Nigeria’s 36 states and the Federal Capital Territory recorded a 41.2% increase in total internally generated tax revenue, reaching N3.79 trillion in 2025. Pay-As-You-Earn (PAYE) taxes remained the primary driver, surging 40.3% to N2.64 trillion and accounting for nearly 70% of total tax collections. This growth is largely attributed to nationwide adjustments in public and private sector wages, following the implementation of the new national minimum wage and corporate salary revisions to combat inflation.

Femi Otedola saw the market value of his investment in First HoldCo surge by N1.48 trillion during the third quarter of 2026. His holding value climbed from N451.50 billion in June to N1.93 trillion by the end of September. This growth was driven by a 185.3% appreciation in First HoldCo’s share price and Otedola’s strategic acquisition of additional shares, which increased his ownership stake to approximately 26.5%. The performance in the third quarter significantly boosted Otedola’s net worth, contributing to his reaching a $2 billion valuation.

The Nigerian equities market closed lower on Tuesday, as the All-Share Index dropped 0.16% to 250,273.50 points, pressured by a selloff in banking stocks. The NGX Banking Index emerged as the day’s worst-performing sector, falling 1.25%, with First HoldCo leading the decline at 5.09%. Other notable banking losses included Ecobank Transnational Incorporated (ETI) and Stanbic IBTC. Trading activity cooled significantly, with transaction volume dropping over 33% to 579.17 million shares. Despite the broader market dip, PZ Cussons and Eterna recorded gains, while Aradel Holdings led in value traded. Year-to-date, the NGX-ASI remains up 60.83%, with the oil and gas sector continuing to outperform as the primary market driver.

The Nigerian stock market cooled during the week ended October 2, 2026, as profit-taking in large-cap stocks led the NGX All-Share Index to decline 0.52% to 250,808.27 points. Market capitalization dropped by N812.61 billion to N162.843 trillion, though year-to-date returns remain robust at 61.17%. The shortened trading week, influenced by the Independence Day holiday, saw reduced market activity with total turnover value falling 32.5% to N155.023 billion. Notable decliners included NGXGROUP, ETRANZACT, and several banking heavyweights, while ABC TRANSPORT emerged as the top performer with a 45.10% gain. Analysts suggest the market is shifting into a consolidation phase as investors await Q3 earnings results and assess the impact of recent monetary policy adjustments. Selective stock picking based on fundamental strength and dividend potential is advised over chasing momentum-driven rallies.

Femi Otedola, Chairman of First HoldCo Plc, has publicly endorsed the economic reform agenda of President Bola Tinubu, citing improved macroeconomic stability. Otedola highlighted several key milestones, including the rise in foreign reserves to approximately $55 billion, a more stable foreign exchange market, and the recent inclusion of six Nigerian firms—including FirstHoldCo, Zenith Bank, GTCO, Dangote Cement, Aradel, and MTN Nigeria—in the FTSE Russell Frontier 50 Index as indicators of renewed investor confidence.

Nigerian stocks listed on the FTSE Russell Frontier Market Index saw significant activity this week, driven by renewed investor interest following Nigeria’s formal return to the index on September 21. Among the 31 constituents, 16 recorded gains, with NAHCO and Fidelity Bank leading the surge. Fidelity Bank also emerged as the most traded stock, recording 893.69 million shares valued at N18.30 billion. Analysts attribute the positive performance in the financial services sector to the recent 350 basis point MPR cut to 23 percent, which is expected to support credit growth and valuations. While foreign interest is anticipated to rise, market experts caution that the full impact of the index reclassification will unfold gradually as institutional investors strategically deploy capital. Total turnover for the index constituents reached 2.21 billion shares worth N120.31 billion, accounting for nearly half of the total market volume for the week.

Ereifemi Akeredolu, Managing Director of First Trustees Limited, a subsidiary of FirstHoldCo Plc, has emphasized that sustainable growth in Nigeria’s agricultural sector requires robust governance, clear risk allocation, and structured financing models beyond traditional intervention funds. Speaking at the company’s maiden Commercial Trust Colloquium in Lagos, Akeredolu noted that while capital is essential, investor confidence depends on reliable transaction structures and accountability, which trust institutions are uniquely positioned to provide. The event also served as the platform for the unveiling of First Trustees’ upgraded digital service platform aimed at streamlining documentation processes.

The Nigerian Exchange Limited (NGX) maintained its bullish momentum for a tenth consecutive session on Wednesday, September 23, 2026, as investors responded to the Central Bank of Nigeria’s (CBN) decision to cut the Monetary Policy Rate by 350 basis points to 23 percent. The All-Share Index rose 0.23 percent to 251,191.02 points, bringing the year-to-date return to 61.42 percent. Trading volume surged by nearly 90 percent, reaching 1.59 billion shares, with strong gains in major financial services stocks including Zenith Bank, GTCO, Access Holdings, and First HoldCo. While market breadth was positive with 43 advancers against 20 decliners, performance among FTSE Russell constituents remained mixed.

The Nigerian Exchange (NGX) All-Share Index has surged past the 250,000-point threshold, closing at 250,156.80 points after eight consecutive days of gains. Market capitalization now exceeds N162 trillion, reflecting a 61% year-to-date return. This rally is driven by institutional positioning ahead of global index reclassifications, improved liquidity, and robust investor interest in Tier-1 banking and oil-linked stocks. Despite the broad index rise, some profit-taking was observed in specific stocks like Okomu Oil and Custodian. Analysts suggest that significant corporate actions, including bank recapitalization efforts and anticipation surrounding major upcoming listings, are sustaining market momentum.

The Nigerian Exchange Group (NGX) hit an all-time high on Monday, with the All-Share Index rising 0.14 percent to 250,156.80 points as Nigeria officially re-entered the FTSE Russell Frontier Market index. The reclassification, which took effect September 21, triggered targeted institutional buying in tier-one banking stocks, most notably Zenith Bank, GTCO, and FirstHoldCo. While the initial influx of global tracker funds led to a marginal market gain, trading patterns indicate deliberate institutional positioning. Market activity surged, with the number of deals increasing by nearly 55 percent, signaling growing international engagement following a three-year hiatus due to liquidity concerns. Analysts expect this positive sentiment to persist as global benchmark funds complete their portfolio adjustments.

The Nigerian equities market reached a record market capitalization of N162.157 trillion for the week ending September 18, 2026, as the All-Share Index surged 2.78% to 249,804.56 points. This rally, fueled by positive market breadth and 52 advancing equities, marks a significant recovery from previous sell-offs. UPDC REIT led the gainers with a 34.91% rise, followed by Sovereign Trust Insurance and Mutual Benefits Assurance. Sectorally, Consumer Goods and Banking led the performance, while new listings from Abbey Bank and Critical Minerals Financing Corporation further bolstered market activity. Market sentiment remains focused on the ongoing Dangote Refinery IPO and the upcoming reclassification to Frontier Market status.

A review of 2025 audited financial statements reveals a widening divergence between executive compensation and profit growth at several major Nigerian banks. At Zenith Bank and First HoldCo, remuneration for the highest-paid directors surged by over 100 percent, even as profit growth remained flat or declined significantly. Access Holdings also saw executive pay increases far outpace its profit growth. Conversely, Wema Bank and FCMB recorded earnings growth that significantly outpaced the increases in their top executive pay, highlighting inconsistent compensation trends across the banking sector amid ongoing industry restructuring.

Femi Otedola’s net worth has climbed to $2 billion, driven largely by the surging share price of FirstHoldCo. Otedola, who now holds approximately 26.6 percent of the financial services group, has seen his wealth rise significantly from $1.3 billion in March. FirstHoldCo recently surpassed the N7 trillion market capitalization milestone, becoming the most valuable lender on the NGX. This valuation growth coincided with the bank’s debut in the FTSE Frontier 50 Index, following Nigeria’s return to the FTSE Russell frontier market classification. Otedola is now within reach of the fortunes of Tanzania’s Mohammed Dewji and Zimbabwe’s Strive Masiyiwa.

The Nigerian Exchange (NGX) has reached a record market capitalization of N162.16 trillion, with the All-Share Index hitting 249,804 points. This bullish momentum is driven by strong performance in the energy, industrial, and banking sectors, alongside inflation-hedging by investors. Despite concerns regarding liquidity, the ongoing Dangote Refinery subscription is being viewed as a market stabilizer rather than a drain. Analysts note that while institutional buying has broadened, capital rotation remains a key theme, with blue-chip stocks like Aradel Holdings and Seplat Energy leading gains, while banking stocks face short-term pressure due to recapitalization activities.

A new report from Fitch Ratings reveals that the significant devaluation of the naira between 2023 and 2024 has substantially increased the earnings and asset contributions of foreign subsidiaries to major Nigerian banking groups. For institutions like United Bank for Africa (UBA) and Access Bank, foreign operations now represent a significantly larger share of net income and total assets.

Fitch highlights that this shift is driven by both aggressive geographic expansion through acquisitions and the conversion effects of the naira’s weakness. While this diversification helps mitigate domestic sovereign risk over the long term, Fitch notes that Nigerian banks’ credit profiles remain tightly linked to the domestic economy. Furthermore, the report indicates that capital raised during the recent regulatory recapitalization exercise may be partially deployed to further strengthen these international footprints.

FirstHoldCo Plc has been added to the FTSE Frontier 50 Index, effective September 21, 2026. This inclusion highlights the financial services group’s improved liquidity, market capitalization, and governance standards. The designation provides FirstHoldCo with greater visibility among global institutional investors and benchmark-tracking funds, validating the company’s recent strategic transformation and focus on long-term shareholder value.

FTSE Russell has named six Nigerian companies—Aradel Holdings, Dangote Cement, FirstHoldCo, GTCO, MTN Nigeria, and Zenith Bank—to its prestigious FTSE Frontier 50 Index. This milestone marks Nigeria’s official return to Frontier Market status, effective September 21, 2026, following a three-year absence. While 31 Nigerian firms were included in the broader FTSE Frontier Index, only these six qualified for the more concentrated Frontier 50. The reclassification follows improvements in foreign exchange liquidity and market accessibility, potentially enhancing the visibility of these Nigerian equities among global institutional investors.

As of September 2, 2026, only eight companies on the Nigerian Exchange command a market capitalization of at least $5 billion. These mega-caps, which include giants like Airtel Africa, MTN Nigeria, Dangote Cement, and BUA Cement, represent over 60% of the total market capitalization of the NGX. With a combined value of N103.12 trillion, this concentration highlights the significant valuation gap between Nigeria’s largest listed entities and the broader market. The top-tier list is rounded out by BUA Foods, Seplat Energy, First HoldCo, and Aradel Holdings.

Nigerian banks are significantly increasing international transaction limits on naira-denominated debit and credit cards as foreign exchange liquidity improves. Major lenders including GTCO, FirstBank, Zenith Bank, UBA, and Stanbic IBTC have raised their quarterly and annual spending thresholds, reversing restrictions imposed during the severe FX shortages experienced between 2023 and 2025. Market analysts attribute this shift to successful Central Bank of Nigeria reforms and rising external reserves, which recently surpassed $54 billion. While providing relief for travelers and students, experts warn that regulators will maintain strict oversight to prevent potential abuse or money laundering.

The Nigerian equities market extended its rally for a second consecutive week, with the NGX All-Share Index climbing 2.36% to 246,992.44 points. Market capitalization gained approximately N3.72 trillion as investor sentiment improved following FTSE Russell’s recent reclassification of Nigeria to Frontier Market status. Trading volume and value increased significantly, with the Financial Services sector leading activity. Major gains were recorded in Oil & Gas and Consumer Goods, while the Industrial Goods sector saw a slight decline. Simultaneously, the Nigerian Economic Summit Group reported that the business environment saw its strongest expansion in August since February 2026, with the composite Current Business Performance Index rising to 112.7 points.