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Big corporate stocks on the Nigerian Exchange Limited (NGX) have seen an unprecedented wave of capital reallocation this year, and sitting comfortably at the vanguard of this financial renaissance are First Holdco Plc, Seplat Energy Plc, and HBM Nigeria Plc.

Overtaking its traditional NGX Premium Board peers, First Holdco has recorded a 186.64 percent year-to-date (YtD) return, decisively rewriting valuation norms across the local bourse.

This trajectory reflects a major shift in market sentiment, transitioning the conglomerate from a historical value play into an aggressive growth leader.

Driving this market-beating momentum is a powerful convergence of aggressive retail accumulation, institutional positioning, and renewed confidence following strategic balance sheet restructuring.

While fellow elite banking and industrial heavyweights on the Premium Board have posted respectable mid-tier gains, First Holdco’s parabolic ascent to stand at N137.3 as at October 19 highlights how effectively the group has unlocked underlying shareholder value.

BusinessDay’s trend watch shows other Premium Board companies and their returns year-to-date (YtD), such as MTNN (61.45 percent), Dangote Cement (65.52 percent), Seplat (175.44 percent), First Holdco (186.64 percent), HBM Nigeria (163.94 percent), Zenith Bank (100.65 percent), UBA (0.84 percent), and Access Holdings (33.10 percent).

In the basket of eight Premium Board Companies, investors have increasingly rewarded First Holdco for its decisive measures to clean up legacy exposures and optimise its expansive financial services ecosystem.

This exceptional outperformance also highlights a broader structural reallocation toward deeply liquid, highly capitalised tier-one Nigerian equities capable of hedging against macroeconomic volatility.

As market participants search for robust vehicles to preserve capital and outpace inflation, First Holdco’s liquidity depth and massive market capitalisation, hovering around N6.243trillion territory as at October 19 have made it an unavoidable destination for both domestic and foreign portfolio flows.

NGX Premium tracks the Premium Board companies in terms of market capitalisation and liquidity. It is a price index and is weighted by adjusted market capitalisation – the number of a company’s listed shares, multiplied by the closing price of that company, multiplied by a capping factor. Only fully paid-up common shares are included in the index.

As the NGX navigates through market dynamics, the Premium Board continues to serve as the crown jewel for institutional and retail investors seeking liquidity, solid governance, and impressive capital appreciation.

For instance, the performance of the NGX Premium Board highlights a market favouring high-conviction growth stocks, particularly within financial services and energy sectors.

While top performers like First Holdco, Seplat and HBM Nigeria have yielded extraordinary triple-digit windfalls, the diverse spread of returns emphasises the importance of portfolio rebalancing and strategic stock selection tailored to risk appetite.

Energy titan Seplat followed First Holdco closely behind with a stellar 175.44 percent YtD return, trading at N16,000.10 and boasting a market cap of N9.599 trillion. Seplat Energy Plc has continued to demonstrate phenomenal financial muscle and capital growth.

Backed by robust performance in the oil and gas exploration and production sector, Seplat stands out as one of the most rewarding large-cap investments for equity holders. Delivering an explosive 175.44 percent YtD return, Seplat has heavily rewarded investors, comfortably outperforming broader market indices and solidifying its status as an elite capital-growth engine.

Seplat’s ability to combine robust fundamental earnings with aggressive capital appreciation makes it a cornerstone asset for portfolios targeting the oil and gas sector. For investors looking for heavy-hitting exposure backed by solid structural valuations and extraordinary capital gains, Seplat remains a premier benchmark of success.

Meanwhile, HBM Nigeria (N355 per share as at October 19) also delivered massive gains at 163.94 percent YtD, cementing the dominance of top-tier growth plays.

As a heavyweight contender on the NGX Premium Board, HBM Nigeria Plc has established itself as an exceptional wealth-generator for investors. Backed by solid market positioning in the industrial goods sector, the company’s strong performance highlights why it remains a focal point for capital appreciation.

Investors who positioned themselves in the stock early this year have enjoyed explosive capital gains, mirroring the bullish momentum seen in select heavy-hitting industrial and energy plays.

Zenith Bank successfully crossed the milestone triple-digit threshold, recording a 100.65 percent YtD return with a share price of N124 as at October 19 and a N5.092 trillion market valuation, proving that tier-1 banking institutions remain a staple for wealth creation.

Market heavyweights MTNN (N17.321 trillion market cap) and Dangote Cement (N17.008 trillion market cap) demonstrated solid, defensive growth, posting respectable YtD returns of 61.45 percent and 65.52 percent respectively, while trading at N825 and N1,008.

While Zenith Bank doubled investors’ capital, other financial institutions like Access Holdings (33.10 percent) and UBA (0.84 percent) experienced more subdued momentum, presenting potential value or consolidation phases for long-term investors.

Crucially, for First Holdco Plc that blazes past others, the 186.64 percent YtD milestone serves as a powerful validation of the holding company structure adopted by the group, enabling greater operational agility and targeted capital allocation across its diverse banking, merchant, and asset management subsidiaries.

By streamlining its risk architecture and improving core revenue generation, the firm has successfully dismantled historical valuation discounts that previously separated it from its closest index rivals.

As the market steers into the final stretch of the year, all eyes remain fixed on whether First Holdco, Seplat Energy, and HBM Nigeria can sustain this blistering momentum against tightening monetary levers and shifting macroeconomic headwinds.

Yet, by decisively outrunning their NGX Premium benchmark peers, these companies have firmly cemented their status as the defining market darlings of the current trading cycle, signalling a bold new chapter for West Africa’s capital markets.

Kylian Mbappé scored twice as Real Madrid defeated Barcelona 2-1 in Sunday’s El Clásico at Camp Nou, handing the La Liga leaders their first league defeat of the season and cutting the gap at the top of the table.

Mbappé opened the scoring four minutes before half-time and netted a late winner in the 87th minute after Raphinha equalised for the defending champions.

The result ended Barcelona’s unbeaten start to the La Liga campaign and handed them a second consecutive defeat following Tuesday’s loss to Paris Saint-Germain (PSG) in the Champions League.

Barcelona remain top of the table on 27 points after 10 matches, with a two-point advantage over second-placed Atletico Madrid. Real Madrid sit third, one point behind Atletico.

Real Madrid manager Jose Mourinho praised his team’s discipline and composure in his first El Clásico back in charge of the club.

‘My team had an extraordinary game, very organised, good concentration, with courage to play out from the back against a team that presses you a lot,’ Mourinho told reporters.

‘We had chances for the second goal. Obviously, Barcelona had a strong reaction, but we were calm and organised, and at 1-1 we never lost our tranquillity.’

Barcelona had won six of the previous seven El Clásico encounters since Hansi Flick took charge, but struggled to impose themselves against Mourinho’s side.

‘You saw today, we lacked freshness,’ Flick said.

‘It’s the first defeat in La Liga. We won nine in a row. This is what we have to see.

‘Defeats are a part of the game. We have to analyse; we have to make things better. Now we must make a reaction.’

Real Madrid, who were without suspended forward Vinicius Junior, secured their fifth consecutive victory across all competitions, strengthening their early-season momentum under the veteran Portuguese coach.

After two trophyless seasons, Real Madrid turned to Mourinho to halt Barcelona’s dominance, and Sunday’s result offered encouragement that the team is moving in the right direction.

Nigeria’s continued reliance on imported palm oil is highlighting the need for greater investment in local agriculture, as private-sector initiatives seek to attract more Nigerians into farming to strengthen domestic production.

Nigeria spent N23 billion importing palm oil in the first quarter of 2026, according to figures cited by Reftop AgroField Limited.

David Assogba, group chief executive officer of Reftop Homes Limited, said the palm oil sector had been neglected despite the crop’s historical importance to West Africa. He argued that changing public attitudes towards farming was essential to unlocking its economic potential.

‘Every Nigerian should consider going back to farming because farm is the next oil,’ he said.

Assogba noted that many Nigerians had grown up viewing farming as an occupation for the poor or uneducated, despite growing global interest in agricultural land. He said agriculture could become a more attractive investment option as countries seek to strengthen food production and reduce dependence on imported commodities.

One approach being explored is agro-real estate, which combines agricultural land ownership with professionally managed farming.

Emmanuel Oluwatosin, chief operating officer of Reftop Homes Limited, said the company’s PalmCrest initiative had allocated 2,700 acres of land to subscribers across its first two phases, with plantation development also underway.

PalmCrest is marketed by Reftop Homes Limited and managed by Reftop AgroField Limited. The initiative allows subscribers to own designated agricultural land while the company oversees plantation development and farm operations.

However, its contribution to Nigeria’s palm oil supply will depend on crop yields, plantation maturity and the capacity to process harvested palm fruit.

Assogba called on the government to support agricultural development through access to fertiliser, mechanised equipment and improved security for farmers.

Nigeria’s challenge extends beyond attracting investors. Increasing local palm oil production will require productive plantations, efficient processing facilities and sustained support for farmers.

Whether private investment can help reduce import dependence will ultimately depend on how effectively agricultural land is converted into commercially productive farms.

The Governor of Lagos State, Babajide Sanwo-Olu, has charged the Chartered Institute of Stockbrokers (CIS) to deepen capital market participation, strengthen professional capacity and promote financial literacy among Nigerians.

Governor Sanwo-Olu gave the charge on Friday during a courtesy visit by the principal officers of the Chartered Institute of Stockbrokers, led by its President and Chairman of Council, Fiona Ahimie, at Lagos House, Ikeja.

He noted that Nigeria’s capital market has recorded significant growth in recent years, commending professionals and investors for their contributions to the development of the sector.

Governor Sanwo-Olu stressed the need to deepen the market through increased public awareness, financial literacy and broader participation, particularly among Nigerians who may not fully understand the opportunities available.

He observed that many people are not familiar with investment opportunities beyond their daily financial needs, calling for deliberate efforts to educate the public on savings, investment and wealth creation.

The governor, who pledged his administration’s support for the CIS, expressed support for initiatives aimed at expanding financial literacy and developing more professionals to strengthen the capital market.

Governor Sanwo-Olu congratulated Ahimie on her emergence as the first female President of the Chartered Institute of Stockbrokers, describing her appointment as a significant milestone for the professional body.

He expressed confidence in her leadership, urging the new Council to sustain the Institute’s achievements while advancing professionalism, public engagement and capacity development within the capital market.

Governor Sanwo-Olu said Lagos remains committed to supporting professional institutions and economic activities capable of promoting investment, creating jobs and improving opportunities for residents.

He also highlighted the importance of professional expertise in governance, noting that collaboration between public and private sector practitioners could improve institutional effectiveness and strategic development.

Speaking earlier, the President and Chairman of Council of the Chartered Institute of Stockbrokers, Fiona Ahimie, congratulated Governor Sanwo-Olu on his association with the Institute, noting that his professional background and experience in public service made the engagement particularly significant.

Ahimie said the Institute’s annual conference, scheduled for November 4 and 5 in Lagos, would provide an opportunity to discuss the development of Nigeria’s capital market and the need to expand financial literacy and investment participation.

She noted that the Institute is collaborating with the Office of the Vice President on initiatives to train 10 million Nigerians in financial literacy and capital market participation.

According to her, the programme is expected to improve public understanding of investment opportunities and encourage more Nigerians, particularly young people, to participate in the capital market.

Ahimie also disclosed that the Institute is working towards establishing a N5 billion endowment fund to support capacity development and professional training.

The visit by the Chartered Institute of Stockbrokers’ leadership underscored the importance of collaboration between the Lagos State Government and professional institutions in advancing financial literacy, investment awareness and economic development.

Salisu Ogbo Usman, vice-chancellor of Prince Abubakar Audu University, Anyigba, has stated that effective science teaching requires more than transmission of facts or memorisation of the theories, saying activity-based learning, inquiry, experimentation, laboratory practices ant the appropriate of technology can help students develop curiosity, critical thinking, creativity and practical skills.

Ogbo stated this during the 30th inaugural Lecture themed ‘Monkey de work Baboon de Chop’

has described the 30th Inaugural Lecture as a reaffirmation of the University’s commitment to rigorous scholarship, intellectual engagement, the preservation of knowledge and the application of research to societal advancement.

Usman described the topic as timely and significant, noting that science education is central to a society’s ability to develop, innovate, solve problems and compete in an increasingly knowledge -driven world.

He explained that the manner in which science is taught influences how learners think, investigate problems and acquire the competencies required to contribute to the future development of the nation, noting that the lecture drew attention to the challenges confronting teachers and researchers who develop and implement innovative teaching methods, often in the face of limited resources, inadequate institutional support and insufficient recognition.

He noted that the implications of science education extend beyond the classroom, as the quality of education influences a society’s capacity to respond to challenges in health, agriculture, engineering, technology, environmental sustainability and industrial development.

Ogbo equally congratulated Achimugu on the academic milestone and commended his contributions to teaching, research, mentorship and educational leadership.

He also expressed appreciation to the Chairman and members of the Inaugural Lecture Committee for their dedication, diligence and careful planning in organising the event.

The lecture attracted members of the University community and other invited guests who gathered to celebrate scholarship and reflect on the challenges and prospects of improving science education through effective teaching methods.

Shoprite Nigeria is planning to open standalone neighbourhood stores as part of efforts to revive its retail operations, moving away from its traditional reliance on large shopping malls. Adekunle Adebiyi, Investments Executive Director disclosed this during an interview on Nairametrics where he discussed the retailer’s financial challenges, restructuring efforts and recovery plans.

According to Adebiyi, three Shoprite stores have reopened following a temporary shutdown of operations to allow the company to negotiate with suppliers and address its financial obligations.

‘We took a very, very drastic decision to just shut everything down whilst we negotiated with suppliers. Now three stores are back open,’ he said.

He explained that the company intends to expand through smaller, standalone neighbourhood outlets rather than depending primarily on shopping malls, a strategy he described as consistent with its original business plan.

‘We’re going to be opening standalone neighbourhood stores, which was always the plan,’ Adebiyi said.

He noted that the strategy would allow Shoprite to concentrate on retail operations without committing substantial capital to property development. Adebiyi explained that the traditional supermarket model relies on leasing suitable commercial properties rather than acquiring buildings outright. He said retailers could negotiate long-term leases, sometimes extending to 10 years, and invest primarily in shelves, refrigeration equipment and other operational infrastructure.

According to him, this approach differs from the expectations of Nigerian banks, which typically favour businesses with substantial fixed assets that can serve as collateral. He disclosed that MBO Capital encountered difficulties securing bank financing during the acquisition of Shoprite Nigeria because lenders struggled to identify sufficient tangible assets against which to provide credit.

Despite Shoprite generating billions of naira in revenue, its business model did not fit conventional asset-backed lending requirements. Consequently, the investors turned to alternative funding arrangements to complete the acquisition. Adebiyi also identified foreign exchange volatility as a major factor behind Shoprite Nigeria’s financial difficulties.

He revealed that approximately 17 of the retailer’s 28 stores had dollar-denominated rental agreements at the time of the acquisition. The subsequent depreciation of the naira significantly increased rental obligations, placing additional pressure on operating costs. According to him, rent should ordinarily account for approximately 8% to 10% of a supermarket’s revenue. However, some Shoprite locations experienced substantially higher rental costs.

Beyond foreign exchange pressures, Adebiyi acknowledged operational shortcomings, including weaknesses in inventory management and the loss of access to the former parent company’s enterprise resource planning system. He said replacing the system required billions of naira in additional investment, diverting funds that could otherwise have supported the business.

The proposed neighbourhood-store expansion represents the next phase of that recovery strategy, although the company has not disclosed the number of planned outlets, their locations or an opening timeline. As previously reported by Nairametrics, Ketron Investment Limited, a consortium led by Persianas Investment Limited, completed the acquisition of Shoprite Nigeria in June 2021, following the South African retailer’s decision to exit direct ownership of the Nigerian business.

The transaction saw Retail Supermarkets Nigeria Limited take over operations under a franchise arrangement, with MBO Capital Management Limited among the advisers involved in the acquisition. In June 2024, Nairametrics reported that Shoprite announced the closure of its Wuse store at Novare Wuse Central Mall in Abuja, citing the prevailing business climate and the outlet’s financial performance.

The retailer’s challenges continued into 2025, with reports of temporary store closures and operational disruptions linked to working capital constraints, electricity costs and other expenses. However, in March 2026, Shoprite told Nairametrics that it was not exiting Nigeria but implementing a phased restructuring programme that began in August 2025 Bunmi Adeleye,Retail Supermarkets Nigeria Limited Chief Strategy Officer disclosed plans to reopen outlets at The Palms Shopping Mall and Circle Mall in Lagos while exploring smaller neighbourhood store formats to reduce rental, electricity and diesel expenses.