Adonri made the projection while speaking at the Capital Market Correspondents Association of Nigeria (CAMCAN) Mid-Year 2026 Capital Market Review and Outlook held in Lagos.

According to him, the equities market is poised to gradually regain momentum as investors respond to improving corporate performance, stronger economic indicators and increasing confidence in the country’s reform agenda.

He, however, cautioned that high inflation, elevated interest rates, political activities ahead of the 2027 general elections, insecurity, simultaneous capital-raising exercises by companies and the ongoing conflict in the Gulf region remain key downside risks that could affect market performance in the months ahead.

Adonri explained that the recent correction on the Nigerian Exchange should not be viewed as a sign of weakening market fundamentals but rather as a normal phase of portfolio rebalancing by institutional investors following the strong rally triggered by ongoing economic reforms.

“The current market correction is a result of institutional investors repositioning their portfolios and not an indication of a breakdown in market fundamentals,” he said.

He expressed optimism that stronger corporate fundamentals and improved earnings prospects across listed companies would support a gradual recovery in the equities market during the second half of the year.

While projecting that the current high interest rate environment is likely to persist, Adonri said Exchange Traded Products (ETPs) are expected to realign with their underlying fundamentals as market conditions improve.

He also noted that the activation of the commercial papers and derivatives markets would deepen Nigeria’s capital market, broaden investment opportunities and enhance market liquidity.

Adonri identified the anticipated listing of Dangote Refinery on the Nigerian Exchange as one of the most significant developments expected in the coming months, describing it as a potential game changer capable of transforming the size, depth and attractiveness of Nigeria’s capital market.

Reviewing the country’s macroeconomic outlook, he said Nigeria’s ongoing economic reforms continue to receive positive recognition from international institutions.

According to him, the International Monetary Fund (IMF) has acknowledged that the reforms are producing improved macroeconomic outcomes, while leading global credit rating agencies have upgraded or affirmed Nigeria’s sovereign credit ratings.

He noted that S&P Global Ratings upgraded Nigeria’s sovereign credit rating to ‘B’ from ‘B-’ with a stable outlook in May 2026. Fitch Ratings also affirmed the country’s ‘B’ rating with a stable outlook, while Moody’s upgraded Nigeria’s rating to ‘B3’ from ‘Caa1’.

Adonri said the improved ratings reflect growing confidence in Nigeria’s economic management, supported by greater foreign exchange stability, rising external reserves and increased crude oil production.

He added that the World Bank and IMF project Nigeria’s economy to grow by 4.1 per cent in 2026, while the Central Bank of Nigeria (CBN) forecasts a stronger growth rate of 4.49 per cent.

According to him, higher crude oil production, expanding domestic refining capacity, improving foreign reserves and a relatively stable and appreciating naira are expected to support investor confidence and economic growth.

Despite the positive outlook, Adonri stressed that sustained macroeconomic stability and policy consistency remain essential to preserving investor confidence and ensuring long-term growth in the capital market.

He expressed confidence that once institutional investors complete their portfolio adjustments and economic reforms continue to gain traction, the Nigerian stock market will gradually return to a stronger growth trajectory in the second half of 2026.

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Speaking at the Capital Market Correspondents Association of Nigeria (CAMCAN) Mid-Year 2026 Capital Market Review and Outlook in Lagos, Adonri said stronger corporate earnings and improving macroeconomic indicators are expected to support renewed momentum in the stock market.

He explained that the recent decline in share prices should not be viewed as evidence of weak market fundamentals but rather as a normal adjustment resulting from institutional investors rebalancing their portfolios after the rally driven by recent economic reforms.

According to him, the market’s underlying fundamentals remain solid, with investor sentiment supported by ongoing reforms and signs of macroeconomic stability.

Adonri, however, warned that inflation, political activities ahead of the 2027 general elections, insecurity, simultaneous corporate capital-raising programmes and geopolitical tensions in the Gulf region could weigh on market performance in the coming months.

He also projected that interest rates would remain elevated for now, while Exchange Traded Products are expected to gradually align with their underlying values as market conditions improve.

The investment expert identified the anticipated listing of the Dangote Refinery on the Nigerian Exchange as a major development that could significantly expand the size, liquidity and attractiveness of Nigeria’s capital market.

Reviewing the broader economy, Adonri noted that Nigeria’s reform agenda has continued to earn international recognition, citing improved sovereign credit ratings and positive economic growth forecasts from global institutions as indicators of growing confidence in the country’s economic management.

He added that higher crude oil production, improved foreign exchange reserves, expanding domestic refining capacity and a more stable naira are expected to support economic growth and encourage investment.

Adonri maintained that while the market is navigating short-term uncertainties, sustained policy consistency, macroeconomic stability and the completion of institutional portfolio adjustments should position the equities market for a moderate recovery in the months ahead.

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Speaking at the opening of the Second Biennial Conference of the Capital Market Academics of Nigeria in Abuja, Agama described the academic community as an indispensable partner in shaping effective regulations through research and intellectual engagement.

He said sound policymaking depends on credible evidence and innovative ideas, stressing that research generated through academic studies, conferences and scholarly publications provides valuable insights for responding to the changing dynamics of the financial markets.

According to the SEC Director-General, the Commission considers academics strategic stakeholders whose contributions can improve regulatory decisions, strengthen investor confidence and support long-term market development.

Agama noted that Nigeria’s capital market is entering a new phase following the enactment of the Investments and Securities Act, 2025 and the implementation of a new 10-year Capital Market Master Plan, making continuous research and constructive policy dialogue more important than ever.

He emphasised that ongoing reforms require rigorous analysis, independent scrutiny and informed debate to ensure that regulatory frameworks remain responsive to emerging challenges while reflecting global best practices.

Commending CMAN for choosing equitable and inclusive growth as the conference theme, Agama described the focus as timely and aligned with Nigeria’s broader economic development priorities.

He encouraged participants to ensure that their discussions translate into practical recommendations capable of shaping future regulations and enhancing the efficiency of the capital market.

“The Commission’s door is open to evidence, to challenge and to fresh ideas, wherever they may lead. The finest measure of these two days will not be the sessions we hold, but the policies and the practices they go on to shape,” he said.

Agama reiterated the SEC’s readiness to work closely with researchers and academic institutions to advance knowledge, strengthen market regulation and support the sustainable growth of Nigeria’s capital market.

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Speaking during his inaugural lecture as a Fellow of the Capital Market Academics of Nigeria at the association’s Second Biennial Conference in Abuja, Oyedele said the lengthy resolution of commercial cases continues to undermine investor confidence and weaken Nigeria’s business environment.

He noted that commercial disputes currently spend an average of 15 years moving through the High Court, Court of Appeal and Supreme Court, creating uncertainty for investors and increasing the cost of doing business.

To address the challenge, the minister proposed a dedicated tribunal staffed by judges and arbitrators with expertise in commercial, financial and capital market matters. He said the tribunal should adopt digital case management systems and operate within clearly defined timelines to ensure prompt resolution of disputes.

According to Oyedele, the proposed body would complement existing investment protection mechanisms by providing businesses, suppliers, investors and joint venture partners with a faster and more reliable avenue for resolving commercial disagreements.

He stressed that virtually every financial instrument—including bonds, syndicated loans, private placements and structured notes—is built on enforceable contracts, making speedy dispute resolution critical to the growth and stability of the capital market.

The minister also challenged prevailing public attitudes towards government borrowing, arguing that debt should be assessed based on how borrowed funds are utilised rather than on the volume of borrowing itself. He maintained that borrowing for productive investments capable of generating returns above their financing costs supports economic development.

Oyedele further encouraged Nigerian entrepreneurs to embrace external investment, noting that retaining full ownership of a small business may deliver less value than holding a significant stake in a larger, better-capitalised enterprise.

He identified policy consistency, institutional credibility, effective contract enforcement and the rule of law as the key drivers of long-term investment, insisting that investors place greater value on certainty than generous tax incentives.

The minister also urged policymakers, professionals and the media to improve communication around economic reforms, saying stronger institutions, predictable policies and efficient justice delivery remain fundamental to positioning Nigeria as an attractive destination for sustainable investment.

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According to the organizers, both awards reflected Seplat Energy’s strong financial performance, operational efficiency, consistent production output, and sustained commitment to delivering value to shareholders.

Each category was assessed using Nairametrics’ data-driven evaluation framework, which focuses on key indicators of financial performance, operational strength, and shareholder returns, including: revenue growth, profit after tax (PAT) growth, return on average equity (ROAE), production output / capacity, dividend yield and dividend payout ratio.

According to Nairametrics, each parameter was carefully weighted to ensure a balanced and objective assessment of long-term value creation and operational execution.

The Founder/Chief Executive Officer, Nairametrics Financial Advocates Limited, Ugodre Obi-Chukwu, said the awards were created to recognise excellence, resilience and innovation across the capital market ecosystem.

He stressed that despite global economic uncertainty, tighter financial conditions and exchange-rate volatility, Nigeria’s capital market has remained resilient, supported by stronger investor confidence, improved corporate earnings, innovation and increased retail participation.

The Nairametrics boss explained that the theme of this year’s awards, “Capital Markets as a Pathway to Responsible Wealth Creation,” reflects the growing consensus that wealth creation must be sustainable, ethical and capable of delivering long-term value to businesses, investors and society.

Obi-Chukwu congratulated all nominees and winners, noting that their contributions continue to strengthen investor confidence and advance the development of Nigeria’s capital market.

According to him, the awards were established to recognise excellence, encourage responsible wealth creation and celebrate resilience across the financial ecosystem.

Commenting on the awards, the Director, External Affairs & Social Performance, Seplat Energy Plc, Chioma Afe, commended Nairametrics for its hard work and dedication over the years in ensuring a healthy capital market and facilitating business performances.

According to her, the various awards and recognitions play important role in raising standards, rewarding excellence and encouraging best practices across Nigeria’s capital market ecosystem. “For Seplat Energy, this is a call to more exceptional performance and general business excellence. We look forward to more exciting times in the market with significant growth in returns for all our stakeholders,” Afe assured.

About Seplat Energy Plc

Seplat Energy Plc is Nigeria’s leading indigenous energy company. It is listed on the Premium Board of the Nigerian Exchange Limited (NGX: SEPLAT) and the Main Market of the London Stock Exchange (LSE: SEPL). Through our strategy to build a sustainable business and deliver energy transition, we are transforming lives by delivering affordable, reliable and sustainable energy that drives social and economic prosperity.

Seplat Energy’s portfolio consists of 11 PMLs, 17 PPLs and 5 OMLs in onshore and shallow water locations in the prolific Niger Delta region of Nigeria, which we operate with partners including the Nigerian Government and other producers. Furthermore, we have an operated interest in three export terminals including; the Qua Iboe export terminal, Yoho FSO, and Bonny River Terminal (BRT), and operate two large offshore NGL recovery plants at Oso and EAP.

We operate three gas processing plants onshore, at Oben and Sapele on our Western Assets and the 300 MMscfd ANOH Gas Processing Plant on our Eastern Assets, an integrated joint venture with NGIC. Combined, these gas facilities augment Seplat Energy’s position as a leading supplier of natural gas to the domestic power generation market.

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In a public notice issued on Tuesday, the Commission said it had become aware of advertisements, digital campaigns, flyers, and targeted emails circulating across social media and investment platforms promoting an alleged public share offering by the refinery.

According to the SEC, no application for the registration of an IPO or any public offer of shares by Dangote Refinery has been submitted to or cleared by the Commission.

The regulator expressed concern over reports that some Registered Capital Market Operators (CMOs) were actively soliciting subscriptions and collecting investor commitments for the purported offer.

It described the activities as misleading and capable of creating false market expectations, information asymmetry, and risks to the integrity of Nigeria’s capital market.

The Commission noted that invitations encouraging investors to create accounts, pre-fund subscriptions, or secure guaranteed share allocations amounted to market manipulation and constituted serious violations of the Investments and Securities Act.

Consequently, the SEC directed all registered market operators, including stockbrokers and digital investment platforms, to immediately cease the publication, distribution, or promotion of any materials related to the alleged offering.

The regulator also ordered operators to remove all unauthorized promotional content from websites, social media platforms, and messaging channels within 24 hours of the notice.

In addition, the Commission instructed operators to stop accepting deposits, account openings, expressions of interest, or any form of commitment linked to the purported IPO. Any funds already collected from investors in connection with the offering must be refunded within 24 hours.

The SEC warned that failure to comply with the directive would attract sanctions under the Investments and Securities Act, 2025, and the Commission’s Rules and Regulations.

The regulator advised investors to exercise caution and rely solely on official communications issued through SEC-approved channels when considering investment opportunities.

It further urged members of the public to disregard high-pressure marketing tactics and requests for fund transfers tied to any “pre-IPO” placement, stressing that such activities have not received regulatory approval.

The Commission assured investors that should Dangote Refinery eventually submit and obtain approval for a public offering, an official prospectus would be released in accordance with the provisions of the Investments and Securities Act, 2025.

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The insurer will seek shareholders’ approval for the proposed fundraising and other strategic resolutions at an Extraordinary General Meeting (EGM) scheduled to hold virtually on July 15, 2026.

According to a notice filed with the Nigerian Exchange Limited (NGX), the company is proposing a public offer of 2.08 billion ordinary shares of 50 kobo each at ₦1.30 per share, subject to obtaining the requisite regulatory approvals.

The board is seeking shareholders’ authorisation to determine the terms and conditions of the offer, appoint professional advisers, execute transaction documents, and secure all necessary regulatory clearances required to complete the exercise.

Shareholders will also be asked to ratify all actions already taken by the board in connection with the proposed capital raising programme.

To facilitate the capital raise, Royal Exchange is seeking approval to increase its share capital from ₦4.63 billion to ₦5.17 billion through the creation of an additional 1.08 billion ordinary shares of 50 kobo each.

The newly created shares will rank pari passu with the company’s existing ordinary shares. The board is also requesting authority to cancel any unallotted shares or further increase the company’s share capital where necessary to accommodate future capital-raising transactions.

In addition, shareholders will consider a proposal authorising the board to allot the new shares created under the public offer at ₦1.30 per share, or at such price as may be determined by the directors, to one or more investors on terms deemed appropriate by the board.

The company is further seeking approval to amend Clause 6 of its Memorandum of Association upon completion of the equity raise to reflect the new issued share capital. The company secretary will be empowered to file all necessary documents and returns with the Corporate Affairs Commission (CAC) to give effect to the resolutions.

The proposed resolutions underscore Royal Exchange’s commitment to enhancing its financial capacity and meeting evolving regulatory and market expectations within Nigeria’s insurance industry.

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The agreement was signed in Abuja on Monday and is designed to promote closer collaboration in areas such as investor education, capital market development, regulatory information sharing, capacity building, technical assistance, and joint supervision and enforcement activities.

According to the MoU, both regulators will work together within their respective legal frameworks to enhance innovation, improve market confidence, and support the growth of sound capital market practices across Nigeria and Rwanda.

Speaking at the signing ceremony, the Director-General, SEC  Dr. Emomotimi Agama, said African capital markets must strengthen cooperation to achieve greater integration and development. He called for harmonised regulations, increased cross-border listings, and more investment flows within the continent.

Agama stressed that the capital market remains central to economic development, noting that it plays a key role in mobilising long-term funding for infrastructure and other development projects.

He urged African nations to invest more in one another’s markets to build a stronger financial ecosystem.

“We need to cooperate in Africa, invest in each other’s market and grow our continent. The time is now for us to look inwards,” he said, adding that stronger integration would improve economic outcomes and citizens’ welfare.

He further noted that Nigeria’s capital market system is well developed and expressed readiness to support other African countries in strengthening their regulatory and market structures.

In his remarks, the Chief Executive Officer of CMA, Romeo Ngaranbe, expressed appreciation for the partnership, stating that Rwanda is eager to learn from Nigeria’s more advanced capital market experience.

He said the collaboration would provide valuable lessons that would help improve Rwanda’s own market development, adding that the partnership represents a positive step toward a more connected African financial system.

Both regulators described the agreement as a milestone that will foster stronger financial ties, improve market efficiency, and support long-term economic growth in both countries.

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With the approval from the Ethiopian Capital Market Authority, United Capital becomes the first foreign institution permitted to offer investment banking, financial advisory, securities brokerage, and portfolio management services in Ethiopia. The development marks a major turning point for Ethiopia’s emerging capital market ecosystem.

According to the regulator, the operational license was granted following a rigorous review process that involved multiple government institutions and extensive cross-market due diligence.

The milestone follows closely on the heels of another regulatory approval from the Capital Market Authority (CMA) of Rwanda, which cleared United Capital to provide trust services, investment banking, and portfolio management services in Kigali. Together, the two licenses increase United Capital’s operational footprint to 12 countries across West, East, and Central Africa, including Nigeria and the West African Economic and Monetary Union (WAEMU) region.

Commenting on the expansion, Peter Ashade, Group Chief Executive Officer of United Capital Group, described both nations as vital growth frontiers for the continent.

“Ethiopia and Rwanda represent two of Africa’s most significant growth opportunities, and we are pleased to receive these licenses at an important moment in the region’s capital market development journey,” Ashade said. “The region’s strategic location as an international trade route connecting Africa and the East, a large youthful workforce, and ongoing reforms are expected to continue attracting foreign investment.”

Ashade lauded the visionary reforms led by Ethiopian Prime Minister Abiy Ahmed and Rwandan President Paul Kagame, noting that the cross-border expansion represents “Africapitalism in action.” He emphasized that the group intends to leverage its expertise to build robust, inclusive capital markets, facilitate efficient capital allocation, and unlock long-term economic value in East Africa.

Ejikeme Okoli, United Capital’s Director for Africa, highlighted the broader economic implications of the entry, noting that the group brings over six decades of financial services experience to the region.

“Our journey from Nigeria to Ethiopia, from Abidjan to Kigali, is a single pan-African strategy, built on the conviction that African capital, mobilized and structured through African institutions and regulated within African frameworks, is the most sustainable foundation for the prosperity of this continent,” Okoli stated.

The dual expansion reinforces United Capital’s long-term commitment to advancing Africa’s integrated capital markets agenda by delivering tailored financial and investment solutions to governments, corporations, and private investors across the continent.

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The Group recently hosted an X Space session themed “Follow the Fundamentals: A Beginner’s Guide to the Stock Market,” reaching over 5,000 users, largely young Nigerians, first-time investors, and retail market participants seeking to better understand investment opportunities in the capital market.

Featuring social media investment influencer, Omiete Inko-Tariah, alongside representatives from Nigerian Exchange Limited and NGX Regulation Limited, the session demystified key concepts around market operations, investor protection, and safe participation. Beyond education, it served as an open forum where retail investors engaged directly with market stakeholders on issues of confidence, transparency, and accessibility.

Speaking on the initiative, Clifford Akpolo, Head, Group Communications and Partnerships at NGX Group, said: “Deepening retail participation is critical to building a more resilient, inclusive, and sustainable capital market. At NGX Group, we believe financial literacy is not just an educational responsibility, it is a strategic imperative for strengthening investor confidence, improving market accessibility, and expanding long-term wealth creation opportunities for Nigerians. Through digital platforms like this, we are leveraging innovation to connect with the next generation of investors and democratize access to market knowledge.”

The initiative forms part of NGX Group’s broader sustainability agenda under its Community pillar, which focuses on advancing financial literacy, inclusion, and economic empowerment through education-driven and stakeholder-focused programmes.

Following the success of this edition, NGX Group plans to sustain similar engagements as part of its ongoing commitment to strengthening investor confidence, deepening retail participation, and building a more resilient and inclusive investment ecosystem.

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