Business

Nigeria’s stock market surpasses South Korea as world’s top-performing equity market

Published

1 hour ago

July 10, 2026

Nigeria’s stock market surpasses South Korea as world’s top-performing equity market

Nigeria’s stock market has emerged as the world’s best-performing equity market, overtaking South Korea as a combination of stronger economic fundamentals, policy reforms, improved foreign exchange liquidity and renewed investor confidence continues to fuel a remarkable rally on the Nigerian Exchange (NGX).

The latest performance marks a significant milestone for Nigeria’s capital market, with analysts attributing the surge to sustained reforms, firmer global oil prices, currency stability and growing optimism among domestic and international investors.

While South Korea’s market has struggled amid a global technology sell-off and a weakening currency, Nigeria has benefited from improving macroeconomic conditions that have boosted investor sentiment and strengthened capital inflows.

One of the major factors behind the contrasting performances has been currency movements.

The South Korean won has depreciated by about five per cent against the US dollar this year, making it one of Asia’s weakest-performing currencies and reducing returns for foreign investors.

In contrast, the naira has appreciated by about four per cent against the dollar since January, significantly enhancing dollar-denominated returns for foreign investors and helping propel the Nigerian market to the top of global rankings.

The rally has been driven largely by financial services stocks, with banking and insurance companies posting substantial gains.

Among the standout performers is Fortis Global Insurance Plc, which has delivered an estimated 1,400 per cent return in dollar terms this year, making it one of the strongest-performing stocks on the exchange.

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Unlike South Korea, whose stock market is heavily concentrated in technology and artificial intelligence companies, Nigeria’s listed firms have relatively limited exposure to the sector.

That difference has shielded the local market from the recent global sell-off in technology stocks, allowing investors to maintain confidence in Nigerian equities.

Investor sentiment also received a significant boost after S&P Dow Jones Indices (S&P DJI) placed Nigeria on its 2027 Country Classification Watchlist for a possible upgrade from a “Standalone” market to a Frontier Market.

Although the move does not amount to an immediate reclassification, it is widely regarded as a major endorsement of Nigeria’s ongoing capital market reforms.

According to S&P DJI, improvements in market regulation, accessibility, transparency, enforcement and overall market integrity were among the key reasons for placing Nigeria under review.

The global index provider noted that continued policy consistency and operational resilience would be crucial in determining whether Nigeria qualifies for Frontier Market status during the 2027 review.

The Nigerian market extended its impressive rally on July 8, 2026, when the NGX All-Share Index climbed 2.27 per cent to close at 242,459.98 points, compared with 237,083.28 points recorded a day earlier.

Market capitalisation also increased by N3.45 trillion, rising to N155.59 trillion as investors returned strongly to the market.

The latest gains pushed the market’s year-to-date return to 55.81 per cent, a sharp rebound from 46.78 per cent recorded on July 7 and effectively erased losses suffered during the June market correction.

Telecommunications giant Airtel Africa played a pivotal role in the rally after its shares appreciated by the maximum daily limit of 10 per cent to close at N5,801.40, providing significant support for the benchmark index.

In a statement, the Nigerian Exchange described the S&P DJI watchlist decision as a positive signal that Nigeria’s recent regulatory and structural reforms are gaining recognition from one of the world’s leading index providers.

The exchange noted that while the watchlist status does not automatically translate into an upgrade, it demonstrates growing international confidence in the direction of Nigeria’s capital market.

Nigeria’s capital market has undergone a series of reforms led by the Securities and Exchange Commission (SEC) in collaboration with NGX Group, the Central Securities Clearing System (CSCS) and other stakeholders.

The reforms have focused on strengthening investor protection, improving market transparency, enhancing operational efficiency, modernising post-trade infrastructure and aligning Nigeria’s market with international best practices.

According to the Director-General of the SEC, Dr. Emomotimi Agama, the Commission remains committed to building a modern and efficient capital market capable of supporting innovation, intelligent investing and long-term economic growth.

He said the reform agenda includes faster settlement systems, tokenised securities and deeper derivatives markets aimed at making Nigeria’s capital market more competitive globally.

Agama reaffirmed the SEC’s commitment to maintaining a fair, orderly and transparent market while working closely with exchanges, market operators and other stakeholders to strengthen investor confidence and market integrity.

Also reacting to the development, NGX Group Managing Director and Chief Executive Officer, Temi Popoola, described Nigeria’s inclusion on the S&P DJI watchlist as an encouraging endorsement of the country’s reform efforts.

He said the recognition reflects the collective work of regulators, market infrastructure institutions and operators in building a more transparent, efficient and globally competitive marketplace.

According to Popoola, although the watchlist status does not yet amount to a formal market reclassification, it validates the progress already made and reinforces Nigeria’s attractiveness to both domestic and international investors.

He added that the NGX would continue working with stakeholders to deepen market liquidity, improve accessibility, strengthen investor confidence and sustain reforms capable of positioning Nigeria as a preferred investment destination.

Despite the optimism surrounding the market’s global ranking, some analysts believe the achievement should be viewed with caution.

Market analyst and investor Adeleke Adebayo argued that the development would only be meaningful if it translates into tangible benefits for ordinary Nigerians and local investors.

According to him, celebrating Nigeria’s emergence as the world’s best-performing stock market means little if the gains do not improve living standards or strengthen the broader economy.

He noted that the capital market lost more than N13 trillion in market capitalisation during the recent correction and said attention should remain focused on addressing inflation, economic growth, job creation and the welfare of citizens.

Adebayo questioned whether outperforming countries such as South Korea would have any practical value unless it leads to stronger businesses, improved household incomes and measurable economic progress.

He maintained that the true success of the market should ultimately be judged by its ability to support economic development, attract sustainable investment and positively impact the lives of Nigerians.

While opinions differ on the significance of the latest ranking, analysts agree that maintaining the market’s momentum will depend on sustained policy consistency, macroeconomic stability, stronger corporate earnings and the successful implementation of ongoing reforms aimed at deepening Nigeria’s capital market.

Nigeria’s stock market surpasses South Korea as world’s top-performing equity market

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Dangote cuts petrol price again as crude oil surge threatens fuel price relief

Insurance

Lasaco Assurance pays N17.60bn in claims, assures policyholders of prompt settlements

Published

19 hours ago

July 9, 2026

Trends Admin

Lasaco Assurance pays N17.60bn in claims, assures policyholders of prompt settlements

Lasaco Assurance Plc has reinforced its reputation as a reliable insurance provider after paying N17.60 billion in claims during its 2025 financial period, reaffirming its commitment to settling genuine claims promptly despite prevailing economic challenges.

The company said the impressive claims payout reflects its unwavering dedication to protecting policyholders and honouring its obligations whenever insured losses occur.

According to recent industry data, the N17.60 billion paid in claims underscores Lasaco Assurance’s financial strength and its resolve to deliver on its promise to customers across its motor, property, life and other insurance portfolios.

For millions of Nigerians who rely on insurance to protect their vehicles, homes, businesses and livelihoods, prompt claims settlement remains one of the most important measures of an insurer’s credibility. Lasaco said its latest claims record demonstrates its continued focus on customer satisfaction and dependable service delivery.

The company noted that every genuine claim is carefully assessed and settled in line with policy terms, reinforcing public confidence in its operations and strengthening trust in the Nigerian insurance industry.

Beyond its claims performance, Lasaco Assurance Plc has also recorded significant progress in strengthening its capital base.

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The insurer recently concluded a successful rights issue, achieving a 104.5 per cent subscription from existing shareholders, a development the company described as a strong vote of confidence in its long-term growth strategy and corporate leadership.

The successful capital raise has further positioned the company to expand its operations, improve service delivery and enhance its capacity to meet the evolving insurance needs of individuals, families and businesses across Nigeria.

Lasaco also disclosed that it is on course to meet the National Insurance Commission (NAICOM) recapitalisation requirements well ahead of regulatory deadlines.

According to the company, the ₦18.47 billion fresh capital injection, alongside other ongoing strategic initiatives, provides a solid financial foundation that will enable it to remain competitive and continue delivering value to policyholders for years to come.

Management said the strengthened capital structure will further improve the company’s underwriting capacity, claims-paying ability and overall financial resilience, giving customers greater confidence that their insurance policies are backed by a financially stable institution.

The insurer reiterated that prompt claims settlement remains at the heart of its business philosophy, assuring existing and prospective customers that it will continue to honour valid claims without unnecessary delays.

Industry analysts note that timely claims payment is one of the key indicators of an insurer’s financial health and operational efficiency. They believe companies that consistently fulfil their claims obligations are more likely to strengthen customer confidence and contribute to the growth of insurance penetration in Nigeria.

As the Nigerian insurance sector continues to evolve under ongoing regulatory reforms, Lasaco Assurance Plc says it remains committed to innovation, financial stability and customer-centric service, positioning itself as a trusted partner for individuals and businesses seeking reliable insurance protection.

Lasaco Assurance pays N17.60bn in claims, assures policyholders of prompt settlements

Business

Dangote cuts petrol price again as crude oil surge threatens fuel price relief

Published

1 day ago

July 9, 2026

Trends Admin

Dangote cuts petrol price again as crude oil surge threatens fuel price relief

Dangote Petroleum Refinery has announced another reduction in the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, despite renewed pressure in the international oil market caused by a sharp increase in global crude oil prices.

The latest adjustment comes as Nigeria’s downstream petroleum sector records mixed pricing trends, with wholesale petrol prices remaining largely stable across major depots while diesel prices climbed in several locations, particularly in Lagos.

According to the latest depot pricing data released on Wednesday, Dangote Refinery reduced its petrol loading price by ₦1 per litre, bringing the ex-depot price down from ₦1,076 to ₦1,075 per litre.

Although the reduction appears marginal, it reinforces the refinery’s commitment to maintaining competitive pricing in Nigeria’s deregulated downstream petroleum market.

The latest adjustment follows Dangote Refinery’s recent decision to slash its ex-gantry petrol price by ₦50 per litre to ₦1,075, marking its fourth major reduction within one month and bringing cumulative cuts to ₦200 per litre since late May.

The refinery has consistently maintained that its pricing decisions are driven by production economics, inventory costs and operational sustainability rather than short-term movements in international crude oil prices.

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According to the company, a significant portion of the crude currently being refined was purchased when global oil prices were much higher, limiting the extent of immediate reductions despite recent improvements in market conditions.

The refinery has also aligned its coastal loading price with the new ex-gantry rate and expanded fuel sales to all qualified petroleum marketers after ending its previous consortium sales arrangement, a move expected to improve product availability and encourage greater competition across the country.

In another development, MRS Oil Nigeria reduced its wholesale petrol price by ₦2 per litre, lowering its depot price from ₦1,076 to ₦1,074 per litre, making it one of the cheapest suppliers in the Lagos market.

However, other major marketers, including NIPCO, Sahara Energy, Aiteo and African Terminal, retained their previous petrol prices, reflecting relative stability in the wholesale market despite growing competition.

Across Lagos depots, wholesale petrol prices remained within a narrow range of ₦1,074 to ₦1,075 per litre, indicating that marketers are adopting cautious pricing strategies while closely monitoring developments in the global energy market.

Unlike petrol, diesel (Automotive Gas Oil – AGO) recorded widespread price increases across several depots in Lagos.

African Terminal increased its diesel price from ₦1,410 to ₦1,450 per litre, while Duport, Ibachem, Ibeto and T-Time implemented similar ₦40 per litre increases, pushing their depot prices to ₦1,450 per litre.

In contrast, the Port Harcourt market recorded lower diesel prices.

Matrix Depot reduced its AGO price by ₦50 per litre, from ₦1,550 to ₦1,500, while Sigmund trimmed its diesel price from ₦1,463 to ₦1,460 per litre.

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Petrol prices in Port Harcourt remained unchanged, with Matrix maintaining its PMS depot price at ₦1,100 per litre.

In Warri, competition among marketers resulted in slight reductions in petrol prices.

Nepal and Optima each lowered their depot prices by ₦2 per litre to ₦1,083, while Parker reduced its price by ₦1 to ₦1,084 per litre.

Other marketers, including Matrix, Rain Oil, Prudent Energy and A.Y.M. Shafa, maintained their petrol prices at ₦1,085 per litre.

Diesel prices in Warri, however, moved in the opposite direction.

Prudent Energy raised its AGO price by ₦70 per litre, from ₦1,480 to ₦1,550, while A.Y.M. Shafa retained its diesel price at ₦1,435 per litre.

In Calabar, Soroman maintained its petrol price at ₦1,100 per litre, while Fynfield increased its diesel price by ₦30, from ₦1,450 to ₦1,480 per litre.

Meanwhile, developments in the international oil market have raised fresh concerns over the sustainability of recent fuel price reductions.

On Wednesday, the global oil market witnessed a strong rally as renewed geopolitical tensions and concerns over tighter crude supplies pushed prices sharply higher.

The international benchmark Brent crude gained 7.32 per cent to trade at $79.59 per barrel, while West Texas Intermediate (WTI) rose 6.79 per cent to $75.22 per barrel.

Energy analysts say a sustained increase in global crude prices could eventually reverse the downward trend in domestic fuel prices because crude oil accounts for the largest share of refining costs.

Although Nigeria’s growing domestic refining capacity—led by Dangote Refinery—is expected to reduce dependence on imported petroleum products and improve market competition, experts note that exchange rates, international crude oil prices, logistics costs and broader market dynamics will continue to influence fuel prices under the country’s deregulated downstream petroleum regime.

For consumers, transport operators and manufacturers, the latest petrol price adjustment offers modest relief. However, industry observers caution that the direction of future fuel prices will largely depend on developments in the global oil market and the cost of crude available to local refiners.

Dangote cuts petrol price again as crude oil surge threatens fuel price relief

Business

Dangote launches free petrol delivery in Lagos, Abuja, five other states

Published

2 days ago

July 8, 2026

Trends Admin

Dangote launches free petrol delivery in Lagos, Abuja, five other states

Dangote Petroleum Refinery has launched a free delivery programme for Premium Motor Spirit (PMS), popularly known as petrol, to customers in Lagos, Ogun, Rivers, Kaduna, Delta states and the Federal Capital Territory (FCT), Abuja, while maintaining its ex-depot price at N1,075 per litre.

The refinery announced the initiative in a notice published on its official X (formerly Twitter) account on Wednesday, describing the programme as part of efforts to improve the distribution of locally refined petrol, reduce logistics costs for marketers and ensure more efficient fuel supply across Nigeria.

According to the company, the free delivery service is available to customers purchasing a minimum of 250,000 litres of petrol. The current rollout covers six strategic locations, with plans to expand the initiative to other parts of the country in subsequent phases.

In addition to free transportation, the refinery introduced a 10-day credit facility for qualified bulk buyers, a move expected to ease cash flow challenges for marketers, improve inventory management and encourage wider distribution of fuel nationwide.

The latest initiative comes days after Dangote Petroleum Refinery held a meeting with stakeholders in Nigeria’s downstream petroleum sector to discuss cost-reflective petrol pricing, supply stability and measures to make fuel more affordable for consumers.

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The meeting ended with marketers and industry operators expressing support for further reductions in petrol prices as local refining capacity continues to improve.

The free delivery programme also follows the refinery’s latest reduction in its ex-depot (gantry) price of petrol from N1,125 to N1,075 per litre, marking the fourth downward price review by the company in recent weeks.

Industry analysts believe the consistent price cuts reflect increasing production capacity at the refinery, improved operational efficiency and growing competition in Nigeria’s deregulated downstream petroleum market.

The refinery has also widened access to its products by allowing all licensed petroleum marketers to purchase directly, ending its previous consortium sales arrangement. The move is expected to promote competition, improve product availability and reduce supply bottlenecks across the country.

By absorbing transportation costs to the six pilot locations, Dangote Petroleum Refinery is expected to lower operational expenses for marketers. Analysts say the savings could translate into lower retail pump prices if passed on to consumers.

Commenting on recent market trends, the President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, disclosed that the retail price of petrol has dropped by about N125 per litre within the last three weeks.

According to him, pump prices currently range between N1,155 and N1,299 per litre, depending on transportation costs, location and individual marketers’ pricing structures.

Maigandi attributed the reduction to increased local supply from the Dangote Petroleum Refinery, heightened competition among marketers and the refinery’s successive reductions in ex-depot prices.

Industry experts believe the combination of lower gantry prices, free product delivery and easier access to supplies for marketers could further stabilise Nigeria’s fuel market, improve nationwide availability of petrol and moderate pump prices in the coming weeks.

The development represents another milestone for Dangote Petroleum Refinery as it expands its influence in Nigeria’s energy sector through increased domestic refining, improved fuel distribution and market-driven pricing strategies aimed at reducing the country’s dependence on imported petroleum products.

If successfully implemented on a wider scale, the initiative is expected to enhance fuel supply efficiency, strengthen competition in the downstream petroleum sector and deliver cost savings that could ultimately benefit millions of Nigerian motorists and businesses.