Repositioning Nigeria’s Regions: Building Competitiveness for Sustainable Economic Growth xitter.cf/i/broadcasts/1PJqrNval…

DLM Asset Management, part of DLM Capital Group, received an ‘a.AMA’ rating from Intelligence Africa as its funds under management grew 269% by September 2026. proshare.co/articles/dlm-ass…

.@TranscorpGroup Delivers N111.4bn Profit Before Tax in 9M 2026 Financial Highlights • Revenue: N357.4 billion (9M 2025: N412.4 billion) • Profit Before Tax: N111.4 billion (9M 2025: N124.5 billion) • Profit After Tax: N75.1 billion (9M 2025: N91.4 billion) • Earnings Per Share: 429 kobo (9M 2025: 534 kobo) • Total Assets: N1.13 trillion (December 2025: N1.00 trillion) • Total Equity: N387.8 billion (December 2025: N353.4 billion) proshare.co/articles/transco…

Nigeria in 1min: Economic, Business and Financial Market Headlines – 27 October 2026 Equities advanced for a second session on Monday. The All Share Index rose 1.65% to 251,290.54 points, and market capitalisation increased by N2.64trn to a record of about N163.15trn, although decliners outnumbered gainers by 30 to 24. @DangoteCement gained 10%, and the #BDC rate closed unchanged at N1,375 per US dollar. The Federal Government released a proposed Nigeria Economic Policy Framework for consultation until 27 November. It provides for a policy impact statement on every major economic intervention and an annual national economic scorecard on real wages, productive jobs and poverty. The Finance Minister said the government is targeting single-digit inflation before the end of 2027. Domestic refiners received more than 127m barrels of crude and condensate in the nine months to September, and the upstream regulator is consulting on a crude swap framework estimated to cut the cost of each barrel by US$3 to US$4. @TranscorpGroup reported profit before tax of N111.4bn on revenue 13.3% lower, and @TotalEnergies Marketing Nigeria returned to profit. The @WHO said Nigeria currently has no Ebola case after the patient was evacuated to Switzerland. Proshare will track the close of the #Dangote refinery public offer today and the collated returns due on 3 November, submissions on the policy framework, the terms of the crude swap framework and further third quarter filings. Cc: @business, @BusinessDayNg, @Nairametrics, @thecableng, @PremiumTimesng, @thesunnigeria, @THISDAYLIVE, @LeadershipNGA, @Reuters, @MobilePunch, @vanguardngrnews, @GuardianNigeria, @CNBC, @TechCrunch, @AP,@LANACION, @TecheconomyNG, @Marketscreener, @bsindia, @BD_Afric, @PesaWal, @afreximban, @NewsHou, proshare.co/articles/nigeria…

How can Nigeria’s regions become more competitive and drive sustainable economic growth? Join Proshare Hard Facts for a conversation on “Repositioning Nigeria’s Regions: Building Competitiveness for Sustainable Economic Growth.” Hear from Otunba (Dr) Bimbo Ashiru, Chairman, Blackcod Group, alongside Teslim Shitta-Bey, Director of Research, Proshare, with Otobasi Abasiekong, Team Lead, Proshare News, anchoring the discussion. 📅 October 27, 2026 🕛 12 noon 📺 Watch on YouTube: @webtvnigeria Be part of the conversation on unlocking regional potential and building a more competitive Nigerian economy. Scan the QR code on the flyer to join. #ProshareHardFacts

Nigeria’s equities market continued its recovery on Monday, 26 October 2026, posting its second consecutive gain as the @ngxgrp All-Share Index rose 1.65% to close at 251,290.54 points. Market capitalisation increased by N2.64trn to about N163.15trn, and the year-to-date return improved to 61.48%. The 4,068.27-point gain was about 1.8 times Friday’s 2,265.33-point gain, and the benchmark closed 0.53% below its 28 September close of 252,635.11 points, by Proshare’s computation. Market breadth weakened to 24 gainers against 30 decliners. @DangoteCement (+10.00%) led the gains for a second session, lifting the NGX Industrial Index 5.37%. FIRSTHOLDCO (+7.56%), @theaccesscorp (+4.15%), GTCO (+2.54%) and @ZenithBank (+1.26%) pulled the Banking Index up 2.34%. Trading activity was lower in volume but higher in value. Volume fell 46.13% to 329.53 million shares, while value traded rose 9.98% to N25.45bn and deals rose 30.12% to 43,700, by Proshare’s computation. DANGCEM recorded the highest value at N6.39bn, or 25.11% of the total, followed by ZENITHBANK and @aradelholdings. ZENITHBANK recorded the highest volume at 25.92 million units, or 7.87%. Excluding DANGCEM, value traded was N19.06bn, about 17.6% below Friday’s N23.14bn, by Proshare’s computation, so the rise in value rested on DANGCEM. In the foreign exchange market, the naira depreciated by 0.42% to N1,367.61/US$ at the #NFEM window, while the average #BDC rate remained unchanged at N1,375/US$. The spread between the two markets narrowed to 0.54% from 0.97%, by Proshare’s computation. Brent crude fell 1.58% to US$114.87 per barrel, though continued attacks on Saudi Arabia kept prices near six-month highs, and gold rose 0.63% to US$4,023.74 per ounce. The Oil and Gas Index rose 0.88% despite the fall in Brent, with ARADEL (+2.48%) among the gainers. International Breweries, United Capital, NPF Microfinance Bank, NCR (Nigeria), Union Dicon Salt, Ikeja Hotel and UH Real Estate Investment Trust filed their third-quarter 2026 financial statements on Monday. Chams Holding Company and The Initiates filed board meeting notices. Proshare will track whether buying in the heavily weighted banking and industrial stocks holds and spreads to the wider market, the Oil and Gas Index against Brent crude, further third-quarter filings and the BDC–NFEM spread in subsequent sessions. Read more: proshare.co/articles/ngxasi-…

Capital Market Operator recommendations on Nigerian equities for the week of 26 to 30 October 2026 lean towards caution, with 12 downgrades against 6 upgrades across 18 rating revisions and Hold as the most common rating after revision. The preceding week recorded five upgrades and five downgrades, with analysts raising GTCO, ZENITHBANK, ETI, OANDO and INTENEGINS, as reported in Stock Recommendations for the Week of October 19, 2026. This week, positive return estimates remain on selected banking, consumer goods and insurance stocks, while industrial goods, oil and gas and agriculture received only downgrades. In banking, Lead Capital upgraded FIRSTHOLDCO and WEMABANK from Hold to Buy, with projected upsides of 11.03% and 11.67% respectively, and Afrinvest raised ZENITHBANK from Reduce to Hold with an expected return of 1.3%. PAC Research moved ETI from Buy to Hold with an expected return of negative 3.28%, which reverses the upgrade it made a week earlier, and Anchoria Research lowered FIDELITYBK from Buy to Hold. PAC Research also took OANDO from Buy to Hold and now projects a return of negative 3.89%, one week after upgrading the stock with a projected upside of 12.59%. Investment One cut SEPLAT from Accumulate to Sell with a projected return of negative 19.63%, the most negative estimate among this week’s changes. In industrial goods, PAC Research lowered BUACEMENT to Hold and ARM Research moved DANGCEM to Reduce. Consumer goods views split on the same stocks. Lead Capital lowered GUINNESS from Buy to Hold while Anchoria Research raised it from Sell to Hold. PAC Research cut INTBREW from Buy to Hold with an expected return of negative 7.18%, while ARM Research upgraded it to Accumulate with a projected upside of 15.47%, the highest among this week’s revisions. PAC Research also lowered UNILEVER to Hold, and Afrinvest moved NASCON to Hold. In insurance, Lead Capital raised MBENEFIT to Buy with a projected upside of 12.67%. PAC Research lowered INTENEGINS to Hold with an expected return of negative 5.88%, one week after upgrading the stock to Strong Buy with a projected upside of 33.33%. In agriculture, Anchoria Research lowered PRESCO from Buy to Hold. This week also includes the scheduled close of the Dangote Petroleum Refinery public offer on 27 October 2026. Dividend corporate actions on ZENITHBANK, UNILEVER and GUINNESS are scheduled for 30 October 2026, and the research houses that revised those three stocks this week all now rate them Hold. Projected returns are estimates that rest on each research house’s valuation assumptions, and they remain exposed to company disclosures and later price movements. Proshare will track three things in coming editions. The first is whether the reversals on ETI, OANDO and INTENEGINS stand. The second is how the split views on GUINNESS and INTBREW settle. The third is how prices of the upgraded stocks perform against their projected upsides. Cc: @FirstBankngr, @gtbank @GroupEcobank, @Fidsoncares, @ConoilPLC, @Oando_PLC, @Japaul_Group, @TotalEnergies, @BUACement, @DangoteCement, @BuaFoods, @GuinnessNGRPlc, @Sterling_Bankng, @UBAGroup, @StanbicIBTC, @fidelitybankplc, @ZenithBank, @GuinnessNGRPlc, @Nestle, @NBPLC, @AIICOINSURANCE, @AXAMansard, @aradelholdings, @SeplatEnergy, @MTNNG, Read more: proshare.co/articles/stock-r…

Nigeria’s reform story will ultimately be judged by whether macroeconomic stability translates into jobs, productivity and improved household welfare. In this edition of Economy and Politics, @wilsonrume, Deputy Chief Economist, @officialNESG, examines how Nigeria can convert recent economic gains into broader shared prosperity. Erumebor argues that social protection should move alongside economic reform, particularly where households are absorbing adjustment costs. He also stresses the importance of treating the National Bureau of Statistics as critical national infrastructure, with dedicated funding to improve the quality and timeliness of jobs and poverty data. On employment, he identifies agriculture, manufacturing and construction as priority sectors with strong potential to create jobs and raise productivity. WATCH: proshare.co/articles/reforms…

Nigeria in 1min: Economic, Business and Financial Market Headlines – 26 October 2026 Equities rose on Friday after two sessions of losses. The All Share Index gained 0.92% to 247,222.27 points and market capitalisation increased by N1.47trn to N160.51trn, although the index closed the week 0.13% lower. The naira weakened to N1,375 per US dollar at the #BDC window. System liquidity rose to N6.94trn, the open repo rate held at 20%, and the average Treasury bill yield closed at 17.98%. The @cenbank granted approval in principle for JPMorgan’s proposed merchant bank and cleared seven board nominees, including Adedapo Olagunju as managing director. The approval is the first stage of the licensing process, and operations will begin only after the remaining incorporation, regulatory and operational requirements are completed. Q3’26 filings continued, with FirstHoldCo reporting profit after tax up 65.1% to N744.45bn for the nine months and @Unilever Nigeria reporting revenue up 18% to N184.0bn alongside an interim dividend of N2 per share. Coronation Insurance renewed its application to buy out minority shareholders and delist, and Geregu Power signed an agreement with Siemens Energy for three generator transformers after first half revenue fell 78.7%. The @NCDCgov has traced 53 primary contacts of the imported Ebola case. Proshare will track the close of the #Dangote refinery offer on Tuesday, the completion of @jpmorgan licensing requirements, further third quarter filings and the direction of money market liquidity and yields. Cc: @business, @BusinessDayNg, @Nairametrics, @thecableng, @PremiumTimesng, @thesunnigeria, @THISDAYLIVE, @LeadershipNGA, @Reuters, @MobilePunch, @vanguardngrnews, @GuardianNigeria, @CNBC, @TechCrunch, @AP,@LANACION, @WorldBankGroup, @BusinessTechSA, @KPMG_NG, proshare.co/articles/nigeria…

Tilewa Adebajo's CFG Advisory of 23 October 2026 accepts that Nigeria's stabilisation is real and argues that public finances are now the main threat to its durability. The official record supports his starting point. Real GDP grew 4.43% in Q2 2026, inflation eased to 14.63% in September, the Monetary Policy Rate stands at 23%, and the current account recorded a US$7.54bn surplus in Q2. His fiscal warning carries weight, and the figure he anchors it on reads differently once its scope is clear. The 124% ratio of federal interest to revenue in H1 2026 covers six months and the federal account alone, and the Finance Ministry reports that it fell from 156% a year earlier. @FitchRatings puts the general government ratio at 27%, almost double the 14% median for 'B'-rated sovereigns. Estimates of the 2026 deficit range from 3.5% to 6.41% of GDP, and the @IMFNews's 2026 Article IV linked a statistical discrepancy of 2.7% of GDP to spending outside the published accounts. Domestic borrowing is rising into year-end. The @DMONigeria plans N5.75trn of bond offers in Q4, which Proshare's computation puts at 2.31 times Q3 allotments, while 95.09% of Q1 capital importation was portfolio money. Adebajo's 8% to 10% growth benchmark is the ambition we should strive for, as progress toward it will depend on revenue that matches forecasts, bankable projects, and a reconciled fiscal account. proshare.co/articles/nigeria…

@theaccesscorp has issued a statement of intent that reframes how its progress should be read. After two decades in which acquisitions, new markets and repeated capital raises lifted the Group to total assets of N51.56 trillion at the end of 2025, management now frames its strategy as a move from scale to value, and its Chairman, Aigboje Aig-Imoukhuede, told the June 2026 AGM that “ensuring that earnings per share consistently exceed the cost of capital” remains central to unlocking sustainable shareholder value. The FY2025 numbers carry both sides of that argument. Profit before tax crossed N1 trillion for the first time, rising 16.2% to N1.01 trillion, and the cost-to-income ratio improved to 51.7% from 56.7%. Return on average equity eased to 18.4% from 21.6% in a year in which impairment charges more than doubled to N523.55 billion from N245.32 billion, driven primarily, according to the Group's earnings presentation, by the full exit from @cenbank forbearance exposures in 2025. No dividend was paid for FY2025. The Group's May 2026 clarification attributes this solely to outstanding regulatory compliance requirements, citing Section 19(8)(c) of BOFIA on limits to foreign subsidiary investments, and UBA's 2025 dividend was likewise held pending CBN clearance when both Tier 1 groups approved their audited results. Proshare will track the Group's return on average equity against its cost of equity, the normalisation of loan-loss charges, disclosure of returns by subsidiary and region, and the timing of regulatory approval for resumed dividend payments. proshare.co/articles/access-…

What to Expect from the Markets this Week – 26 October 26 Nigeria’s financial markets closed the week ended 23 October 2026 with mixed results across asset classes. Banking system liquidity rose to N6.94trn from N6.28trn, and Standing Deposit Facility placements reached N6.78trn. Over the same week, the naira weakened, the @ngxgrp All Share Index fell for a fourth straight week, and average yields on short- and long-dated FGN bonds rose. In the money market, the Open Repo Rate held at 20.00%, and the overnight rate eased 2bps to 20.36%. Average Treasury bill yields rose 1bp to 17.98%, and OMO bill yields fell 11bps to 18.42%. Average short- and long-term FGN bond yields rose 37bps and 17bps to 16.11% and 15.63%, respectively, while mid-term yields slipped 4bps to 16.68%. At the 19 October FGN bond auction, subscriptions of N1.75trn matched the amount on offer. Total allotment came to N2.02trn, 15.67% above the offer size, with noncompetitive allotments accounting for the excess. The reopened 16.79% FGN SEP 2036 drew N925.35bn against N800bn offered and cleared at 17.29%. The reopened 19.00% FGN FEB 2034 cleared at 16.99%, which is 51bps below its marginal rate at the January 2026 reopening. In the currency market, the naira depreciated 2.17% to N1,361.84 per US dollar at the NFEM and 0.36% to N1,375 in the parallel market, so the premium between the two rates narrowed to 0.97% from 2.83%. The NGX ASI fell 0.13% to 247,222.27 points, and market capitalisation closed at N160.52trn. Fifty-five equities declined and twenty advanced. Among the sectoral indices, the Insurance index fell 2.79%, the Oil and Gas index 2.55% and the Banking index 0.67%, while the Industrial Goods index rose 1.95%. Turnover rose to 2.02bn shares worth N110.77bn from 1.66bn shares worth N98.09bn the previous week, although the number of deals fell to 173,113 from 184,632. On the @NASDNG OTC market, the NSI eased 0.16% to 4,345.02 points, and traded volume fell 95.33%. Brent rose 8.46% over the week to US$117.13 per barrel, and WTI rose 6.52% to US$103.44, gains the report associates with Houthi drone attacks on Saudi Aramco facilities. Brent now stands 90.05% above its 31 December 2025 level of US$61.63. Gold fell 3.72% to US$4,010 per ounce and silver 5.89% to US$53.96, which the report links to renewed inflation concerns and the possibility of a US Federal Reserve rate hike. On the policy side, the National Economic Council endorsed a 90-day action plan built on five priorities, including food affordability and tax harmonisation. The Securities and Exchange Commission unveiled Capital Market Masterplan 2.0, which targets market growth from about N250tn to N750tn by 2036. FAAC distributions for October rose 4% to N2.428trn. The #Dangote Petroleum Refinery IPO, priced at N525 per share, closes on 27 October 2026 after a two-week extension from 13 October. On 28 October, the calendar includes the NTB auction, rate decisions by the US Federal Reserve and the Bank of Canada, and the UK budget. The preliminary Q3’26 US GDP estimate follows on 29 October and the Bank of Japan decision on 30 October. Proshare Research expects money market rates to stay near the lower end of the policy corridor and FGN bond yields to hover around current levels. It expects equities to follow a similar path, with selective buying in fundamentally strong, dividend-paying stocks providing limited support. proshare.co/articles/what-to…

Brent crude traded around US$117 per barrel in the week to 23 October 2026, a weekly gain of about 4%, which Tom Kool of @OilandEnergy associates with the escalating conflict between Saudi Arabia and the Houthis. Kool also records that crude market fundamentals changed little over the week, and that a slight fall in freight rates and a widespread flattening of backwardated curves lowered differentials across most grades, offsetting part of the pressure from higher benchmarks. Supply incidents account for most of the week’s reporting. Saudi Aramco ordered staff to evacuate its Dhahran headquarters and work from home after a Houthi attack, the first such step since the Iran war began, and drone strikes killed two people at the Shaybah oilfield. In Libya, the National Oil Corporation reported that unauthorised individuals shut a pipeline valve serving the Hamada and Tahara fields, removing 50,000 and 40,000 barrels per day respectively from a crude stream that provides 90% of state revenue. The United States Energy Department is offering 315,000 barrels of diesel, one third of its Northeast reserve, as global diesel exports decline, and the first diesel cargo under Washington’s agreement with Moscow has left the Baltic port of Primorsk for New York, with delivery expected on 7 November. Gas prices moved in opposite directions on the two sides of the Atlantic. Europe’s TTF benchmark rose above €93 per MWh, its highest level since December 2022, which the report links to restricted Qatari LNG supply, colder weather and storage that peaked below 75%. US Henry Hub futures fell to US$2.66 per MMBtu, the lowest in two months, with the report citing mild weather, recovering offshore supply and above average inventories, while calendar 2027 futures fell to a five year low of US$3.09 per MMBtu. Brent near US$117 per barrel trades well above the oil price benchmark adopted in Nigeria’s 2026 budget process. At that level, Nigerian crude exports earn more per barrel and imported refined products cost more to land. The fiscal result turns on production volumes, which the Nigerian Upstream Petroleum Regulatory Commission publishes monthly. In the coming week, Proshare will track whether Brent moves toward US$120 per barrel, statements from OPEC+ and Saudi Aramco, the security of Saudi oil facilities, diesel inventories and any further reserve releases, and Nigeria’s monthly production data against its budget assumptions. proshare.co/articles/us120-o…

Alhaji (Dr.) Umaru Kwairanga, Group Chairman of the Nigerian Exchange Group (@ngxgrp), chaired the 2026 Lead the Future Conference, which opened on 23 October 2026 at the Oriental Hotel, Victoria Island, Lagos. In his welcome address, Kwairanga argues that technology has bound the world into a tighter unit, a trend he expects to persist despite a resurgence of nationalism in many parts of the world. Where business is conducted online at speed, he contends, borders alone will no longer confer advantage, and African enterprises must use modern technology to scale. He describes an NGX that measures itself against global standards, keeps to the cutting edge of technology and holds its quoted companies and trading licence holders to the same bar through its listing standards, rules and regulations. He links the conference agenda on people management, artificial intelligence and business innovation to the quality of governance and management in Nigerian organisations, and urges participants to apply what they learn. Kwairanga closes by describing Africa, with its youthful population and abundant resources, as the potential economic driver of the twenty-first century, provided its enterprises remain focused, innovative and able to harness those advantages. proshare.co/articles/buildin…

The Proshare Index Report at 23 October 2026: Market Cap-Weighted Index Gains as ASI Extends Losses The NGX All-Share Index fell 0.13% in the week ended 23 October 2026, after losses of 0.97% and 0.33% in the two previous weeks. It closed the period 1.59% lower month-to-date, with a year-to-date return of 58.87% against 59.07% a week earlier. The two Proshare indices moved in opposite directions. The Market Cap-Weighted Index rose 0.64% to 1,440.48 points, and the Total Return Float-Adjusted Index fell 0.53% to 1,166.90 points, leaving their year-to-date returns at 49.40% and 76.40%, respectively. Of the twenty NGX indices in Table 1, five advanced, one was unchanged, and fourteen declined. The NGX Industrial Goods Index rose 1.95% and the NGX Premium Index 0.80%, while the NGX Growth and CG indices each added 0.04% and the NGX Pension Board Index 0.03%. The NGX Sovereign Bond Index closed unchanged. Among the decliners, the NGX-AFR Bank Value Index recorded the steepest fall at 3.30%, followed by the Insurance Index at 2.79% and the Oil/Gas Index at 2.55%. The Oil/Gas fall reversed most of its 3.13% gain from the prior week. The Commodity Index fell 1.78%, and the Banking Index shed 0.67%, which takes its loss since the end of September to 7.25%. Measured from 30 September, the Total Return Float-Adjusted Index is down 6.55%, against declines of 1.62% in the Market Cap-Weighted Index and 1.59% in the ASI. Over the full year, the Oil/Gas Index leads with a return of 126.04%, followed by the Premium Index at 101.22% and the Industrial Goods Index at 87.56%. The Insurance, Growth and Sovereign Bond indices remain negative for the year at 11.76%, 3.16% and 3.03% below their 2025 closing levels. The #Dangote Refinery IPO closes on Tuesday, 27 October 2026, after a two-week extension from the original 13 October closing date. The market outlook below sets out Q3’26 earnings releases on the NGX, dividend expectations and movements in the banking and energy indices as the factors bearing on near-term direction. The indicators for the coming trading week are the breadth of buying beyond industrial goods and large-cap stocks, the direction of the ASI after its recent run of weekly declines, and the gap between the Market Cap-Weighted and Total Return Float-Adjusted indices as the IPO window closes. Read more: proshare.co/articles/the-pro…

.@GroupEcobank Cancels October 26 Ordinary General Meeting for Stakeholder Consultations proshare.co/articles/ecobank…