Author: Gilbert Ayoola

Seplat’s FTSE Exclusion: When Nigerian Corporate Identity Meets UK Index Nationality Seplat Energy’s exclusion from the FTSE Frontier Index highlights a subtle but consequential distinction in global index construction with a company’s corporate identity, which is not necessarily the same as its index nationality. Seplat Energy is unequivocally rooted in Nigeria. The energy company is incorporated and headquartered in Nigeria, operates principally in the country’s oil and gas sector, and maintains listings on both the Nigerian Exchange (NGX) and the London Stock Exchange (LSE). Seplat itself confirms its dual listing and identifies Lagos as the location of its Nigerian head…

FTSE Frontier Reclassification: 10 Nigerian Equities Set for Greater Global Investor Attention Ahead of the forthcoming reclassification, 10 major Nigerian equities have been added to the FTSE Frontier Index Series, placing these companies at the centre of potential international institutional allocation to Nigeria. The development is significant because index inclusion can influence how global asset managers gain exposure to a market. For funds benchmarked against or designed to track the FTSE Frontier Index Series, constituent changes can create demand for newly included stocks as portfolios are adjusted to reflect the index. The 10 Nigerian Index Constituents The 10 Nigerian constituents…

Domestic Investors Boost NGX Performance, Foreign Capital On Sideline Nigeria’s equity market is sending a striking signal: the recent strength of the NGX is being driven predominantly by domestic investors, even as foreign capital remains cautious following Nigeria’s continued classification within the frontier market universe. The divergence is becoming increasingly important to the market’s outlook. While the NGX has maintained a positive performance trajectory, foreign portfolio investors have yet to demonstrate a decisive return, suggesting that the latest rally is not, for now, a broad-based vote of confidence from international capital. Instead, local liquidity, domestic institutional participation and renewed appetite…

May & Baker Leads Nigerian Stock Market Rally in September Nigerian equities opened the month on a firmer footing on the first trading session of September, staging a measured recovery after an 11-session losing streak that weighed heavily on market sentiment in August. Among the standout performers was May & Baker Nigeria Plc, which emerged as one of the session’s strongest gainers, advancing 9.46% intraday as investors renewed interest in the pharmaceutical counter. The performance underscores the ability of mid-cap stocks to command significant market attention and outperform larger banking names when sector-specific sentiment and buying interest align. May &…

Access Holdings Driving Volume, Buying Momentum Strengthens Access Holdings Plc emerged as the dominant volume driver on the Nigerian Exchange (NGX) on Tuesday, as aggressive investor participation pushed the stock to a fresh monthly high and reinforced its position among the market’s most actively traded financial counters. The stock, traded under the ticker ACCESSCORP, recorded 129.89 million shares in volume, representing roughly one-fifth of the day’s market-wide share turnover. NGX data showed the stock opening at N32.00, rising to an intraday high of N32.70, before settling at N32.50, a gain of N0.40, or 1.25%, from its previous close of N32.10.…

NAHCO’s Air France-KLM Mandate Opens Higher-Value Growth Chapter The reported appointment of Nigerian Aviation Handling Company Plc (NAHCO) as Air France-KLM’s General Sales Agent (GSA) for ticketing in Nigeria marks a potentially important strategic inflection point for the company. More than an incremental contract win, the mandate could broaden NAHCO’s earnings architecture by taking the business beyond its traditional ground-handling franchise into the higher-value commercial side of aviation. The significance lies in the revenue model. While ramp, passenger and cargo handling remain the core operating engines, a ticketing GSA mandate introduces another avenue for aviation-related income, potentially deepening NAHCO’s relationship…

Huge Funds Chase Nigerian OMO Bills in Search for 21% True Yield The Central Bank of Nigeria (CBN) recorded exceptionally strong investor demand at its Open Market Operations (OMO) auction on 26 August 2026, receiving N4.26 trillion in subscriptions against a combined offer of N1 trillion across the 97-day and 132-day bills. The auction outcome points to sustained investor appetite for high-yielding naira fixed-income instruments, even as the CBN continues to moderate stop rates while aggressively absorbing excess liquidity from the financial system. For the 97-day bill, subscriptions reached N783 billion, compared with the N500 billion on offer. The CBN…

OMO Bills Reopening Drives Funds Away from Nigerian Stocks One of the more consequential policy shifts in Nigeria’s financial markets may have arrived quietly: the Central Bank of Nigeria (CBN) is widening access to Open Market Operations (OMO) instruments, creating a broader channel for investors to place funds in short-term government securities. The significance extends beyond the fixed-income market. Historically, retail investors were excluded from participating directly in the primary OMO market and could only access OMO bills through the secondary market, subject to a N50 million cap. The apparent change in policy effectively brings a wider pool of investors…

Geregu Power Moves to Cure N6.03bn Bond Default Geregu Power Plc is understood to have paid N6.026 billion owed to bondholders following its payment default on July 28, 2026, potentially bringing an end to weeks of uncertainty surrounding the company’s N40.09 billion Series 1 Senior Unsecured Bond. The payment represents an important step toward curing the default and restoring confidence among investors and bondholders, although the market is likely to remain focused on the company’s official disclosure and the precise composition of the amount settled. The bond, issued on July 28, 2022 under Geregu Power’s N100 billion debt issuance programme,…

Nigeria’s fixed-income market is entering a phase in which investors are becoming less interested