The experts in separate interviews with our correspondent on Wednesday, said the review would strengthen long-term investment flows into the stock market and improve income potential for pension contributors.

The National Pension Commission (PenCom) recently revised Section 9 of its Sept. 2025 investment regulation to increase the allowable limits for investments in ordinary shares under the RSA funds to give PFAs more opportunities to invest in equities.

Under the new limits, RSA Fund I has been raised from 30 per cent to 35 per cent; RSA Fund II from 25 per cent to 33 per cent; RSA Fund III from 10 per cent to 15 per cent; and RSA Fund VI Active from 25 per cent to 33 per cent.

The Vice President of Highcap Securities Ltd., Mr David Adonri, said the review would enhance income generated from pension investments and support the equities market, which had shown sustained stability in recent years.

“It is a welcome development for the equities market and it also enhances the income derived from the investment of the RSA.

“Now that the equities market is performing very well and it has been sustained for several years, there is that assurance of stability,” he said.

Adonri noted that the move could result in improved retirement benefits over time, as higher investment returns may lead to periodic reviews of retirees’ monthly pensions.

He, however, cautioned that increased exposure to equities also comes with higher risk and urged Pension Fund Administrators (PFAs) to adopt safeguards.

“As equities increase in the investment portfolio of the RSA, the risk also increases. We are hoping that the administrators will take extra measures in mitigating the expected risks by using risk-mitigating derivatives,” he said.

Adonri noted that the development would be beneficial to the equities market, the derivatives market and retirees in the long run.

Also speaking, the Chief Executive Officer of Wyoming Capital and Partners, Mr Tajudeen Olayinka, described the policy adjustment as a realistic step that had been overdue.

According to him, pension funds designed for contributors with higher risk appetite should not be concentrated mainly in low-yield instruments when equities offer stronger return potential.

“When you are setting up a pension fund and the account holder is interested in an aggressive fund, it does not make sense to keep all the funds in less-yielding instruments.

“Equities offer benefits that you cannot get elsewhere, despite the risks involved,” he said.

Olayinka said the review could gradually improve pension payouts, adding that the size of monthly benefits depends largely on returns generated from investments.

“You cannot expect pension funds to pay what they have not earned. So, this is a way of improving returns, even though the increase is still moderate,” he said.

Also, Dr Babatunde Raimi, a pension and retirement coach said the new equity limit would create greater opportunities for pension savings to grow, even though the market might experience occasional short-term fluctuations.

Raimi noted that increasing the portion of pension funds invested in company shares would also support the growth of Nigerian businesses, boost job creation, and strengthen the economy.

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The benchmark opened trading at N102.684 trillion, reflecting continued investor confidence and extending the market’s positive momentum.

Thursday’s performance marked the 19th consecutive bullish session on the Nigerian Exchange, underscoring persistent buying interest across selected stocks.

Gains in Neimeth International Pharmaceutical, May and Baker, Etranzact International, Multiverse Mining, Mecure and 27 other stocks lifted the market into positive territory.

The All-Share Index advanced by 214.80 points, or 0.13 per cent, closing at 160,806.56 from 160,591.76 recorded on Wednesday.

In spite of the overall gain, market breadth closed negative, with 41 decliners outweighing 32 advancers at the end of trading.

International Energy Insurance led the losers, shedding 9.90 per cent to close at N2.73 per share.

ABC Transport followed, dropping by 9.88 per cent to end the session at N4.47 per share.

Austinlaz declined by 9.84 per cent, closing at N4.58 per share after sustained selling pressure.

Conoil also dipped by 9.72 per cent, settling at N169 per share during the trading session.

Veritas Kapital Assurance lost 9.69 per cent, closing at N1.77 per share on the Nigerian Exchange.

On the gainers’ table, Neimeth International Pharmaceutical topped the chart, appreciating by 10 per cent to close at N7.70.

May and Baker followed closely, rising by 9.85 per cent to finish trading at N26.20 per share.

Etranzact International gained 9.64 per cent, closing at N13.65 per share after strong demand.

Multiverse Mining advanced by 9.51 per cent, ending the session at N21.30 per share.

Mecure appreciated by 9.42 per cent, closing at N74.95 per share at the end of trading.

Market activity declined, as investors traded 645.06 million shares valued at N16.4 billion in 44,410 transactions.

This compared with 1.44 billion shares worth N20.7 billion exchanged in 49,286 deals recorded during Wednesday’s session.

Chams led trading by volume, exchanging 60.5 million shares valued at N236.8 million.

Linkage Assurance followed with 54.1 million shares worth N97.6 million traded during the session. Tantalizer recorded 44.9 million shares traded, valued at N129.7 million.

Access Corporation traded 35.5 million shares valued at N815.4 million on the exchange. Champion Breweries also featured, with 31.3 million shares worth N519.1 million exchanged.

Zenith Bank recorded the highest value traded at N1.51 billion, accounting for 9.15 per cent of total market value.

Commenting on the session, a market analyst said: “The sustained rally reflects selective positioning by investors, despite declining volumes and cautious sentiment in some sectors.”

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The disclosure was made in a statement on Wednesday by Mr Olayinka Ijabiyi, Acting Group Head, Marketing and Corporate Communications, FirstBank.

Ijabiyi said the milestone followed strategic capital initiatives, including a Rights Issue, Private Placement and proceeds from divesting the group’s merchant banking subsidiary.

He said the successful capitalisation reflected strong market confidence in FirstHoldCo’s business model, long-term vision and growth prospects.

“With a fortified capital base, FirstBank is positioned to accelerate real sector support, deepen financial inclusion and deliver innovative, digitally driven customer experiences,” Ijabiyi said.

He added that the recapitalisation strengthens financial resilience and provides a platform for earnings growth through expansion, technology and new opportunities.

In March 2024, the CBN directed commercial banks to raise minimum capital to N500 billion within 24 months to strengthen sector stability.

Ijabiyi said FirstBank had fulfilled the requirement well ahead of the regulatory deadline.

He said FirstHoldCo plans to raise fresh funding in 2026 to inject additional capital into subsidiaries and new business adjacencies.

According to him, the move aims to enhance service offerings and support strategic expansion.

Commenting, Chairman, Mr Femi Otedola, thanked shareholders for their trust and support throughout the capitalisation programme.

“Securing FirstBank’s capital base ahead of schedule positions us firmly for our next growth phase,” Otedola said, appreciating guidance from the CBN and SEC.

Group Managing Director, Mr Wale Oyedeji, said the capital raise strengthens execution of strategic priorities and delivery of lasting value to stakeholders.

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This is the 11th consecutive bullish session which experts describe as Santa Claus rally.

Gains in Austinlaz, Ecobank Transnational Incorporated, Eunisell Interlinked, Honeywell Flour, Guinness Nigeria and 36 other advancing equities boosted the market’s performance.

The market capitalisation, which opened at N97.890 trillion, added N542 billion or 0.55 per cent to close at N98.432 trillion.

Similarly, the All-Share Index rose by 0.55 per cent or 849.70 points, closing at 154,389.53 compared with 153,539.83 recorded on Wednesday.

While the year-to-date return increased by 50 per cent, the market breadth closed positive, recording 41 gainers and 37 losers.

Ecobank Transnational Incorporated and Austinlaz led the gainers’ chart by 10 per cent each, closing at N41.80 and N3.52 per share.

Eunisell Interlinked grew by 9.95 per cent, settling at N96.70, Honeywell Flour rose by 9.86 per cent, finishing at N19.50 and Guinness Nigeria soared by 9.82 per cent, ending the session at N349.90 per share.

Conversely, International Energy Insurance led the losers’ chart by 10 per cent, settling at N2.34, Meyer and Etranzact trailed by 9.92 per cent each, closing at N11.80 and N11.35 per share respectively.

Livestock Feeds dropped by 9.60 per cent, ending the session at N5.65 while Cileasing fell by 8.06 per cent, closing at N5.70 per share.

A total of 1.47 billion shares worth N35.5 billion were traded across 47,892 transactions, compared to 1.75 billion shares valued at N30.05 billion in 19,372 deals earlier recorded on Wednesday.

Analysis of the market breadth however revealed 16 per cent decline in volume, 22 per cent growth in value, and 147 per cent increase in deals.

Access Corporation recorded the highest volume and value with 594.38 million shares traded at N12.36 billion.

This translated to 40.48 per cent and 34.78 per cent of total volume and value traded for the day.

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Selloffs in stocks such as Universal Insurance, ABC Transport, Livingtrust Mortgage Bank, Chellaram, Royal Exchange and 34 other declining stocks drove the market into negative territory.

The market capitalisation of listed equities dropped by N216 billion, or 0.23 per cent, from N92.218 trillion to close at N92.002 trillion.

Similarly, the All-Share Index (ASI) declined by 0.23 per cent, shedding 340.50 points to close at 144,646.01 compared to 144,986.51 on Tuesday.

As a result, the year-to-date (YTD) return dropped to 40.53 per cent.

Also, the market breadth closed negative with 39 losers and 17 gainers.

Universal Insurance led the losers’ chart by 10 per cent, closing at N1.17, ABC Transport trailed by 9.95 per cent, settling at N3.44 while Livingtrust Mortgage Bank lost at 9.92 per cent, closing at N3.36 per share.

Chellaram dipped by 9.85 per cent, finishing at N14.65 and Royal Exchange fell by 9.76 per cent, ending the session at N1.85 per share.

Conversely, FG162049S2 led the gainers’ chart by 10.53 per cent, settling at N105, NCR Nigeria followed by 9.85 per cent, finishing at N34 and Caverton Offshore grew by 9.71 per cent, closing at N5.65 per share.

UAC of Nigeria gained by 8.33 per cent, ending the session at N68.30 while Mutual Benefits Assurance rose by 7.69 per cent, closing at N3.64 per share.

Market activity revealed decline in the deals and value with an increase in the volume as 892.5 million shares worth N23.5 billion were exchanged across 20,225 transactions.

This is in contrast to 381.23 million shares valued at N16.7 billion that was traded in 21,827 deals earlier.

Access Corporation closed with the highest volume and value, with 488.36 million shares traded, valued at N10.57 billion.

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The uptrend was driven by increased investor interest in stocks such as Custodian Investment, Linkage Assurance, Oando, NAHCO, Legend Internet, and 51 other advancing equities.

Specifically, the Nigerian Exchange Ltd. (NGX) market capitalisation, which opened at N92.477 trillion, rose by N1.003 trillion or 1.08 per cent to close at N93.480 trillion.

Similarly, the All-Share Index added 1.08 per cent or 1,577.34 points to close at 146,981.17, compared with 145,403.83 recorded on Wednesday.

The market breadth also closed positive, with 59 gainers and only 10 losers recorded at the end of trading.

Custodian Investment and Linkage Assurance led the gainers’ chart by 10 per cent each, closing at N38.50 and N1.76 per share respectively.

Oando Plc appreciated by 9.97 per cent to settle at N43.55, while NAHCO and Legend Internet gained 9.96 per cent each to close at N106.55 and N5.74 per share.

Conversely, Austinlaz led the losers’ chart, declining by 9.96 per cent to close at N2.35 per share.

Union Dicon Salt followed with a 9.68 per cent loss to close at N7, while Sterling Nigeria dipped by 5.81 per cent to end at N7.30 per share.

NGX Group shed 5.31 per cent to close at N52.60, while Guinness Nigeria lost 5.14 per cent, finishing at N166 per share.

However, overall market activity declined, as 599.7 million shares valued at N22.7 billion were traded in 23,675 deals.

This contrasted with Wednesday’s 806.4 million shares worth N50.78 billion exchanged across 24,509 transactions.

Wema Bank emerged the most traded stock by volume, with 98.4 million shares worth N1.95 billion changing hands.

United Bank for Africa followed with 52.9 million shares valued at N2.2 billion, while Access Corporation recorded 50.9 million shares worth N1.2 billion.

Fidelity Bank traded 41.2 million shares valued at N783.9 million, and Zenith Bank exchanged 40.8 million shares worth N2.6 billion.

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The bullish rally was driven by major stocks such as Guaranty Trust Holding Company, Nigerian Breweries, Ecobank Transnational, Access Corporation, AXA Mansard, and 60 other advancers.

Specifically, the market capitalisation rose by 2.88 per cent, moving from N89.884 trillion to N92.477 trillion.

Similarly, the All-Share Index appreciated by 2.88 per cent, closing at 145,403.83 points, compared to 141,327.30 recorded on Tuesday.

The Year-To-Date (YTD) return rose to 41.27 per cent, while market breadth remained positive with 65 gainers and 11 losers.

Guaranty Trust Holding Company, Nigerian Breweries, Ecobank Transnational, Access Corporation, and AXA Mansard topped the gainers’ chart by 10 per cent each.

They closed at N85.80, N66, N34.65, N22, and N13.31 per share respectively.

Conversely, Transpower, Vitafoam, and Austinlaz led the losers’ chart, shedding 10 per cent each to close at N307.80, N84.60, and N2.61 per share respectively.

Red Star Express declined by 9.80 per cent to N9.20, while Abbey Mortgage Bank dropped by 9.72 per cent to N6.50 per share.

Market activity analysis showed a 73 per cent rise in turnover, a 23 per cent increase in volume, and a 17 per cent decline in the number of deals.

A total of 806.4 million shares worth N50.78 billion were traded across 24,509 transactions.

This compared to 655.9 million shares worth N29.4 billion exchanged in 29,558 deals on Tuesday.

Guaranty Trust Holding recorded the highest traded volume of 105 million shares, while Aradel posted the highest transaction value at N12.91 billion.

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Mr Olabode Akeredolu-Ale, an Investment expert, said this while presenting a paper on the ‘Roles of Non-Interest Banks In SMEs’ Financing’ for SME entrepreneurs in Abuja.

He said that TAJBank’s total assets had increased to N1.017 trillion in half-year 2025, sourced from the banking and capital market regulatory institutions’ platforms.

Akeredolu-Ale said the figure marked a substantial growth from N953.098 billion as at December 2024.
The expert said the growth had enabled the bank to surpass other non-interest banks, with assets N53 billion higher than its closest competitor.

According to him, TAJBank’s gross earnings for half year (H1) 2025 also surged to N53.75 billion from N32.86 billion as of December 2024
This, he said, represented a 64 per cent growth, and higher than the nearest NIB’s gross earnings in the period under review.

The chartered broker said that the bank’s earnings per share during the half year was N61.36 kobo earnings per share.

He said his findings were based on his recent investment researches on the NIBs and their financial performance sourced from the banking and capital market regulatory institutions’ platforms.

”The figures I am reeling out here on the NIBs are sourced from the banking and capital market regulatory institutions’ platforms, which anyone can access to verify.

”I am part of this event because of my research interest in non-interest banking and how the players in the subsector in Nigeria can help to leverage their competencies in innovation and ethical banking to support our MSMEs.

”Today, the MSMEs cannot access DMBs’ loans due to high lending rates and other macroeconomic factors. This is where I think the NIBs have become very crucial to Nigeria’s economic growth.

“Overall, my findings on the NIBs indicated that they are all trying their best with non-interest loans to support entrepreneurs, particularly the MSMEs owners,” he said.

He advised entrepreneurs to explore the cost-friendly financing options of the NIBs to grow their businesses.

Benjamin Chukwudi, another speaker at the event, commended the NIBs for their roles in helping Small and Medium Enterprises (SMEs) to access interest-free loans and providing them with the needed financial management advisory.

This he said had helped SMEs to sustain their operations in the face of the rising cost of doing business in the country.

Our correspondents reports that the seminar was organised by Leaders Corporate Services Limited, set up to cater for the increasing demand for quality company secretarial services.

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The market’s upward movement was driven by gains in equities like: Eunisell Interlinked, UPDC, Sovereign Trust Insurance, Universal Insurance, Daar Communications and 34 other stocks

The market capitalisation increased by 0.42 per cent, adding N395 billion to investors’ portfolio as the market opened at N94.165 trillion and closed higher at N94.560 trillion.

Similarly, the All-Share Index (ASI) rose by 0.42 per cent, advancing by 622.60 points to close at 148,977.64, compared to 148,355.04 recorded on Thursday.

Also, the market breadth closed positive with 39 gainers against 23 losers.

Eunisell Interlinked led the gainers’ chart by 10 per cent, ending the session at N48.40, UPDC followed by 9.92 per cent, finishing at N6.98 while Sovereign Trust Insurance gained by 9.51 per cent, closing at N3.57 per share.

Universal Insurance rose by 9.09 per cent, settling at N1.20 and Daar Communications increased by 8.74 per cent, closing at N1.12 per share.

On the flip side, Livingtrust Mortgage Bank led the losers’ chart by 10 per cent, settling at N4.50, International Energy Insurance trailed by 8.39 per cent, closing at N2.73 and Consolidated Hallmark Holdings dipped by 6.29 per cent, finishing at N4.47 per share.

Sterling Nigeria fell by 4.88 per cent, ending the session at N7.80 while WAPIC Insurance declined by 4.55 per cent, closing at N3.15 per share.

An evaluation of the market activity revealed decline in the market deals and value with an improvement in volume.

A total of 480.99 million shares worth N16.78 billion were traded across 22,854 transactions, compared to 432.4 million shares valued at N16.9 billion that was exchanged in 23,665 deals earlier recorded.

Meanwhile, transactions in the shares of United Bank for Africa topped the activity chart in volume with 59.18 million shares valued at N2.48 billion.

Access Corporation followed with 50.39 million shares worth N1.29 billion while Fidelity Bank transacted 46.99 million shares valued at N944.02 million.

Sovereign Trust Insurance sold 34.24 million shares worth N120.86 million and Tantalizer traded 24.56 million shares valued at N54.53 million.

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The bank’s public offer, which was oversubscribed, raised N350.46 billion, bringing its total capital base to N614.65 billion, above the N500 billion regulatory threshold for banks with international authorisation.

The bank in a statement on Wednesday, said this achievement underscored the strong confidence investors continued to place in the institution’s leadership, performance, and growth.

Dr Umaru Kwairanga, Group Chairman of Nigerian Exchange Group (NGX Group), speaking at a Closing Gong Ceremony in Lagos to announce the achievement, said the milestone is “a testament to strong leadership and a win for Nigeria’s capital markets”.

Kwairanga said the bank’s achievement solidified its position as a pillar of the financial sector and underscored the market’s faith in its future.

“This outstanding achievement reinforces Zenith Bank’s reputation as one of Nigeria’s most resilient and well-capitalised financial institutions, a model of excellence, vision, and discipline.

“I must also pay special tribute to Dr Jim Ovia, CFR, whose visionary leadership and steadfast commitment have built Zenith Bank into one of Africa’s most respected and enduring financial institutions,” he said.

Also speaking, Dr Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC), commended the success of the offer

Agama the development reflected the market’s strength and integrity.

“This capital raise demonstrates the robust capacity of our markets. It’s a clear signal that with sound fundamentals and transparency, Nigeria can efficiently mobilise capital for growth,” he said.

In his remarks, Temi Popoola, Group Managing Director of NGX Group, highlighted the role of innovation in driving the success of the offer.

“The oversubscription of Zenith Bank’s offer is a direct result of innovation and collaboration.

“Our NGX Invest platform was instrumental in broadening access, onboarding a new generation of investors, and deepening market participation,” he said.

Reflecting on the achievement, Dr Jim Ovia, Founder and Chairman of Zenith Bank Plc, expressed gratitude to the investing public for their trust and support.

“This successful capital raise, which secures our regulatory standing, is a vote of confidence in our legacy and our future growth trajectory,” he said.

Also, Dr Adaora Umeoji, Group Managing Director of Zenith Bank Plc, described the accomplishment as both a regulatory milestone and a springboard for sustainable growth.

She also acknowledged the role of NGX Invest as a vital enabler in achieving the Bank’s goals.

“Reaching a capital base exceeding ₦600 billion is not just a compliance achievement; it’s a foundation for the future.

“Through platforms like NGX Invest, which expanded access and simplified participation, we were able to reach a broader pool of investors.

“This underscores how innovation within our market ecosystem can drive inclusivity and accelerate growth,” she said.

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