United Capital is facilitating investor participation in the ongoing Dangote Petroleum Refinery initial public offering through its InvestNow digital platform. The N2.15 trillion offer, which offers 4.1 billion shares at N525 per unit, is scheduled to close on October 13, 2026. United Capital is serving as a joint issuing house and official stockbroker, allowing retail investors to subscribe with a minimum of 10 shares for N5,250. This initiative aligns with the firm’s broader strategy to expand digital access to capital markets.

FMDQ Securities Exchange has approved the quotation of CapitalSage Technology Limited’s Commercial Papers (CPs) totaling N45.12 billion. The issuance, conducted under a N75 billion CP Programme, comprises three series: N4.29 billion (Series 1), N3.33 billion (Series 2), and N37.50 billion (Series 3). United Capital Plc acted as the lead sponsor, supported by several other financial institutions. The funds will be deployed to support CapitalSage’s strategic business objectives and strengthen its capacity within the Nigerian digital economy.

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.

Nigerian equities rallied during Friday’s trading session, driven by investor optimism following FTSE Russell’s confirmation of thirty-one Nigerian stocks for its Frontier Index Series. This follows Nigeria’s official reclassification to Frontier Market status, effective September 21, 2026. Market analysts expect the transition to improve global visibility, liquidity, and foreign portfolio inflows, particularly for large-cap stocks that meet the index criteria. The NGX All Share Index rose to 247,016 points, with banking sector gains leading the market activity.

AFC Capital Partners (ACP) has launched the Infrastructure Climate-Resilient Fund Nigeria (ICRF Nigeria), a SEC-registered closed-end fund targeting $150 million to channel domestic institutional capital into critical infrastructure. The fund focuses on transport, renewable energy, digital infrastructure, and industrial development, aiming to bridge the gap between Nigeria’s long-term savings—particularly in pension funds—and infrastructure financing needs. This vehicle is part of a broader $750 million pan-African fund designed to leverage blended finance to de-risk projects and attract private capital. The first investment is anticipated before the end of 2026.

United Capital Plc’s Group Chief Executive Officer, Peter Ashade, has stated that the National Pension Commission’s (PenCom) revised investment guidelines for Retirement Savings Accounts (RSA) could unlock over N2 trillion in new institutional inflows into the Nigerian equities market. Speaking at the firm’s investor relations roundtable, Ashade noted that increased equity allocation limits for pension funds will significantly enhance liquidity and provide long-term funding for listed companies. Alongside this regulatory tailwind, United Capital reported strong H1 2026 performance, with gross earnings rising 58% to N37.49 billion and profit after tax up 77% to N21.10 billion. The firm plans to leverage this liquidity by expanding its asset management, investment banking, and digital wealth offerings across Nigeria and the West African region.

HBM Nigeria, United Capital, and NGX Group have declared interim dividends following strong half-year 2026 financial performances. HBM Nigeria reported a 57% rise in profit after tax to N208.35 billion, declaring a dividend of N16 per share. United Capital posted a 79.62% increase in pre-tax profit to N24.78 billion and declared a 30-kobo dividend. Meanwhile, NGX Group declared an interim dividend of N1.30 per share after a 146% surge in profit after tax to N10.36 billion.

While Nigerian banks lead Africa in customer numbers, they lag significantly behind peers in South Africa, Egypt, and Morocco regarding total asset size. Despite millions of users across platforms like Access Bank, UBA, and Zenith Bank, the sector struggles with structural gaps, including low long-term savings, currency depreciation, and a reliance on transactional rather than wealth-building accounts. Experts note that while Nigeria excels at financial inclusion, it must transform this retail reach into deeper financial capacity to compete globally.

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.