Daily Business Reporter

Nigeria’s money market fund industry continued its strong expansion in April 2026, with total net asset value (NAV) rising to N5.68 trillion from N5.45 trillion recorded in March, reflecting growing investor appetite for low-risk investment options amid elevated interest rates and ongoing market uncertainty. According to data compiled from the Securities and Exchange Commission (SEC) […]

Coronation Insurance Plc has been named the winner of the “Best Customer Care Awards 2026 – Insurance & Risk Management” at the 15th edition of the West Africa Innovation Awards, which held on Thursday, May 7, 2026, at the WaterCress Events Centre, Ikeja, Lagos. This recognition highlights Coronation Insurance Plc’s continued commitment to delivering exceptional

The Federal High Court in Abuja has convicted British national James Nolan in absentia over money laundering offences connected to the controversial $9.6 billion Process and Industrial Developments (P&ID) dispute. Justice Obiora Egwuatu also convicted Micad Project City Services Ltd, a subsidiary linked to Process and Industrial Developments Ltd, after finding the company guilty on

  The Nigerian equities market extended its bullish momentum on May 11, 2026, gaining 5,709.7 points to close at an all-time high of 250,485.6 points. The strong rally represented a 2.33% increase from the previous close of 244,775.8 points, driven by renewed investor confidence in large-cap stocks, particularly banking equities and industrial giants. Market capitalisation

Exchange Traded Funds (ETFs) listed on the Nigerian Exchange Limited (NGX) posted a broadly positive performance in the week ended May 8, 2026, as investor sentiment improved following heavy selloffs recorded in the previous week. Leading the rally was the SIAML Pension ETF 40, which surged 58.78% to close at ₦9,349.99 from ₦5,888.48. The sharp

  Abbey Mortgage Bank Plc is seeking shareholder approval to raise up to ₦164.5 billion through a combination of equity and debt issuances as part of a broader restructuring and growth strategy. The proposal will be considered at the bank’s 34th Annual General Meeting (AGM), scheduled to hold virtually on May 25, 2026. Breakdown of

Nigeria’s five Tier-1 banks — commonly referred to as the FUGAZ banks — recorded combined impairment charges on customer loans of ₦2.365 trillion in their audited 2025 financial results, marking a sharp 64% year-on-year increase from ₦1.44 trillion in 2024. The banks involved are: FirstHoldCo Plc United Bank for Africa Plc Guaranty Trust Holding Company

Despite signs of easing tensions in the U.S.-Iran conflict and a recent decline in global crude oil prices, economists warn that Nigerians may not experience immediate relief from rising living costs. Structural weaknesses within the economy, exchange rate instability, and persistent inflationary pressures are expected to keep prices elevated in the months ahead. Brent crude

The Nigerian Exchange (NGX) extended its bullish run on Friday, 8 May 2026, closing at a record-breaking high as strong investor demand across major stocks lifted the market to unprecedented levels. The All-Share Index (ASI) advanced by 4,936.03 points to close at 244,670.65, representing a 2.1% increase from the previous close of 239,734.62. The strong

NGX Regulation Limited (NGX RegCo) has introduced stricter compliance requirements for online trading platforms, warning brokerage firms against deploying digital trading systems without prior regulatory approval as part of broader efforts to strengthen investor protection, cybersecurity standards, and market integrity within Nigeria’s capital market. The directive, contained in a recent circular signed by the Head