The Nigerian equities market maintained a positive trend in September 2026, with the NGX All-Share Index rising 2.87% to close at 251,211.67 points. Market capitalisation grew by N5.37 trillion, ending the month at N163.10 trillion.

The rally was largely driven by a strong performance in the Oil & Gas sector, which surged 18.86%, and broader gains in banking and commodity-linked stocks. This positive sentiment was bolstered by the Central Bank of Nigeria’s decision to cut interest rates to 23%, prompting investors to rotate capital into equities.

Significant growth was noted in stocks such as UPDCREIT, which led the market, alongside Seplat Energy and NGX Group, both of which benefited from positive operational updates and robust financial reporting. Despite the overall market gains, sectors such as Insurance and Consumer Goods faced downward pressure, reflecting mixed investor appetite across the exchange.

Nigeria’s insurance industry has completed a major recapitalisation exercise, with 48 insurers and two reinsurers successfully meeting new capital requirements. The National Insurance Commission (NAICOM) confirmed that N1.08 trillion in fresh capital was injected into the sector, aiming to boost domestic risk retention and underwriting capacity.

As part of the industry cleanup, the Nigerian Agricultural Insurance Corporation (NAIC) has had its general insurance licence withdrawn but will continue to operate as a specialist agricultural insurer. Separately, Royal Exchange Plc has formally clarified that it holds no ownership or control over Royal Exchange Prudential Life Plc (REPRU), whose licence was revoked by NAICOM after failing to meet the new capital thresholds. Regulatory focus is now shifting toward market conduct and claims settlement to ensure the increased capital translates into improved consumer protection and market penetration.

The Nigerian stock market extended its recent rally on Monday, August 31, 2026, adding N1.91 trillion in market capitalization. The NGX All-Share Index rose 1.20% to close at 244,199.39 points, lifting the year-to-date return to 56.93%. The positive momentum follows FTSE Russell’s recent reclassification of Nigeria as a Frontier Market. Trading activity was robust, with 606.19 million shares exchanged for N38.70 billion. Banking stocks led the gains, with the Banking Index surging 3.11% as investors reacted to improved market sentiment. 43 stocks advanced while 16 declined.

Shareholders of Royal Exchange Plc have criticized MediPlan Healthcare Limited for failing to recapitalise Royal Exchange Prudential Life Assurance Company Limited (REPRU), an action that led to the revocation of REPRU’s operational license by the National Insurance Commission (NAICOM) on August 4, 2026. Royal Exchange Plc had divested the firm to MediPlan in 2022, but the latter allegedly defaulted on recapitalisation mandates and other contractual obligations. Royal Exchange Plc had sought shareholder approval in July 2026 to reacquire and rescue the entity prior to the regulatory intervention. NAICOM has since appointed a liquidator to oversee the firm’s winding-down process.

Royal Exchange Plc has secured shareholder approval at its Extraordinary General Meeting in Lagos to raise N2.7 billion through a Public Offer. The initiative is designed to bolster the company’s capital base, improve its competitiveness, and increase its capacity to pursue larger strategic business opportunities. Shareholders also authorized an increase in the company’s share capital and empowered the board to allot new ordinary shares as part of the recapitalization exercise. The firm will now proceed with regulatory requirements before launching the offering to the public.

Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has stated that the regulator will maintain heightened supervision of the banking sector despite the successful conclusion of the recent recapitalisation exercise.

Speaking at the BusinessDay 14th Annual CEO Forum, Cardoso noted that while the industry raised between N4 trillion and N5 trillion in fresh capital to build resilience against economic shocks, continuous oversight remains essential. He emphasized that the stronger capital base is intended to support eventual increased lending to the private sector once inflation and interest rates moderate. Cardoso also warned banks against indiscriminate lending, urging them to prioritize sophisticated risk management and proper analysis, especially when navigating complex sectors like oil and gas. The CBN plans to collaborate with financial institutions to enhance their internal risk assessment capabilities.