Proshare

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[Proshare @proshare]

Proshare has opened the survey for the 12th edition of its Online Trading Report, themed “Nigeria’s Capital Market Reforms in a World of Shocks.” The study will examine how regulatory reforms, digital innovation, changing investor behaviour and emerging risks are reshaping Nigeria’s online investment ecosystem.

The report will assess developments across the NGX, NASD OTC market, AFEX, LCFE, and FMDQ, with a focus on market access, efficiency, transparency, investor participation, and digital resilience.

Capital Market Operators, financial services firms, fintech stakeholders, platform users and retail investors are invited to participate in the 8–10-minute survey. The survey runs from October 19 to October 30, 2026, with the report scheduled for release in the second week of November.

#OnlineTrading

[Nigerian-British Chamber of Commerce @nbccng]

LAGOS STATE EXECUTIVE BUSINESS BREAKFAST

Be in the room where Lagos’s economic future is discussed.

Whether you run a business, invest, work in policy or simply care about where Lagos is headed, this is a conversation worth being part of. On Wednesday, 28 October 2026, the Nigerian-British Chamber of Commerce (NBCC) welcomes you to the Lagos State Executive Business Breakfast with His Excellency, Babajide Olusola Sanwo-Olu, Executive Governor of Lagos State.

Theme: “The Future of Lagos: Business, Investment & Global Competitiveness”

Moderator: Mr @OlufemiAwoyemi , Founder/Chairman, @proshare Limited

Why you should attend

🎤 Hear directly from the Governor: Learn about the plans, policies and priorities shaping the State’s economy.

💡 Discover new opportunities: Find out where Lagos is growing and how you can be part of it.
🤝 Meet the right people: Connect with entrepreneurs, investors, professionals and leaders from different sectors.

🌍 See the bigger picture: Understand how Lagos is positioning itself to compete and attract investment globally.

Who should attend: Business owners, entrepreneurs, investors, professionals, students, policymakers and anyone interested in the future of Lagos.

EVENT DETAILS
📅 Date: Wednesday, 28 October 2026
🕙 Time: 10am
📍 Venue: NBCC Plaza, Olubunmi Owa Street, Off Admiralty Way, Lekki Phase 1, Lagos.

🔗 Register now: https://t.co/el5obzNLK4
One room. Big ideas. Real opportunities. Register today and be part of the conversation.

For sponsorship, partnership and enquiries:
📧 [email protected] | 📞 [phone]
📧 [email protected] | 📞 [phone]

#NBCC #LagosBusiness #BusinessBreakfast #Investment #GlobalCompetitiveness

[Proshare @proshare]

Nigeria in 1min: Economic, Business and Financial Market Headlines – 22 October 2026

Equities declined on Wednesday. The All Share Index fell 0.32% to 245,116.49 points and market capitalisation fell N515.95bn to about N159.14trn, with 42 decliners against 23 gainers and the banking index down 1.49%. The naira closed at N1,334.72 per US dollar in the official window, while the #BDC rate moved to N1,360 from N1,370.

Clearing rates at the October FGN bond auction rose to between 16.99% and 17.29% across the three reopened bonds, with total allotment of about N2.02trn including N800bn of non competitive bids. Proshare estimates open, active and announced financial market offerings at about N2.23trn, with the Dangote refinery offer accounting for more than 95% ahead of its close on 27 October.

The federal government, FAAN and Bi-Courtney signed agreements settling the MMA2 dispute of almost twenty years, allowing FAAN to collect concession fees. Aviation authorities placed 46 people who had contact with the #Ebola patient on a no fly list for at least 21 days. In Nairobi, 24.76% of Kenya Pipeline Company changed hands in a KES42.5bn block trade that Bloomberg attributed to the Dangote Group.

Proshare will track subscription levels for the #Dangote offer before its close, primary market yields at the next Treasury bill auction, implementation of the MMA2 settlement and public health surveillance during the 21 day monitoring period.

Cc: @business, @BusinessDayNg, @Nairametrics, @thecableng, @PremiumTimesng, @thesunnigeria, @THISDAYLIVE, @LeadershipNGA, @Reuters, @MobilePunch, @vanguardngrnews, @GuardianNigeria, @CNBC, @TechCrunch, @AP, @LANACION, @googlecloud, @JohnFanimokun, @USinNigeria, @BD_Africa,
https://t.co/VEUCxqox5b

[Proshare @proshare]

.@GuinnessNGRPlc Posts 53% Rise in Nine-Month Profit to N40.69bn, Declares Additional N7 Interim Dividend Per Share

https://t.co/S2XcYG26fO

[Proshare @proshare]

The Nigeria Deposit Insurance Corporation (@NDICNigeria) has scheduled a competitive sealed-bid auction for November 3–4, 2026, covering assets from Union Homes Savings & Loans, Heritage Bank and Resort Savings & Loans across Lagos, Taraba and Adamawa.

Items on offer include vehicles, generators, office equipment, furniture, plant and machinery, with proceeds feeding into the wider liquidation process.

https://t.co/JasnAcyHEI

[Proshare @proshare]

Nigeria’s equities market declined on Wednesday, 21 October 2026, reversing Tuesday’s gain as the @ngxgrp All-Share Index fell 0.32% to close at 245,116.49 points. Market capitalisation decreased by N515.95bn to about N159.14trn, and the year-to-date return eased to 57.52%. The 794.64-point decline was about 1.26 times Tuesday’s 632.79-point gain, and the benchmark closed 2.98% below its 28 September close of 252,635.11 points, by Proshare’s computation. Market breadth weakened, with 23 gainers versus 42 decliners. CWG (-9.98%) led the losses, while @theaccesscorp (-6.12%), FIRSTHOLDCO (-4.59%) and @ZenithBank (-1.21%) pulled the Banking Index down 1.49%, and CUSTODIAN (-7.57%) weighed on the Insurance Index, which fell 1.41%. The NGX Industrial Index was flat, so the selling returned to the banks rather than the industrial stocks that led Tuesday’s rebound.

In the foreign exchange market, the naira depreciated by 0.08% to N1,334.72/US$ at the #NFEM window, while the average #BDC rate appreciated to N1,360/US$ from N1,370/US$. The spread between the two markets narrowed to 1.89% from 2.73%, by Proshare’s computation. Brent crude rose 0.41% to US$109.24 per barrel as investors weighed declining US oil stocks and the lack of US-Iran dialogue against possible progress toward Russia-Ukraine talks, and gold rose 0.19% to US$4,131.52 per ounce. The Oil and Gas Index rose 0.12%, the only sector index to close higher.

Ava Capital filed its third-quarter 2026 financial statements on Wednesday. Proshare will track whether selling in heavily weighted banking stocks continues, the Oil and Gas Index against Brent crude, further third-quarter filings, and the BDC–NFEM spread in subsequent sessions.

Read more: https://t.co/L5JmsCbKsu

[WebTV @webtvnigeria]

Board of Directors and members of the press converged at the 2026 Pearl Awards Nite press conference to unveil the shortlisted NGX-quoted companies nominated for corporate performance awards in Nigeria’s capital market.
The winners will be announced at the awards ceremony themed “Celebrating Excellence, Inspiring the Future” scheduled for November 29 in Lagos.

[Proshare @proshare]

.@PEARLAwards Announces November 29th, 2026, for Awards Event, Unveils Corporate Performance Assessment Framework

https://t.co/2oocZm5kEC

[Proshare @proshare]

DMO Secures Stronger Funding Amid Yield Repricing

At the October FGN bond auction, the Debt Management Office (@DMONigeria) offered roughly N1.8trn across the February 2034, September 2036, and June 2038 bonds, significantly higher than the N1.0trn offered in September, which the report links to increased domestic funding needs and the expanded Q4 2026 issuance programme. Total subscriptions rose to N1.7trn from N1.5trn at the previous auction, though the bid-to-offer ratio moderated to 1.0x from 1.5x, as subscription growth did not match the larger offer.

https://t.co/bM36JXwzrm

[Proshare @proshare]

.@cisnigeria 30th Conference to Rally Government, Industry Leaders on Mobilising Capital for Nigeria’s $1trn Economy

https://t.co/ua7A73AXS5

[Proshare @proshare]

Deutsche Bank Adopts a Constructive Outlook on the Naira

@DeutscheBank has disclosed in a client note reported by Bloomberg that it is including Nigeria in its frontier foreign exchange monitor, describing the naira as undervalued and anticipating further appreciation against the US dollar. The note comes as the naira has appreciated nearly 8.0% so far this year, which the report says puts it among Bloomberg's best-performing currencies.

https://t.co/6OK43CLohK

[Proshare @proshare]

Nigeria’s open and announced capital market offerings stood at approximately N2.23trn as of 21 October 2026, excluding the N269.06bn allotted at the 14 October Treasury Bills auction and the N2.02trn allotted at the 19 October FGN Bond auction. The #Dangote Petroleum Refinery and Petrochemicals FZE public offer of 4.1 billion shares at N525.00 each, valued at approximately N2.15trn, accounts for more than 95% of that total and now closes on 27 October after a two-week extension of its original 13 October deadline. The terms provide for an oversubscription option of up to 30%, subject to Securities and Exchange Commission approval, which would raise the amount to approximately N2.80trn if fully exercised, and the offer also carries a Retail Investor Incentive Programme and a Shari’ah-compliant structure.

The 14 October Treasury Bills auction drew N1.03trn in subscriptions against N450bn offered, and N269.06bn was allotted. Bids of N982.21bn on the 364-day bill made up about 95% of total subscriptions, of which the @DMONigeria allotted N220.00bn at a stop rate of 15.90%, 5bps above the previous auction and equivalent to a true yield of 18.91%. The 91-day and 182-day bills were undersubscribed at cover ratios of 0.40x and 0.60x, despite a reduction in the offer on each from N100bn to N50bn, and their stop rates held at 15.50% and 15.80%. At the 19 October FGN Bond auction, subscriptions of N1.75trn matched the amount offered, and total allotments of approximately N2.02trn included N800bn of non-competitive allocations. The SEPT 2036 bond recorded the strongest cover at 1.16x and the highest marginal rate at 17.29%, while the JUNE 2038 cleared at 17.19% and the FEB 2034 at 16.99% on cover of 0.61x. Marginal rates on the 2036 and 2038 bonds were 50bps and 34bps above their September auction levels.

Three commercial paper issues from Efficacy Development Plc, Sunbeth Global Concepts Limited and MeCure Industries Plc, with an aggregate size of up to N174bn, closed between 16 and 20 October at disclosed pricing of 19.25% to 24.50%. The Lagos State Government’s N200bn Series 5 bond and Belgore Project SPV Limited’s N2bn sukuk both closed on 16 October. GPC-SPV Company Plc’s AAA-rated Series 1 infrastructure bond of up to N30bn remains open until 23 October with book-build guidance of 17.75% to 18.50%. The FSDH Infrastructure Debt Fund and the Housing Solution Fund remain open until 7 January 2027 and 1 December 2026 respectively, and both target a yield spread over the FGN 10-year bond.

The GPC-SPV bond closes on 23 October, the Dangote offer on 27 October and @NASDNG Plc’s N12bn rights issue on 6 November. The subscription levels reported at those closes, any decision on the Dangote oversubscription option and the results of subsequent Treasury Bills and FGN Bond auctions will form the next set of observable data on demand and pricing across the equity, corporate debt and sovereign segments, and subsequent editions of this report will record them.

Read more: https://t.co/vPixSKtCKL

[Proshare @proshare]

Are Nigeria’s online trading platforms meeting your needs? Tell us what works, what needs improvement, and what would give you more confidence to invest.

Take Proshare’s 2026 Online Trading Survey and contribute to the 12th edition of our Online Trading Report, themed “Nigeria’s Capital Market Reforms in a World of Shocks.”

🔗 Platform users and retail investors: https://t.co/FLe06wPM0c

#OnlineTrading

[Proshare @proshare]

Nigeria’s Capital Market Masterplan 2.0 sets out a 2026–2036 programme to strengthen regulation, modernise infrastructure, diversify market instruments and expand participation in long-term finance. It follows a decade of reforms, including the Investments and Securities Act 2025, shorter settlement cycles, and the expansion of collective investment schemes, that have supported the market’s institutional development. The implementation record nevertheless leaves questions about coordination, measurable outcomes and the contribution of the market to productive investment.

In this Op-Ed, Suleyman A. Ndanusa, PhD, OON, recognises the progress made by the Securities and Exchange Commission and market participants while examining the limitations of the preceding masterplan. Drawing on Nigeria’s implementation experience and Malaysia’s market development, he argues for accountable regulatory reform, deeper investor participation and stronger links between capital-market development and national economic priorities.

He places particular emphasis on West African integration, cross-border issuance and a credible proposition for African companies considering Nigerian listings. His proposals call for published milestones, coordinated approval processes, reliable settlement arrangements and performance measures that extend beyond market size and listing counts to capital raised, liquidity and investor confidence.
https://t.co/jObZgT2XFZ

[Proshare @proshare]

Nigeria’s reported interest payments of N7.7trn exceeded the Federal Government’s N6.2trn revenue in the first half of 2026, producing an interest-to-revenue ratio of approximately 124%. The figures in the World Bank’s October Nigeria Development Update have prompted a public disagreement over the appropriate basis for assessing the Federal Government’s debt burden.

The @FinMinNigeria maintains that the calculation combines interest obligations partly attributable to states with a narrower measure of federal revenue and excludes certain agency revenues not yet remitted to the Treasury. It also points to stronger year-on-year revenue growth and a less severe full-year outlook.

In this Op-Ed, Suleyman A. Ndanusa, PhD, OON, examines the accounting boundaries, reporting periods and fiscal implications of both positions. He recognises the improvement in the reported ratio from the corresponding period of 2025 while distinguishing a six-month cash-flow indicator from a comprehensive debt-sustainability assessment.

His central concern is the absence of sufficiently detailed public reconciliations of interest payments, state-related deductions and revenue receipts. The discussion places fiscal transparency and comparable reporting at the centre of informed assessments of sovereign financing pressure, budget capacity and public investment.
https://t.co/6hKOSFEUB0

[Proshare @proshare]

At the 2026 Annual Conference and Awards of the Finance and Business Online Publishers in Lagos, @ngxgrp Chairman Alhaji (Dr) Umaru Kwairanga linked Nigeria’s ambition to build a $1 trillion economy to its capital market's capacity to mobilise long-term investment.

Accepting the Capital Market Personality of the Year award on 17 October 2026, he said the Exchange has strengthened market platforms, widened product and issuer participation, and connected domestic enterprises with capital from across Africa and beyond.

His remarks placed the ongoing Dangote Petroleum Refinery initial public offering as part of a broader effort to attract cross-border investment into productive assets. The offer, comprising 4.1 billion shares at N525 each, has an extended closing date of 27 October 2026, according to Proshare’s coverage. These developments offer a practical reference point for examining the market’s capacity to support large capital raises, although the final subscription, allotment, and listing outcomes remain to be determined.

Kwairanga also acknowledged the management, market participants and institutional leaders whose contributions he associated with the award. His address presents capital mobilisation as an important component of the wider economic development agenda.
https://t.co/HXF4b8EjZz

[Proshare @proshare]

Nigeria in 1min: Economic, Business and Financial Market Headlines – 21 October 2026

Equities recovered part of Monday’s decline. The All Share Index rose 0.26% to 245,911.13 points and market capitalisation increased by N410.86bn to about N159.66trn, with 28 gainers against 21 decliners. The naira closed at N1,333.65 per US dollar in the official window, little changed from the previous session.

FAAC distributed N2.4trn in October, 4% more than in the previous month, as gross statutory revenue rose 7% to N1.7trn while VAT eased to N757bn. The Finance Ministry clarified that a fuel tax is not under consideration, with the Minister describing such a tax as insensitive so soon after the removal of the petrol subsidy.

Proshare estimates that the capital market masterplan implies nominal annual growth of about 11.61% to reach N750trn by 2036, and the Finance Minister called for listings of selected state enterprises including @nnpclimited and NLNG. @jpmorgan has reportedly deposited N50bn with the @cenbank in support of its application for a merchant banking licence. Nigeria also confirmed an imported case of Ebola in the FCT, with 44 contacts under monitoring.

Proshare will track the outcome of this week’s FGN bond auction, the decision on the JPMorgan licence, the incentives proposed for new listings, public health surveillance following the Ebola case and third quarter results as filings continue.

Cc: @business, @BusinessDayNg, @Nairametrics, @thecableng, @PremiumTimesng, @thesunnigeria, @THISDAYLIVE, @LeadershipNGA, @Reuters, @MobilePunch, @vanguardngrnews, @GuardianNigeria, @CNBC, @TechCrunch, @AP, @taiwoyedele, @WHONigeria, @Lawandsocietym,

https://t.co/0xj1RML3fR

[Proshare @proshare]

The week’s supply narrative centred on the Saudi-Houthi conflict, with Yemen’s militias extending strikes beyond infrastructure to the Shaybah oilfield, raising the prospect that Saudi Arabia could be forced to shut in some production. The November WTI contract expiry narrowed global crude spreads, with ICE Brent trading about US$5 per barrel above the US benchmark at US$108 per barrel.

https://t.co/zj5w0boOQ4

[Proshare @proshare]

.@FirstBankngr will sponsor the 65th Lagos Amateur Open Golf Championship in November, continuing its 65-year association with the tournament.

https://t.co/GIbR3SKIb4

[Proshare @proshare]

Nigeria’s equities market rebounded on Tuesday, 20 October 2026, ending two consecutive sessions of decline as the @ngxgrp All-Share Index gained 0.26% to close at 245,911.13 points. Market capitalisation increased by N410.86bn to about N159.66trn, and the year-to-date return improved to 58.03%. The 632.79-point gain recovered about 28% of Monday’s 2,261.39-point loss, and the benchmark closed 2.66% below its 28 September close of 252,635.11 points, by Proshare’s computation. Market breadth improved to 28 gainers against 21 decliners. NASCON (+7.31%), @HBMNigeria (+6.76%) and @Unilever (+5.83%) led the gains, while the NGX Industrial Index rose 1.17%, the strongest sector index, and the Food and Beverages Index added 0.29%. The Banking Index slipped 0.15% despite @wemabank (+0.67%), so the rebound came from industrial and consumer stocks rather than the banks.

In the foreign exchange market, the naira appreciated by 0.01% to N1,333.65/US$ at the #NFEM window, while the average #BDC rate remained unchanged at N1,370/US$. The spread between the two markets widened to 2.73% from 2.72%, by Proshare’s computation. Brent crude fell 0.53% to US$108.97 per barrel as investors booked profits from the multi-month highs reached at the end of last week, and gold eased 0.01% to US$4,140.35 per ounce. The Oil and Gas Index edged up 0.01%.

Secure Electronic Technology filed its third-quarter 2026 financial statements on Tuesday, and the Newgold Exchange Traded Fund filed unaudited financial statements for the period ended 30 September 2026, while Multiverse Mining and Exploration filed an earnings forecast. Proshare will track whether buying spreads to heavily weighted banking stocks, the Oil and Gas Index against Brent crude, further third-quarter filings, and the BDC–NFEM spread continue in subsequent sessions.

Read more: https://t.co/eCX147nyX4