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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WBO heavyweight champion Fabio Wardley has reiterated his stance against fighting stablemate Moses Itauma, citing their shared trainer and gym as reasons for the impossibility of such a bout at this stage of their careers. Wardley, who is set to defend his WBO title against Daniel Dubois this summer, stated that his position remains unchanged despite indications from the WBO's Gustavo Olivieri that Itauma could be designated as the mandatory challenger. Wardley emphasized that a fight with Itauma is "much further down the road" due to their current training arrangements. Both fighters are trained by Ben Davison and regularly spar together. Wardley's ambitions are currently focused on facing top names in the division like Oleksandr Usyk, Tyson Fury, and Anthony Joshua. Olivieri had previously mentioned that if the WBO committee votes, Itauma would be designated as the mandatory challenger, with the enforcement timeline yet to be determined, potentially immediately after the Wardley-Dubois fight or later. Itauma acknowledged the complications but left the door open for a potential fight, especially if Dubois wins. Itauma is preparing for a headline appearance at the O2 Arena on July 25, with his promoter Frank Warren promising a significant test. Itauma's recent victory over Jermaine Franklin, whom neither Anthony Joshua nor Dillian Whyte had stopped, drew considerable attention.
The Athletics Federation of Nigeria aims for overall victory at the CAA Senior African Athletics Championships in Accra, Ghana, which starts on Monday. Technical director Gabriel Okon stated that the federation's goals extend beyond just providing competitive exposure for young athletes. Nigeria is sending a 45-athlete squad, comprising 25 women and 20 men, to the University of Ghana Sports Complex for the five-day championships from May 12 to 17. The team combines experienced performers with emerging talents. Okon emphasized the goal is to dominate the continent and secure remaining qualification spots for the 2026 World Athletics Championships. World record holder Tobi Amusan headlines the women’s squad, seeking a fourth African title in the 100m hurdles. She will be joined by Adaobi Tabugbo and Janet Sunday in that event. Sprint contender Rosemary Chukwuma will compete in the 100m and the 4x100m relay. Patience Okon-George will anchor the women’s 400m and relay squads. Long jumper Ruth Usoro and hammer specialist Oyesade Olatoye are also featured. The women’s squad does not include Ese Brume and Chioma Onyekwere. In the men’s category, sprint star Favour Ashe and Africa’s leading shot put athlete Chukwuebuka Enekwechi, who is also pursuing a fourth continental title, will lead Nigeria’s challenge. The men’s relay squads will be anchored by Samson Nathaniel, Emmanuel Ojeli, and Chidi Okezie. The 100m team includes Enoch Adegoke and Chidera Ezeakor. Decathlon national record
Onyema Ekpenyong, a Lagos-based businessman, is appealing for the return of his elder brother, Andrew Ekpenyong's, body from South Africa. Andrew, a mechanic, relocated to South Africa in 2007 and was found dead in a mortuary after police reportedly searched his home. According to Onyema, Andrew received a phone call on a Sunday evening, went out, and never returned. Later that night, policemen searched his house, but his girlfriend and apprentice, who were present, stated nothing incriminating was found. The next morning, Andrew's associates were directed to a government mortuary where his body was found. The police claimed he died after falling while jogging, but witnesses reported seeing traces of handcuffs and wounds on his body, suggesting he was beaten to death. Onyema spoke with Andrew's girlfriend and apprentice, noting their answers were suspicious. Andrew's wife and children were not living with him at the time. The Nigerian community in South Africa has issued a press statement demanding a comprehensive investigation and an autopsy, but no arrests have been made. Onyema's mother, who last spoke with Andrew in March when he promised to visit Nigeria in December, is distraught. The family is seeking assistance from both the Nigerian and South African governments to bring Andrew's killers to justice and facilitate the return of his remains to Nigeria for burial.
With only two games left in the 2025/26 Nigeria Premier Football League season, the title race is intensely competitive, primarily between Enugu Rangers and Rivers United. Eight-time champions Rangers currently lead the table with 62 points from 36 matches, while Rivers United are close behind with 61 points. Rangers recently regained control with a 2-0 win over Bayelsa United. Rivers United, despite having previously held a seven-point lead, remain confident, with coach Finidi George stating the title is still within reach after their 3-0 victory against Abia Warriors. Rangers coach Fidelis Ikechukwu has also emphasized the importance of his team's mentality. The narrow point difference means any slip-up could be decisive. Beyond the top two, Ikorodu City, with 58 points, and Shooting Stars, with 57 points, are mathematically still in contention, making it a theoretical four-horse race, though their chances depend on the top teams faltering significantly. The final two rounds promise a dramatic conclusion to the season.