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.

The Nigerian National Petroleum Company Limited has suffered a drop in both production and earnings, losing about N380bn in September 2025 when compared to the previous month, according to its latest monthly performance report.

Figures from the September report showed that the company’s total revenue stood at N4.27tn, lower than the N4.65tn posted in August, representing a month-on-month loss of about N380bn.

Profit after tax also declined from N539bn in August to N216bn in September.

The report indicated that total crude oil and condensate production averaged 1.61 million barrels per day in September, compared to 1.65 million barrels per day in August.

NNPC explained that the shortfall was caused by “planned maintenance activities, including those at NLNG, alongside the phased recovery of previously shut-in assets and delays in the commencement of operations at OMLs 71 and 72.”

Data from the report showed that crude oil production slipped from 1.39 mbpd to 1.37 mbpd, while condensate output dropped from 0.26 mbpd to 0.24 mbpd.

Natural gas production also fell within the same period. According to the report, gas output declined from 6,949 million standard cubic feet per day in August to 6,284 mmscf/d in September, while gas sales reduced from 4,201 mmscf/d to 3,443 mmscf/d.

Despite the lower output, NNPC said work advanced on major gas projects. It reported that sustained focus is being directed towards completion of the mainline works on the Ajaokuta-Kaduna-Kano gas pipeline, which had reached 88 per cent completion as of September.

On the Obiafu-Obrikom-Oben gas pipeline, the company stated that “implementation of a revised execution strategy is underway to ensure delivery within target timelines.”

It added that a “113 km portion of the OB3 Gas Pipeline has been commissioned and is flowing circa 300 mmscf/d of gas” from producers including AHL, Platform, Chorus, and Xenergi.

NNPC’s cumulative statutory payments from January to August stood at N10.07tn, unchanged from the previous month.

Its retail station wetness across the country, an indicator of petrol availability, also dipped slightly from 79 per cent in August to 77 per cent in September.

It was stated that the NNPC Foundation expanded its social impact initiatives during the period as the foundation flagged off its training for vulnerable farmers in the Northern Zones, with 2,141 farmers trained in the North-Central Geopolitical Zone, bringing the total number of smallholder farmers trained to 7,072.

It also said that “in partnership with the Nigerian Cardiac Society, the foundation provided 25 indigent Nigerians with life-saving percutaneous cardiac interventions alongside basic life support training.”

The foundation also participated in the Africa Film Finance Forum, where it “showcased NNPC Ltd’s social interventions and supported youth entrepreneurship in the creative industry with participation sponsorship for youth corps members and undergraduates.”

The combined data from August and September indicate that while the company maintained progress on infrastructure and social projects, operational performance weakened in September as reduced oil and gas output led to lower revenue and profit.

The NNPC Group Chief Executive Officer, Bayo Ojulari, had earlier said the two-day strike embarked upon by oil workers’ unions during their crises with the Dangote refinery also affected productions.

The Nigerian Airspace Management Agency has appealed to the Federal Government to suspend the 50 per cent revenue deduction currently being made at source from its internally generated revenue, a practice capable of hindering smooth operations of the agency and hampering the safety of air passengers.

Before now, NAMA has been calling for the suspension of the mandatory 50 per cent deduction from its revenue, emphasising the need for the placement and modernisation of ageing navigational equipment currently in use across the country.

Speaking at the 54th Annual General Meeting of the Nigerian Air Traffic Controllers Association held in Abuja on Tuesday, the Managing Director of NAMA, Ahmed Farouk, mentioned funding as the agency’s most pressing challenge, insisting that the deductions significantly constrain its ability to maintain and upgrade critical infrastructure required for safe and efficient airspace management and operations

Farouk stated, “The most significant constraint we face today is funding. This challenge is significantly exacerbated by the deductions-at-source of between 30 per cent and 50 per cent from NAMA’s internally generated revenue. While we understand the fiscal realities facing the government, these deductions are hindering our ability to execute vital projects.”

The NAMA boss added that the nature of its operations, particularly the need for continuous facility modernisation and statutory maintenance, demands consistent investment.

He argued that withholding half of its earnings leaves little room for reinvestment into the systems that uphold airspace safety and efficiency.

It further appealed to the government to consider granting a waiver on the deductions, describing such a move as a game-changer for the aviation sector.

According to the agency, should the waiver be granted to the agency, NAMA will rechannel the resources into critical infrastructure, modern technology, and workforce development.

He said, “The Honourable Minister, distinguished ladies and gentlemen, while we celebrate these achievements, we must also be candid about our challenges. Our most significant constraint remains funding. The scale of facility modernisation and the relentless cycle of statutory maintenance required to uphold the highest degree of safety and operational efficiency are capital-intensive.

“This challenge is significantly exacerbated by the deductions-at-source of between 30% and 50% made directly from NAMA’s internally generated revenue. While we understand the fiscal pressures on the government, these deductions severely limit our capacity to undertake the comprehensive projects our airspace demands.

“Therefore, from this esteemed platform, I wish to make a heartfelt appeal to the Federal Government to graciously consider a waiver of these deductions. Such a gesture would be a game-changer for Nigerian aviation safety. It would allow NAMA to reinvest every Naira of its earnings into critical infrastructure, cutting-edge technology, and the continued development of our human capital, the very ‘Human Edge’ we are here to discuss.”

NAMA also expressed its commitment to supporting the welfare and professional growth of its personnel, especially Air Traffic Controllers, whom it described as the custodians of Nigerian skies.

The agency pledged to remain a custodian of their growth and well-being and expressed hope that ongoing stakeholder deliberations would result in productive outcomes and guide future collaborations.

The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama has said that the global shift towards sustainable finance is redefining investment decisions, corporate governance and risk management, adding that Nigeria’s capital market must adapt to remain competitive and relevant.

Speaking at the 2025 Annual Conference of the Chartered Institute of Stockbrokers in Abuja, Dr. Agama described sustainability as a global imperative that goes beyond technology and ethics, noting that environmental, social and governance (ESG) considerations are now shaping responsible investment and capital allocation across the world.

“In line with this, the Commission has taken bold steps to align our market with global sustainability standards. Through initiatives such as the adoption of the International Sustainability Standards Board (ISSB) framework, the Green Bond Programme, and our collaboration with development partners, we are laying the groundwork for a financial system that supports the transition of our country to a low-carbon, inclusive economy”, he stated.

He stressed that stockbrokers and other market operators have a critical role to play by promoting sustainable investment products, advising issuers on ESG disclosures and guiding investors towards responsible assets.

According to him, the SEC and the Chartered Institute of Stockbrokers (CIS) share a common vision of building a capital market that mobilises savings for productive investment, creates jobs and drives economic diversification.

He pointed out that the SEC’s “partnership with the Institute in areas such as professional certification, investor education, financial literacy, and policy advocacy continues to yield positive results.

“Yet, we must do even more. The task ahead is to ensure that the capital market becomes central to Nigeria’s economic transformation agenda — a market that finances infrastructure, empowers MSMEs, supports green and digital enterprises, and contributes meaningfully to the realization of a trillion-dollar economy.”

He commended the resilience and professionalism of market operators despite challenging conditions, saying it reflects the enduring strength of the Nigerian capital market and its potential to transform the nation’s economic landscape.

“With the world changing fast, the Nigerian capital market must not only keep pace but lead by example,” he added. “Let us therefore recommit to innovation that empowers, ethics that endure, and sustainability that delivers long-term prosperity for all.”

The Nigerian insurance industry has recorded a 49.3 per cent growth in Gross Premium Written to N1.21tn at the end of the second quarter of 2025.

This was disclosed in the second quarter Bulletin of the Insurance Market Performance put together by the Research & Statistics Department of the National Insurance Commission.

The first quarter of 2025, the insurance industry posted a gross premium written of N769.2bn across both life and non-life businesses, marking the highest premium ever generated in the first quarter of any year.

In the period under review, the report indicated that Gross Premium Written stood at N1.21tn, indicating a 49.3 per cent growth rate compared to the same period of the prior year and 57.8 per cent quarter-on-quarter.

NAICOM said, “The insurance market achieved a gross premium written of N1,213.7bn, a notable performance amid macroeconomic challenges in the country. Data collected during the period indicates a growth rate of 49.3 per cent, marking a substantial increase even at a period when the national output is still growing at a single digit.”

In terms of market structure, the non-life segment of the industry retained its dominance, as the segment contributed 67.2 per cent to the total premium pool, similar to its performance from the corresponding quarter of 2024.

Analysis of the non-life market showed that the Oil & Gas portfolio remained the major contributor, accounting for 31.2 per cent of the total non-life premiums during the quarter.

This was followed by fire insurance with 18.9 per cent and motor insurance at 15.8 per cent. Meanwhile, the General Accident, Miscellaneous, Marine and Aviation portfolios contributed 8.9 per cent, 8.8 per cent and 7.4 per cent, respectively.

Conversely, the life insurance segment accounted for 32.8 per cent of all premiums generated during the period. The distribution within the Life segment showed that Annuity was the major contributor at 41.8 per cent, followed by Group Life at 29.5 per cent, and Individual Life accounted for the remaining 28.7 per cent of the premium.

The industry’s robust performance extended to its total asset base. The insurance industry recorded total assets of about N4.4tn in the second quarter of 2025, which represents a 19.2 per cent increase compared to the N2.3tnreported during the same period in 2024. The total assets were divided between the non-life business, which stood at N2.49tn, and the life business, which accounted for N1.91tn.

In terms of profitability, the NAICOM report said that during the second quarter of 2025, the market average of the net loss ratio stood at 59.4 per cent, higher than the 55.4 per cent reported in the prior corresponding period.

The net loss ratio in the non-life segment stood at 60.5 per cent, while the life business recorded 57.1 per cent in the same period under review. Overall, the average net loss ratio is above the global comfort range of 40–55 per cent, but not excessively high.

This data suggests that insurers are fairly responsive in paying claims but could face profitability pressure if expenses are high. However, the life segment is healthier and more stable than the non-life segment, leaving more room for profitability.

“In conclusion, the average net loss ratio of 59.4 per cent reflects that the industry is claims responsive but with a tight margin. Notwithstanding the relatively favourable market average, eleven insurers accounted for the reported net loss ratio during the review period. These underwriters recorded net loss ratios of 100 per cent or higher,” the regulator said.

Providing a projection on the industry, NAICOM said, “From the market statistical insights of the second quarter of 2025, it is apparent that the insurance industry has demonstrated growth, profitability and resilience amidst operational and macroeconomic challenges. Furthermore, in cognisance of the ongoing regulatory initiatives, including sector-wide digitisation, risk-based supervision, and recapitalisation, among other measures, the industry outlook could be adjudged as decidedly positive.”