Proshare has opened the survey for the 12th edition of its Online Trading Report, themed “Nigeria’s Capital Market Reforms in a World of Shocks.” The study will examine how regulatory reforms, digital innovation, changing investor behaviour and emerging risks are reshaping Nigeria’s online investment ecosystem. The report will assess developments across the NGX, NASD OTC market, AFEX, LCFE, and FMDQ, with a focus on market access, efficiency, transparency, investor participation, and digital resilience. Capital Market Operators, financial services firms, fintech stakeholders, platform users and retail investors are invited to participate in the 8–10-minute survey. The survey runs from October 19 to October 30, 2026, with the report scheduled for release in the second week of November. #OnlineTrading

Nigeria’s Private Sector Credit Growth Accelerates to N83.9trn as of September 2026 as Broad Money Supply Rises 24.5% proshare.co/articles/nigeria…

Seven months after the Central Bank of Nigeria’s March 31, 2026 recapitalisation deadline, @TeslimShittabey, Director of Research and Chief Economist at Proshare, reviews what the programme delivered and what remains unsettled. He credits the exercise with meeting its capital objective, as 33 of 37 banks complied and raised N4.65trn, 72.55% from domestic investors and 27.45% from abroad, without bank failures, depositor losses or service disruption. He also records that compliance was concentrated in the closing weeks, that Union, Polaris and Keystone banks remain under CBN intervention alongside a fourth unnamed bank, and that the three intervened lenders are estimated to need over N350bn to retain national licences. Shitta-Bey’s central argument is that the harder phase concerns converting new capital into private credit. He sets out seven issues across three pillars, citing a fall in sector return on average equity to 20.63% in FY25 from 31.03% in FY23–24, an estimated N2.9trn of loan write-offs equal to about 62% of new capital, the CBN’s June 2026 HoldCo exposure drafts, and a 350bp cut in the Monetary Policy Rate to 23% that left the 45% Cash Reserve Requirement unchanged. His base case is a gradual conversion of capital into credit, with loan growth near 20%, returns recovering toward 20% in 2027 and non-performing loans drifting to between 5% and 6%. He places capital productivity, the reserve requirement and the final HoldCo rules at the top of the Q4 2026 agenda. Cc: @cenbank, @olayemicardoso1, @SECNigeria, @BDAN_NG, 🔗Read the full analysis: proshare.co/articles/nigeria…

Klump (@UseKlump) is shutting down after five years and having raised $1.2m. Not because Nigerians didn’t want instalments at checkout. They did. Because lending at scale takes capital, and the debt never came. Tosin Adeoti works through the economics, including what it actually costs to fund a ₦100,000 purchase over three months versus twelve, and lands on something uncomfortable for every fintech sitting between the customer and a bank’s balance sheet. proshare.co/articles/klumps-…

Repositioning Nigeria’s Regions: Building Competitiveness for Sustainable Economic Growth xitter.cf/i/broadcasts/1PJqrNval…

DLM Asset Management, part of DLM Capital Group, received an ‘a.AMA’ rating from Intelligence Africa as its funds under management grew 269% by September 2026. proshare.co/articles/dlm-ass…

AI adoption will not deliver business transformation on its own; organisations also need people, governance, and leadership structures to make the technology work. @alx_africa argues that successful implementation requires coordinated investment in employee training, leadership accountability and clearly defined business use cases, supported by its four-stage framework: Diagnose, Design, Deliver and Measure. proshare.co/articles/the-fut…

.@TranscorpGroup Delivers N111.4bn Profit Before Tax in 9M 2026 Financial Highlights • Revenue: N357.4 billion (9M 2025: N412.4 billion) • Profit Before Tax: N111.4 billion (9M 2025: N124.5 billion) • Profit After Tax: N75.1 billion (9M 2025: N91.4 billion) • Earnings Per Share: 429 kobo (9M 2025: 534 kobo) • Total Assets: N1.13 trillion (December 2025: N1.00 trillion) • Total Equity: N387.8 billion (December 2025: N353.4 billion) proshare.co/articles/transco…

Another electioneering season has opened in Nigeria, and the cost of contesting, how campaigns are financed, and the post-election distribution of appointments and contracts together shape how economic opportunity is allocated. Writing in a satirical register, Suleyman A. Ndanusa separates two systems that operate as one. The political economy governs how political power distributes wealth through appointments, contracts, licences, waivers and concessions. The economy of politics governs how private wealth acquires power and what it expects in return once the acquisition is complete. His central claim is that a winning candidate takes office carrying an invisible ledger: obligations to citizens on one page and obligations to those who financed the campaign on another, and that appointments, contracts, and the siting of projects are used to settle the second. He argues that patronage persists because it substitutes for institutions that have stopped delivering services as rights, which is why replacing officeholders changes little, and why moving from a presidential to a parliamentary system would not by itself alter political behaviour. The reform he presses for reaches campaign finance, party accounts, procurement and the cost of lawful political participation. proshare.co/articles/the-pol…

Nigeria in 1min: Economic, Business and Financial Market Headlines – 27 October 2026 Equities advanced for a second session on Monday. The All Share Index rose 1.65% to 251,290.54 points, and market capitalisation increased by N2.64trn to a record of about N163.15trn, although decliners outnumbered gainers by 30 to 24. @DangoteCement gained 10%, and the #BDC rate closed unchanged at N1,375 per US dollar. The Federal Government released a proposed Nigeria Economic Policy Framework for consultation until 27 November. It provides for a policy impact statement on every major economic intervention and an annual national economic scorecard on real wages, productive jobs and poverty. The Finance Minister said the government is targeting single-digit inflation before the end of 2027. Domestic refiners received more than 127m barrels of crude and condensate in the nine months to September, and the upstream regulator is consulting on a crude swap framework estimated to cut the cost of each barrel by US$3 to US$4. @TranscorpGroup reported profit before tax of N111.4bn on revenue 13.3% lower, and @TotalEnergies Marketing Nigeria returned to profit. The @WHO said Nigeria currently has no Ebola case after the patient was evacuated to Switzerland. Proshare will track the close of the #Dangote refinery public offer today and the collated returns due on 3 November, submissions on the policy framework, the terms of the crude swap framework and further third quarter filings. Cc: @business, @BusinessDayNg, @Nairametrics, @thecableng, @PremiumTimesng, @thesunnigeria, @THISDAYLIVE, @LeadershipNGA, @Reuters, @MobilePunch, @vanguardngrnews, @GuardianNigeria, @CNBC, @TechCrunch, @AP,@LANACION, @TecheconomyNG, @Marketscreener, @bsindia, @BD_Afric, @PesaWal, @afreximban, @NewsHou, proshare.co/articles/nigeria…

Nigeria’s equities market continued its recovery on Monday, 26 October 2026, posting its second consecutive gain as the @ngxgrp All-Share Index rose 1.65% to close at 251,290.54 points. Market capitalisation increased by N2.64trn to about N163.15trn, and the year-to-date return improved to 61.48%. The 4,068.27-point gain was about 1.8 times Friday’s 2,265.33-point gain, and the benchmark closed 0.53% below its 28 September close of 252,635.11 points, by Proshare’s computation. Market breadth weakened to 24 gainers against 30 decliners. @DangoteCement (+10.00%) led the gains for a second session, lifting the NGX Industrial Index 5.37%. FIRSTHOLDCO (+7.56%), @theaccesscorp (+4.15%), GTCO (+2.54%) and @ZenithBank (+1.26%) pulled the Banking Index up 2.34%. Trading activity was lower in volume but higher in value. Volume fell 46.13% to 329.53 million shares, while value traded rose 9.98% to N25.45bn and deals rose 30.12% to 43,700, by Proshare’s computation. DANGCEM recorded the highest value at N6.39bn, or 25.11% of the total, followed by ZENITHBANK and @aradelholdings. ZENITHBANK recorded the highest volume at 25.92 million units, or 7.87%. Excluding DANGCEM, value traded was N19.06bn, about 17.6% below Friday’s N23.14bn, by Proshare’s computation, so the rise in value rested on DANGCEM. In the foreign exchange market, the naira depreciated by 0.42% to N1,367.61/US$ at the #NFEM window, while the average #BDC rate remained unchanged at N1,375/US$. The spread between the two markets narrowed to 0.54% from 0.97%, by Proshare’s computation. Brent crude fell 1.58% to US$114.87 per barrel, though continued attacks on Saudi Arabia kept prices near six-month highs, and gold rose 0.63% to US$4,023.74 per ounce. The Oil and Gas Index rose 0.88% despite the fall in Brent, with ARADEL (+2.48%) among the gainers. International Breweries, United Capital, NPF Microfinance Bank, NCR (Nigeria), Union Dicon Salt, Ikeja Hotel and UH Real Estate Investment Trust filed their third-quarter 2026 financial statements on Monday. Chams Holding Company and The Initiates filed board meeting notices. Proshare will track whether buying in the heavily weighted banking and industrial stocks holds and spreads to the wider market, the Oil and Gas Index against Brent crude, further third-quarter filings and the BDC–NFEM spread in subsequent sessions. Read more: proshare.co/articles/ngxasi-…

Nigeria’s Subnational Domestic Debt Nears N4.6trn as of June 2026 as Revenue Shapes State-Level Sustainability proshare.co/articles/nigeria…

AVA Capital Approves Dividend Policy, Targets 35%–70% Payout of Net Profit proshare.co/articles/ava-cap…

How can Nigeria’s regions become more competitive and drive sustainable economic growth? Join Proshare Hard Facts for a conversation on “Repositioning Nigeria’s Regions: Building Competitiveness for Sustainable Economic Growth.” Hear from Otunba (Dr) Bimbo Ashiru, Chairman, Blackcod Group, alongside Teslim Shitta-Bey, Director of Research, Proshare, with Otobasi Abasiekong, Team Lead, Proshare News, anchoring the discussion. 📅 October 27, 2026 🕛 12 noon 📺 Watch on YouTube: @webtvnigeria Be part of the conversation on unlocking regional potential and building a more competitive Nigerian economy. Scan the QR code on the flyer to join. #ProshareHardFacts

Capital Market Operator recommendations on Nigerian equities for the week of 26 to 30 October 2026 lean towards caution, with 12 downgrades against 6 upgrades across 18 rating revisions and Hold as the most common rating after revision. The preceding week recorded five upgrades and five downgrades, with analysts raising GTCO, ZENITHBANK, ETI, OANDO and INTENEGINS, as reported in Stock Recommendations for the Week of October 19, 2026. This week, positive return estimates remain on selected banking, consumer goods and insurance stocks, while industrial goods, oil and gas and agriculture received only downgrades. In banking, Lead Capital upgraded FIRSTHOLDCO and WEMABANK from Hold to Buy, with projected upsides of 11.03% and 11.67% respectively, and Afrinvest raised ZENITHBANK from Reduce to Hold with an expected return of 1.3%. PAC Research moved ETI from Buy to Hold with an expected return of negative 3.28%, which reverses the upgrade it made a week earlier, and Anchoria Research lowered FIDELITYBK from Buy to Hold. PAC Research also took OANDO from Buy to Hold and now projects a return of negative 3.89%, one week after upgrading the stock with a projected upside of 12.59%. Investment One cut SEPLAT from Accumulate to Sell with a projected return of negative 19.63%, the most negative estimate among this week’s changes. In industrial goods, PAC Research lowered BUACEMENT to Hold and ARM Research moved DANGCEM to Reduce. Consumer goods views split on the same stocks. Lead Capital lowered GUINNESS from Buy to Hold while Anchoria Research raised it from Sell to Hold. PAC Research cut INTBREW from Buy to Hold with an expected return of negative 7.18%, while ARM Research upgraded it to Accumulate with a projected upside of 15.47%, the highest among this week’s revisions. PAC Research also lowered UNILEVER to Hold, and Afrinvest moved NASCON to Hold. In insurance, Lead Capital raised MBENEFIT to Buy with a projected upside of 12.67%. PAC Research lowered INTENEGINS to Hold with an expected return of negative 5.88%, one week after upgrading the stock to Strong Buy with a projected upside of 33.33%. In agriculture, Anchoria Research lowered PRESCO from Buy to Hold. This week also includes the scheduled close of the Dangote Petroleum Refinery public offer on 27 October 2026. Dividend corporate actions on ZENITHBANK, UNILEVER and GUINNESS are scheduled for 30 October 2026, and the research houses that revised those three stocks this week all now rate them Hold. Projected returns are estimates that rest on each research house’s valuation assumptions, and they remain exposed to company disclosures and later price movements. Proshare will track three things in coming editions. The first is whether the reversals on ETI, OANDO and INTENEGINS stand. The second is how the split views on GUINNESS and INTBREW settle. The third is how prices of the upgraded stocks perform against their projected upsides. Cc: @FirstBankngr, @gtbank @GroupEcobank, @Fidsoncares, @ConoilPLC, @Oando_PLC, @Japaul_Group, @TotalEnergies, @BUACement, @DangoteCement, @BuaFoods, @GuinnessNGRPlc, @Sterling_Bankng, @UBAGroup, @StanbicIBTC, @fidelitybankplc, @ZenithBank, @GuinnessNGRPlc, @Nestle, @NBPLC, @AIICOINSURANCE, @AXAMansard, @aradelholdings, @SeplatEnergy, @MTNNG, Read more: proshare.co/articles/stock-r…

Nigeria’s fiscal outlook may benefit from lower borrowing costs, but the harder challenge remains closing the gap between revenue performance and planned expenditure. According to CSL Research, while the Finance Minister expects the 2026 fiscal deficit to come in below the original 4.2% of GDP target, the revised budget reportedly points to a wider deficit of about 5.3% of GDP. CSL argues that the main pressure remains on the revenue side, particularly oil receipts, which it estimates could undershoot budget expectations by about 49.1%, even as non-oil revenue improves. proshare.co/articles/nigeria…