The Market Pulse

Research Insight #3 | OPDC Disposal

After analyzing Oando H1 2026 results, the Group is preparing for another material portfolio change.

Oando is selling its 45% interest in OML 56, now PML 23, through the disposal of OPDC to Energia Limited for a base consideration of $48.45m

Your 10m invested in Zenith Bank last December will worth 21.8m with 1.4m of that figures will be dividends received.

If you like be listening to the naysayers on NGX✌🏼

Without Tinubu’s reforms, subsidy could’ve hit ₦53tn, dollar ₦3,500 — NRS boss

The Nigeria Revenue Service says reforms under President Tinubu prevented fuel-subsidy costs from potentially reaching ₦53 trillion and the naira from weakening to ₦3,500 per dollar. The remarks highlight inherited challenges involving subsidy payments, oil-sector performance and Nigeria’s narrow tax base.

Research Insight #2 | Revenue vs Profit

After analyzing Oando H1 2026 results, revenue growth and underlying profitability tell two different stories.

Supply & Trading, which accounted for roughly 83% of revenue, recorded strong revenue growth but generated only about ₦7.1bn

Fuel subsidy could have hit ₦53tn without Tinubu’s reform – NRS chair

NRS Chairman Zacch Adedeji said Nigeria’s petrol subsidy bill could have reached ₦53 trillion without the Tinubu administration’s reform. The statement highlights the scale of subsidy-related fiscal exposure and the broader macroeconomic significance of fuel subsidy removal for Nigerian businesses and consumers.

NERC dissolves Kaduna Electric board over poor performance

The Nigerian Electricity Regulatory Commission has dissolved the board of Kaduna Electricity Distribution Company over poor performance. The action follows the company’s takeover by ASI Engineering Limited in June 2024 and represents a regulatory development in Nigeria’s electricity distribution sector.

@IrediaeugenePM With 300m, uba can easily give me 10m every month and my initial capital, anytime i need it. Might not be up to 10m every month sha, but e go still be millions

@Faustina8ou @wemabank She dey use wema and I dey use wema. God is this a sign? 😑

@Sinclairlegal Hi @Sinclairlegal, thank you for bringing this to our attention. Please note that Stanbic IBTC does not have agents or support pages; our only official social media handle across all platforms is Stanbic IBTC. We have shared this with our team. Thank you.

@AsakyGRN You could’ve invested in Seplat, Presco, Ellah Lakes, Okomu even banks like fidelity and you’d have made 10m within 1 year

@stockyvest GTCO and Zenith here, please bring the dividends. Even MTN dividend isn't bad.

NERC seizes control of Kaduna DisCo over N456.5 billion debt crisis

The Nigerian Electricity Regulatory Commission has taken control of Kaduna Electricity Distribution Company and dissolved its board amid reported cumulative market obligations of approximately N456.5 billion. The intervention is a regulatory development affecting Nigeria’s electricity distribution sector, which is relevant to NGX users monitoring listed utility companies.

Investor confidence has equally improved. Foreign capital inflows increased from $12.32 billion in 2024 to $23.22 billion in 2025, representing nearly a 90 percent increase. The Nigerian Exchange has also experienced unprecedented growth, with the All Share Index surpassing

The brands Nigerians encounter on supermarket shelves, in homes and at retail outlets are also among the largest companies listed on the Nigerian Exchange (NGX).

Research Insight #1 | The Profit Reversal

After analyzing Oando H1 2026 results, one factor stands out behind the reported profit: tax.

Oando recorded a ₦116.8bn corporate income tax provision reversal relating to over-provisions from prior periods.

That is significant

NDPHC Urges Electricity Optimisation To Accelerate Nigeria’s Socio-Economic Growth

NDPHC Managing Director Jennifer Adighije called for optimisation of Nigeria’s electricity infrastructure, describing reliable power as essential to industrialisation, investment and sustainable economic development. The statement highlights power-sector efficiency and infrastructure as broader macroeconomic issues relevant to utilities and electricity-dependent listed businesses.

First Securities emerges Nigeria’s No. 1 broker as Bamboo dominates retail trades

Retail investors accounted for approximately one-quarter of trades on the Nigerian Exchange between January and July 2026. Lambeth Capital, through its brokerage partner Bamboo, reportedly led retail trading activity for a seventh consecutive month, while First Securities emerged as Nigeria’s top broker.

What stocks topped the market last week ? These are the top gainers on the NGX last week. https://t.co/gxhYzuy2AD

NRS Chairman, Zacch Adedeji, lists four economic distortions inherited by Tinubu

Nigeria Revenue Service Chairman Zacch Adedeji identified four major economic distortions inherited by the Bola Tinubu-led administration. The report does not specify the distortions in the provided text, but the subject relates to Nigeria’s macroeconomic conditions, which can influence the operating environment for listed companies and market participants.

@JobOwajima34921 @wemabank Like they’re using monitoring mirrors