Economy
Nigerian Market Rebounds by 1.05 as Investors Gain N298bn
Dipo Olowookere
After closing in the negative territory for two straight sessions, the Nigerian Exchange (NGX) Limited appreciated by 1.05 per cent on Thursday amid a renewed buying interest.
The bargain hunting increased the wealth of investors yesterday by N298 billion, leaving the market capitalisation of the platform at N28.721 trillion compared with the N28.423 trillion it closed on Wednesday.
As for the All-Share Index (ASI), it returned to the 53,000 mark yesterday after it expanded by 554.15 points to settle at 53,275.49 points compared with the previous day’s 52,721.34 points.
From the analysis of the performance of the key sectors of the market, it was observed that only the industrial goods index was green as it appreciated by 0.14 per cent.
The insurance space lost 1.33 per cent, the energy counter depleted by 0.79 per cent, the banking sector declined by 0.76 per cent, while the consumer goods index went down by 0.23 per cent.
This showed that the mood of the Nigerian market is still volatile as reflected in the market breadth, which was negative yesterday with 29 price decliners and 21 price risers led by Transcorp Hotels, which gained 9.89 per cent to sell at N5.89.
Beta Glass appreciated by 9.74 per cent to trade at N62.55, McNichols rose by 9.60 per cent to N1.94, Veritas Kapital went up by 9.52 per cent to 23 kobo, while Multiverse increased its share price by 9.09 per cent to 24 kobo.
Conversely, Conoil ended the day as the heaviest price loser, depreciating by 10.00 per cent to N28.35 and was followed by Eterna, which declined by 9.59 per cent to N6.60. Prestige Assurance fell by 9.09 per cent to 40 kobo, Chams lost 8.33 per cent to trade at 22 kobo, while Royal Exchange depreciated by 7.35 per cent to N1.26.
Business Post reports that the activity chart was mixed on Thursday as the trading volume and the number of deals went down by 55.14 per cent and 12.84 per cent apiece, while the trading value improved by 13.75 per cent.
Investors bought and sold 274.6 million equities worth N8.5 billion in 5,184 deals compared with the 612.0 million equities worth N7.4 billion transacted in 5,948 deals at the midweek session.
Transcorp was the most active yesterday as it sold 48.4 million shares for N61.4 million, MTN Nigeria transacted 20.6 million equities worth N5.5 billion, Conoil exchanged 14.3 million stocks for N409.1 million, GTCO traded 13.7 million shares worth N328.1 million, while FBN Holdings transacted 13.5 million equities valued at N162.5 million.
By Adedapo Adesanya
About 143 companies that successfully passed the technical and prequalification stages of the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) 2025 Licensing Round will, today, compete for 50 oil and gas blocks at the commercial bid conference in Abuja, the final stage in the allocation process for the assets.
The commission said only the prequalified companies have been invited to attend the event, which will hold at the Conference Centre of the Transcorp Hilton Hotel, Abuja, stressing that participation is strictly by invitation.
The commercial bid conference will determine the successful bidders for oil and gas assets located across Nigeria’s producing and frontier basins.
The 50 blocks comprise 16 onshore blocks and 18 shallow water blocks in the Niger Delta, one deep offshore block, three onshore blocks in the Benin Basin, four in the Anambra Basin, four in the Chad Basin, and four in the Benue Trough.
According to the commission, the winning bids will be determined through a transparent evaluation process based on clearly defined commercial parameters. These include the signature bonus offered by bidders, the proposed work programme commitment and the level of performance security provided. The final selection will be based on a weighted technical and commercial score.
The licensing round is being conducted under the provisions of the Petroleum Industry Act (PIA) 2021, which requires a transparent and competitive process for the award of petroleum assets.
NUPRC had announced the commencement of the 2025 Licensing Round on November 11, 2025, before opening the online bid portal on December 1, 2025, to enable interested companies to register and participate in the exercise.
To ensure prospective investors fully understood the requirements, the commission organised a pre-bid conference on January 14, 2026, at Eko Hotels and Suites, Lagos. The event provided detailed explanations on the licensing guidelines and bidding procedures to registered participants and other stakeholders.
Registration and submission of prequalification documents closed on February 27, 2026, while the prequalification evaluation was completed on March 16, 2026.
NUPRC disclosed that 286 companies initially submitted applications for prequalification.
Following the evaluation process, 196 companies were cleared to participate in the technical and commercial bid stages.
The prequalified 143 companies eventually submitted a total of 200 bids for the available oil and gas blocks. These companies are now set to compete at the commercial bid conference, where the financial offers will be opened and evaluated to determine the eventual winners.
The licensing round is expected to attract fresh investment into Nigeria’s upstream petroleum sector, boost exploration activities across both producing and frontier basins, increase crude oil and gas reserves, and support the country’s drive to grow production and government revenue.
It also underscores the regulator’s commitment to implementing a transparent, competitive and investor-friendly licensing regime under the Petroleum Industry Act.
By Adedapo Adesanya
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained all key monetary policy parameters following the conclusion of its two-day meeting on July 21, 2026, on Tuesday, maintaining its tight monetary policy stance to curb inflation and support macroeconomic stability.
According to the Governor of the apex bank, Mr Yemi Cardoso, who chaired the committee, the Monetary Policy Rate (MPR), which serves as the benchmark interest rate, remains at 26.50 per cent. The MPC also retained the asymmetric corridor around the MPR at +50 basis points and -450 basis points.
In addition, the Cash Reserve Ratio (CRR) for commercial banks was left unchanged at 45.00 per cent, while the CRR for merchant banks remains at 16.00 per cent. The committee also retained the CRR on non-Treasury Single Account (Non-TSA) public sector deposits at 75.00 per cent, with the liquidity ratio at 30.00 per cent.
The decision reflects the apex bank’s continued commitment to containing inflationary pressures through a restrictive monetary policy while safeguarding the resilience of Nigeria’s financial system amid ongoing macroeconomic adjustments.
By keeping all policy tools unchanged, the MPC signalled its intention to continue managing excess liquidity in the banking sector and maintain stability in financial markets.
The move is also expected to provide greater policy certainty for investors and businesses monitoring the country’s monetary policy direction.
The latest decision also means borrowing costs are likely to remain elevated in the near term as the central bank continues to prioritise price stability over monetary easing.
Analysts had expected the CBN committee to retain the rate after Nigeria’s headline inflation came in at 15.91 per cent as of June 2026, marking a slight decline from 15.93 per cent in May.
However, even as overall price growth has moderated significantly compared to previous periods, food inflation remains a persistent challenge, accelerating to 17.52 per cent in June.
By Aduragbemi Omiyale
Shareholders of Unilever Nigeria Plc will receive an interim dividend of N2 per share, the board of the organisation has said.
The cash reward was announced after the company released its financial statements for the first half of the year ended June 30, 2026.
The payment will be made on Friday, August 14, 2026, only to investors whose names appear on the Register of Members at the close of business on Friday, July 31, 2026.
A quick look at the financial performance of the firm in the first six months of this year showed that revenue improved by 22.22 per cent to N119.9 billion from the N98.1 billion achieved in the corresponding period of last year.
A rise in earnings also resulted in a 16.43 per cent surge in cost of sales, though this did not shrink the gross profit, which rose by 29.93 per cent to N54.7 billion from N42.1 billion. The operating profit stood at N24.4 billion in the period under review, higher than N18.8 billion in the same period of 2025, while the net finance income contracted by 9.43 per cent to N4.8 billion from N5.3 billion due to elevated borrowing costs.
Business Post reports that despite higher taxes paid in the first six months of 2026, the net profit grew by 8.33 per cent to N15.6 billion from N14.4 billion, enabling the board to pass on value to shareholders for their faith in the firm.
