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    Banking Sector Strengthens as Capital Adequacy Ratio Hits 15.2%, Liquidity 49.06%

    Amid 27.50% MPR, Economic Challenges, Prime Lending Rate Rise to 18.19%

    FG fines Multichoice N766m over privacy breaches

    FG fines Multichoice N766m over privacy breaches

    Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

    Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

    Food inflation: NSA, 36 states launch joint action

    Food inflation: NSA, 36 states launch joint action

    Petrol imports drop 54% as Dangote boost supply

    Petrol imports drop 54% as Dangote boost supply

    World Bank retains Nigeria’s growth at 3.6%

    World Bank retains Nigeria’s growth at 3.6%

    Petrol: 6 depots slash prices as competition heightens in downstream sector

    Petrol: 6 depots slash prices as competition heightens in downstream sector

    Market capitalisation hits N70.89tr as 36 stocks close in green

    Market capitalisation hits N70.89tr as 36 stocks close in green

    Sixteen years after meltdown, NGX market cap surges by 347.5%

    Sixteen years after meltdown, NGX market cap surges by 347.5%

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      Banking Sector Strengthens as Capital Adequacy Ratio Hits 15.2%, Liquidity 49.06%

      Amid 27.50% MPR, Economic Challenges, Prime Lending Rate Rise to 18.19%

      FG fines Multichoice N766m over privacy breaches

      FG fines Multichoice N766m over privacy breaches

      Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

      Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

      Food inflation: NSA, 36 states launch joint action

      Food inflation: NSA, 36 states launch joint action

      Petrol imports drop 54% as Dangote boost supply

      Petrol imports drop 54% as Dangote boost supply

      World Bank retains Nigeria’s growth at 3.6%

      World Bank retains Nigeria’s growth at 3.6%

      Petrol: 6 depots slash prices as competition heightens in downstream sector

      Petrol: 6 depots slash prices as competition heightens in downstream sector

      Market capitalisation hits N70.89tr as 36 stocks close in green

      Market capitalisation hits N70.89tr as 36 stocks close in green

      Sixteen years after meltdown, NGX market cap surges by 347.5%

      Sixteen years after meltdown, NGX market cap surges by 347.5%

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        Banking Sector Strengthens as Capital Adequacy Ratio Hits 15.2%, Liquidity 49.06%

        Amid 27.50% MPR, Economic Challenges, Prime Lending Rate Rise to 18.19%

        FG fines Multichoice N766m over privacy breaches

        FG fines Multichoice N766m over privacy breaches

        Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

        Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

        Food inflation: NSA, 36 states launch joint action

        Food inflation: NSA, 36 states launch joint action

        Petrol imports drop 54% as Dangote boost supply

        Petrol imports drop 54% as Dangote boost supply

        World Bank retains Nigeria’s growth at 3.6%

        World Bank retains Nigeria’s growth at 3.6%

        Petrol: 6 depots slash prices as competition heightens in downstream sector

        Petrol: 6 depots slash prices as competition heightens in downstream sector

        Market capitalisation hits N70.89tr as 36 stocks close in green

        Market capitalisation hits N70.89tr as 36 stocks close in green

        Sixteen years after meltdown, NGX market cap surges by 347.5%

        Sixteen years after meltdown, NGX market cap surges by 347.5%

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          Banking Sector Strengthens as Capital Adequacy Ratio Hits 15.2%, Liquidity 49.06%

          Amid 27.50% MPR, Economic Challenges, Prime Lending Rate Rise to 18.19%

          FG fines Multichoice N766m over privacy breaches

          FG fines Multichoice N766m over privacy breaches

          Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

          Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

          Food inflation: NSA, 36 states launch joint action

          Food inflation: NSA, 36 states launch joint action

          Petrol imports drop 54% as Dangote boost supply

          Petrol imports drop 54% as Dangote boost supply

          World Bank retains Nigeria’s growth at 3.6%

          World Bank retains Nigeria’s growth at 3.6%

          Petrol: 6 depots slash prices as competition heightens in downstream sector

          Petrol: 6 depots slash prices as competition heightens in downstream sector

          Market capitalisation hits N70.89tr as 36 stocks close in green

          Market capitalisation hits N70.89tr as 36 stocks close in green

          Sixteen years after meltdown, NGX market cap surges by 347.5%

          Sixteen years after meltdown, NGX market cap surges by 347.5%

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            Banking Sector Strengthens as Capital Adequacy Ratio Hits 15.2%, Liquidity 49.06%

            Amid 27.50% MPR, Economic Challenges, Prime Lending Rate Rise to 18.19%

            FG fines Multichoice N766m over privacy breaches

            FG fines Multichoice N766m over privacy breaches

            Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

            Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

            Food inflation: NSA, 36 states launch joint action

            Food inflation: NSA, 36 states launch joint action

            Petrol imports drop 54% as Dangote boost supply

            Petrol imports drop 54% as Dangote boost supply

            World Bank retains Nigeria’s growth at 3.6%

            World Bank retains Nigeria’s growth at 3.6%

            Petrol: 6 depots slash prices as competition heightens in downstream sector

            Petrol: 6 depots slash prices as competition heightens in downstream sector

            Market capitalisation hits N70.89tr as 36 stocks close in green

            Market capitalisation hits N70.89tr as 36 stocks close in green

            Sixteen years after meltdown, NGX market cap surges by 347.5%

            Sixteen years after meltdown, NGX market cap surges by 347.5%

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              Banking Sector Strengthens as Capital Adequacy Ratio Hits 15.2%, Liquidity 49.06%

              Amid 27.50% MPR, Economic Challenges, Prime Lending Rate Rise to 18.19%

              FG fines Multichoice N766m over privacy breaches

              FG fines Multichoice N766m over privacy breaches

              Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

              Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

              Food inflation: NSA, 36 states launch joint action

              Food inflation: NSA, 36 states launch joint action

              Petrol imports drop 54% as Dangote boost supply

              Petrol imports drop 54% as Dangote boost supply

              World Bank retains Nigeria’s growth at 3.6%

              World Bank retains Nigeria’s growth at 3.6%

              Petrol: 6 depots slash prices as competition heightens in downstream sector

              Petrol: 6 depots slash prices as competition heightens in downstream sector

              Market capitalisation hits N70.89tr as 36 stocks close in green

              Market capitalisation hits N70.89tr as 36 stocks close in green

              Sixteen years after meltdown, NGX market cap surges by 347.5%

              Sixteen years after meltdown, NGX market cap surges by 347.5%

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                Banking Sector Strengthens as Capital Adequacy Ratio Hits 15.2%, Liquidity 49.06%

                Amid 27.50% MPR, Economic Challenges, Prime Lending Rate Rise to 18.19%

                FG fines Multichoice N766m over privacy breaches

                FG fines Multichoice N766m over privacy breaches

                Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

                Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

                Food inflation: NSA, 36 states launch joint action

                Food inflation: NSA, 36 states launch joint action

                Petrol imports drop 54% as Dangote boost supply

                Petrol imports drop 54% as Dangote boost supply

                World Bank retains Nigeria’s growth at 3.6%

                World Bank retains Nigeria’s growth at 3.6%

                Petrol: 6 depots slash prices as competition heightens in downstream sector

                Petrol: 6 depots slash prices as competition heightens in downstream sector

                Market capitalisation hits N70.89tr as 36 stocks close in green

                Market capitalisation hits N70.89tr as 36 stocks close in green

                Sixteen years after meltdown, NGX market cap surges by 347.5%

                Sixteen years after meltdown, NGX market cap surges by 347.5%

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                  Banking Sector Strengthens as Capital Adequacy Ratio Hits 15.2%, Liquidity 49.06%

                  Amid 27.50% MPR, Economic Challenges, Prime Lending Rate Rise to 18.19%

                  FG fines Multichoice N766m over privacy breaches

                  FG fines Multichoice N766m over privacy breaches

                  Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

                  Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

                  Food inflation: NSA, 36 states launch joint action

                  Food inflation: NSA, 36 states launch joint action

                  Petrol imports drop 54% as Dangote boost supply

                  Petrol imports drop 54% as Dangote boost supply

                  World Bank retains Nigeria’s growth at 3.6%

                  World Bank retains Nigeria’s growth at 3.6%

                  Petrol: 6 depots slash prices as competition heightens in downstream sector

                  Petrol: 6 depots slash prices as competition heightens in downstream sector

                  Market capitalisation hits N70.89tr as 36 stocks close in green

                  Market capitalisation hits N70.89tr as 36 stocks close in green

                  Sixteen years after meltdown, NGX market cap surges by 347.5%

                  Sixteen years after meltdown, NGX market cap surges by 347.5%

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                  Sixteen years after meltdown, NGX market cap surges by 347.5%

                  The Guardian | June 3, 2025
                  Sixteen years after meltdown, NGX market cap surges by 347.5%
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                  Sixteen years after the 2008 global financial crisis that triggered a major downturn in Nigeria’s capital market, the Nigerian Exchange (NGX) has not only recovered but significantly surpassed its previous record by 347.5 per cent.

                  As of May 30, 2025, the market capitalisation of listed equities soared to ₦70.5 trillion, representing 347.5.5 per cent increase from its pre-crisis peak of ₦15.64 trillion in March 2008.

                  The Nigerian stock market, which was severely impacted during the 2008–2009 global meltdown, has recorded renewed investor confidence in recent years, driven by a combination of domestic policy reforms, resilient corporate earnings, and improved macroeconomic fundamentals.

                  Market operators said improved transparency and reforms at the NGX, including demutualisation and the adoption of advanced trading infrastructure, have attracted both local and foreign investors.

                  They pointed out that regulatory reforms, such as the demutualisation of the Exchange, improved corporate governance frameworks, and the adoption of advanced trading platforms, have made the NGX more attractive to both local and international investors. New listings have played a significant role in boosting the Nigerian Exchange (NGX) market capitalisation to ₦70 trillion, contributing both fresh equity value and investor interest.

                  Checks by The Guardian showed that over the last few years, the NGX has witnessed a resurgence in primary market activity, with several high-profile companies debuting on the Exchange and adding trillions of naira in capitalisation.

                  MTN Nigeria and Airtel Africa 2019 and 2020, these telecom giants have continued to expand their valuations significantly and remain major contributors to the NGX’s total market capitalisation.

                  BUA Group entities including BUA Cement, BUA Foods companies have also added substantial weight. BUA Cement, listed in 2020 while BUA Foods, listed in 2022.

                  As of the close of trading on Friday, May 30, 2025, the top four listed firms – Airtel Africa, Dangote Cement, BUA Foods and MTN Nigeria hit N30.16 trillion, accounting for 43 per cent of the entire market capitalisation.

                  Other top trading firms currently enjoying value from the investment market are BUA Cement, Nestle, Aradel, Geregu Zenith, GTCo and FBN Holdings with combined market capitalisation of N14.59 trillion representing 20.8 per cent of NGX market capitalisation. Institutional interest, particularly from pension funds whose assets under management now exceed ₦20 trillion, has provided much-needed long-term capital and liquidity.

                  Also, the earnings strength of Nigeria’s leading corporations has also played a key role. Banks, telecommunications giants, cement manufacturers, and consumer goods companies have delivered consistent returns, drawing significant investor inflows.

                  Firms such as Dangote Cement, Zenith Bank, MTN Nigeria, and Nestlé Nigeria have not only dominated market capitalisation but have also helped drive broad-based growth across key sectors.

                  The top five Nigerian banks posted a combined profit before tax (PBT) of N5.1 trillion for the 2024 financial year, a 59.4 per cent increase from N3.2 trillion recorded in 2023.

                  The top five banks – First HoldCo, United Bank for Africa (UBA), GTCO, Access Holdings and Zenith Bank –achievedpre-tax profit of N5.1 trillion, largely driven by high interest rate earnings, foreign exchange revaluation gains and strong non-interest income growth.

                  Data from their financial statements also showed that the five tier-1 banks’ pretax earnings rose from N1.1 trillion in 2022 to N3.2 trillion in 2023, indicating the banks’ ability to adapt and thrive in a dynamic economic environment.

                  Besides, the combined gross earnings of the top five lenders rose from N9.6 trillion in 2023 to N17.3 trillion last year, representing an increase of 80 per cent.

                  Rising oil prices, combined with a renewed push for domestic refining and energy independence, have bolstered confidence in industrial and oil-adjacent equities. These macroeconomic factors, supported by better foreign exchange management and improving inflation indicators, have made Nigerian assets more attractive than they were a decade ago.

                  In addition, innovations in digital onboarding, remote trading, and the widespread adoption of the e-dividend system have expanded retail participation and reduced barriers for new investors. With fintechs and tech-focused companies gradually making their way to the Exchange, the NGX is experiencing a diversification beyond its traditional sectors, signalling a new era of growth.

                  President of the New Dimension Shareholders Association of Nigeria, Patrick Ajudua, has attributed the Nigerian capital market’s historic recovery to growing investor confidence, improved liquidity, and stability in foreign exchange. He made the remarks while reacting to the market’s recent performance, which saw the Nigerian Exchange (NGX) market capitalisation hit a record ₦70 trillion.

                  According to Ajudua, the recovery is unprecedented and stems from a renewed belief in the capital market as a vital engine for driving economic growth and long-term sustainability.

                  He explained that improved public sector spending has had a cascading effect on private sector activity, encouraging a cycle of investment that is reflecting positively in equities performance and valuations.

                  Ajudua also stated that the stabilisation of the naira following earlier devaluation was a critical factor in boosting market confidence. He noted that the relatively stable exchange rate has reduced the negative impact of currency fluctuations, allowing listed companies—particularly those with foreign exchange exposure—to recover from earlier losses and reposition for growth.

                  He further pointed out that the ongoing bank recapitalisation directive from the Central Bank of Nigeria has injected fresh momentum into the market, attracting investor interest in financial stocks and opening the door for capital raising activities and potential new listings.

                  In addition, Ajudua praised many listed companies for maintaining or increasing their dividend payouts, which he said has further deepened investor trust and broadened participation in the equities market.

                  Investment banker and stockbroker Tajudeen Olayinka has attributed the continued surge in Nigeria’s capital market to the active participation of local institutional investors and the implementation of robust regulatory frameworks by the Securities and Exchange Commission (SEC) and the Nigerian Exchange Plc (NGX).

                  Olayinka explained that reforms by the SEC have led to the emergence of more asset management companies, which now manage portfolios across retail, institutional, and mutual fund classes. This, he noted, has deepened liquidity and enhanced long-term participation in the equities market.

                  He also pointed to the NGX’s current market microstructure as a key contributor to improved market integrity. The requirement for investors to hold a minimum of 100,000 units before influencing price movement, he said, has significantly reduced the possibility of market manipulation.

                  This safeguard, according to Olayinka, ensures a more orderly and transparent trading environment, curbing the influence of speculative players who previously distorted price movements.

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