Five small-cap stocks on the Nigerian Exchange (NGX)—Zichis Agro Allied, Fortis Global Insurance, SCOA Nigeria, RT Briscoe, and Redstar Express—have posted extreme gains between 252% and 1,604% in 2026. Despite the rally, most of these companies show weak fundamentals or prices that have outpaced their earnings growth. While RT Briscoe shows the most credible recovery, and Redstar remains a consistent performer, the broad disconnect between share prices and financial results suggests the market is driven by speculative retail momentum rather than long-term value. Investors are advised to exercise caution as many of these stocks have begun to experience month-on-month pullbacks.

The IMF’s latest Article IV Consultation report indicates that while three years of economic reforms have improved Nigeria’s macroeconomic stability and increased international reserves to $46 billion, significant challenges remain. Despite a projected 4.1% economic growth for 2026, poverty levels have hit 63%, with 27 million Nigerians facing food insecurity. The IMF warned that rising global commodity prices continue to drive inflation, which reached 15.69% in April 2026. The Fund urged the Nigerian government to improve fiscal transparency, rein in off-budget spending, and prioritize social safety nets to protect vulnerable households.

Nigeria’s fertilizer exports reached N1.37 trillion in the first quarter of 2026, establishing urea as a primary source of foreign exchange and a leader among non-oil exports. This figure significantly outperforms traditional agricultural exports, such as cocoa (N596.9 billion), and exceeds other petroleum derivatives. The growth, driven largely by the Dangote Fertilizer Plant, marks a strategic shift toward value-added industrial exports. While Nigeria remains heavily reliant on crude oil—which, alongside natural gas, accounted for approximately 85% of total export earnings—fertilizer now contributes over 40% of the nation’s total non-oil export revenue, underscoring the success of domestic manufacturing in diversifying the economy.

The Lagos State Electricity Regulatory Commission (LASERC) has identified 38 companies operating in Lagos that have failed to regularize their electricity generation permits under the state’s new regulatory framework. Despite previous directives, major entities including MTN Nigeria, Flour Mills, and various industrial operators continue to generate a combined total of nearly 600 megawatts without the required state licences. LASERC, established following the 2023 Electricity Act, warned that continued non-compliance will lead to enforcement actions and legal penalties.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Nuclear Regulatory Authority (NNRA) are collaborating to harmonize regulatory processes and improve radiological safety in the oil and gas sector. By eliminating overlapping requirements and moving toward a “single window” data submission approach, the agencies aim to reduce the operational costs for companies and improve the industry’s investment climate. The partnership will focus on shared oversight of radioactive materials used in exploration, while integrating radiation protection standards into the commission’s existing environmental guidelines.

The House of Representatives Public Accounts Committee has successfully recovered N521.77 million in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN). The funds, which relate to fees generated through the Remita platform between November 2018 and April 2024, were paid into the federal treasury following a legislative probe into revenue leakages. Committee Chairman Bamidele Salam confirmed the remittance, emphasizing the legislature’s commitment to fiscal oversight. The investigation remains ongoing, with the committee currently pursuing over N33 billion in other outstanding liabilities, including unrefunded charges and Treasury Single Account collections.

Chris Ibe, Executive Chairman of Baywood Group, has warned that traditional Nigerian insurers face extinction within five years unless they embrace digital transformation. To address these inefficiencies, CBI Partnering Insurtech—a subsidiary of Baywood Holdings—has launched an AI-driven web aggregator marketplace designed to simplify the purchase and management of insurance policies via mobile devices. Licensed by the National Insurance Commission (NAICOM), the platform aims to eliminate traditional industry bottlenecks by providing insurers and HMOs with custom APIs to reach customers directly. The company intends to rebuild consumer trust by streamlining the claims process through generative AI and advanced technology, aligning with federal efforts to improve financial inclusion.

Mutual Benefits Assurance Plc recorded significant growth in its audited 2025 financial results, with insurance revenue rising to N80.05bn from N66.92bn in 2024. Profit after tax increased to N16.42bn, up from N11.32bn, while total assets grew to N176.25bn. The company also reported an improved insurance service result of N8.77bn, attributed to disciplined underwriting and efficient claims management. Managing Director Olufemi Asenuga credited the performance to the company’s long-term strategic transformation and commitment to operational efficiency and digital growth.