Nigerian Exchange sees growth and reclassification to Frontier Market status
via Punch Nigeria2 min read
The Nigerian Exchange showed significant growth during the trading week ending April 10, 2026, despite a shortened four-day session. Investor confidence surged following FTSE Russell's announcement to reclassify Nigeria from "Unclassified" to "Frontier Market" status, effective September 2026. This reclassification is attributed to improved foreign exchange liquidity and resolved repatriation issues. Coupled with easing inflation and a 50bps cut to the Monetary Policy Rate, the All-Share Index rose by 1.03 percent to a record high of 203,770.43 points, and market capitalization reached N131.166tn. Trading activity increased, with 3.361 billion shares valued at N151.948bn traded across 229,442 deals. The Financial Services Industry led activity, accounting for 68.54 percent of equity turnover volume, with Access Holdings Plc, Wema Bank Plc, and Guaranty Trust Holding Company Plc being key drivers. While most indices gained, the Insurance and Growth indices depreciated. Access Holdings Plc listed an additional 1.057 billion ordinary shares after a private placement, increasing its total issued shares to 54.37 billion. Conversely, DN Tyre and Rubber Plc and Greif Nigeria Plc were delisted due to not meeting listing standards. Analysts anticipate a bullish outlook for the Nigerian market for the rest of 2026, expecting increased foreign portfolio inflows due to the FTSE upgrade, which could strengthen foreign reserves and stabilize the naira. The market has already achieved a 30.
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Nyesom Wike, the Minister of the Federal Capital Territory, stated that he relies on his wife's prayers for continued support from President Bola Tinubu, highlighting its importance for ministers to fulfill their mandates. Speaking at the inauguration of the Water Supply Network to Bwari Satellite Town, Wike mentioned that his administration has officially commissioned 50 projects and plans to commission 10 more before January. He stressed that presidential backing is crucial for performance, drawing from his experience as a former governor and minister. Wike revealed he asks his wife to pray for the President's continued support for the FCT Administration, acknowledging the support received has enabled positive changes. He added that governance aims to improve citizens' lives, a goal he believes the Tinubu administration is working towards.
Must ReadThe National Drug Law Enforcement Agency NDLEA of Nigeria and its Egyptian counterpart are preparing to sign a Memorandum of Understanding MoU to enhance cooperation in fighting substance abuse and illicit drug trafficking. This agreement aims to strengthen intelligence sharing, joint operations, and training between the two nations. NDLEA Chairman/Chief Executive Officer, Brig. Gen. Mohamed Buba Marwa retd., announced this during a visit from the Egyptian Ambassador to Nigeria, Mohammed Fouad, at the agency's headquarters in Abuja. Marwa emphasized the global nature of the drug problem and the need for international collaboration, citing existing partnerships with various international law enforcement agencies. He noted that drug cartels are seeking alternative routes in Africa due to pressure elsewhere and highlighted NDLEA's success in dismantling drug manufacturing operations, including methamphetamine labs run by Mexican cartels in Nigeria. Ambassador Fouad underscored the importance of stronger bilateral cooperation between Egypt and Nigeria, as prominent African countries, to address narcotics trafficking from a continental perspective. The proposed MoU is expected to bolster intelligence gathering, capacity building, and coordinated enforcement actions to curb the illicit drug trade across Africa.
A coroner's court in the United Kingdom has ruled that Beatrice Solomon, a 27-year-old Nigerian woman, died by suicide. Ms. Solomon, who moved to the UK in November 2023 on a skilled worker visa, was found unresponsive in her Stanfield home. Her husband, Damian Butler, discovered her upon returning home from work. Emergency responders pronounced her dead at the scene. Police investigators ruled out any third-party involvement. During the inquest, Mr. Butler stated that his wife had struggled with her mental health for the past year, attributing it to issues with Stoke-on-Trent City Council. He also revealed that Ms. Solomon had made two previous attempts to take her own life. A post-mortem examination determined the cause of death as oxygen deprivation. Coroner Li Hammond-Naylor concluded that Ms. Solomon died by suicide, noting that she had researched and planned the act. Ms. Solomon, a caregiver, is survived by her husband, a son, and her siblings.