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In Eight Months Of Tinubu Administration , Nigeria’s Stock Market leads The World
By Bayo Onanuga....KINDLY READ THE FULL STORY HERE▶
The Nigerian economy is looking good in some sectors. This is not a harebrained assessment, despite the high inflation and the unstable exchange rate of the Naira. Those who doubt this don’t need to look far, for a reality check. The economic boom is happening at the Nigerian Exchange, where stockholders are not only recording unprecedented capital gains, but are poised to earn equally unprecedented dividends on their investments. The prosperity promised by President Bola Ahmed Tinubu during the campaign is becoming a reality, for millions of Nigerian investors, among whom will be the 6.6 million Nigerian shareholders of MTN, the biggest telco in the country… CONTINUE READING

The upswing in the market began 30 May 2023, the second day Tinubu was sworn into office. What triggered the big rally in the market was the announcement by the new President of the end of the fraudulent petrol subsidy regime. The market took notice of this bold measure, along with the President’s promise to harmonise the exchange rate. Although the latter remains ‘work-in-progress’, it has been a bullish run in the market since then.
The All Share Index which tracks the general market movement of all listed equities on the Nigerian exchange was 55,738.35 on 30 May 2023, a day after Tinubu was sworn in. In July it rose to 65,091. By 24 December, it reached 73,768, which as Bloomberg reported on 1 November, when the ASI first crossed the 70,000 mark, was the highest on record.
As at the close of trading on Friday 19 January, the index leapfrogged to 94,538.12, more than 69 percent growth, since last May, creating yet another huge record.
Market capitalisation also grew exponentially from N30.3 trillion recorded at end of May 2023 to N51.7 trillion on 19 January 2024. This means investors have gained more than N20 trillion since Tinubu came into office.
The record gains have made the Nigerian Stock Market the best in the world, outperforming the MSCI Emerging Markets Europe, Middle East and Africa Index.
Not surprising, investors are bringing more and more money to the market. Last Friday alone, 844.4 million units of stocks valued at N15 billion were traded in 15,255 deals.
The phenomenal growth of the market was fuelled by the record profits announced by many Nigerian banks and some of the manufacturers, such as Dangote Cement, Bua Cement, Lafarge Africa, formerly known as WAPCO.
The banks were the first to rally the market into a frenzy, beginning from their second quarter reports, when they reported huge gains from their forex dealings. Zenith announced earnings per share in H1 at N9.29 from N3.55 in the same period of 2022. UBA’s earnings per share stood at N10.95 in H1 2023 from N1.98 per share in the same period of 2022.
The positive Q3 reports also threw the market into more frenzy as banks announced further increases in profits. Investors, in response lapped up the shares of the banks, sending the prices higher.
UBA Plc which at the beginning of 2023 was trading at about N8 has seen the biggest jump in its stock price. By last Friday, it traded for N32. Access Bank which started the year at about N11-N12, has soared to N29. Zenith and GTCO are now trading in the N40s, from about N24-25 in January 2023. First Bank , FCMB, Fidelity, Sterling, Wema, Stanbic have all experienced the upswing in prices.
Dangote Cement, Bua Cement and Bua Foods, Flour Mills of Nigeria, Okomu Oil, Presco, Transcorp, NAHCO and WAPCO have similarly experienced some boom. Dangote on Friday, sold for N538, adding N48.9 to its weight, from its previous close of N489.9. WAPCO, otherwise known as Lafarge Africa traded at N31 in December. On 19 January, it traded for N47.
The rise in stock prices is being propelled by investors who are taking positions, according to EDC Securities Research, ‘in fundamentally driven stocks as we approach the earnings season”. The expectations and sentiments out there among the investors are that some dividend windfall is on the way.
The prosperity promised by the Tinubu administration may not be felt by all our 200 million people simultaneously. But it will not be far away as the government confronts the low inflow of forex into the economy, the fundamental reason exchange rate has gone bonkers and prices of imported and locally produced goods have increased. President Tinubu and his cabinet expressed concern about the rising costs of pharmaceutical products at the last Federal Executive Council meeting. His government is poised to implement a series of measures to assist local drug manufacturers so that they lower the costs.
To address the low forex inflow, Nigeria is discussing as much as $1.5 billion of World Bank funding support for the budget, Finance Minister Wale Edun said in a Bloomberg Television interview. The country is also looking forward to the fulfilment of the pledge by Saudi Arabia to invest billions of dollars in our economy. NNPC Limited in the coming weeks will continue to be under pressure to bring in more dollars into the country’s foreign reserve to boost dollar availability and overturn bleak predictions for the national currency in 2024.
-Onanuga is the special adviser Information and Strategy to President Bola Tinubu.
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PDP Leadership Shake-Up: Cross River Gets New Chairman As Party Backs Wike’s Rainbow Coalition.
The Cross River State chapter of the Peoples Democratic Party (PDP) has ratified Francis Bullem as its substantive chairman following the resignation of his predecessor, Venatius Ikem.....KINDLY READ THE FULL STORY HERE▶
The party also declared its support for the Minister of the Federal Capital Territory (FCT), Nyesom Wike, and endorsed his Rainbow Coalition.
The decisions were reached on Thursday during the party’s State Executive Committee (SEC) meeting held at its secretariat in Calabar.
In a communiqué issued after the meeting and signed by the State Publicity Secretary, Mike Ojisi, the committee confirmed that it had formally accepted Ikem’s resignation.
It also approved Bullem’s nomination and ratified his appointment as the new substantive chairman in accordance with Article 47, Sections 5 and 6 of the PDP Constitution (2017), as amended.
The development is expected to mark a new phase in the leadership of the party in Cross River State.
On the political front, the SEC endorsed Wike’s Rainbow Coalition and recognised the FCT Minister, a former Rivers State governor, as the party’s national leader.
The endorsement signals the Cross River chapter’s backing for the political platform being championed by Wike.
Meanwhile, the committee raised concerns over what it described as repeated attacks on PDP members and supporters of other opposition parties while conducting legitimate political activities across the state.
It condemned the alleged incidents and called for an atmosphere where political parties and their members could operate without intimidation or harassment.
The SEC also reiterated its commitment to protecting the rights of party members and ensuring adherence to the PDP constitution in the state.
Ikem had resigned as the Cross River PDP chairman on October 16, citing internal divisions, a lack of clear direction and leadership challenges within the party.
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Alleged Coup Plot: Court Admits Suspects’ Confessional Statements, Videos.
The trial of six individuals accused of plotting to overthrow President Bola Tinubu’s administration took a fresh turn on Thursday after a Federal High Court in Abuja admitted their statements and interrogation videos as evidence.....KINDLY READ THE FULL STORY HERE▶
Justice Joyce Abdulmalik ruled that the defendants had failed to establish their claims that the statements were obtained through torture, inducement or coercion.
The defendants had challenged the admissibility of the documents, arguing that they did not make the statements voluntarily. Their objections prompted the court to order a trial-within-trial on May 11, 2026, to determine whether the confessions were made freely.
In her ruling, the judge held that there was no evidence to show that the defendants had acted under duress. She described their claims as an afterthought and found them unconvincing.
Consequently, the court admitted the statements and video recordings as exhibits. The fourth prosecution witness, a military officer identified by the codename AAA, tendered the video recordings.
The matter was adjourned until December 7 and 10 for continuation of the trial.
The six defendants are retired Major General Mohammed Gana, retired Navy Captain Erasmus Victor, Police Inspector Ahmed Ibrahim, Zekeri Umoru, Bukar Goni and Abdulkadir Sani.
The Federal Government arraigned them on April 22, 2026, on 13 counts bordering on treason, terrorism, failure to disclose security information and money laundering linked to terrorism financing.
The prosecution alleged that the defendants conspired to “levy war against the state to overawe the President.”
According to the charge sheet, Goni allegedly retained ₦50 million in funds suspected to be proceeds of terrorism financing, while Sani and Ibrahim were accused of keeping ₦2 million and ₦1 million, respectively.
Umoru was also accused of receiving ₦10 million in cash outside the banking system and possessing an additional ₦8.8 million allegedly linked to terrorism financing.
The prosecution further alleged that Ibrahim and Umoru participated in meetings connected to the purported plot.
Speculation about a possible coup attempt emerged after the Federal Government cancelled the October 1, 2025, Independence Day parade.
Although the Defence Headquarters initially dismissed the reports, it confirmed in January 2026 that investigations had uncovered an alleged plot involving some military personnel.
Meanwhile, families of the detained officers have staged protests and held press conferences, demanding transparent trials and access to their relatives.
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FCCPC Shuts Down Food Factories After Tests Uncover Poor Nutrient Levels
The Federal Competition and Consumer Protection Commission (FCCPC) has sealed the facilities of some food manufacturing companies in Nigeria after discovering poorly fortified vegetable oil and salt products in the market.....KINDLY READ THE FULL STORY HERE▶
The action followed laboratory tests which revealed that 12 per cent of vegetable oil samples and two per cent of salt samples failed to meet the required standards for the addition of essential vitamins and minerals.
The FCCPC’s Executive Vice Chairman, Tunji Bello, disclosed this on Thursday while presenting the findings of a two-month market survey conducted in collaboration with the Global Alliance for Improved Nutrition (GAIN).
The survey was designed to determine whether food manufacturers were complying with Nigeria’s food fortification policy, which requires producers to enrich commonly consumed food products with essential nutrients to prevent nutritional deficiencies.
A total of 200 samples were examined, comprising 100 vegetable oil products and 100 salt products collected from households and open markets across northern and southern Nigeria.
The laboratory results showed that 12 out of every 100 vegetable oil samples and two out of every 100 salt samples contained insufficient levels of the required micronutrients.
The investigation also raised concerns over the labelling of vegetable oil products, revealing that many were being sold without proper branding.
Of the 100 vegetable oil samples tested, 49 were unbranded, while 51 carried identifiable brand names.
The survey further highlighted poor participation by manufacturers in digital systems designed to monitor the quality of fortified food products from production to consumption.
According to the findings, only six vegetable oil manufacturers had registered on GAIN’s Digital Fortification Quality Traceability Plus platform, while just three companies had uploaded a combined eight product test results.
Speaking on the findings, Bello explained that food fortification was a mandatory public health policy aimed at reducing nutrient deficiencies by adding essential vitamins and minerals to widely consumed products.
These nutrients include vitamin A, iron, folic acid, zinc and iodine.
He maintained that Nigerians deserved to receive the nutritional benefits advertised by manufacturers whenever they purchased food products.
Bello noted that consumer protection goes beyond resolving complaints and preventing misleading business practices, stressing that it also involves ensuring that consumers receive the quality and health benefits they pay for.
He disclosed that the FCCPC had issued compliance directives to manufacturers whose products or operations fell below the required standards.
The commission also warned that every batch of food released into the market must comply with established quality and safety requirements.
Bello added that the survey findings had been forwarded to the National Agency for Food and Drug Administration and Control (NAFDAC) for further regulatory action.
He said the move was part of an existing agreement between both agencies to strengthen consumer protection and ensure compliance with food safety regulations.
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