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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
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…
Proshare retweeted
Beyond the headlines grounded in facts, the Proshare HardFacts Conversation brings together industry leaders and market movers to explore the strategies, opportunities, and realities shaping Nigeria’s economic landscape.
Watch out for the next episode.
#ProshareHardFacts #NigeriaEconomy #EconomicGrowth
Proshare retweeted
Join Dr. Wilson Erumebor @wilsonrume, Deputy Chief Economist, @officialNESG, on our Economy and Politics Conversation anchored by @ottoabasi1 to discuss "Reforms and Jobs: Turning Nigeria’s Economic Gains into Shared Prosperity"
Watch the full conversation on our YouTube channel: youtube.com/@webtvnigeria
📅 Monday, October 26, 2026
⏰ 10:00AM WAT
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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…
Proshare retweeted
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 #MonetaryPolicyRate 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.
#Fitch 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 #IMF's 2026 Article IV linked a 2.7% of GDP statistical discrepancy 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.
Tilewa 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.
READ MORE>>> proshare.co/articles/nigeria… via @proshare @ecopoliticsNG
At the Chartered Institute of Directors (@CIoDNigeria) Nigeria Workshop on Ethical Leadership and Professional Standards for Directors on 15 October 2026, Hafiz Bakare, former Managing Director and Chief Executive of @keystonebankng, examined the ethical risks arising from digital transformation and the practical responsibilities of corporate boards. His keynote, adapted here, places artificial intelligence, sustainability reporting, data protection, remote working and social media conduct within the wider discipline of board oversight.
Bakare argues that digital technology, data privacy law, and changing workplace practices have widened directors' legal and ethical liabilities, and that boards need trained ethical reflexes alongside established compliance processes. Algorithmic bias, selective sustainability disclosures, cyber breaches and the tension between employee monitoring and privacy expose institutions to operational, regulatory and reputational consequences. He sets out three decision-making models, PLUS, ACES and 5P, supported by the front-page test, a designated devil's advocate, independent internal audit, ethics committee charters and bonus clawbacks.
His argument lands as the Nigeria Data Protection Commission's 2025 General Application and Implementation Directive requires major data controllers and processors to file annual compliance audit returns, with larger categories filing through licensed compliance organisations. Bakare concludes that corporate ethics is a risk-mitigation tool that requires active board oversight, and that ethical governance is an ongoing discipline that goes beyond checklists.
proshare.co/articles/ethical…
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…
.@dacurateinsight Announces Fourth Secondary School Leadership Debate, Themed “Leadership and Innovation,” with N1.5 Million in Prizes
proshare.co/articles/dacurat…
First Holdco Plc Declares N744.45bn PAT in Q3 2026 Unaudited Results; (SP: N135)
Key Highlights in Q3 2026
• Interest Income declined by 8.69% to N2.09trn from N2.29trn
• Profit before tax stood at N911.24bn
• Profit after tax stood at N744.45bn
• Share Price currently stands at N135
proshare.co/articles/first-h…
Stanbic IBTC Sets N159.86 Reference Price for 2026 Interim Scrip Dividend
proshare.co/articles/stanbic…
Unilever Nigeria Sustains Growth in Q3 2026, Delivers N184bn Revenue and Declares Interim Dividend
proshare.co/articles/unileve…
CBN Approves JPMorgan’s Proposed Entry into Nigeria’s Merchant Banking Sector
proshare.co/articles/cbn-app…
.@GroupEcobank Cancels October 26 Ordinary General Meeting for Stakeholder Consultations
proshare.co/articles/ecobank…
Proshare retweeted
What to Expect from the Markets this Week – 261026
Nigeria’s financial markets closed the week ended 23Oct26 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 NGX 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 19Oct26 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. 55 equities declined and 20 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 NASD 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, closes on 27Oct26 after a two-week extension from 13 October. On 28Oct, 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 29Oct26 and the Bank of Japan decision on 30Oct26. Proshare @TheAnalystNG 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.
READ MORE>>> proshare.co/articles/what-to… via @proshare
Proshare retweeted
#WhatToExpect: Check the slides to see our programmes and events schedule for next week.
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#ProshareHardFacts
#WebTVFocus
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…
The Nigerian Economic Dashboard, 23rd October, 2026, via @ecopoliticsNG
🔗 proshare.co/articles/what-to…
cc: @FinMinNigeria, @NGRPresident, @cenbank, @DMONigeria, @ngxgrp, @NASDNG, @NBS_Nigeria
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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…
