Economy
Stock Market Crashes After Supreme Court Affirms Tinubu as President
By Dipo Olowookere
The stock market depleted by 0.18 per cent on Thursday after the Supreme Court delivered a landmark judgment, affirming Mr Bola Tinubu as the validly elected President in the February 25, 2023, presidential election.
After the presidential poll, Mr Atiku Abubakar of the Peoples Democratic Party (PDP) and Mr Peter Obi of the Labour Party went to the tribunal to upturn the victory of Mr Tinubu of the ruling All Progressives Congress (APC).
However, they failed as the Appeal Court last month said there was nothing wrong with the March 1, 2023, declaration of Mr Tinubu as President by the Independent National Electoral Commission (INEC).
Dissatisfied, they went to the apex court to get their request granted but yesterday, the final court said nothing has changed, leaving them with no other option than to wait till 2027 to achieve their goals.
But the Nigerian Exchange (NGX) Limited reacted negatively to the judgment, closing in the green territory as a result of mild selling pressure, particularly in the financial sector.
The insurance sector was the worst hit as it dropped 1.82 per cent, and banking space shed 0.33 per cent, while the consumer goods index gained 0.12 per cent, with the energy and industrial goods counters closing flat.
At the close of trading activities, the All-Share Index (ASI) decreased by 121.21 points to 67,084.95 points from 67,206.16 points and the market capitalisation fell by N66 billion to N36.857 trillion from 36.923 trillion.
Secure Electonic Technology was the heaviest price loser on Thursday, going down by 10.00 per cent to 27 Kobo and was trailed by CWG, which declined by 9.94 per cent to N7.70. Thomas Wyatt lost 9.84 per cent to close at N4.03, International Breweries slumped by 9.78 per cent to N4.15, and Universal Insurance depreciated by 8.33 per cent to 22 Kobo.
Conversely, McNichols finished as the biggest price gainer after it chalked up 8.93 per cent to sell for 61 Kobo, UAC Nigeria rose by 6.09 per cent to N12.20, Oando appreciated by 4.07 per cent to N8.95, Chams expanded by 3.65 per cent to N1.99, and Nestle Nigeria grew by 2.94 per cent to N1,050.00.
Business Post reports that when the closing bell was beaten by 2:30 pm to signal the end of the trading day, the bourse was with 12 appreciating stocks and 29 depreciating equities, indicating a negative market breadth and very weak investor sentiment.
As for the activity chart, it was weak as the trading value increased by 15.91 per cent, while the trading volume went down by 18.81 per cent, and the number of deals shrank by 13.22 per cent.
A total of 267.7 million shares valued at N5.1 billion were traded in 5,205 deals yesterday versus the 329.6 million shares worth N4.4 billion transacted in 5,998 deals on Wednesday.
Fidelity Bank closed as the busiest equity during the session as it traded 39.8 million units valued at N326.9 million, Chams sold 23.5 million units for N46.4 million, Access Holdings exchanged 20.6 million units worth N347.8 million, UBA traded 19.0 million units valued at N357.3 million, and Japaul transacted 18.3 million units for N16.3 million.
By Aduragbemi Omiyale
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) for the Nigerian private sector in July 2026 contracted to 52.5 points from 53.4 points in June 2026, a statement made available to Business Post has shown.
This occurred despite the business environment sustaining its growth last month, with an increase in new orders experienced, as inflationary pressures softened, and output and employment modestly rising.
The Head of Equity Research West Africa at Stanbic IBTC Bank, Mr Muyiwa Oni, said the PMI indicated that the private sector recorded its slowest since March 2026, as businesses also increased their input purchasing activity to keep up with current demand requirements and prepare for future workloads.
“Nigerian businesses reported improved customer demand in July while better pricing and new product launches also helped them to capture new orders arising from the increase in demand. These factors helped to keep the private sector activity in an expansionary territory, although this moderated when compared to June,” he was quoted as saying.
It was stated that while input costs increased at their slowest pace in five months, panellists reported higher costs for fuel and raw materials. Selling prices also softened in line with the picture for input costs in July.
Headline inflation eased slightly to 15.91 per cent y/y in June from 15.93 per cent y/y in May, snapping three consecutive months of price increases.
Although July inflation is likely to be higher m/m, it is expected to print lower, likely at 15.72 per cent y/y, primarily driven by favourable base effects from the corresponding period of last year, because there are no expectations of the magnitude of m/m inflation witnessed in July 2025 (1.99 per cent) to materialise this year.
“We retain our 2026 growth forecasts at 4.1 per cent as we see the oil sector growing by 3.45 per cent y/y in 2026, from 8.50 per cent y/y in 2025, while the non-oil sector is likely to grow by 4.11 per cent y/y, from 3.71 per cent y/y in 2025.
“The risks to our outlook include country-wide insecurity which may constrain food production, exchange rate pressures resurfacing, extreme-weather related conditions and higher fertiliser prices impacting crop yield, and a volatile global environment which may affect sentiment and constrain capital flows,” Mr Oni noted.
By Adedapo Adesanya
Sahara Upstream, a Nigeria-focused crude producer, has deployed a new 380,000-barrel tanker to boost exports from the OML 18 block as part of a wider push by domestic operators to invest in infrastructure and lift output and exports for Africa’s biggest oil producer.
The MT D Adesanya, which can hold more than 62,000 cubic metres of crude, will operate alongside the MT D Bayero, receiving crude from shuttle vessels at Bonny Anchorage, one of Nigeria’s main crude export hubs, before transferring it to the FSO Cawthorne storage facility.
Sahara said the tanker would help cut turnaround times, currently about 30 to 48 hours, and support a planned 50 per cent increase in exports from the block’s current level of about 950,000 barrels per month.
The block currently produces about 36,000 barrels per day, according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), with Sahara targeting output of 60,000 barrels per day.
OML 18 is one of the Niger Delta’s oldest producing assets. It began production in 1970 and contains an estimated 1.5 billion barrels of oil equivalent in reserves.
Shell, Total and Eni sold their combined interests to Eroton in 2015 as part of a broader shift toward domestic ownership in Nigeria’s upstream sector.
This development comes as Sahara Upstream is deepening its exploration and production footprint through Asharami Energy Limited (AEL), its upstream E&P business, which says it is targeting 350,000 barrels of oil per day by 2030 through its subsidiary, Enageed Resources Limited (ERL).
The growth target comes as AEL also marks a major safety milestone, achieving 6 million Lost Time Injury (LTI)-free man-hours in its OML-148 operations — reinforcing the company’s commitment to operational excellence and safety leadership.
According to Asharami Energy, the milestone reflects its ability to execute complex operations safely, in line with Sahara’s Beyond XXX vision, which builds on the group’s 30-year legacy of responsible enterprise while marking its next chapter of impact, innovation, and sustainable growth.
The developments position Sahara Upstream and its subsidiaries among the domestic operators driving increased investment in Nigeria’s oil and gas infrastructure, as the group works to scale up production and exports for Africa’s biggest oil producer.
By Aduragbemi Omiyale
One of the leading energy firms in Nigeria, Aradel Holdings Plc, has expressed its desire to optimise its enlarged portfolio and improve operational efficiency in the second half of 2026.
The company is planning to build on the success it recorded in the first half of the year, where it grew its revenue by 577 per cent to N2.5 trillion from N368.1 billion in H1 2025.
The significant rise in earnings was driven by higher production volumes together with stronger realised crude oil and gas prices, with the average at $90.4/bbl and $2.08/mmscf, respectively.
In the period under review, the Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased by 688 per cent to N1.4 trillion from N176.4 billion in the corresponding period of last year, while the operating profit surged by 789 per cent to N1.1 trillion from N118.6 billion due to higher revenue and crude handling income at N149.8 billion, partly offset by underlift cost and general and administrative costs.
The net cash generated from operations was N975.6 billion between January and June 2026 versus N140.8 billion in the same period of 2025, reflecting the cash generation of the enlarged organisation.
The net debt contracted by 70 per cent on a year-to-date basis to N46.5 billion from N475.1 billion as of December 31, 2025.
Aradel, in the period under consideration, improved its post-tax profit by 30 per cent to N191.0 billion from N146.4 billion, a development that impressed its chief executive, Mr Adegbite Falade, who said, “A firmer price environment supported performance, generating net cash from operating activities of N975.6 billion and a closing cash balance of N1.7 trillion.”
“Our enlarged portfolio provides more opportunities to generate stronger cash flow and returns for shareholders and unlocking that potential is our main focus.
“We reaffirm our full year production guidance of 110 – 140 kboepd and remain committed to operating responsibly in a changing energy landscape and to delivering lasting value for our stakeholders,” he stated.
