Midea has launched the WIN 9JA WIN consumer promotion, running from 10 October to 31 December 2026. Customers who purchase Midea appliances worth at least 100,000 Naira from participating dealers will receive a scratch-and-win voucher. The campaign features various Midea home appliances as rewards, with a Chery Tiggo 2 Pro serving as the grand prize. Additionally, Midea is offering free installation and copper kits for all air conditioner purchases made during this period. The promotion is supported by a nationwide tour to engage local markets and dealer locations.

Global smartphone shipments dropped 20% year-on-year in the third quarter of 2026, marking the lowest level for the period since 2012. According to Counterpoint Research, the decline is driven by significant memory component shortages and rising costs, which have increased retail prices by 20% this year. Manufacturers are prioritizing profitability and premium models over sales volumes to offset these pressures. Samsung leads the market with a 23% share, while Apple reached 22%. Conversely, major Chinese manufacturers like Xiaomi, OPPO, and vivo reported sharper declines as they grapple with supply constraints and margin protection strategies. Market analysts expect these challenging conditions to persist through the remainder of the year.

Zenith Bank’s non-banking subsidiaries, Zenith Pensions Custodian Limited and Zenith Nominees Limited, reported a combined profit before tax of N9.11 billion for the first half of 2026. This performance, largely driven by the pension custodian unit, represents over 60% of their total 2025 earnings. Additionally, the group’s recent acquisition of Paramount Bank Kenya has further expanded its non-banking reach into East Africa through new insurance and advisory entities. At the group level, Zenith Bank reported a consolidated half-year profit of N637.60 billion, supported by improved margins and reduced impairment charges.

Foreign investor participation in the Nigerian Exchange (NGX) hit a 2026 low of 4.89% in August, as foreign trading transactions dropped to N62.03 billion. According to the latest NGX Domestic and Foreign Portfolio Investment report, total equity turnover for the month fell 46.38% to N1.27 trillion. Foreign investors remained net sellers for the eighth consecutive month with a N9.09 billion sell position. Despite this retreat, domestic investors continue to dominate the market, accounting for nearly 90% of total turnover in the first eight months of 2026.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has identified over 788,000 barrels per day (bpd) of shut-in crude oil production across 63 operators. This initiative is a core component of the government’s strategy to bolster national output, with the commission working to accelerate approval processes and drilling activities. In addition to restoring shut-in volumes, the NUPRC is prioritizing final investment decisions for offshore projects valued between $30 billion and $50 billion and aiming to fulfill full domestic gas supply obligations. These efforts align with the broader goal of increasing production to three million bpd by 2030, supported by ongoing oil and gas licensing rounds and executive orders designed to attract upstream investment.

The Dangote Group projects Nigeria’s crude oil production to rise to 1.72 million barrels per day (bpd) by the fourth quarter of 2026, targeting a full-year average of 1.62 million bpd. According to the group’s H1 2026 Economic Report, output is expected to climb steadily throughout the second half of the year, building on the 1.5 million bpd levels maintained since mid-2026. Furthermore, the report forecasts Brent crude oil to average $90 per barrel for 2026, with prices expected to moderate to $85 per barrel in the fourth quarter as geopolitical tensions ease. This growth outlook aligns with national efforts by the NUPRC and NNPC to boost export earnings and expand hydrocarbon production capacity.

Zenith Bank Plc’s international subsidiaries delivered a strong performance in the first half of 2026, reporting a combined profit before tax of N166.09 billion. This growth was driven by significant contributions from operations in Ghana and the United Kingdom, which remain the group’s largest offshore entities, as well as new market entries in Kenya and Côte d’Ivoire. Reflecting this robust international performance, the bank has announced a 20% increase in its interim dividend to N1.50 per share, payable on October 30, 2026.

A new World Bank report reveals that nearly 80% of sub-Saharan African countries now spend more on public debt interest than on health or education combined. The report highlights that rising debt-servicing costs are severely limiting fiscal space for infrastructure and human capital development across the region. In Nigeria, the impact is pronounced, with debt-servicing costs reaching N16 trillion in 2025, significantly outpacing capital expenditure on infrastructure. While regional fiscal deficits are narrowing, the shift toward higher-cost domestic borrowing continues to crowd out essential public spending.

Fintech firm OPay Limited has disclosed a $532.94 million short-term investment portfolio as of June 30, 2026, in its Form F-1 registration statement filed with the US Securities and Exchange Commission. The disclosure comes ahead of the company’s proposed initial public offering on the New York Stock Exchange. The portfolio, which represents 27.9% of OPay’s total assets, yielded 22% as of mid-2026. While highlighting the growth in investment income, OPay also identified potential liquidity and counterparty risks associated with its reliance on third-party Nigerian asset managers. OPay reported $467.06 million in revenue for the first half of 2026, with Nigeria accounting for nearly 90% of its earnings.

Sterling Financial Holdings Company Plc has completed a 1-for-10 share reconstruction, reducing its outstanding share count by 90% from 68.5 billion to 6.85 billion. Consequently, the company’s reference share price has been adjusted to N77 from N7.70. This exercise, which became effective on October 8, does not change the firm’s total market capitalization or the proportional ownership of shareholders. The move aims to streamline the share base following rapid expansion during recent recapitalization efforts, thereby improving price formation and peer comparability. Analysts view the change as structurally neutral but strategically positive for the stock’s capital market positioning.

The National Sugar Development Council (NSDC) has announced a strategic plan to achieve sugar self-sufficiency in Nigeria, requiring $7.1 billion in investment over the next decade. The initiative aims to push annual domestic production capacity beyond 2 million metric tonnes, exceeding the current consumption level of 1.8 million tonnes.

The funding strategy relies on $5 billion in long-term development capital and debt, with the remaining $2.1 billion provided by project promoters. The NSDC has already signed a $1 billion agreement with the Chinese firm Sinomach for infrastructure and equipment. The program involves 13 projects, including three existing operators and 10 new sugar estates, which are expected to create 110,000 jobs and save the country approximately $2.1 billion in annual foreign exchange expenditure. Additionally, a N10 billion Sugar Project Acceleration Fund has been established with the Bank of Industry to support these greenfield developments.

Fintech unicorn OPay has received board and shareholder approval to pursue a secondary listing on the Nigerian Exchange Limited (NGX) following its planned primary listing on the New York Stock Exchange. The company disclosed this in a recent US SEC Form F-1 filing.

OPay cautioned that, initially, shares traded on the NGX may not be fungible with its American Depositary Shares on the NYSE, which could lead to liquidity fragmentation and price discrepancies between the two markets. The company is targeting a 4 billion dollar valuation for its US IPO, backed by significant growth in transaction volume and lending activities in 2025. The secondary listing remains subject to market conditions and regulatory approvals in Nigeria.

Touch and Pay Technologies (TAP), the operator of the Cowry digital payment platform, now processes an average of N3 billion in monthly transit fares across Lagos state’s regulated transport network. According to CEO Afolabi Olamide, the platform supports over 500,000 daily passenger trips and serves 2 million unique users. The company reports a 60% increase in monthly revenue processed compared to two years ago, driven by rising adoption of electronic fare collection on buses and the Blue and Red rail lines. TAP notes that the system has significantly improved revenue accountability and reduced leakage compared to traditional cash-based methods.

The Dangote Refinery, having secured SEC approval for its landmark Initial Public Offering (IPO) targeting N2.15 trillion, stands as Africa’s largest public offering. The refinery’s operational survival and path to market were forged through years of complex strategic partnerships, ranging from land concessions in the Lekki Free Trade Zone to crucial government interventions. President Bola Tinubu’s administration played a pivotal role by implementing the Naira-for-Crude policy, enforcing total deregulation, and restructuring the NNPC board. These policy shifts dismantled long-standing import monopolies and currency barriers, creating a sustainable environment for the refinery to transition into a publicly traded asset.

Temi Popoola, Group Managing Director and CEO of Nigerian Exchange Group (NGX Group), has highlighted a historic surge in capital formation within Nigeria and Africa. Speaking at the Nigeria-Asia Financial Connectivity Dialogue in Singapore, Popoola noted that Nigeria’s capital market is gaining momentum, underscored by significant banking recapitalization efforts and the upcoming Dangote Petroleum Refinery IPO.

The event, co-hosted by the Central Bank of Nigeria (CBN), J.P. Morgan, NGX, and FMDQ Group, focused on deepening investment flows between Nigeria and Asia. Popoola pointed to recent market improvements—such as the transition to a T+1 settlement cycle and FTSE Russell’s reclassification of Nigeria to Frontier Market status—as critical to enhancing international investor participation.

CBN Governor Olayemi Cardoso also attended the summit, emphasizing that sustaining long-term capital inflows requires credible monetary policy, stronger governance, and predictable regulation. The dialogue included engagements with the Singapore Exchange Group to foster institutional collaboration and a memorandum of understanding between the CBN and the Global Finance and Technology Network to drive financial innovation.

Zenith Bank Plc has reported a pre-tax profit of N637.6 billion for the half-year ending June 30, 2026, marking a 1.9% year-on-year increase. The performance was driven by improved net interest margins, lower funding costs, and a significant 81% reduction in impairment charges. Consequently, the bank has announced a 20% increase in its interim dividend to N1.50 per share, payable on October 30, 2026, to shareholders on the register by October 23, 2026. Despite a rise in tax expenses following the Nigerian Tax Act 2025, the bank maintains strong capital adequacy at 25.1%.

Access Holdings Plc has announced the retirement of Olanrewaju Bamisebi, its Executive Director of Information Technology and Digitalisation, effective September 30, 2026. The company stated that his departure, which followed the expiration of his contract, serves to align the group’s executive leadership structure with the Central Bank of Nigeria’s Corporate Governance Guidelines for Financial Holding Companies. Under these regulations, a financial holding company is permitted a maximum of two executive directors. The board has commended Bamisebi for his contributions to the group’s digital transformation during his four-year tenure.

In a move to dampen global energy inflation ahead of the November US midterms, US President Donald Trump has secured an agreement for Russia to supply 4.8 million tonnes of diesel to the American and global markets. The deal involves phased shipments, with an immediate 300,000-tonne delivery followed by larger tranches through early 2027. To facilitate this, the US Treasury has issued a temporary license easing sanctions on Russian diesel imports until April 2027. While aimed at lowering international energy costs, the move has drawn sharp criticism from Ukraine, and it remains uncertain whether these supplies will significantly impact domestic diesel prices in Nigeria, where retail costs currently hover around 1,800 Naira per litre.

The Dangote Group’s H1 2026 Economic Report warns that a strong US dollar, high global interest rates, and significant external debt are straining African economies. Energy-importing nations with high debt levels face increased fiscal and currency instability, while energy exporters with credible policies are better positioned. Despite financing hurdles, growth remains resilient in West and East Africa. The report notes the Nigerian Naira has appreciated 4% year-to-date, aided by reserve growth, while the Dangote Refinery supplied 50 million litres of petrol daily in H1 2026.