Category: Nigerian Tribune

Fresh political tensions are emerging within the All Progressives Congress (APC) in Kogi State over the 2027 senatorial ambition of Senator Sunday Karimi, with party stakeholders expressing concern over alleged moves to challenge his candidacy.

The development has reportedly generated disagreements among APC members in Kogi West, following the party’s May 18, 2026 senatorial primary, where Karimi was declared winner with 51,665 votes.

The result, announced by the returning officer, Isah Haruna, came after some of the aspirants, including Hon. Samuel Bamidele Aro, reportedly stepped down before voting commenced.

However, the issue resurfaced in July when Aro approached the Federal High Court in Lokoja, challenging the outcome of the primary and the submission of Karimi’s name to the Independent National Electoral Commission (INEC).

The legal challenge came despite the APC National Working Committee’s reaffirmation of Karimi as the party’s candidate after reviewing petitions arising from its primaries.

The development has also triggered debate among party members over the activities of some groups and political actors perceived to be opposed to Karimi’s return to the Senate.

A meeting described as the ‘Kogi West APC Leaders Forum,’ which reportedly attracted several government appointees and other stakeholders, was said to have questioned the outcome of the primary.

The Kogi West Elders Assembly subsequently criticised the gathering, arguing that it did not represent the entire leadership structure of the party in the senatorial district.

The controversy has raised concerns about the unity of the APC ahead of the 2027 general elections, particularly as the party seeks to retain its hold on Kogi State.

Some party members have also alleged selective disciplinary measures against ward and local government officials who participate in Karimi’s constituency activities, while accusing other actors of engaging in activities perceived as contrary to the party’s position.

The allegations have not, however, been independently established.

The controversy is coming at a time when President Bola Ahmed Tinubu’s supporters in Kogi are intensifying mobilisation ahead of the 2027 presidential election, with several APC leaders publicly expressing support for his re-election.

Speaking on the development, Executive Director of the Okun Renaissance Initiative, Chief Elijah Ola Olorunsuwa, urged the APC leadership in the state to prioritise reconciliation and unity ahead of the elections.

Olorunsuwa said continued internal disagreements could weaken the party’s electoral prospects if not addressed before the 2027 polls.

He expressed confidence that President Tinubu would win the 2027 presidential election and predicted that Karimi would return to the Senate, while cautioning that the governor and the APC leadership had reasons to be concerned about the consequences of prolonged internal divisions.

According to him, the alleged normalisation of what some party members regard as anti-party activities within the APC could eventually have political consequences for the party leadership.

He urged Governor Ahmed Usman Ododo and other stakeholders to embrace reconciliation and ensure that party structures operate fairly and transparently.

The growing disagreement has therefore placed the Kogi APC leadership before a major political test: whether it can resolve its internal differences and present a united front ahead of the 2027 elections.

With the general elections still ahead, stakeholders say there remains sufficient time for dialogue and reconciliation to prevent the dispute from becoming a major electoral liability for the ruling party.

Prince Mohammed Audi, the son of the former governor of Kogi, late Prince Abubakar Audu, has urged Governor Ahmed Ododo to sustain his reconciliatory efforts, noting that the engagements were already yielding positive results.

He made the remark when Governor Ahmed Ododo paid a courtesy visit to him, with discussions focusing on the development of the state, strengthening the state’s economy and improving the welfare of its people.

According to the Commissioner for Information and Communications, Kingsley Femi Fanwo, Prince Audu expressed his readiness to work with Governor Ododo to attract development to Kogi State, stressing the importance of cooperation among stakeholders in advancing the interests of the state.

He thanked Governor Ododo for being the first serving Governor to visit his residence, despite his longstanding relationships with several former and serving Governors, and commended the humility demonstrated by the Governor.

Prince Audu also appreciated Governor Ododo for organising the 10th anniversary ceremony marking the passing of his father and for naming a road after him as Prince Abubakar Audu Boulevard.

According to Fanwo, Prince Audu said the gestures demonstrated that Kogi State would continue to remember and honour his father, whom he described as a man who laid the democratic foundation of the state.

He also expressed appreciation to the former Governor of Kogi State, His Excellency Alhaji Yahaya Bello, for returning the then Kogi State University, Anyigba, to its original name, Prince Abubakar Audu University, Anyigba, describing the gesture as an honour the family would cherish forever.

The Commissioner added that the Governor’s stakeholder engagements were also aimed at mobilising broad-based support for the administration of President Bola Ahmed Tinubu, GCFR, as well as strengthening the APC ahead of the 2027 General Elections.

He said Governor Ododo remained committed to bringing stakeholders together around shared objectives of peace, economic growth, development and progress for Kogi State.

The Governor and Prince Mohammed Audu discussed ways of strengthening Kogi State’s economy through improved agricultural production and a more efficient cashew value chain that would enable individual farmers and the state to derive greater economic benefits from the sector.

Fanwo said the discussion was part of Governor Ododo’s broader engagements with stakeholders on practical ways of expanding economic opportunities, supporting farmers and creating greater value from the state’s agricultural resources.

The meeting also provided an opportunity for discussions on strengthening understanding and cooperation among political stakeholders in the state, particularly within the All Progressives Congress (APC),

aimed at fostering reconciliation, strengthening relationships, and promoting unity within the party in order to build a common platform around the political and developmental interests of Kogi.

A wave of sovereign upgrades and market reclassifications between April 2025 and August 2026 has begun to ease the ceiling on Nigerian bank ratings, delivering the first coordinated lift in years for the country’s largest lenders, even as structural constraints remain firmly in place.

SandP Global Ratings raised the long-term issuer ratings of Access Bank, Bank of Industry, Citibank Nigeria, Stanbic IBTC, Standard Chartered Nigeria, United Bank for Africa and Zenith Bank to B from B- on May 19, 2026, four days after it upgraded the Federal Republic of Nigeria by one notch. All seven carried stable outlooks. Fidelity Bank and First Bank of Nigeria moved to positive outlooks, while nine national-scale ratings were also lifted. The actions were mechanical: bank ratings are capped at the sovereign grade.

The sovereign moves themselves formed a rare sequence. Moody’s and SandP each raised Nigeria one notch in May 2026-Moody’s first upgrade since 2017 and SandP’s first since 2012. Fitch had already upgraded the country one notch in April 2025 and affirmed the rating with a stable outlook. The Financial Action Task Force removed Nigeria from increased monitoring in October 2025 after remediation of financial-integrity deficiencies. FTSE Russell restored the equity market to its Frontier universe earlier in the period.

Yet, the upgrades left clear unfinished business. Nigeria’s ratings remain well below investment grade. Moody’s still sits one rung below SandP and Fitch, so the three agencies have not converged. MSCI continues to classify Nigeria as a Standalone market (a status unchanged since February 2024) and did not reclassify it at the June 2026 review. SandP Dow Jones Indices placed Nigeria only on its 2027 watchlist for possible movement out of Standalone.

Sector risk assessments also stayed elevated. SandP retained Nigerian banking in its highest BICRA risk category while revising the economic-risk trend to positive. Non-performing loans are projected in a 6-7 per cent band, credit losses at 2-2.5 per cent, and sector return on equity between 20 and 23 per cent for 2026.

Analysts at Proshare noted that the five actions, though issued by institutions with different mandates, shared a common trigger: improved functioning of the foreign-exchange market. That improvement gave greater weight to reserve and external-liquidity metrics than to headline growth. Fitch and Moody’s rewarded the 2023 policy shift once external effects became measurable; SandP waited an additional year. FATF responded to integrity remediation and FTSE Russell to repatriation and settlement mechanics rather than pure credit strength.

Supporting data cited by the rating agencies included a decline in external debt service, higher oil production supporting growth, and a still-high but stabilising debt-service burden relative to revenue. First-quarter 2026 debt-service outturns showed a marked drop from the prior period, according to Debt Management Office figures reported by Proshare.

Delivery of further gains will be measured against three tests. First, whether general government revenue closes part of the gap to the median for B-rated sovereigns once the 2026 tax laws take effect-Fitch forecasts Nigeria near 11 per cent of GDP. Second, whether disinflation holds through a pre-election fiscal year and higher fuel prices, against an inflation rate of 15 per cent year-on-year in February 2026. Third, whether MSCI and SandP Dow Jones Indices reclassify Nigeria in their 2027 reviews, converting a single index event into a durable expansion of the foreign-investor base.

For the banks, the immediate effect is a higher sovereign ceiling and modestly improved access to foreign capital. The longer-term impact depends on whether the policy gains that prompted the five gatekeepers to move prove durable.

IN a move to strengthen compliance with regulatory standards and ensure sustained distribution of Liquefied Petroleum Gas (LPG) and Propane across the country, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has engaged stakeholders comprising gas processing companies on the best practices.

The engagement focused on the need for gas processors and other industry stakeholders to maintain the required standards in the processing, handling and distribution of LPG and propane, in line with the authority’s regulatory mandate.

The authority emphasised that adherence to established standards is critical to ensuring the availability of safe, quality and reliable LPG for consumers nationwide, while also supporting the growth and development of the domestic LPG market.

The meeting further provided an opportunity for the authority and industry operators to address operational concerns, enhance collaboration and identify measures to improve the efficiency and reliability of LPG distribution.

NMDPRA reaffirmed its commitment to effective regulation that promotes market stability, protects consumers and creates an enabling environment for sustainable investment in the midstream and downstream petroleum sector.

The engagement underscores the authority’s commitment to being firm in regulation, fair in conduct and fast in execution, while working collaboratively with industry stakeholders to strengthen Nigeria’s LPG value chain.

A vacation judge of the High Court of the Federal Capital Territory (FCT), Justice Ngozi Nwabulu, sitting in Maitama, Abuja, has ordered the remand of two suspected kidnappers over the alleged murder of a 21-year-old man.

The defendants, Acha Leku Michael, 21, and Abigal Vincent, 20, both residents of Apo, Abuja, were arraigned on three counts bordering on criminal conspiracy, kidnapping, and culpable homicide punishable by death.

The prosecution alleged that the defendants conspired between April 24 and 29 to kidnap 21-year-old Emmanuel Chukwuemeka, who was later killed.

According to the police, the defendants took Chukwuemeka to Apo Hill under the guise of going for prayers, where he was allegedly murdered.

The prosecution further alleged that Michael demanded N5 million ransom from the deceased’s mother, Juliana Anidu, and directed her to pay the money into Vincent’s PoS account.

The offences were said to contravene Sections 97, 221 and 274 of the Penal Code Law.

Both defendants pleaded not guilty to the charges.

Following their pleas, prosecuting counsel, Ridwan Mohammed, urged the court to remand them at the Kuje, Suleja or Keffi correctional facilities.

The application was not opposed by defence counsel, Katr Nwaigbo.

Justice Nwabulu subsequently ordered that Michael be remanded at Kuje Correctional Centre, while Vincent be taken to either Suleja or Keffi Correctional Centre.

The judge adjourned the case until September 24 for commencement of trial.

Renowned Professor of Petroleum Economics, Wumi Iledare, has said domestic refining should serve as the foundation of Nigeria’s fuel supply. This approach, according to him, will enhance energy security, reduce vulnerability to foreign exchange fluctuations, and retain more economic value within the country.

His argument becomes relevant in light of rising petrol imports in Nigeria during June and July 2026, as highlighted by the NMDPRA’s factsheet.

Professor Iledare noted that the increase in petrol imports, despite significant domestic refining capacity, presents a considerable challenge in the downstream market. He pointed out a nine percent rise in imports, reaching 19.7 million litres per day in July, alongside a decrease in domestic consumption. This situation raises questions about market efficiency, competitiveness, and Nigeria’s progress in shifting from import reliance to domestic refining.

‘Domestic refining should become the foundation of Nigeria’s fuel supply, improving energy security, reducing exposure to foreign exchange pressures, and retaining more value within the economy,’ he stated. However, he emphasized that domestic production should not be insulated from competition or guaranteed market access, regardless of cost, quality, or reliability.

Iledare acknowledged that imports remain essential when they provide better value, fill supply gaps, or serve as a credible alternative to domestic suppliers.

He commented on Dangote Refinery’s option to export excess petrol, noting that persistent imports could lead to demand uncertainty, inventory risks, and challenges in production planning.

He elaborated that exporting locally refined petrol while continuing to import it illustrates a coordination problem in the market. He warned that if domestic refineries cannot compete due to inconsistent regulations, pricing distortions, infrastructure challenges, or preferential treatment for imports, Nigeria risks missing out on the advantages of its growing refining capacity.

According to Iledare, the appropriate policy response should not be to eliminate imports or shield domestic refiners from competition. Instead, he advocated for a transparent, rules-based market where both imports and domestic refining can operate.

He stressed the importance of maintaining open import access to ensure competition and prevent domestic market power. At the same time, domestic producers should compete based on price, quality, reliability, and supply performance.

He believes that regulation should prioritise enforcing safety and quality standards, ensuring transparent pricing and import procedures, preventing anti-competitive behaviour, and addressing infrastructure and logistics bottlenecks, rather than directing market outcomes or favouring specific suppliers.

‘The central policy question is not whether Dangote should compete with importers. It is whether Nigeria can create a competitive framework where domestic refining effectively supplies the market and imports remain available to regulate prices and address shortfalls,’ he said. ‘Such a framework would support energy security, affordability, investment, and national value creation without sacrificing competition.’

Iledare concluded by stating that the success of downstream deregulation should ultimately be assessed not just by the volume of domestic refining or imports, but by the public value generated. The key measure is whether market competition leads to a net welfare gain for Nigerians through reliable supply, competitive prices, reduced economic vulnerability, and greater domestic value creation.

He cautioned that when policy distortions inflate costs, restrict competition, or transfer benefits without corresponding public value, the outcome is a welfare loss, regardless of whether the petrol is refined domestically or imported.

Nigerian youths must face the reality of an evolving global job market that demands much more than mere academic qualifications.

Industry experts have warned that employers worldwide now prioritise specific skills and practical experience capable of driving organisational goals, boosting the economy, and advancing society.

Stakeholders, including industry leaders, successful entrepreneurs, and professionals, shared these insights during a career training session organised by the Edike Foundation for tertiary institution students over the weekend.

The one-day 2026 Gown to Town event, themed ‘Beyond the Certificate: Mastering Value Creation’, attracted over 176 participants from multiple campuses across the country.

Represented institutions included Bowen University, Oyo; Lagos State University (LASU), Ojo; University of Ilorin (UNILORIN); Federal University Oye-Ekiti (FUOYE); and the University of Lagos (UNILAG), which hosted the event.

The experts noted that while technological and digital competencies are crucial, human traits like soft skills truly set individuals apart in any professional or personal environment.

Delivering the keynote address, the Executive Secretary of the Lagos State Employment Trust Fund (LSETF), Mrs Feyisayo Alayande, stressed the need for youths to transition from relying entirely on certificates to actively building a value-focused economy.

She emphasised that young people must act as economic drivers who advance nation-building by solving real-world challenges and building sustainable enterprises.

‘We have to change how we speak about young Nigerians,’ Alayande stated. ‘They are not merely a demographic challenge, nor are they Nigeria’s problem. Rather, they are the solution. They represent Nigeria’s greatest productive opportunity.’

She explained that LSETF, established to tackle youth unemployment in Lagos State, continues to empower young people to become solution providers.

Recognising that many young citizens do not lack ambition but rather access to opportunities, she noted that the agency’s mandate is built on five pillars: affordable finance, skill acquisition, business support and access to markets, infrastructure, and technology.

Alayande also commended the Edike Foundation for its commitment to knowledge-sharing outside the traditional classroom setting.

Similarly, the CEO of Samper Discens Consulting, Mrs Edememe Oladiji-Wusu, urged students to look beyond certificates as a guarantee for success.

Speaking on ‘Career Readiness: Becoming a Value Maker in the Real World,’ she stated that a degree only serves as a foundation.

‘What you really need in the real world of work is value creation and sustainability,’ Oladiji-Wusu said. ‘Value creation is about the societal problems you can solve, which ultimately determines how far you will go as an employee or an entrepreneur. This heavily depends on your skills. I encourage you to leave here with the mindset of a value maker.’

On the sidelines of the event, the convener and Executive Director of the Edike Foundation, Mr Oluwatimilehin Akinola, underscored the training’s importance in providing quality education to drive Africa’s advancement.

He noted that this second edition of the forum serves as an interactive platform bridging the gap between classroom theory and practical labour market demands, allowing students to engage directly with industry leaders.

‘We believe our intervention, as part of our corporate social responsibility initiatives, will make a meaningful contribution to the development of Nigeria and Africa as a whole,’ Akinola said.

Addressing the surging cultural emphasis on tech startups, Akinola offered a realistic perspective, cautioning graduates against dismissing traditional employment.

‘We are here to talk about entrepreneurship, but also about being an employee,’ he noted. ‘There is nothing wrong with working a 9-to-5 job. For entrepreneurs, we want them to know that being a CEO does not mean you have arrived. The journey is about building a business that creates employment and opportunities for others to learn.’

When asked what corporate organisations look for beyond formal degrees, Akinola-himself an employer-explained that companies are generally willing to train recruits on technical skills if a strong foundational work ethic is present.

‘To be honest, we are not looking for anything extraordinary; we are also still learning and expect to teach,’ Akinola said. ‘Diligence is key. Under diligence, you have timeliness, hard work, and commitment. Once we see diligence, we can work on the rest.’

He encouraged participants to discover their core purpose early, noting that personal clarity provides vital direction despite broader socio-economic challenges. He added that while the foundation aims to expand its scope to all educational levels eventually, its current focus remains on undergraduates.

‘We want students to understand that there is much more to learn outside the classroom to be truly ready for the future,’ he said.

He added that the foundation also provides mentorship and scholarships to indigent students in federal and state government-owned universities.

Participants at the training expressed delight at the opportunity to sharpen their knowledge and skills. Thanking the Edike Foundation for organising the forum, they promised to cascade the valuable insights gained to their peers in their respective home communities.

A United States-based firm, Von Batten-Montague-York, L.C, has challenged claims that President Bola Tinubu was never criminally investigated by the Federal Bureau of Investigation (FBI) in connection with alleged heroin trafficking.

The firm said it had obtained a large volume of records from the FBI and was reviewing and redacting portions of the documents where necessary.

In a statement accompanying excerpts of the documents, the firm said the records included a sworn declaration submitted by the FBI to a United States federal court on August 28, 2026.

According to the firm, the declaration showed that the court had previously determined that a criminal investigation involving Tinubu had been officially acknowledged.

It said, ‘The FBI states under oath that the court has already determined that a criminal investigation of Nigerian President Bola Tinubu (@officialABAT) was officially acknowledged.’

The firm added, ‘Let that sink in: This is a sworn declaration submitted by the FBI to a United States federal court stating that Nigerian President Bola #Tinubu was criminally investigated in connection with the trafficking of #heroin.’

It further cited the FBI’s explanation for withholding some of the records under law-enforcement exemptions.

The firm quoted the FBI as stating that ‘the responsive records herein were compiled in furtherance of the FBI’s investigation of multiple individuals for drug trafficking crimes.’

The company said it released portions of the document to challenge a claim made on Sunday that Tinubu had never been criminally investigated and was merely relying on privacy protections to prevent the release of the records.

‘We are posting this document to counter the claim made yesterday that President #Tinubu was never criminally investigated and is simply following the law to protect his privacy,’ the firm said.

‘That claim is false, as shown by the FBI’s sworn declaration below,’ it added.

The legal dispute over Tinubu’s records has continued to attract attention in Nigeria, particularly because of the allegations surrounding the $460,000 forfeiture and questions over whether additional US government records could shed light on the circumstances surrounding the matter.

The National Association of Nigerian Students (NANS) and the National Association of Polytechnic Students (NAPS) have commended the Department of State Services (DSS) for suspending the prosecution of the African Action Congress (AAC) presidential candidate, Mr Omoyele Sowore, until after the 2027 presidential election.

The students described the decision as a welcome step towards a free, fair and credible election, saying it would ensure that all presidential candidates compete on a level playing field.

Addressing a press conference in Akure, the Ondo State capital, Babatunde Akinteye commended the decision of the Director-General of the DSS, Mr Oluwatosin Adeola Ajayi, to suspend Sowore’s prosecution until after the forthcoming presidential election.

Akinteye said no presidential candidate should be placed at a procedural or institutional disadvantage because of pending criminal proceedings during a critical electoral period.

‘This decision is a commendable demonstration of commitment to democracy, fairness, due process, the rule of law and the integrity of the electoral process,’ he said.

The student leader stressed that the suspension should not be construed as an abandonment of the case or as placing Sowore above the law, noting that the prosecution could resume after the election in accordance with due process.

According to him, the decision was a responsible exercise of institutional discretion aimed at ensuring that the electoral process was not unnecessarily complicated by proceedings involving a presidential candidate.

‘The prosecution will continue after the election in accordance with due process and the applicable law,’ the groups stated.

The groups also commended the DSS Director-General for what they described as his commitment to the rule of law, citing the release of persons allegedly detained in error and the payment of over N300 million in compensation to affected persons.

They said the DSS had also demonstrated that politically sensitive and national security matters could be handled through established legal and judicial processes.

NANS and NAPS further praised the agency’s efforts in combating terrorism and insurgency, as well as its reported disciplinary action against personnel who violate established procedures or rules of engagement.

According to them, the approach was necessary to strengthen public confidence in the security agency and ensure that state powers were exercised responsibly.

They stated that ‘at this defining moment in our democratic journey, what the nation requires is an electoral environment in which all candidates compete under substantially equal conditions, institutions remain impartial, and citizens are free to make their choices without fear, favour or undue institutional influence.’

The groups therefore described the decision to defer Sowore’s prosecution as prudent, responsible and confidence-building, saying it would help reinforce public confidence that the 2027 presidential election would be determined by the free will of Nigerians.

They urged all stakeholders to work towards a peaceful, transparent and credible election, stressing that the right of Nigerians to freely choose their leaders must be protected.

TRADING activity on the Nigerian Exchange Limited (NGX) contracted sharply, last week, with equity volume falling by 3.74 billion shares, or 59.8 percent week-on-week, even as the benchmark index recovered on renewed buying interest in selected large-cap stocks.

Investors traded 2.507 billion shares worth N123.223 billion in 173,561 deals during the four trading days to August 28, compared with 6.242 billion shares valued at N157.764 billion in 186,496 deals in the preceding week. This means the market lost nearly 60 percent of its weekly volume, while transaction value declined by a more moderate 21.9 percent and the number of deals fell 6.9 percent.

The sharp differential between volume and value suggests that although the number of transactions declined only modestly, the market witnessed significantly fewer shares changing hands. This points to reduced breadth of participation and increasingly selective positioning by investors, rather than a broad return of risk appetite.

This was reflected in the market’s performance. The NGX All-Share Index (ASI) rose 0.81 percent week-on-week to 241,298.47 points, while market capitalisation increased by N1.29 trillion to N155.83 trillion. The gain pushed the market’s year-to-date return to 55.06 percent, although the month-to-date performance remained negative at -1.6 percent.

The positive index performance was largely driven by selected heavyweight counters, particularly in the banking and oil and gas sectors. First Holdco Plc gained 11.58 percent, Seplat Energy Plc rose 10 percent and Access Holdings Plc advanced 9.3 percent, providing significant support to the benchmark.

However, the broader market painted a weaker picture. Fifty-five stocks closed lower against only 24 gainers, producing a breadth ratio of just 0.44x. Analysts said the divergence between the rising ASI and negative breadth showed that the gains were concentrated in a handful of heavyweight counters rather than broadly distributed across the market.

Market performance

Sectoral performance was mixed but generally supportive of the benchmark. The oil and gas sector led with a 4.54 percent gain, driven particularly by Seplat Energy’s 10 percent appreciation. The banking sector followed with a 2.85 percent rise, supported by gains in First Holdco Plc, Access Holdings Plc, and other selected tier-one banks.

The positive performance in these sectors was partly offset by weakness elsewhere. The insurance sector declined 1.27 percent, dragged by International Energy Insurance Plc, Veritas Kapital Assurance Plc and Sunu Assurances Nigeria Plc, while the Industrial Goods sector slipped 0.15 percent.

At the individual stock level, UPL was the best-performing stock, gaining 18.8 percent, followed by First Holdco (+11.6 percent), Seplat Energy (+10 percent), Red Star Express (+9.9 percent) and Transcorp Hotels (+9.8 percent).

On the losing side, International Energy Insurance Plc plunged 26.6 percent, while Fidson Healthcare Plc, Caverton Offshore Support Group Plc, Zichis Industries Limited and Austin Laz and Company Plc declined 17.7 percent, 15.2 percent, 14.7 percent and 12 percent, respectively.

Financial Services remained the dominant trading segment, accounting for 1.977 billion shares, or 78.87 percent of total equity volume, valued at N71.563 billion. Services and ICT followed with 148.226 million and 117.982 million shares, respectively.

Market analysts expect the NGX to maintain a cautiously positive bias in the coming week, supported by continued positioning in Banking, Oil and Gas and Commodity stocks.

A major catalyst is the confirmation by FTSE Russell that Nigeria will be reclassified to Frontier Market status effective September 21, 2026. Analysts believe the development could strengthen investor confidence and support further positioning ahead of Nigeria’s formal return to the Frontier Market universe.

Nevertheless, the outlook remains tempered by the market’s high year-to-date return, weak breadth and declining trading activity. Analysts expect investors to remain increasingly sensitive to valuations, with further gains likely to be concentrated in fundamentally stronger and relatively undervalued counters.

Elevated fixed-income yields are another competing factor. The average Treasury-bill secondary-market yield rose 10 basis points week-on-week to 19.3 percent, while strong demand at recent government securities auctions underscores the attractiveness of fixed-income assets.

Consequently, the immediate test for the equities market is whether the FTSE Russell catalyst can translate into broader participation and a recovery in trading volume, rather than simply extending gains in a narrow group of heavyweight stocks.

Overall, analysts expect the NGX to remain positive but uneven, with investors likely to favour liquid, fundamentally stronger stocks and counters offering attractive valuations. The combination of the Frontier Market reclassification, sector-specific buying and valuation considerations is expected to keep the market active, but selective rather than broad-based, in the near term.