Roundup: Market to recover after selloffs in equities, Lagos lands European investment, NNPCL renews methane reduction deal

Investment analysts have expressed optimism that the Nigerian stock market will rebound in the weeks following the recent selloff that wiped N5.643 trillion from investors’ wealth.

The analysts who spoke on the matter on Sunday, said improving investor sentiment and the expected release of half-year corporate earnings could help stabilise the market after the current correction phase.

The Nigerian Exchange Ltd. (NGX) All-Share Index and market capitalisation declined by 3.59 per cent to close the week at 235,941.27 points and N151.327 trillion respectively.

This compares with 244,738.74 points and N156.970 trillion recorded in the previous week.

In his submission, the Head of Capital Market, Commodities and Dealers at Equity Capital Solutions Ltd., Mr Umaru Mathew, said the market downturn reflected a natural correction after an extended bullish run.

According to him, profit-taking by investors and weaker-than-expected earnings by some banks contributed to the recent decline.

“The market is simply balancing itself. We have seen a period of strong performance, and what is happening now is largely driven by profit-taking activities.

“Many investors had expected the banking sector to deliver exceptionally strong results that would further boost market sentiment.

“However, only a few banks were able to meet those high expectations”, he said.

Mathew added some investors had also shifted funds to the money market, where yields remained attractive and risks comparatively lower.

“The money market is still offering competitive returns, and some investors see it as a safer option.

“Nevertheless, there are still fundamentally sound stocks in the equities market with attractive valuations”, he said.

The analyst said the current weakness should not be attributed solely to the migration to the T+1 settlement cycle, noting that market forces and investor behaviour remained the major drivers of price movements.

He, however, expressed confidence that the market would gradually stabilise.

“For the first one or two trading sessions next week, we may continue to see the same trend. There will still be some pressure on prices as investors continue to take profits.

“However, some stocks have already begun to approach support levels, and we could see renewed buying interest in those counters.

“As we move into July and the half-year earnings season begins, investors will have fresh information to guide their decisions.

“We expect some stocks to find support and gradually recover, while the broader market should become more stable within the next one or two weeks”, he said.

In the same vein, the Managing Director of Globalview Capital Ltd., Mr. Aruna Kebira, said investors were repositioning ahead of the proposed Dangote Refinery public offer while rising money market yields had encouraged a shift away from equities.

“Most investors are already making provisions for the Dangote public offer. Many people who need to keep money for the offer are moving funds out of the capital market.

“The money market offers fixed returns on both capital and interest, unlike the capital market where returns are subject to market fluctuations.

“This is encouraging some investors to shift funds from equities”, Kebira said.

He also expressed optimism that the market could rebound once listed companies begin releasing their second-quarter earnings.

Meanwhile, a total turnover of 3.075 billion shares worth N254.614 billion was traded in 287,157 deals during the week.

This contrasts with 4.964 billion shares valued at N207.521 billion exchanged in 235,966 deals in the preceding week.

The Financial Services Industry dominated trading activities with 2.074 billion shares worth N64.490 billion traded in 121,981 deals.

The sector contributed 67.44 per cent and 25.33 per cent to total equity turnover volume and value respectively.

The services industry followed with 175.743 million shares valued at N2.759 billion, while the Consumer Goods Industry recorded 133.375 million shares worth N12.680 billion.

Trading in Access Holdings Plc, Sterling Financial Holdings Company Plc and Jaiz Bank Plc accounted for 819.234 million shares valued at N12.247 billion in 21,809 deals.

The three equities contributed 26.64 per cent and 4.81 per cent to total turnover volume and value respectively.

Market breadth remained negative as only 11 equities appreciated during the week, compared with 40 in the previous week.

Seventy-eight equities depreciated, while 57 equities closed unchanged.

Cornerstone Insurance, Academy Press, Conoil, Neimeth Pharmaceuticals and Ikeja Hotel emerged as the top gainers.

International Energy Insurance, First HoldCo, John Holt, Nigerian Aviation Handling Company and Zichy Agro Industries led the losers’ chart.

Lagos lands major European investment boost

The European Investment Bank (EIB) has strengthened its financial commitment to Nigeria, with total lending to the country reaching €550 million in 2025, as Lagos State seeks to leverage international funding to transform its transportation infrastructure through the Omi Eko Project.

The disclosure was made during a visit by a delegation of the EIB, led by its Vice President, Ambroise Fayolle, to Lagos House, Marina, where discussions focused on investment opportunities, sustainable development and the implementation of strategic infrastructure projects.

Fayolle revealed that Nigeria had become the bank’s largest country of operations in Africa, reflecting growing confidence in the country’s economic potential and strengthening ties between Nigeria, the European Union and the EIB.

As part of its expanding footprint, the EIB recently signed a €200 million facility with the Development Bank of Nigeria to support digital and green investments by micro, small and medium-sized enterprises (MSMEs).

The bank also entered into a financing agreement with Wema Bank aimed at improving access to credit for underserved businesses while encouraging environmentally sustainable practices.

The EIB Vice President said the Omi Eko Project ranks among the European Union’s flagship investments in Lagos and is being financed through a partnership involving the EIB, the European Union and the French Development Agency (AFD).Demographics

The project is expected to deliver modern ferry terminals, improve navigation infrastructure and introduce electric boats to boost water transportation across Lagos.

Governor Babajide Sanwo-Olu, who received the delegation, described the project as a strategic investment capable of unlocking the economic potential of Lagos waterways while significantly reducing travel time for commuters.

According to the governor, the initiative aligns with the transportation objectives of his administration’s THEMES+ agenda and forms a critical component of the state’s long-term plan to build an integrated transport network linking road, rail and water transportation.

Sanwo-Olu noted that Lagos, Nigeria’s commercial capital, possesses vast water resources, with about one-third of the state’s landmass covered by water. He said the government remains committed to maximising this natural advantage by expanding water transportation as a viable alternative to road travel.Demographics

He explained that the Omi Eko Project would provide climate-resilient transport infrastructure, safer navigation channels and improved commuter services, while helping to ease pressure on existing road networks.

The governor added that the project could reduce journey times on some routes from about two hours to between 40 and 45 minutes, resulting in increased productivity, reduced commuting stress and improved quality of life for residents.

Describing the initiative as a transformative investment, Sanwo-Olu expressed appreciation to the EIB, the African Development Bank and other development partners supporting Lagos’ drive to create a sustainable and efficient transportation system.

He also welcomed the EIB’s growing support for Nigeria’s small and medium-scale enterprises, describing the sector as a major driver of economic growth, job creation and innovation.

The governor referenced the recently concluded Lagos Investment Summit, saying the state remains focused on converting investor interest and commitments into tangible economic outcomes that will benefit residents and businesses.

Fayolle reiterated the EIB’s commitment to supporting projects that promote economic growth, environmental sustainability and improved living standards, adding that the bank would continue exploring opportunities to deepen collaboration with Nigeria.

The EIB delegation is also expected to inspect several projects in Lagos, including investments supported through partnerships with the Bank of Industry, as part of ongoing efforts to strengthen development financing and expand sustainable infrastructure across the state.

NNPCL renews methane reduction deal with TotalEnergies

The Nigerian National Petroleum Company Limited (NNPCL) has renewed its partnership with TotalEnergies to continue the deployment of advanced methane detection technology across its upstream operations for an additional 24 months as part of efforts to reduce greenhouse gas emissions and meet its decarbonisation targets.

The agreement extends the use of the Airborne Ultralight Spectrometer for Environmental Applications (AUSEA), a drone-based technology designed to detect, measure and help reduce methane and carbon emissions from oil and gas facilities.

A statement by NNPC’s Chief Corporate Communications Officer, Andy Odeh, explained that the renewal agreement was signed on Wednesday by NNPC Limited’s Executive Vice President, Upstream, Mr. Udy Ntia, and TotalEnergies Country Chair and Managing Director, Mr. Matthieu Bouyer.

The extension follows an earlier agreement signed in 2023 for the adoption of the technology and is aimed at supporting NNPC Ltd.’s commitments under the Oil and Gas Decarbonisation Charter (OGDC), the Oil and Gas Methane Partnership (OGMP) 2.0, and its ambition to achieve near-zero methane emissions by 2030.

Speaking at the signing ceremony, Ntia said the successful implementation of the first phase of the project informed the decision to extend the partnership and scale up deployment across additional assets.

“Today’s signing represents a practical step in NNPC Limited’s journey to build a credible, transparent and action-oriented decarbonisation programme.

“Through the AUSEA initiative, we are strengthening our ability to detect, quantify and prioritise methane abatement opportunities using advanced measurement technology”, he said.

Ntia added that the company would seek to institutionalise progress reporting in line with regulatory compliance requirements while also exploring opportunities for technology transfer.

According to NNPC, the AUSEA technology helps identify previously unaccounted emission sources, improve emission reporting processes, provide operational data for corrective actions and estimate flare combustion efficiency.

Also speaking, TotalEnergies Senior Vice President, Africa, Mr. Mike Sangster, expressed satisfaction with the longstanding partnership between the two companies and highlighted TotalEnergies’ achievements in reducing emissions.

ICSAN seeks stronger governance to boost investment

Corporate governance remains a critical factor in achieving sustainable economic growth and strengthening investor confidence in Nigeria, according to the President and Chairman of the Governing Council of the Institute of Chartered Secretaries and Administrators of Nigeria, Mrs Uto Ukpanah.

Ukpanah stated in a statement made available to media houses that while economic policies, infrastructure and political leadership are important drivers of development, the quality of governance within institutions often determines whether such initiatives deliver the intended outcomes.

According to her, Nigeria’s development challenges are not primarily due to a lack of ideas, policies or resources, but are frequently linked to weaknesses in governance structures across both public and private institutions.

“Where governance is weak, outcomes are poor; where governance is strong, progress follows”, she said.

She described corporate governance as the system through which organisations are directed and controlled, encompassing the structures, processes and ethical standards that guide decision-making.

Effective governance, she noted, promotes transparency, accountability, fairness and responsibility.

Ukpanah said the relationship between governance and national development is significant because economies perform better when institutions operate efficiently, manage risks effectively and act in the interests of stakeholders.

She argued that investors are more likely to commit capital in environments where governance standards are strong and regulatory frameworks are respected, while weak governance often results in inefficiency, corruption and economic setbacks.

“In Nigeria, the need to strengthen corporate governance has become increasingly urgent,” she said, citing fiscal pressures, declining investor confidence and governance failures that have contributed to financial losses and reputational damage in both the public and private sectors.

According to her, effective boards play an important role in organisational performance by providing strategic oversight, managing risks and protecting stakeholder interests.

She added that governance principles should extend beyond boardrooms and become embedded in organisational culture through ethical conduct, transparent reporting and compliance with regulations.

Ukpanah also linked governance to sustainability, noting that environmental, social and governance considerations have become increasingly important in modern business operations.

She said regulators and professional bodies have a role to play in strengthening governance standards through oversight, capacity building and the promotion of ethical conduct.

The ICSAN president further highlighted the importance of governance professionals, including company secretaries, compliance officers, risk managers and legal advisers, describing them as custodians of governance frameworks within organisations.

She noted that ICSAN has contributed to governance development through advocacy, professional training and capacity-building programmes. “As ICSAN marks its 60th anniversary this year, it presents an opportunity to reflect on its enduring contributions while reaffirming its commitment to advancing governance standards in Nigeria”, she said.

Ukpanah maintained that strong governance remains essential for building resilient institutions, sustaining investor confidence and supporting long-term economic development. “Strong governance is not optional; it is essential. It is the foundation upon which resilient institutions are built, investor confidence is sustained, and national development is achieved”, she said.

Delborough Lagos raises the bar with Michelin-starred Culinary masterstroke

Africa’s luxury hospitality landscape is reaching new heights as The Delborough Lagos welcomes internationally acclaimed Michelin Star Chef Sauro Bison to its DANI  Restaurant, marking yet another landmark moment in the brand’s growing reputation as a gateway for global excellence.

The arrival of Chef Bison at The Delborough Lagos, is more than a culinary event. It represents the latest example of how the luxury destination is positioning Nigeria and Africa on the global map for world-class hospitality, fine dining, luxury lifestyle experiences, and international brand partnerships.City & Local Guides

The renowned chef’s arrival, which took place on June 16, 2026, signals The DelboroughLagos’s continued investment in culinary innovation, premium guest experiences, and international standards of excellence.

Speaking shortly after his arrival, Chef Bison expressed appreciation for the reception he received and shared his enthusiasm for the journey ahead.Restaurants

“I am very grateful for the warm welcome from DANI Restaurant and The Delborough Lagos. The reception has been wonderful, and I am excited to be here”, he said.

The Michelin-starred chef noted that beyond bringing international expertise to Lagos, he is eager to collaborate with local culinary professionals and contribute to the  restaurant’s pursuit of excellence.

“I look forward to sharing my experience and working closely with the culinary team. Together, we will continue pursuing excellence and creating exceptional dining experiences for guests”, Bison said.

He also spoke about the opportunities he sees in Nigeria’s hospitality sector, describing Lagos as one of Africa’s most dynamic cities and an increasingly important destination for global cuisine, luxury hospitality and cultural exchange.

“Lagos is an exciting city, and I am pleased to be part of this journey. There is tremendous energy, creativity and potential here, and I am looking forward to contributing to an environment where innovation, quality and hospitality come together to create memorable experiences”, he added.

It also reinforces The Delborough Lagos’ status as a magnet for influential personalities, prestigious brands, and global industry leaders seeking a foothold on the African continent.

In recent years, The Delborough Lagos has established itself as one of Africa’s most exclusive luxury destinations, hosting an impressive roster of distinguished guests and international brands.

The brand has welcomed more than 16 African Presidents, Prince Harry and Meghan Markle, leading figures from the global music and entertainment industries, as well as prominent political and business leaders and monarchs from around the world.

Its growing influence was further demonstrated when the brand hosted the first-ever African debut of renowned Italian luxury fashion brand Angelo Galasso, underscoring its ability to attract globally recognised names seeking entry into the African market.

The arrival of Chef Sauro Bison continues that tradition The Delborough Lagos pride itself.

For DANI Restaurant, the move represents a strategic step toward elevating Lagos’ fine dining scene by bringing Michelin-level expertise and craftsmanship to Nigerian diners.

The restaurant has steadily built a reputation for consistency, quality, and memorable culinary experiences, and the addition of a globally respected chef strengthens its ambition to become one of Africa’s premier dining destinations.

Hospitality experts view such developments as important milestones for the continent’s luxury tourism and lifestyle sectors.

The Delborough Lagos has increasingly become the preferred platform for these high-profile introductions, serving as a meeting point where global excellence intersects with African opportunities.

As Africa’s appetite for premium experiences continues to grow, The Delborough Lagos is proving that the continent is not merely participating in global luxury conversations; it is becoming one of its most important stages.

With another first-of-its-kind international arrival now taking place in Lagos, The Delborough Lagos further cements its reputation as a destination where global brands, influential leaders, and exceptional talent choose to make history in Africa.

Insurance firm decries Nigeria’s credit gap, offers solutions

Mutual Benefits Assurance Plc has bemoaned the situation where only about six per cent of adults in the country currently have access to credit through formal financial institutions.

According to the company, while access to credit remains important for economic growth, financial protection mechanisms are equally essential in helping individuals and businesses withstand economic shocks.

“Through our diverse portfolio of solutions, Mutual Benefits continues to provide Nigerians with tools to build, preserve and protect wealth.

“These include education-focused protection plans, life assurance products, savings-oriented solutions, motor and property insurance and business protection products designed to safeguard livelihoods and future goals.

“The conversation around financial inclusion must go beyond opening bank accounts and accessing loans. True financial empowerment is achieved when individuals and businesses can access financing opportunities while also protecting their income, assets, families and future aspirations from unforeseen risks.

“For many Nigerian families and business owners, a single unexpected event such as a medical emergency, fire incident, business disruption or loss of income, can erase years of financial progress. This is why insurance and disciplined savings remain critical pillars of long-term financial resilience”, the Managing Director of Mutual Benefits Assurance Plc, Femi Asenuga, said.

As part of its commitment to advancing financial inclusion, Mutual Microfinance Bank continues to deliver accessible financing solutions tailored to the needs of small businesses, traders, salary earners, entrepreneurs and emerging enterprises across Nigeria.

As at December 31, 2025, the Bank had disbursed loans totaling N1.372 billion, further strengthening access to formal credit for individuals and businesses across its target segments.

This growth trajectory continued into 2026, with the loan portfolio rising to N1.558 billion by the end of Q1 2026, reflecting sustained momentum in supporting productive economic activity.

Customs Service, British American Tobacco sign pact to tackle illicit tobacco trade

The Nigeria Customs Service (NCS) and the British American Tobacco Nigeria (BAT) have signed a memorandum of understanding (MoU) aimed at strengthening efforts to combat illicit tobacco trade, improve regulatory compliance and protect legitimate business investments.

The agreement, signed at the headquarters of the NCS in Abuja, is expected to deepen collaboration between both organisations through intelligence sharing, capacity building and coordinated enforcement actions against smuggling and other forms of illegal cross-border trade.

Speaking at the signing ceremony, the Comptroller-General of Customs, Bashir Adeniyi, described the pact as a strategic framework that would enhance cooperation in tackling illicit trade and ensuring compliance across the tobacco value chain.

According to Adeniyi, the agreement demonstrated the commitment of both parties to safeguarding lawful trade and eliminating the illegal movement of products across Nigeria’s borders.

“We feel delighted that we have been able to sign this instrument, which will provide an effective framework to deepen collaboration between our two organisations.

“I would like to assure you that we will remain committed to both the spirit and the letter of this Memorandum of Understanding and ensure that we wipe out illegal cross-border movements of products within the Nigerian territory”.

Adewale noted that apart from addressing smuggling and illicit trade, the collaboration sent a positive signal to both local and foreign investors about Nigeria’s determination to protect legitimate businesses and create a conducive investment climate.

He explained that illicit trade continued to pose significant challenges globally, depriving governments of revenue, distorting markets, weakening regulatory systems and creating unfair competition for law-abiding businesses.

Under the terms of the agreement, both organisations would work together to improve information exchange, intelligence gathering and enforcement mechanisms aimed at identifying and dismantling illicit trade networks operating within and outside Nigeria.

Also, Managing Director of BAT Nigeria, Yarub Al-Bahrani, said the MoU was a landmark development that reflected the strong relationship between the company and the customs.

He stressed that collaboration between the public and private sectors was necessary in addressing illicit trade and promoting a business environment where compliant enterprises can thrive.

The partnership is expected to foster a more coordinated approach to combating illicit trade within and beyond Nigeria’s borders, strengthen enforcement activities, protect legitimate commerce and support Nigeria’s compliance with both domestic regulations and international obligations