengthened the legal foundation for non-interest financial products, empowering the SEC to register non-interest collective investment schemes and broaden investment options for Nigerians.

According to him, the upcoming African International Conference on Islamic Finance will feature high-level discussions on unlocking capital for infrastructure, green and ethical investments, agricultural financing, and the role of fintech in advancing Islamic finance across the continent.

Agama said the conference was strategically positioned to coincide with the conclusion of the Revised Nigerian Capital Market Masterplan (2021–2025), adding that it would help chart the next phase of sustainable financial development in Africa.

Also speaking, the Managing Partner of Metropolitan Law Firm and Chairman of the AICIF 2025 Planning Committee, Ummahani Amin, said the event had become one of the most important gatherings for policymakers, regulators, and investors advancing ethical and sustainable finance in Africa.

She added that the partnership with the SEC underscored a shared vision to strengthen the Islamic finance ecosystem, deepen investor confidence, and support innovation that aligns with integrity and shared prosperity.