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PBA: NLEX holds off Phoenix to move within win of semifinals

NLEX moved on the cusp of ending its string of playoff flameouts after defeating Phoenix, 124-117, for a 2-0 lead in the 2026 PBA Governors’ Cup quarterfinals on Wednesday at Ynares Center here.

Schonny Winston and Robert Bolick scored 31 points apiece while import Deonte Burton had 24 points and 10 rebounds as the Road Warriors held off a determined challenge from the Fuel Masters to close in on the sweep of the best-of-five affair.

The Road Warriors tightened their defensive effort after trailing 72-68 at the half, before pulling away in the fourth quarter with nine straight points.

That run turned a 101-all tie into a 110-101 lead to gain a firm grip on the contest. NLEX can finish the job on Saturday at Ninoy Aquino Stadium.

Import Marcellus Earlington scored 22 points on top of nine rebounds while Ricci Rivero and Kai Ballungay added 21 each but the Fuel Masters were pushed to the brink of elimination with the defeat.

Phoenix had its last lead at 99-96 in the fourth before NLEX turned things around.

Winston scored and Burton drained a triple to put the Road Warriors ahead 101-99. Earlington scored on a layup before NLEX made its run.

Hardship is temporary, Tinubu’s reforms will speak in 2027 – Olori Omooba Otunba Adegbenro

The City Boy Movement has attracted considerable attention ahead of the 2027 elections. Is it merely a support group or a political campaign platform?

Look, City Boy is not a parallel party. It is a youth-driven support movement that believes in President Tinubu’s vision. Every president needs an organic support base, especially among young Nigerians. Asiwaju has had supporters since 1999, and City Boy is simply the newest platform. Yes, it will mobilise support for 2027, but that is not a crime. The opposition has the Obidients and Atikulates. Why can’t the President have City Boy?

Some APC members have expressed concerns that the City Boy Movement could sideline longstanding party loyalists. How do you respond to that criticism?

I disagree with that narrative. The APC is a large party, and the President cannot appoint every member at once. Seyi Tinubu and his team have done well in bringing many young people who were previously outside the corridors of power into the political space. It is an expansion, not a replacement. The party is supreme, and all groups, including City Boy, operate within the party.

Seyi Tinubu has been criticised in some quarters for wielding considerable influence despite not holding an official government position. Do you think such influence is justified?

The young man is simply supporting his father. Tell me, which son of a former president has been this supportive from 1999 till date? None. Any father would be proud of such a son. Seyi is leveraging his influence and seeking support from friends and associates to advance his father’s agenda. There is nothing wrong with that.

What is your assessment of Nyesom Wike’s political alliances and his performance as Minister of the Federal Capital Territory?

Wike is the star boy of this administration. He has transformed the FCT. The Minister of Works is another shining light. Put Wike in any ministry, and he will perform like no other.

Given the economic hardship and rising public discontent, what gives you the confidence that President Tinubu can win the 2027 presidential election?

Absolutely. I say that with all confidence. Elections are not won on social media; they are won on structure, performance and track record. Hardship is temporary, and reforms are painful. Nigerians will begin to see the light before 2027.

Remember, the opposition is disorganised and has no clear message. Tinubu is a master strategist. There is no opposition figure today who has not benefited from Asiwaju’s school of politics and generosity. They themselves know he is the right man to restore Nigeria’s lost glory. That is why they talk about the President when campaigning but remain silent about their own plans for the country because they have none.

The APC presidential campaign kicked off in Kaduna on Saturday, and the turnout was massive. People came out en masse to pledge their allegiance to the APC. The Ahmadu Bello Stadium was filled to capacity, and the atmosphere was electric.

We acknowledge that there are challenges, and we are working to address them. But what you saw in Kaduna was a clear message that Nigerians still believe in the Renewed Hope Agenda.

What would you consider the APC’s strongest selling points ahead of the 2027 general elections?

Two things: the courage to reform and infrastructure.

For the first time, a president had the courage to remove what I consider a fraudulent fuel subsidy regime that enriched a few individuals and to unify the foreign exchange market.

On infrastructure, we have the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Superhighway and the repair of several existing federal roads. There is also the student loan scheme and the compressed natural gas (CNG) initiative.

This administration has also waived import duties on electric vehicles, reducing the rate from five per cent to zero per cent to promote cleaner mobility. All these measures are intended to cushion the effects of subsidy removal. Our campaign message will be that President Tinubu did what others were afraid to do.

Nigerians are still struggling with the effects of fuel subsidy removal and foreign exchange reforms. When should they expect meaningful relief?

I agree that the pain is real. But let us be honest: we were heading for a cliff. The subsidy regime was unsustainable. The benefits of reform do not come immediately, unlike the instant gratification of sharing money.

The student loan scheme, CNG buses that are expected to reduce transportation costs significantly, increased Federation Account Allocation Committee (FAAC) disbursements to states and the import duty waiver on electric vehicles are among the measures intended to provide relief.

With food inflation slowing and our refineries working, Nigerians will feel the benefits more.

In which areas do you think the Tinubu administration has fallen short of expectations?

I will be honest with you: communication and the cost of governance.

We did not explain our reforms adequately to Nigerians, allowing the opposition to weaponise the hardship.

Some critics may interpret your strong support for President Tinubu as an attempt to secure a political appointment. Is that the case?

I do not need a position to support the President. He is like a father to me, having worked closely with my grandfather, Pa Alfred Rewane. I am not looking for any incentive.

I support him because I believe in his vision, resilience, brilliance and brand of politics. If I am considered qualified for any position tomorrow, why not? It would be a call to serve. But my support is not motivated by the prospect of an appointment.

If you had two minutes in private with President Tinubu, what advice would you give him?

Mr President, please go out more and listen directly to the people, rather than relying solely on briefings. Nigerians still love you, but they are hungry and want to see that you understand and feel their pain. Reduce the cost of governance, intensify the fight against corruption and deliver quick results in electricity supply and food prices.

We also need greater inclusion of women in governance. I would like to see Nigeria appoint its first female Attorney-General of the Federation and its first female Secretary to the Government of the Federation, among other key positions. Of course, such positions should be earned on merit, not handed out merely to meet a quota. We have accomplished women in every sector who deserve to rise to the same heights as their male counterparts.

Finally, traditional rulers should be given constitutionally recognised roles. They are closest to the people, who listen to and respect them. I believe traditional rulers deserve a more strategic role in governance, backed by law.

Nigeria, FAO seek tighter control on livestock movement to curb avian influenza

The Federal Government, in partnership with the Food and Agriculture Organisation of the United Nations (FAO), has called for stronger measures to contain avian influenza through tighter control of livestock movement, strict biosecurity protocols, enhanced surveillance and deeper collaboration across the poultry value chain.

Mitchell Alao, national programme coordinator of the Avian Influenza Control Programme at the Federal Ministry of Livestock Development, made the call at a workshop on strengthening the Nigeria Agricultural Quarantine Service (NAQS), held in Keffi, Nasarawa State, recently.

Alao, who is also head of the Department of Animal Health and Reproductive Services, stressed that NAQS plays a critical role in restricting animal movement during outbreaks, noting that effective controls are essential to stop infected birds from spreading the disease to unaffected areas.

He identified disease surveillance, risk communication and sustained stakeholder engagement as key tools for containing outbreaks, with animal movement control remaining central to the strategy.

‘The Quarantine Service is there to ensure that affected birds are not moved out of locations where an outbreak has occurred,’ he said.

He emphasised the need to build institutional capacity and deepen collaboration with security agencies and other government bodies, including the Nigeria Security and Civil Defence Corps, the Nigeria Police Force, state governments and local authorities.

‘Such partnerships would improve regulatory compliance, enforcement and coordinated responses nationwide,’ he said.

Otto Vianney, FAO country team lead for Livestock in Nigeria, said the organisation had developed a digital tool for collecting global data on animal movement to improve monitoring and tracking.

Vianney explained that the workshop aimed to assess how animal movement contributes to the spread of animal diseases in Nigeria, while also strengthening public awareness, community education and understanding of preventive measures.

He outlined the four pillars of the Good Emergency Management Practices (GEMP) Framework: prevention and preparedness; early detection and early response; eradication and recovery; and coordination and communication.

He noted that these pillars would provide a structured approach to managing animal health emergencies and reducing the impact of outbreaks.

Shehu identified key priorities for a productive and profitable poultry sector as strict enforcement of biosecurity during animal movement, proper documentation, regular updating of designated control posts, prevention of illegal transportation, promotion of public-private partnerships, technology integration and full compliance with existing regulations.

However, he highlighted challenges facing the agency, including porous alternative routes, poor regulatory compliance, inadequate infrastructure and the inherent risks of transporting live animals.

A major highlight of the workshop was an inspection visit to the Garuku Toll Gate along the Akwanga Road in Kokona Local Government Area of Nasarawa State, where officers assessed animal movement procedures and the effectiveness of existing monitoring measures.

Bed shortage, equipment and staff gaps prompt Samar plea for DOH intervention

Noting that the patient population at two major public hospitals in the province has surged to more than twice their authorized bed capacities, Samar Governor Sharee Ann Tan has formally appealed to Health Secretary Dr. Edwin Mercado for urgent national government assistance to address the problem.

In her letter dated October 26, Tan sought the Department of Health’s (DOH) intervention to help Calbayog District Hospital and Samar Provincial Hospital cope with growing patient demand and the pressing need for expanded facilities, additional hospital beds, medical equipment, and healthcare personnel.

For many families in Samar, public hospitals remain their principal source of affordable medical care, making adequate hospital capacity essential to the province’s healthcare system.

‘We are confident in Secretary Mercado’s leadership and his commitment to improving public healthcare, particularly for underserved communities. We are hopeful that, with his support and the close cooperation of the DOH, our hospital administrators, and the provincial government, we can promptly address these pressing needs and provide our people with the adequate healthcare facilities and services they deserve,’ said Tan as she expressed confidence that Mercado would give the province’s urgent appeal the attention and consideration it deserves.

She emphasized that the provincial government stands ready to work closely with the DOH in identifying immediate interventions and implementing longer-term improvements to the two hospitals.

The governor’s appeal follows official hospital reports dated October 19 documenting serious congestion and operational difficulties at both facilities.

At Calbayog District Hospital, which has an authorized capacity of only 75 beds, the number of confined patients reached 181 on October 19, equivalent to 241 percent of its authorized capacity. The hospital also recorded 58 new admissions and 238 outpatient consultations that day.

According to hospital chief Dr. Jonathan Gabriel J. Paquit, the situation underscores the need for infrastructure expansion, additional equipment, a review of authorized bed capacity, and improved patient referral arrangements.

Meanwhile, Samar Provincial Hospital in Catbalogan City reported accommodating approximately 200 to 250 patients despite an authorized capacity of only 100 beds.

Dr. Jansenn Y. Mutya, officer-in-charge of Samar Provincial Hospital, reported that overcrowding has affected emergency room operations, with patients sometimes remaining in the emergency department while awaiting available beds in the wards.

The hospital has identified the need for expanded infrastructure, additional healthcare personnel, improved medical equipment, and technical support for upgrading its services.

Its development priorities include upgrading to Level 2 hospital status, establishing Level 3 clinical laboratory capability, and developing an intensive care unit.

The overcrowding problem is not new.

As early as October 2025, public reports had documented that Samar Provincial Hospital was already accommodating more than 200 patients despite its authorized capacity of only 100 beds. The latest hospital reports indicate that serious capacity constraints continue a year later.

Tan’s appeal calls attention to the urgent need for coordinated action between the DOH, its regional personnel, hospital administrators, and the Provincial Government of Samar.

Hospital officials have stressed that the problem extends beyond the shortage of beds. Overcrowding also places pressure on emergency services, medical personnel, patient monitoring, and the timely admission of patients requiring hospitalization.

Likewise, the appeal underscored the need for concrete interventions, including expanded hospital facilities, additional beds, essential medical equipment, and sufficient doctors and nurses to meet the growing demand for public healthcare services.

Drama as mourners reject NRM MPs’ condolences at former Buyamba legislator’s funeral

Drama unfolded at the burial of former Buyamba County Member of Parliament Amos Mandela Mugerwa in Kacheera Sub-county, Rakai District, after angry mourners disrupted proceedings over condolence messages sent by current area leaders.

The chaos erupted at Kibaati Village in Kajju Parish, where residents had gathered to pay their final respects to the former two-term legislator.

Trouble started when Kalungu West MP Gonzaga Ssewungu (NUP) took to the podium to deliver official condolences on behalf of the Deputy Speaker of Parliament, Thomas Tayebwa. Before reading the Deputy Speaker’s message, Mr Ssewungu announced that he had also been requested to convey condolences from current Buyamba County MP Gyaviira Ssemwanga and Rakai District Woman MP Juliet Ssuubi Kinyamatama, both of the ruling National Resistance Movement (NRM).

The announcement provoked an angry reaction from a section of the crowd, who began shouting and demanding that the condolences from the two NRM leaders be withdrawn immediately. Protesters accused the absent lawmakers of neglecting their constituents and only associating with the community during bereavement.

Some mourners also accused Gyaviira”s camp of assaulting Mandela during campaigns, claiming it partly contributed to his illness.

The commotion escalated as several mourners rose from their seats and moved toward the main VIP tent, forcing the burial ceremony to be halted for several minutes. Order was only restored after police officers deployed at the venue intervened and dispersed the advancing crowd, allowing the final rites to proceed peacefully.

The incident highlights underlying political friction in Buyamba County, where residents have voiced increasing frustration over local representation and service delivery following the January 2026 General Election.

Local leaders present later appealed for calm and decorum, cautioning residents against using solemn send-offs for political agitation.

By press time, neither MP Ssemwanga nor Woman MP Kinyamatama had commented on the incident. Police confirmed that no injuries were recorded during the scuffle.

The late Mandela passed away on Sunday morning, October 25, 2026, at Mulago National Referral Hospital in Kampala, where he had spent two months in intensive care receiving treatment for throat and lung complications. His health reportedly deteriorated months after he lost the Buyamba County seat to Mr Ssemwanga in the 2026 elections, in which he ran as an Independent candidate.

Confirming his passing on Sunday, Deputy Speaker Thomas Tayebwa eulogised Mandela for his dedicated service during his time in the 9th and 10th Parliaments.

“I am saddened to learn of the death of our colleague Hon. Amos Mandela Mugerwa, who represented Buyamba County in the 9th and 10th Parliaments,” Mr Tayebwa posted on X. “We were together on the Committee on National Economy, where he always asserted for effective absorption of government loans before more could be borrowed. Through his persistent efforts, the committee set tough guidelines before any loan could be approved”.

Before joining parliament, Mandela worked as a Community Development Officer in Rakai District. He entered elective politics in 2011, defeating former lawmaker Major (Rtd) Mugumya Magulumaali to win the Buyamba seat under the former Kooki County. He subsequently retained his seat in 2016 after Buyamba was designated an independent constituency.

AACT 2026: Nigeria targets investment through golf championship

Nigeria is targeting investment, tourism growth and stronger business partnerships as Abuja prepares to host the 2026 All Africa Challenge Trophy (AACT), with organisers planning a Business and Economic Summit alongside the continental women’s golf championship.

The tournament, scheduled for November 2 to 7 at the IBB International Golf and Country Club, Abuja, is expected to attract participants from more than 40 African countries, creating opportunities for businesses, entrepreneurs and investors to explore partnerships.

Maryam Shehu, chairperson of the Government and Stakeholders Relations Committee for AACT Nigeria 2026, said the summit would provide a platform for discussions on investment, trade, tourism and economic cooperation.

She said the initiative was designed to complement the sporting competition by connecting businesses and investors with potential partners across the continent.

The arrival of golfers, officials, administrators and other visitors is also expected to create opportunities for businesses in hospitality, transportation, catering, travel and event management.

Organisers believe the championship could help Abuja showcase its tourism potential while encouraging commercial relationships that extend beyond the tournament.

The Ladies Golfers Association of Nigeria (LGAN), which secured the hosting rights, has asked the Ministry of Art, Culture, Tourism and Creative Economy to co-host the event and designate it an Official Cultural Economy Event.

The association also wants a Sports-to-Business Investment Pavilion included in Nigeria’s presentation at the Nigeria-Belgium-Luxembourg Business Forum scheduled to take place in Brussels from October 28 to 30.

Minister of Art, Culture, Tourism and Creative Economy Hannatu Musa Musawa said the championship offered an opportunity to broaden Nigeria’s tourism narrative beyond Lagos and promote other destinations.

LGAN President Dr Lami Onayi Ahmed, who also chairs the Local Organising Committee, described the tournament as a strategic platform to unite Africa through golf and demonstrate Nigeria’s capacity to host international sporting events.

She commended the support of the National Sports Commission under Shehu Dikko and said infrastructure improvements in Abuja had strengthened preparations for the championship.

Ekanem Ekwueme, the AACT trustee for West Central Africa, said the 2026 edition would set new standards for excellence in African golf.

Nigeria will host the championship for the third time, following previous editions at Ikoyi Club, Lagos, in 1996 and Abuja in 2010.

Under the slogan, ‘Uniting Africa through the Greens,’ the tournament aims to combine women’s sporting excellence with tourism promotion, investment opportunities and stronger economic ties among African countries.

Indigo gets four awards

Integrated Indigo Limited, one of Nigeria’s leading integrated marketing communication consultancy firms, has emerged Public Relations Agency of the Year at the Brandcom Awards held on October 24, in Victoria Island, Lagos.

The agency was also crowned for its work in corporate communication and brand public relations, emerging as the Most Outstanding Agency in Corporate Communication and Most Outstanding Agency in Brand PR while its Managing Director/Chief Executive Officer, Bolaji Abimbola, was named PR Personality of the Year.

Abimbola described the awards as a reflection of the efforts of the agency’s team in developing and executing communication strategies that strengthen brands, build stakeholder relationships and support business objectives. He explained that the recognition is a morale booster for the agency to continue raising industry standards through innovation, creativity and a deeper understanding of clients’ business needs.

‘We are honoured to receive these recognitions, which reflect our commitment to delivering strategic, impactful and results-driven communication for our clients. These awards are a testament to the dedication of our team, the trust of our clients and partners, and our belief in the power of meaningful communication to build brands, strengthen reputations and create lasting value. I am particularly elated not only because of our win tonight but also for wins of some of our clients, including HBM Nigeria, Nigerian Bottling Company (NBC) and InDrive’, he said.

The latest recognition adds to Integrated Indigo’s recent achievements, including the Leadership Award in PR (Corporate) and Outstanding PR Personality of the Decade for Abimbola at the 2026 EDGE Awards, the PR Campaign of the Year (Corporate) award for its ‘From Lafarge to HBM: A New Chapter’ campaign for HBM Nigeria Plc, and PR Agency of the Year at the National Spokespersons Awards in August 2026.

These recognitions reflect Integrated Indigo’s work across public relations, corporate communication, brand strategy and reputation management. The agency continues to focus on developing communication solutions that help organisations strengthen their reputations, engage stakeholders and deliver measurable value.

Unilever Nigeria declares N11.5b interim dividends on robust Q3

strengthManaging Director, Unilever Nigeria Plc, Tobi Adeniyi, said the performance in the first nine months of 2026 reflected the underlying strength and resilience of the group’s business.

According to him, while consumer demand came under increased pressure in the third quarter as household disposable incomes remained constrained, the group stayed focused on delivering value, strengthening availability, executing relevant innovation and maintaining disciplined execution.

‘This focus delivered consistent revenue growth, a 34 per cent increase in gross profit, and 20 per cent growth in net profit. We continue to build a more balanced portfolio through sharper choices, accessible innovation and targeted brand investment that strengthen consumer preference and support sustainable, profitable growth.

‘We remain confident in the long-term potential of Nigeria and are committed to investing responsibly in our brands, operations and people. Our priority is to build on these strong fundamentals, strengthen performance across the portfolio and create enduring value for consumers, customers, shareholders and our wider stakeholder community as we work to Brighten Everyday Life for All Nigerians,’ Adeniyi said.

Celebrating 12 years of culinary excellence

Located in the heart of the Ortigas Business District, Minami Saki By Astoria offers an authentic Japanese dining experience shaped by its elegant interiors, carefully prepared Japanese cuisine, and attentive Astoria hospitality. Known for its refined Japanese fare, the restaurant brings together traditional flavors and a welcoming atmosphere for both everyday dining and special occasions.

Beyond dining, Minami Saki By Astoria also offers function spaces suited for different occasions, whether for an intimate gathering, a business meeting, or a collaborative discussion. Guests can enjoy the privacy and comfort of these spaces while sharing thoughtfully prepared Japanese dishes.

For those looking for a satisfying midday meal, Minami Saki’s Executive Weekday Lunch is available from Wednesday to Friday, from 11:00 AM to 2:00 PM, for a limited time. The menu features a selection of ramen creations, rice bowls, and side dishes, making it a convenient choice for a business lunch or a well-deserved break in the middle of the workday.

Celebrating 12 Years!

For Minami Saki By Astoria’s 12th anniversary, our Japanese executive chef, Naiki Atsushi, brings more than 25 years of culinary experience shaped by his work across Japan, China, and Cambodia. With expertise in authentic Japanese cuisine, from sushi and sashimi to tempura, fugu, banquet cuisine, set meals, and omakase, Chef Atsushi brings together refined techniques and deep respect for Japanese culinary traditions.

For this year’s celebration, he has specially crafted five dishes and one drink, created exclusively for our guests to enjoy as we mark another year of exceptional dining at Minami Saki By Astoria.

Chef Naiki Atsushi’s Exclusive Specialties

ABURI SALMON SUSHI

Lightly torched salmon sushi with aburi sauce

CRISPY RICE UNAGI SUSHI

Crispy rice with freshwater eel, stuffed with kanikama in spicy mayonnaise

MAGURO USUGIRI WITH WASABI SAUCE

Thinly sliced fresh yellowfin tuna arranged and served with a tangy, aromatic wasabi-infused citrus sauce

HITACHI WAGYU SUKIYAKI

A Japanese hotpot dish featuring sliced A5 wagyu beef, vegetables, and tofu simmered in a sweet and savory soy sauce broth

PISTACHIO KATAIFI TRUFFLE MALLOWS

Decadent, handcrafted dark chocolate truffle ganache stuffed with strawberry compote and pistachio kataifi, wrapped in chocolate mallows and dusted with premium cocoa powder

SPARKLING UMESHU PLUM SAKE

Sweet, tangy, and light, combining fully ripened Japanese ume plums with a fizzy spritzer finish

As part of this year’s anniversary celebration, guests can discover a selection of ube creations made with Astoria Philippine Ube Powder. This special addition brings a distinctly Filipino touch to the celebration and showcases the versatility of one of the Philippines’ most beloved ingredients.

Astoria Philippine Ube Powder

As ube, or purple yam, continues to gain popularity in the global culinary scene, its seasonal availability presents challenges in meeting the growing demand. In response, our team of chefs, agricultural specialists, food scientists, and quality control specialists developed a 100% pure ube product that is shelf-stable and easy to use.

Astoria Philippine Ube Powder is our answer to the growing global demand for ube. Made from 100% dehydrated and pulverized ube, or pure Dioscorea alata, it contains zero additives, preservatives, colorants, or extenders. Carefully processed into powder, it is carefully processed into powder for professional kitchens and food manufacturers. Unlike products that use taro or other root crops as substitutes, our ube powder preserves the authentic flavor and character of genuine Philippine ube.

To ensure safety and quality, Astoria Philippine Ube Powder is manufactured in an FDA-, Halal-, GHP-, and HACCP-compliant facility under the careful supervision of food scientists and quality assurance specialists. With a shelf life of up to 18 months under room-temperature storage conditions, it makes authentic Philippine ube available year-round for both domestic and industrial kitchens.

Our Story

Our commitment to quality, backed by nearly 30 years of experience in the hospitality and culinary industries, led us to develop Astoria Philippine Ube Powder in partnership with small-scale indigenous farmers from Central Luzon.

We believe in honoring the people behind every harvest. Since 2023, we have been sourcing their produce at a fair price to help support their livelihoods, empower their communities, and bring Philippine-grown ube to more tables.

This initiative is an important part of The Astoria Group’s corporate social responsibility efforts, reflecting our commitment to supporting local communities while sharing the richness of Filipino ingredients with a wider audience.

A Taste of Ube at the Anniversary Celebration

As Minami Saki By Astoria celebrates its 12th anniversary and its commitment to authentic Japanese cuisine, guests can also enjoy a selection of ube delicacies made with our very own Astoria Philippine Ube Powder. These specially prepared treats showcase the versatility of authentic Philippine ube across a variety of sweet creations.

The anniversary’s ube selection includes:

Ube Macaroon

Ube Nougat

Ube Macaron

Ube Bibingcute

Ube Biscotti

Ube Custard Pudding

Ube Ice Cream

Ube Matcha Cheesecake

NGX sheds N719bn as banking stocks drag market lower

The Nigerian equities market shed N718.95 billion in market value on Wednesday as renewed selling pressure on heavyweight stocks, particularly banking shares, dragged the benchmark index lower and weakened investor sentiment.

The Nigerian Exchange Limited All-Share Index declined by 0.44 per cent to close at 252,882.78 points, moderating its year-to-date return to 62.51 per cent, while total market capitalisation fell to N164.19 trillion.

The downturn reflected broad-based weakness across major sectors, with the banking index recording the steepest decline as losses among listed stocks outweighed gains recorded by a smaller number of equities.

Market breadth remained negative, with 30 stocks closing lower against 25 gainers, translating to a breadth ratio of 0.8x and indicating that selling pressure extended beyond a handful of heavyweight stocks.

First Holdco, Triple G and eTranzact led the decliners, underscoring the fragile state of investor sentiment despite the market’s substantial gains so far this year.

The banking sector was the worst-performing segment of the market, declining by 2.36 per cent, followed by the industrial goods sector, which shed 0.31 per cent. The insurance index fell by 0.13 per cent, while the oil and gas sector recorded a marginal decline of 0.03 per cent.

Consumer goods stocks provided limited support, advancing by 0.13 per cent, while the commodities index closed flat.

Trading activity presented a mixed picture, with the volume and value of transactions falling sharply even as the number of deals increased.

A total of 404.11 million shares valued at N27.91 billion changed hands in 39,012 transactions. Trading volume declined by 92.28 per cent, while turnover fell by 93.68 per cent. In contrast, the number of deals increased by 8.53 per cent.

With the year-to-date return standing at 62.51 per cent, the market remains substantially higher than its level at the beginning of 2026. However, further declines in heavyweight stocks could erode recent gains if investors continue to reduce their positions.