Proshare

09/09/2026

Twenty-five years after 9/11, its most enduring legacy may be the way security permanently reshaped globalisation.

In this OpEd, Collins Nweke argues that the attacks of September 11, 2001 did more than transform counterterrorism. They changed how the world moves people, capital, goods and information, embedding new layers of screening, surveillance, financial compliance and state control into cross-border activity.

Twenty-five years after the attacks of 11 September 2001, Collins Nweke examines a legacy that extends beyond war and counterterrorism: the recasting of globalisation itself.

09/09/2026

The Central Bank of Nigeria says its enhanced focus will cover terrorism financing risk management, transaction monitoring, targeted financial sanctions and suspicious transaction reporting, under a risk-based supervisory framework combining on-site and off-site engagements.

The CBN’s decision to elevate terrorism financing risk to a supervisory priority signals a stronger regulatory focus on the resilience and integrity of Nigeria’s financial system.

09/09/2026

Nigeria in 1min: Economic, Business and Financial Market Headlines – 9 September 2026

Nigerian equities gave back ground on Tuesday. The NGX All-Share Index fell 1.17% to 244,802.11 points, cutting the year-to-date return to 57.31%, with 63 decliners against four gainers and N1.88trn taken off market value on turnover worth N27.83bn. The bureau-de-change rate firmed to N1,387/US$1. Average FGN bond yields fell 28 basis points in August to 16.80% while Treasury-bill yields rose 69 basis points to 18.92%, and projected OMO maturities of N2.94trn account for about 97.5% of the week's estimated N3.02trn inflows ahead of today's N500bn Treasury-bill auction.

Energy costs run the other way. Brent settled at a six-week high after trading close to US$100, and modular refiners put diesel near N2,000 per litre. Manufacturers spent N1.34trn on alternative electricity in 2025, about 21% above 2024, with average daily grid supply falling from 16.7 hours to 13.1 hours across the two halves of the year.

President Bola Tinubu, represented by Finance Minister Taiwo Oyedele, told the CIBN conference that banks must move from intermediation to production and jobs, and CBN Governor Olayemi Cardoso put domestic recapitalisation subscriptions at about N4.65trn. The World Bank's Bertine Kamphuis said MSMEs receive about 1% of credit. The HealthCap roundtable on pension participation in venture capital and the Renaissance Capital call on the refinery run today.

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Nigeria enters Wednesday with a sharper divide between market liquidity and operating conditions. The NGX All-Share Index fell 1.17% to 244,802.11 points on Tuesday, with 63 losers against four gainers, while the bureau-de-change rate strengthened to N1,387/US$1. August’s decline in bond yields an...

08/09/2026

Brent rose to nearly US$95 per barrel, up 6% weekly, driven by tighter refined-products markets rather than crude shortages. Diesel crack spreads surpassed crude, US diesel hit US$5.85/gal, and distillate stocks remain low despite high refinery use.

Prices later exceeded US$99 per barrel, the highest in three months, due to Houthi attacks, US strikes on Iranian tankers, and Israeli Lebanese tensions. OPEC+ kept October quotas at 31.01 million bpd after ending a 1.65 million bpd voluntary cut, with Saudi Aramco's Arab Light discounts indicating price management. The premium lies in refined products.

We expect Nigeria to gain from higher Brent prices via increased oil revenue and foreign exchange, assuming production stays steady. However, reliance on imported refined products and rising global diesel costs increase transport, logistics, electricity, and distribution expenses, driving inflation. Analysts expect foreign exchange reserves to depend more on export earnings repatriation than on crude prices.

Investors focus on Brent above US$90, OPEC+ cuts, US-Iran relations, and US distillate data. For oil assets and Dangote Refinery at N525, attention is on production, sales, margins, crude output, lifting volumes, and their impact on fiscal revenue, forex inflows, and inflation.

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Brent rose to nearly US$95 per barrel, up 6% weekly, driven by tighter refined-products markets rather than crude shortages. Diesel crack spreads surpassed crude, US diesel hit US$5.85/gal, and distillate stocks remain low despite high refinery use.

08/09/2026

The Nigerian equities market reversed on 8 September 2026, with the NGX All-Share Index losing 1.17% to 244,802.11 points and the year-to-date return at 57.31%. Contrary to the previous session, Tuesday's movement was broad, with 63 declines against four gainers. Market capitalisation lost N1.88 trillion. Losses were topped by FIRSTHOLDCO (-9.30%), CAP (-7.73%), MAYBAKER (-7.09%), ACCESSCORP (-7.06%), UACN (-5.51%) and UBA (-5.00%). MTNN (+2.39%) and GTCO (+1.52%) limited the falls. The two Proshare Memorandum Indexes closed in the red, with the unadjusted total return index down 4.04% and the capitalisation-weighted market down 1.44%. This showed that the market's freely tradable segment was hit hardest.

Trading volume was up 84.67% to 753.17m units, and value traded increased by 2.13% to N27.83bn on 54,051 trades. The sharp increase in volume and nearly flat value shows an average value traded of around N37, compared to N67 on Monday, confirming a rotation into lower-priced stocks as investors closed positions. Trading was also less concentrated than the previous day. NEM traded the highest volume and value at 131.73m units valued at N4.07bn, corresponding to 17.49% of total volume and 14.63% of total value traded, compared to ARADEL's 27.85% share of value traded the previous day. Thus, wider participation and trading below the 52-week low of N5.40 confirm AVACAP's move into lower-priced territory.

Near-term direction will depend on whether the sell-off is profit-taking after the market's extended run or the start of a deeper correction. In the currency market, the average BDC rate appreciated 0.22% to N1,387/US$1, while the naira was broadly stable at the NFEM window at N1,320.25/US$1.

Read more: https://proshare.co/articles/broad-based-selling-pressure-erodes-n1.88trn-from-investors-wealth-as-ngxasi-declined-1.17-bdc-rate-appreciated-to-n1387us1?menu=Market&classification=Read&category=Market%20Updates

08/09/2026

08/09/2026

FirstHoldCo Plc will join the FTSE Frontier 50 Index at the opening of trading on Monday, 21 September 2026, following the close of business on Friday, 18 September. The Group will be included alongside Aradel Holdings, Dangote Cement, GTCO, MTN Nigeria Communications and Zenith Bank as the six Nigerian constituents of the index.

The FTSE Frontier 50 Index comprises the 50 largest companies in the FTSE Frontier Index Series by full market capitalisation, subject to FTSE Russell’s eligibility requirements.

FirstHoldCo’s inclusion expands its visibility within the global frontier-market investment universe and strengthens its representation among companies tracked by international asset managers and benchmark-linked investment products.

The development coincides with Nigeria’s return to FTSE Russell’s Frontier Market classification after three years as an Unclassified market. It also follows FirstHoldCo’s reported profit after tax of N526.13bn for the first half of 2026, an improvement in its cost-to-income ratio to 44.2%, and shareholder approval of a N253.10bn capital-raising programme. Together, the index inclusion and Nigeria’s reclassification broaden the country’s representation across FTSE Russell’s frontier-market benchmarks and support greater international visibility for qualifying Nigerian equities.

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08/09/2026

Nigeria’s external trade position strengthened materially in Q2 2026, with the merchandise trade surplus widening to N12.60trn, up 101.32% YoY and 66.85% QoQ. The improvement was driven by a 27.64% QoQ increase in exports to N27.02trn, led by stronger crude oil and other oil product receipts.

Nigeria’s external trade position strengthened materially in Q2 2026, with the merchandise trade surplus widening to N12.60trn, up 101.32% YoY and 66.85% QoQ.

08/09/2026

FGN Bonds End August Bullish as Yields Fall to 16.80%

Nigeria's fixed income market in August showed two contrasting trends. FGN bonds rallied as investors, optimistic about easing policies due to a falling inflation rate (15.43% in August 2026), strong liquidity, and expectations of a monetary policy shift, pushed average yields down 28bp to 16.80%.

08/09/2026

The Federal Ministry of Foreign Affairs is seeking to raise Nigerian businesses' participation in regional trade through the ECOWAS Trade Liberalisation Scheme, in line with the government's 4D foreign policy framework covering Democracy, Development, Diaspora, and Demography. The scheme provides qualifying agricultural and industrial products with tariff-free access to regional markets.

Analysts expect the initiative to support Nigeria's role as a supplier within ECOWAS and African markets. However, awareness alone will not drive integration while border delays, checkpoints, unofficial charges, and documentation challenges persist.