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Tinubu: Nigeria out of economic dark tunnel foundation solid

President Bola Ahmed Tinubu has declared that Nigeria has emerged from its difficult economic phase expressing confidence that the reforms undertaken by his administration have laid a solid foundation for sustainable growth and national prosperity.

The President who reaffirmed his commitment to what he described as ‘Project Nigeria’ also pledged to intensify investments in the future of young Nigerians insisting that the ultimate measure of leadership lies in the opportunities created for succeeding generations.

Tinubu spoke on Monday while reflecting on his spiritual journey to Saudi Arabia for the Umrah pilgrimage during which he was granted the rare privilege of entering the Holy Ka’abah in Makkah to offer prayers alongside members of his Nigerian delegation

According to a statement issued by his Special Adviser on Information and Strategy Bayo Onanuga the President expressed optimism about Nigeria’s economic prospects describing the progress recorded under his administration as encouraging.

‘The foundation is solid and the economy has come out of the dark tunnel. This is inspiring’ Tinubu declared.

He maintained that the gains of ongoing reforms must translate into lasting opportunities for young Nigerians stressing that today’s leadership decisions would determine the country’s future.

‘We need to build a future for our youth. If we don’t invest in their future how do we want to be remembered as leaders 50 years from now? That’s the main thing. So this is a rare privilege to lead the country’ he said.

Reaffirming his determination to pursue national development the President said his renewed spiritual experience had further strengthened his resolve to serve Nigerians and build a prosperous nation.

‘My commitment to Project Nigeria is higher. I am determined to usher in prosperity and fully develop the country consistent with the wish of Allah and the support of the people.

‘It is important to put Allah first then move on. Follow your conscience. Follow the right path that will lead Nigeria to that greatness’ he stated.

Tinubu disclosed that he had prayed for wisdom and resilience to discharge his responsibilities as President expressing confidence that Almighty Allah had answered his supplications.

‘Well I asked for wisdom and resilience to continue to serve the people. I know that prayer has been granted. Before the 2023 election I did the same thing. I asked Allah to bless my Umrah then and He did.

‘And I promised that I would come back to thank Him’ the President said.

Reflecting on the responsibilities of leadership Tinubu cited Surah Aal-Imran Verse 26 of the Holy Qur’an which emphasises that ultimate sovereignty belongs to Almighty Allah who grants and withdraws authority according to His will.

He said the teaching reinforced his conviction that political power was a sacred trust that must be exercised with humility accountability and dedication to the welfare of the people.

‘There is no other God but Almighty Allah. He is the giver and the taker. He owns power and authority’ the President said.

He described his emergence as Nigeria’s President and Commander-in-Chief as an extraordinary divine favour which imposed an obligation on him to serve the country diligently.

‘I have faith in that and I believe extremely well that He has done me and my country a great favour. Out of many millions of people to be the President and Commander-in-Chief is a favour that only Almighty God can do to a human being’ he added.

The President also expressed profound appreciation to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman for granting him and members of his delegation access to the Holy Ka’abah.

Sheikh Dahlulah Muthawal of Masjid al-Haram led Tinubu into the sacred structure where he offered prayers of gratitude for the privilege of serving Nigeria.

Describing the experience as historic and deeply emotional the President said the gesture underscored the enduring friendship and mutual respect between Nigeria and Saudi Arabia.

‘I want to say a big thank you for the faith for the recognition. I can’t believe the fencing of the Ka’abah is in Green-White-Green which reminds us of the Nigerian identity.

‘I thank the Crown Prince and all the administrators of the holy land. I thank them for the hospitality and recognition given to me as the leader of the delegation and the country’ he said.

Acknowledging the challenges confronting Nigeria and other nations Tinubu expressed confidence that faith and perseverance would ultimately prevail.

‘We are all facing challenges and hostility around us. We will overcome them with faith in God Almighty. I’m grateful forever. I thank the King and the royal Crown Prince.

‘It is an honour that I enjoyed and it is gracious of them to have allowed me to enter inside the Ka’abah. This is history’ he declared.

The President reiterated his administration’s resolve to strengthen the nation’s economic foundations expand opportunities for young people and create an environment in which Nigerians could realise their potential.

He also pledged to justify the confidence reposed in him through purposeful leadership and sustained commitment to national development.

Other members of the delegation were equally moved by the spiritual experience.

They included the Attorney-General of the Federation and Minister of Justice Lateef Fagbemi; Coordinating Minister of Health and Social Welfare Ali Pate; and the governors of Borno Sokoto Jigawa Kaduna Yobe and Kwara states.

Also among them were prominent business leaders including the Chairman of BUA Group Abdul Samad Rabiu and the Chief Executive Officer of Oando Wale Tinubu.

According to the statement the officials and business leaders expressed gratitude to Almighty Allah and appreciation to the President for the opportunity to accompany him into the Ka’abah and offer prayers at one of Islam’s holiest sites.

Ogun Electricity Regulatory Commission orders mandatory registration for IBEDC EKEDC others

The Ogun State Electricity Regulatory Commission (OGSERC) has begun full regulatory operations in the state ordering all electricity operators licensees and service providers to register with the commission within 30 days or face sanctions.

The directive which affects operators across the electricity value chain sets Tuesday December 2 2026 as the compliance deadline.

Major electricity distribution companies including the Ibadan Electricity Distribution Company Eko Electricity Distribution Company and Ikeja Electric as well as their subsidiary companies operating in Ogun State were also covered by the directive.

Industrial commercial and private entities involved in electricity undertakings within the state were also instructed to register.

The Commission listed electricity generation distribution transmission supply and trading companies among those required to register.

It also extended the directive to mini-grid off-grid embedded generation and captive power operators as well as electrical contractors installers and other service providers.

A statement by the Chairman of OGSERC Engr. Jide Onakoya warned that operating an electricity-related business in Ogun State without obtaining the necessary registration and licence from the state regulator would violate the Ogun State Electricity Law.

He explained that the development followed the transfer of regulatory oversight of the state’s intrastate electricity market from the Nigerian Electricity Regulatory Commission to the state.

According to him the transfer was also backed by the Ogun State Electricity Law enacted by the Ogun State House of Assembly in accordance with the Electricity Act 2023 as amended.

Onakoya said the commission was now fully empowered to regulate electricity-related activities within Ogun State adding that all operators must comply with its registration requirements.

He said ‘By this announcement all licensees operators developers and service providers in the electricity value chain in Ogun State are hereby required to register with OGSERC.

‘This exercise backed by law is critical to ensuring safety standardisation consumer protection and an enabling environment for investment in the state’s power sector.’

The Commission warned that no operator would be exempt from the requirement and that conducting electricity business without appropriate registration and licensing from OGSERC was illegal under state law.

It therefore directed affected businesses and operators to begin the registration process at its headquarters on the fifth and sixth floors of OPIC Tower Oke-Ilewo Abeokuta.

Alternatively operators can initiate the process via its official email address.

OGSERC said all affected entities must complete the process within 30 days of the announcement warning that failure to meet the December 2 deadline would attract sanctions prescribed by law.

The Commission however said its regulatory intervention aimed to establish a transparent efficient and reliable electricity market capable of protecting consumers promoting investment and strengthening Ogun State’s position as one of Nigeria’s major industrial centres.

’Special express’ city bus trial gets mixed reviews

The trial run of new express bus services with limited stops was plagued by poor communication on Monday, with many Bangkok commuters left wondering why buses were passing them by without stopping.

They took to social media on Monday morning, sharing their experiences, with many expressing dissatisfaction with the project, launched by the Bangkok Mass Transit Authority (BMTA) to ‘improve convenience and speed up journeys during rush hours’.

The express buses operated on 24 routes across Bangkok and in surrounding provinces, using both air-conditioned and hot-air buses.

It is aimed at shortening journey times, with buses dropping and collecting passengers only at designated major stops, instead of at every stop along the route. Normal fares apply.

Buses taking part in the trial carry signs reading ‘Express Bus’ on their front windscreen and sides, to help passengers identify them.

Passenger feedback was mixed.

Some commuters said the BMTA should have advertised it more widely in advance. Many commuters were unaware a new service was being trialled and had not checked the routes or designated stops before setting out.

Others questioned the decision to introduce selective stops using an already limited number of regular buses, saying it was unsuited to Bangkok’s public transport system.

‘City buses should serve as feeder services, providing widespread connections and distributing passengers across communities, particularly residential areas,’ Facebook user Korakot Phupaiboon commented on the BMTA’s Facebook page.

‘Many bus stops serve schools and residential neighbourhoods, where commuters already face long waiting times. Having buses pass without stopping only adds to their difficulties,’ the user said.

Under the trial schedule, morning express services depart from their starting terminals at 6am, 7am and 8am, while buses departing from the other end of the route leave at 7am, 8am and 9am.

During the evening rush, buses leave their starting terminals at 4pm, 5pm and 6pm, with return trips departing at 5pm, 6pm and 7pm.

The BMTA has also opened a website channel for passengers to submit formal feedback on the trial. However, it has not specified how long the trial will run.

Rice exports face mounting headwinds

Thailand’s rice exports are expected to miss the target of 7 million tonnes this year, even as shipments to Asian markets surge.

From January to September 2026, rice exports totalled 4.99 million tonnes, with a value of US$2.96 billion or 94.9 billion baht, according to the Department of Foreign Trade (DFT).

Arada Fuangtong, director-general of the DFT, said shipments to Asian markets have expanded significantly. Malaysia imported its highest volume of Thai rice in 20 years, while the Philippines increased imports by 263% year-on-year due to concerns over El Niño and efforts to strengthen food security.

In the first nine months, Thailand exported 1.71 million tonnes of rice to Asian countries, up 13.3% year-on-year. This figure was nearly equal to the 1.73 million tonnes shipped to Africa, reflecting a more balanced distribution of export markets, she said.

Key export markets that grew notably during the period included the Philippines, Malaysia, which gained 155% year-on-year, Hong Kong up 63%, and Mozambique, which rose 2%.

Despite this growth, total rice shipments may reach only 6.5 million tonnes this year, below the target of 7 million tonnes, said Ms Arada.

Exports to Iraq were affected by the war in the Middle East, which resulted in the partial closure of the Strait of Hormuz. In 2025, Thailand exported over 1 million tonnes of rice to Iraq.

Meanwhile, Indonesia stopped importing Thai rice this year as the country aims to increase domestic consumption.

Exports of Thai hom mali rice to the US were affected by tariffs, while demand has weakened due to high inflation in that country.

Perhaps as a result of trade talks, Japan has increased rice imports from the US.

Thai white rice 5% is more expensive than competing varieties, at around $480 per tonne, compared with $420 for Vietnamese rice and $388 for Indian rice.

The DFT plans to accelerate rice exports by organising trade missions and meetings with importers in key markets, including Hong Kong, Japan, the Philippines and Africa.

The agency is also organising international rice conferences and participating in trade exhibitions to strengthen business ties, promote Thai rice quality and secure new orders.

For tapioca exports, Thailand shipped 3.24 million tonnes in the first nine months of 2026, down from 7.22 million tonnes year-on-year, attributed to weak demand, supply shortages caused by low production yields, and border closures with Cambodia.

Top five banks pool N105tr deposits

Deposits by customers in Nigeria’s five major and strategically important banks crossed the N100 trillion thresholds at the end of September.

The banks pooled a total of N105.01 trillion attracting an additional N8.44 trillion in new customer deposits in the first nine months of the year.

The five strategically important banks – Zenith Bank Guaranty Trust Holding Company (GTCO) First HoldCo Stanbic IBTC Holdings and Ecobank Transnational Incorporated (ETI) – account for more than two-quarters of Nigeria’s banking deposits.

A report by The Nation’s Market Intelligence yesterday showed considerable brand loyalty by customers in the five strategically important banks with all banks reporting growths in customer deposits during the period.

The nine-month report for the period ended September 30 2026 indicated increase in customer deposits from N96.57 trillion in December 2025 to N105.01 trillion by September 2026 an increase of N8.44 trillion or 8.7 per cent.

ETI with the largest base grew customers deposits from N36.44 trillion to N36.70 trillion. Zenith Bank added N2.78 trillion in the first nine months moving from N24.33 trillion to N27.11 trillion. First HoldCo’s customers deposit increased from N18.88 trillion to N22.91 trillion. GTCO saw increase from N12.55 trillion to N13.73 trillion.

Group Chief Executive Officer Guaranty Trust Holding Company Plc Mr. Segun Agbaje said the company’s performance in the third quarter reflected the strength of a franchise built on scale efficiency and discipline.

‘Despite a challenging operating environment and significant fair value losses in the period our core earnings continued to grow our deposit base expanded strongly our cost efficiency remains among the best in the industry and our balance sheet remains strong liquid and well capitalised.

‘Looking ahead we will always optimise risk-free returns wherever we see them and will always be positioned to take advantage of arbitrage opportunities as market conditions evolve without compromising the quality of our risk assets. We will also continue to evolve our platforms and adapt to new technologies to meet the changing needs of our customers as we remain focused on delivering sustainable value and superior returns to our shareholders’ Agbaje said.

Chief Executive Officer Nigeria Economic Summit Group (NESG) Dr. Tayo Aduloju called on banks to deploy their enhanced balance sheet for the economic growth and transformation of the country.

He spoke at the fellowship investiture ceremony of CIBN. The theme of the event was ‘Bank Recapitalization: Leveraging New Bank Capital for Nigeria’s Industrial Transformation’.

Aduloju listed five ways under which commercial banks can provide industrial loans to companies noting that lenders needed to build industrial credit capability sector desks for priority value chains transactions and get engineers and analysts who can appraise plants offtake and cash flows.

He added that banks also need to co-finance and share risk by syndicating loans with Bank of Industry (BoI) Development Bank of Nigeria (DBN) and international development finance institutions (DFIs) and use partner guarantees to stretch capital further.

He said banks would further need to lengthen tenor for facilities by tapping into pension and bond markets and refinancing lines to match long-gestation industrial projects.

According to him with the issues around price risk with data requiring the banks to use credit bureaus the movable-asset collateral registry and digital cash-flow data to lend beyond land collateral are also critical.

He said banks are also required to finance value chains not just firms and also anchor-buyer and supply-chain finance linking MSME suppliers to large manufacturers as well as green finance for cleaner energy.

Aduloju said a weaker naira has cut bank capitals’ dollar value by 71 per cent since the last recapitalisation done decades ago.

He said 46 per cent of bank loans go to oil and gas sector; 8.7 per cent goes to manufacturing compared to 17 per cent in recent years.

He said although recapitalisation built the capacity to lend industrial transformation depends on where the fund is deployed.

He said: ‘The measure of this recapitalisation will be the extent to which it strengthens the industry’s productive capacity enhances the competitiveness of its products and expands its export potential’.

According to him banks should lend to production not only to safety while building the skills partnerships and products that industrial finance needs.

He advised policy makers to make productive lending cheaper and safer: They need to lower reserve and funding costs credible guarantees reliable power and transparent data.

Federation records ?19.12trn non-oil Revenue

The Federation generated ?19.12 trillion from non-oil revenue sources between January and September 2026 with tax collections and foreign exchange reforms contributing to the revenue performance.

The figure comprised ?11.91 trillion from non-oil statutory revenue and ?7.21 trillion from Value Added Tax (VAT) according to the latest report by Agora on Federation Account Allocation Committee (FAAC) disbursements.

The report showed that VAT accounted for approximately 22.9 per cent of the Federation’s total gross FAAC revenue during the nine-month period indicating the contribution of consumption-related taxes to government earnings.

Agora attributed the performance partly to the implementation of tax reforms increased collections from Company Income Tax (CIT) and other corporate tax components as well as changes arising from the foreign exchange reforms introduced in 2023.

The report explained that VAT collections are largely determined by the level of taxable economic activities consumer spending business transactions and the effectiveness of tax collection mechanisms.

It noted that increased receipts from Company Income Tax and other corporate tax components also contributed to the non-oil revenue recorded during the period.

On the impact of foreign exchange reforms Agora said the adjustment in the exchange rate had increased the naira value of government receipts particularly earnings denominated in foreign currencies.

The report also identified the foreign exchange and petrol subsidy reforms as factors that helped explain the significant increase in nominal FAAC revenue recorded in 2024.

The reforms introduced in 2023 included the unification of foreign exchange windows and the removal of petrol subsidy.

According to the report the changes affected the Federation’s revenue and expenditure position by increasing the naira value of foreign-currency-denominated government earnings and reducing the government’s exposure to subsidy-related expenditure.

The ?19.12 trillion generated from non-oil sources during the first nine months of 2026 comprised statutory non-oil revenue and VAT two major sources of government income outside the oil sector.

Of the total statutory non-oil revenue contributed ?11.91 trillion while VAT collections accounted for ?7.21 trillion.

The report’s figures show the contribution of tax-related sources to Federation revenue during the period alongside the effects of changes in the foreign exchange and subsidy policy framework.

Divided we fall

A couple of years ago, I started hearing the unthinkable. Expats, I was told, who’d long loved living in the Philippines, no longer viewed Metro Manila as a plum post. From traffic to climate, red tape, and services, the country was increasingly considered hopelessly inefficient, backward, and downright unpleasant compared to neighbors, Filipinos and expats alike had long considered hopelessly provincial and boring. To me, it marked the end of an era stretching back to the 1980s when the Asian Development Bank built a new headquarters and surrounding enclaves were favored as expat residences.

A similar stretch of time, 33 years, separates two speeches by two Zobels. The first, titled ‘Democracy is development,’ was delivered by Jaime Zobel de Ayala on Oct. 23, 1993. The second was the keynote address at the Makati Business Club’s 45th anniversary by Jaime Augusto Zobel de Ayala.

Zobel Senior reflected on the role of government in economic development when memories-and wounds-of the dictatorship were still fresh, but the newly restored democracy had already committed its share of mistakes.

‘Conventional wisdom favors maximum free enterprise and minimum government. The historical truth is that effective government is indispensable to economic progress. When government works, the economy succeeds,’ he said.

He listed what government does and what happens when it’s remiss in its duties:

‘Without law courts, there is no sanctity of contracts, therefore, no security of trade.

‘Without police, there is no security of property, therefore, no reason to invest in industry.

‘Without publicly built and maintained roads, rails, ports, bridges and telecommunications, commerce can only crawl.’

But then as now, there was the preoccupation with success and failure: our neighbors versus ourselves, and beyond, marked, he said, by ‘government, not just as catalyst, but as leader and main actor in rapid economic development.’

His prescription? ‘What is needed is not more imperious orders, but the same laws, rules, and regulations evenly applied.’ As for the rest, ‘The last thing we need is a change of form of government … What is needed is to stay the course …. Let us shun quick fixes and slick slogans. There is no easy way out.’ He added, ‘Let us pay our taxes, but let us make our officials pay if they misuse our taxes. Only in a democracy can we do that.’

By and large, he articulated what public opinion has been saying in the generation since; his son did something similar: ‘Business cannot thrive over the long term in a society that is not itself thriving,’ he said. ‘As global companies diversify their supply chains, we should think beyond which company, industrial park, or sector secures the next investment,’ because in a dog-eat-dog world, ‘a more important question to ask is whether the Philippines itself is winning.’ But to do so, he suggested, requires ‘an honest conversation.’

The ongoing disruption of institutions and systems globally means that global multinationals are actively diversifying their supply chains from the hubs that traditionally dominated, just as shipping is finding new pathways beyond the choke points that the Suez and Panama Canals have become. Seeking new paths for supply chains is an opportunity the Philippines is increasingly missing: Zobel Junior cited a steep decline in foreign direct investment as proof of this and anecdotal evidence of fewer international investors coming to Manila to look at prospects. The demographic ‘sweet spot’ enjoyed by the country is thus relatively underutilized, while the digital economy, which is already at 10 percent of gross domestic product, is in danger of not meeting its potential because of domestic handicaps.

He enumerated five fundamentals required if we are to attract long-term investments:

Talent: Do we have the required workforce and high-level productivity?

Infrastructure: Is the country’s infrastructure modern enough to handle the influx?

Energy: Is there sufficient, reliable, and transition-ready energy?

Regulatory environment: Is the local regulatory landscape friendly to foreign capital?

Institutional stability: Is the environment predictable and secure for multibillion investments?

Zobel Junior proposed that ‘we can remain fierce competitors in the marketplace, while recognizing that there are areas where collaboration creates greater value for everyone,’ identifying what he calls the three pillars of national advancement: education, citizen health, and reliable livelihood generation where the private sector can help scale up ‘social infrastructure.’ The Ayala Corp.’s own efforts include investing in its Healthway Medical Network (filling the need for affordable health care), partnering its own drugstore networks with local government units to support PhilHealth needs, and its own social outreach efforts to bring medicines and health care to remote barangays. In education, it is working to provide workforce-ready curricula to schools and to support greater capacity and quality in education for 3- to 5-year-olds. For sustainability and mobility, it is supporting the transition to electric fleets for private companies and LGUs, and renewable energy for municipalities.

The now-retired generation might remember former President Fidel V. Ramos’ ‘Team Philippines’ approach, which he lacked the charisma to sell.

Lone player wins ?15-M 6/45 Mega Lotto jackpot

A lone ticket holder won the ?15 million MegaLotto 6/45 jackpot on Monday, November 2, 2026, according to the Philippine Charity Sweepstakes Office.

No player bagged the Grand Lotto 6/55 jackpot.

Mega Lotto 6/45 draw result: 11-02-26-07-44-05 Jackpot prize: 15 million

Grand Lotto 6/55 draw result: 45-43-07-53-25-48 Jackpot prize: ?326.05 million

Minor games

The PCSO also released the results of the 4D, 3D and 2D Lotto draws for Nov. 2.

4D Lotto: 1-1-8-3 – ?33,142 prize; 26 winners.

3D Lotto (2 p.m.): 9-8-2 – ?4,500 prize; 121 winners.

3D Lotto (5 p.m.): 5-8-4 – ?4,500 prize; 94 winners.

3D Lotto (9 p.m.): 2-5-7 – ?4,500 prize; 533 winners.

2D Lotto (2 p.m.): 19-05 – ?4,000 prize; 361 winners.

2D Lotto (5 p.m.): 19-07 – ?4,000 prize; 163 winners.

2D Lotto (9 p.m.): 05-19 – ?4,000 prize; 527 winners.

Draw schedule

Grand Lotto 6/55 draws are held every Monday, Wednesday and Saturday, while MegaLotto 6/45 draws take place every Monday, Wednesday and Friday.

Oshiomhole defends Tinubu’s prayer trip, blasts Atiku

Senator Adams Oshiomhole has defended President Bola Tinubu’s prayer trip to Saudi Arabia, attacking former Vice President Atiku Abubakar over his criticism of the visit and accusing him of returning to Nigeria from Dubai only when elections approach.

Speaking at the All Progressives Congress presidential campaign rally in Calabar, Cross River State, on Monday, Oshiomhole dismissed Atiku’s objection to the trip and predicted that he would return to Dubai after another electoral defeat.

‘Atiku said we should not go and pray, all right, but Atiku lives in Dubai. He only comes home on the eve of every election, and he will lose in January. By February, Atiku will be back in Dubai,’ he said.

The Edo North senator’s remarks followed Tinubu’s visit to Makkah to perform Umrah, during which the President was granted access to pray inside the Holy Kaaba.

Tinubu had said he sought wisdom and resilience to continue serving Nigerians and returned to express gratitude to Allah after undertaking a similar pilgrimage before the 2023 presidential election.

Oshiomhole also turned his criticism on Peter Obi, questioning the former Anambra governor’s promise to deliver results within a single four-year presidential term.

‘If Peter Obi couldn’t fix Anambra in 8 years how can he look you koro koro in the eyes and say he only needs 4 years,’ he said.

Vice President Kashim Shettima was in Calabar to lead the APC rally, arriving at the Margaret Ekpo International Airport at about 12.10pm.

Governor Bassey Otu received him alongside officials of the APC Presidential Campaign Council, party supporters and political stakeholders from Cross River and other parts of the South-South.

Shettima and members of the campaign council subsequently visited the palace of the Obong of Calabar before proceeding to the Calabar Stadium, where party loyalists had gathered for the rally.

Companies’ nine-month results show stronger economic momentum

More than two-thirds of structured mid to large Nigerian companies recorded considerable improvements in overall performance in the third quarter raising expectations of higher returns to investors.

A review of the nine-month reports of quoted companies by The Nation’s Market Intelligence at the weekend indicated that most companies maintained steady growths in both sales and profitability with a quarter of the reports showing companies making significant rebound from loss or substantially low profit positions.

The corporate reports were released at the Nigerian Exchange (NGX) and cut across all sectors of the Nigerian economy.

From manufacturing to banking insurance financial services oil and gas consumer goods and real estate among others companies showed resilient growths with most assuring that they were on course to deliver higher performances by the year-end.

Experts described the performance of the quoted companies generally as positive expressing optimism on potential returns for the year.

Managing Director Arthur Steven Asset Management Mr Olatunde Amolegbe said the macroeconomic reforms were instrumental to the overall corporate outlook.

‘They have been pretty impressive so far. Most of the bellwether companies have had very strong quarters with very impressive top and bottom lines. It looks like the macroeconomic reforms are having the desired impact on corporate performance. My expectations is that the market will react positively to these earnings reports’ Amolegbe a senior investment banker said.

Managing Director APT Securities and Fund Mallam Kasimu Kurfi said the performance of the quoted companies and by extension the entire market reflected positive effects of macroeconomic policies on the economy.

‘Really the market’s All Share Index has achieved what was not achieved in the past 20 years with over 64 per cent gained by end of October 2026 and the market is likely to achieve higher by end of the year. With the third quarter results more positive outcomes are likely expected by the end of the year’ Kurfi said.

Managing Director HighCap Securities Mr David Adonri said the dynamics of the economy was reflected in the behaviour of listed companies in third quarter 2026.

‘At the height of government’s demand management policy between 2023 and 2025 Banks enjoyed unprecedented financial windfall which escalated their profits. With the economy moving into an era driven by supply side management policy Banks are experiencing declining profits while the real productive sector is surging in profits. This scenario is playing out with declining prices of banking stocks while real sector stock prices are advancing. Save for the general election fever real sector stocks are expected to dominate price movements and be bedrock for market resilience beyond fourth quarter 2026’ Adonri said.

Managing Director GTI Capital Mr Kehinde Hassan said strong earnings signal corporate resilience and alignment of quoted companies with Nigeria’s $1 trillion economy vision.

According the growing number of listed companies reporting improved earnings signaled resilience in the face of economic reforms and lent credence to the Federal Government’s Renewed Hope agenda and ambition to grow Nigeria into a $1 trillion economy.

He outlined that the earnings reports measured by earnings per share showed that while a few companies continue to grapple with macroeconomic pressures most have successfully adapted to the changing business environment and delivered stronger returns to shareholders.

He noted that the positive performance also coincided with increased compliance with the provisions of the Investments and Securities Act (ISA) 2025 particularly Section 62 which strengthened disclosure requirements corporate governance standards and investor protection measures in the capital market.

‘The earnings performance of the listed companies reflects the gradual impact of economic reforms designed to stabilise the economy attract investments and stimulate private-sector growth.

‘It is worthy to note that compliance with the amended ISA 2025 is helping to strengthen transparency and accountability among listed firms thereby enhancing investor confidence at a time when Nigeria is seeking to deepen its capital market and attract long-term domestic and foreign investments.

‘With strong performances recorded by companies across insurance telecommunications manufacturing logistics and energy sectors the latest earnings season suggests that corporate Nigeria is positioning itself to play a critical role in achieving the Federal Government’s economic transformation agenda.

‘As efforts to build a $1 trillion economy gather momentum the performance of NGX-listed companies provides an encouraging indication that the private sector remains capable of driving growth creating wealth generating employment and supporting Nigeria’s long-term development aspirations’ Hassan said.

In the oil and gas sector Aradel Holdings reported 633 per cent growth in total revenue to N3.95 trillion in third quarter 2026 as against N538.8 billion recorded in comparable period of 2025. The company indicated that its production of 144.7 kboepd was already running above the initial full-year guidance range of between 110 and 140 kboepd. It has revised its full-year guidance upward to between 140 to 150 kboepd.

Aradel posted earnings before interest tax depreciation and amortization (EBITDA) of N2.1 trillion representing a margin of 53 per cent. Net cash from operations stood at N2.46 trillion lifting the company from a net debt position of N475.1 billion in 2025 to a net cash position of N532.3 billion. However the net profit was impacted by N529 billion earnout charge from the recent Renaissance acquisition. The company stated that it was engaging the seller to address the earnout arrangement. With a confident outlook the board of the company has declared interim dividend per share of N7.

Seplat Energy’s total revenue rose from N3.36 trillion in third quarter 2025 to N3.78 trillion in third quarter 2026. EBITDA stood at N2 trillion as against N1.71 trillion in comparable period of 2025. Operating profit rose from N1.1 trillion to N1.46 trillion. After taxes net profit doubled from N146.6 billion to N355 billion.

Seplat Energy’s performance was attributed to steady oil and gas production volumes realised crude prices and favourable exchange rate dynamics. Gross margin had improved from 40.4 per cent to 43 per cent underlining slower growth in direct production costs.

The board of Seplat Energy has also approved interim dividend of $19.0 cents per share $5.0 cents per share base dividend and $14.0 cents per share special dividend. This third quarter interim dividend represented 153 per cent increase on total dividend of $7.5 cents declared for third quarter 2025.

Key extracts of interim report and accounts of Oando showed that total revenue rose by nine per cent to N2.78 trillion. Gross profit increased by 483 per cent to N174.5 billion in third quarter 2026 compared with N29.8 billion in the corresponding period of 2025. The gross margin reflected improved production efficiency with a reported facility uptime of 96.1 per cent in 2026 as against 85 per cent in 2025.

The report also showed significant improvement in operating performance as the group moved from an operating loss of N109.7 billion in third quarter 2025 to an operating profit of N159.7 billion in third quarter 2026. The group’s performance was driven by higher crude oil liftings increased gas and Natural Gas Liquids (NGL) sale volumes and improved average realised prices.

Eterna reported that total revenue rose from N212.84 billion in third quarter 2025 to N365.56 billion in third quarter 2026 representing an increase of 71.7 per cent. Gross profit rose to N23.33 billion from N9.94 billion. Operating profit increased to N11.19 billion from N3.19 billion. Profit before tax climbed to N10.28 billion in third quarter 2026 compared with N1.40 billion in third quarter 2025. Profit after tax jumped to N7.34 billion from N325.88 million. Basic earnings per share improved from 25 kobo to N3.36.

In the fast moving consumer goods sector Nestle Nigeria rode on the back of improved cost efficiency and considerable sales growth to deliver 43 per cent growth in net profit. Turnover rose by 10.4 per cent to N976.53 billion while gross profit grew by 20.2 per cent to N392.86 billion. Profit before tax jumped by 51.5 per cent providing strong base for a net earnings per share of N130.41 in third quarter 2026 as against N91.44 in corresponding period of previous year an increase of 42.6 per cent.

BUA Foods recorded appreciable improvement in bottom-line despite decline in sales. Turnover dropped to N380.72 billion in third quarter 2026 as against N508.22 billion in third quarter 2025. Gross profit meanwhile improved from N181.32 billion to N189.7 billion underlining reduction in cost of sales. Operating profit rose from N152.76 billion to N171.97 billion. Pre-tax profit increased from N156.47 billion to N165.64 billion. After taxes net profit stood at N155.62 billion as against N147.37 billion representing earnings per share of N8.65 in third quarter 2026 from N8.19 in third quarter 2025.

The board of Unilever Nigeria has approved distribution of N11.5 billion as interim dividend after the company recorded 20 per cent growth in net profit to N26.4 billion in third quarter 2026. Shareholders received interim cash dividend per share of N2.

Unilever Nigeria’s revenue rose by 18 per cent to N184 billion in third quarter 2026 compared with N155.4 billion in corresponding period of 2025. Gross profit increased by 34 per cent to N85.5 billion from N63.9 billion with gross margin improving to 46.4 per cent in third quarter 2026 from 41.2 per cent in third quarter 2025. Operating profit rose by 27 per cent to N38.5 billion. Net profit increased by 20 per cent to N26.4 billion in third quarter 2026 compared with N21.9 billion in corresponding period of 2025.

In the non-bank financial services sector Nigerian Exchange Group (NGX Group) is on course for its best performance ever after pre-tax profit rose by 83.3 per cent to N20.6 billion in third quarter 2026 from N11.2 billion in third quarter 2025. Gross earnings had grown by 64.8 per cent to N29.6 billion in third quarter 2026 as against N17.9 billion in third quarter 2025. Profit before tax jumped by 83.3 per cent to N20.6 billion in 2026 compared with N11.2 billion in comparable period of 2025. Profit after tax rose by 86.4 per cent to N14.7 billion in third quarter 2026 compared with N7.9 billion in third quarter 2025. The net profit in third quarter 2026 was already 40 per cent above the group’s full-year 2025 profit after tax of N10.5 billion.

However in the agricultural sector Okomu Oil Palm recorded mixed performance with 6.0 per cent growth in sales overshadowed by 27.6 per cent decline in net profit. Total sales rose to N184.35 billion but pre and post tax profits dropped by 18.1 per cent and 27.6 per cent to N68.9 billion and N43.7 billion.

In the insurance sector among the standout performers was Consolidated Hallmark Holdings Plc which recorded an earnings per share (EPS) of 336 kobo representing a six-fold increase over the corresponding period under review. The impressive growth underscored the company’s ability to leverage opportunities in the financial services sector despite prevailing economic challenges.

AIICO Insurance Plc grew its EPS from 37 kobo to 47 kobo while Coronation Insurance Plc posted an increase from 13 kobo to 22 kobo reflecting stronger underwriting and investment performance.

Also posting a strong result was AXA Mansard Insurance Plc which almost doubled earnings per share from 63 kobo to 122 kobo making it one of the top performers among insurance companies. The result highlights growing confidence in Nigeria’s insurance industry as businesses and individuals increasingly embrace risk management products.

The telecommunications sector maintained its position as one of the key drivers of economic expansion. MTN Nigeria Communications Plc reported a 55.3 per cent increase in EPS to N55.60 demonstrating the sustained demand for data services digital solutions and financial technology products. The company’s performance reinforces the role of digital infrastructure in supporting economic growth and productivity.

In the banking sector Jaiz Bank Plc recorded a modest increase in EPS from 51.31 kobo to 52.22 kobo reflecting steady growth amid a challenging operating environment and demonstrating the resilience of the country’s non-interest banking segment.

The manufacturing and industrial sectors presented mixed outcomes. Berger Paints Nigeria Plc increased EPS from 334 kobo to 375 kobo benefiting from activities in the construction and infrastructure sectors. Similarly McNichols Plc recorded an improvement from 18.38 kobo to 27.61 kobo showcasing stronger operational efficiency and profitability.

However not all manufacturers recorded positive results. Beta Glass Plc EPS decline from 45.38 kobo to 41.55 kobo while technology firm Computer Warehouse Group (CWG) Plc reported a drop from 189 kobo to 167 kobo reflecting the impact of rising operating costs and economic headwinds on margins.

Logistics and transportation companies also benefited from increased economic activity. Red Star Express Plc improved EPS from 48 kobo to 52 kobo while ABC Transport Plc maintained earnings at 24 kobo demonstrating stability despite persistent industry challenges.

The notable exception to the broadly positive trend was LivingTrust Mortgage Bank Plc whose EPS fell sharply from 15.10 kobo to 4.25 kobo. Market observers attributed the decline to pressure in the housing finance segment driven partly by elevated interest rates and reduced affordability within the property market.