The Market Pulse

Insurers’ customer service key to deepening market penetration, building trust – emPIE

Insurance customer service is being highlighted as a factor in expanding penetration and building trust in Nigeria. The discussion concerns the broader insurance market, without identifying a specific listed insurer or reporting company results or corporate actions.

FG pushes back as World Bank says debt interest swallows 124% of revenue

The Federal Government disputed the World Bank’s claim that interest payments amounted to 124% of revenue in the first half of 2026. It said the figure excludes some government revenue and combines debt obligations across different tiers of government.

75.5% in USD. The NGX led African markets in the first nine months of 2026; naira strength helped. At ₦163.11tn market cap, will Q4 confirm a structural rerating, or expose a currency-led rally? BIA Intelligence https://t.co/FTe3GNQF1s

Nigeria’s inflation mirage: Food prices fall, but core pressures mount

Nigeria’s headline inflation fell to 14.63% in September 2026 from 15.39% in August and 20.98% a year earlier, according to the NBS. The article’s title notes that core pressures are mounting despite the decline in food prices.

‘Nigeria Rising’: Oyedele says reforms are changing how world sees Nigeria

The Federal Government says Nigeria’s international perception is changing as it pursues a tax overhaul and broader economic reforms. It describes these measures as part of a shift towards sustainable growth and shared prosperity.

📈 Markets: NGX had a mixed week — ASI fell 0.33%, market cap down ₦534.77bn to ₦160.73 trillion. Banking lost 3.15% while Oil/Gas gained 3.13%. Dangote Refinery's IPO (closing in 9 days) has drawn a bullish analyst valuation of ₦700/share, 33% above the ₦525 offer price.

Veritas Kapital Assurance swings to N3.16 billion pre-tax profit in 2025, as profit after tax rises 86%

Veritas Kapital Assurance Plc reported 2025 profit after tax of N3.046 billion, up from N1.634 billion in 2024. Pre-tax profit was N3.156 billion, compared with a pre-tax loss of N1.485 billion a year earlier.

Navy uncovers illegal refinery with 114,500 litres of petroleum products, arrests 10

The Nigerian Navy uncovered a suspected illegal refining site in Rivers State containing approximately 114,500 litres of petroleum products. Separately, a joint operation with the NDLEA in Delta State led to the arrest of 10 suspected drug offenders.

FG’s guarantees and contingent liabilities hit N7.84 trillion as dollar swap accounts for 35%

The Federal Government’s outstanding guarantees and contingent liabilities reached N7.84 trillion as of June 30, 2026. Collateral for a $1.5 billion Total Return Swap accounted for N2.74 trillion, or 34.99% of the total.

FG begins construction of 16MW mini-grids, commissions 1MW solar project in Gombe

The Federal Government commissioned a 1MW solar mini-grid with battery storage in Tallasse, Gombe State, and began construction of four interconnected mini-grid projects with a combined capacity of 16MW.

Rivers’ economy gets fresh boost with upcoming N4.66trn petrochemical plant

Rivers State’s economy is set to receive a boost from an upcoming petrochemical plant valued at N4.66 trillion. The state’s economy is estimated at $20 billion, with ambitions to narrow the gap with Lagos, estimated at about $259 billion.

PINL experts say host communities hold key to Nigeria’s 3mbpd target for 2030

Experts at Pipeline Infrastructure Nigeria Limited say cooperation with host communities will be key to Nigeria reaching its target of producing three million barrels of crude oil per day by 2030.

Nigeria’s stock market lost ₦535 BILLION last week. Yet 50 stocks gained, while only 30 declined.

And some of the reported stock losses are misleading if you ignore dividends.

Here’s what investors should understand.

The NGX closed the week ended October 16 with:

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UNDC seeks PINL contract extension on reported oil production gains

The United Niger Delta Congress has urged the federal government to extend Pipeline Infrastructure Nigeria Limited’s pipeline surveillance contract, citing reported gains in oil production.

CBN moves to ease Nigeria-China payments as Cardoso takes talks to Beijing

CBN Governor Olayemi Cardoso said Nigeria will pursue stronger cross-border payment arrangements with China during an upcoming visit to Beijing. The initiative is intended to deepen financial cooperation and support bilateral trade and investment.

World Bank report: ADC asks Tinubu to explain missing $12.4bn

The African Democratic Congress has asked President Bola Tinubu to explain a reported $12.4 billion gap in Nigeria’s external accounts, citing a World Bank report.

@ProfitableMan1 Yes — on the NGX, equities still make up almost all of what brokers trade. This past week was about ₦98bn in equities versus a few hundred million at most for bonds and ETFs. If you’re tracking where the money is moving, the equity brokers are still the place to look.

Transcorp Hotels reports N22.53 billion pre-tax profit in 9 months 2026

Transcorp Hotels Plc reported a profit before tax of N22.53 billion for the nine months ended September 2026. The earnings update relates to the listed company’s financial performance.

3 things I’ve stopped doing in 11 months of NGX investing 👇

* Checking the price every hour

* Acting on a tip without reading the filing

* Judging a stock by how this week went

I didn’t stop any of them overnight. Still working on the first one.

These Billionaires’ Scorecard on the NGX

Nigeria’s biggest investors are actively reshaping ownership and valuations on the Nigerian Exchange in 2026.

1. Femi Otedola

Femi Otedola has made First HoldCo the centrepiece of his listed portfolio. After a series of open market https://t.co/qtGoIeJo65