CAPITALDIGEST DAILYNEWS, 14/09/2026

CRUDE HITS $107, FRESH PETROL PRICE HIKE LOOMS 

Petrol prices in Nigeria may rise further as international crude oil prices surged to $107 per barrel on Thursday from about $100 the previous day. The latest rally has increased pressure on domestic petrol prices, which have already climbed from about N830 per litre before the Middle East crisis to N1,310 or more in some locations. Before the crisis began on February 28, crude oil traded below $69 per barrel. However, the subsequent disruption to global oil supplies has pushed international prices sharply higher, prompting the Dangote Petroleum Refinery and fuel importers to adjust their pricing. With Brent crude now above $107 per barrel and the US-Iran conflict continuing to disrupt tanker movements through the Strait of Hormuz, marketers and analysts warned that another petrol price increase could be imminent. According to Oilprice.com, Brent crude surged to $107 per barrel on Thursday as the prolonged military confrontation between the United States and Iran continued to disrupt oil supplies through the Strait of Hormuz, raising concerns over a sustained reduction in global crude availability. The international benchmark gained more than five per cent in early trading, extending the rally that pushed it above the $100 mark earlier in the week. West Texas Intermediate also climbed above $100 per barrel, reflecting growing global concerns that the conflict may continue to constrain crude supplies. The latest increase was driven largely by a sharp decline in oil flows through the Strait of Hormuz. Oilprice.com reported that volumes, which had recovered to between six million and nine million barrels per day in previous weeks, had fallen sharply, with recent estimates putting daily outflows below two million barrels. Shipping trackers also reported that no very large crude carriers had exited the strait since early September, a significant decline from the higher tanker traffic recorded during the brief period of relative calm. The escalation of attacks on tankers and commercial vessels in the Persian Gulf and surrounding waters has further heightened uncertainty in the oil market. Iran claimed to have struck several ships, while the United States confirmed the destruction of some Iranian oil tankers. Officials from both sides have given no indication of an imminent ceasefire, with their statements suggesting that the confrontation could continue for weeks or longer. Analysts said the absence of a clear path towards de-escalation had forced traders to reassess global supply risks. Physical crude benchmarks had already moved above $100 in recent sessions, while the futures market followed as inventories tightened and alternative export routes faced increased exposure to attacks. For months, reports of recovering tanker traffic through the Strait of Hormuz had helped to limit upward pressure on crude prices. That outlook has now changed. With oil flows sharply reduced and no clear diplomatic resolution in sight, global markets are increasingly pricing in the possibility of prolonged disruption to one of the world’s most important energy transit routes. For Nigeria, sustained increases in international crude prices could continue to feed into the domestic petrol market, particularly as refiners and importers adjust their prices to reflect changes in global crude and related supply costs. 

INTERBANK FX TURNOVER JUMPS 70% TO $94.43M 

Nigeria’s interbank foreign exchange turnover rose sharply by 69.82 per cent to $94.43m on Wednesday, from $55.60m recorded in the previous trading session. The increase represents an additional $38.82m in transactions within the interbank segment, according to data from the Central Bank of Nigeria. Trading activity also increased significantly during the session, with the number of interbank deals rising to 86 from 58 on Tuesday. This means interbank transactions increased by 28 deals, representing a 48.28 per cent rise within a single trading session. The jump in turnover was therefore accompanied by a substantial increase in the number of transactions, pointing to stronger activity among participants in the interbank market. On Wednesday, the dollar was traded within a range of N1,321.50/$ to N1,334/$ in the interbank market. The weighted average exchange rate for the session stood at N1,329.21/$. However, exchange rate closed at N1.328 to the dollar by the end of the day. The sharp movement in interbank turnover also highlights the difference between activity recorded specifically in the interbank segment and total transactions reported across the NFEM. On Tuesday, interbank transactions accounted for only a fraction of the $933.78m total NFEM turnover. By Wednesday, however, the reported interbank component had risen to $94.43m, an increase of $38.82m in one session. The number of interbank deals also climbed from 58 to 86, indicating that the higher turnover was not solely the result of a small number of large transactions. The latest figures underscore the volatility in daily FX market activity, with turnover varying considerably from one trading session to another. 

INSURANCE MUST DRIVE NIGERIA’S $1TRN ECONOMY – NAICOM 

The Nigerian insurance industry must strengthen its financial capacity, embrace technology, improve claims settlement and rebuild public confidence to play a stronger role in driving the country’s economic transformation, the National Insurance Commission and industry experts have said. The stakeholders spoke on Thursday at the 2026 Insurance Professional Forum of the Chartered Insurance Institute of Nigeria, held in Abeokuta, Ogun State, with the theme, “The Economics of Risk: Sustaining a Resilient Insurance Industry.” The Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Omosehin, said insurance was more than a financial service, describing it as an important infrastructure for economic development and stability. Omosehin said the industry had entered a new phase following recent regulatory reforms, with stronger expectations around financial soundness, governance, policyholder protection, and professional standards. According to him, the changing risk environment, characterised by economic volatility, climate-related disasters, technological disruption, cyber threats, geopolitical uncertainties and changing consumer expectations, requires insurers to move beyond traditional approaches to risk management. He said insurers must increasingly deploy predictive analytics, enterprise risk management, scenario modelling, climate intelligence, and other advanced technologies to strengthen their ability to withstand shocks. The commissioner said the recapitalisation exercise was not simply about increasing the size of insurers’ balance sheets, but about building institutions capable of retaining larger risks, investing in technology and human capital, underwriting major national projects and meeting their obligations during periods of economic stress. He said the success of the exercise would ultimately be measured by the resilience of insurance institutions and the confidence of policyholders. “Insurance is a promise,” Omosehin said, stressing that insurers must ensure that valid claims are handled promptly and transparently. He identified public confidence as the industry’s most valuable asset, warning that no amount of capital, technology, or regulation could substitute for trust. Omosehin also disclosed that the regulator had introduced a Policyholder Protection Fund, supported by operators, to provide an additional layer of protection for policyholders in the event of institutional failures. He, however, stressed that the fund should not become an excuse for insurers to neglect their obligations to policyholders. The NAICOM boss urged insurance professionals to continuously upgrade their skills as artificial intelligence, machine learning, predictive analytics, and digital platforms transform underwriting, claims management, customer engagement, and risk assessment. He also called for stronger collaboration among insurers, reinsurers, brokers, government agencies, technology providers, professional bodies, educational institutions, and consumers. Earlier, in his welcome address, the President and Chairman of the Council of CIIN, Akinjide Orimolade, said the forum provided an opportunity for insurance professionals to examine practical strategies for strengthening the resilience and sustainability of the industry. Orimolade said risk was at the heart of every economic activity, making insurance a critical enabler of economic growth, business continuity, and social stability. He said technological advancement, data-driven decision-making, innovative insurance products, and improved customer service would be critical to increasing insurance penetration. The CIIN president also emphasised the importance of professional ethics, transparency, integrity, and continuous professional development in rebuilding public confidence in the sector. Speaking on the forum’s theme, the Managing Director of Sahara Power Group, Kola Adesina, said Nigeria could not achieve sustainable economic growth without developing stronger mechanisms for managing risk. Adesina said every entrepreneur, farmer, bank and company that invested in new ventures was exposed to risk, adding that the objective should not be to eliminate risk but to ensure that adverse events did not permanently destroy economic value. He said insurance played a critical role by pooling risks, transferring financial exposure, and enabling individuals and businesses to recover from unexpected losses. Adesina cited fire incidents as an example, noting that the economic consequences of a disaster extended beyond the immediate physical loss. He said the destruction of a business could result in job losses, impaired bank loans, reduced government revenue, lower household consumption, and the permanent disappearance of productive capacity. 

NDIC WARNS BANKS TO TIGHTEN RISK MANAGEMENT AMID THREATS 

The Nigeria Deposit Insurance Corporation has urged banks to reinforce their risk management systems, corporate governance and operational capacity to withstand growing threats to financial stability. Managing Director of the NDIC, Thompson Sunday, made the call in a goodwill message at the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Wednesday. Sunday said rapid technological development, cyber threats, climate-related risks, geopolitical tensions and changing customer expectations were fundamentally altering the financial services industry. He said banks must therefore move beyond traditional approaches to resilience and develop stronger systems capable of identifying, managing and adapting to emerging risks. According to him, financial resilience is not simply about surviving economic or operational shocks but also about maintaining institutional strength and public confidence. He identified sound risk management, effective corporate governance, operational preparedness and institutional adaptability as critical requirements for a stable financial system. The NDIC chief also warned that increased reliance on technology, while expanding financial inclusion and improving access to financial services, had introduced new vulnerabilities. These include cybersecurity threats, data protection challenges, fraud and operational disruptions. Sunday said financial institutions and regulators must ensure that technological innovation improves the financial system without compromising its safety, soundness and integrity. He called for closer collaboration among banks, regulators, fintech companies, payment service providers, professional bodies and other stakeholders to strengthen the sector’s ability to respond to emerging threats. He also urged banks to increase financing for productive sectors such as agriculture, manufacturing, infrastructure and entrepreneurship to support sustainable economic growth. Sunday said institutions should focus increasingly on anticipating risks rather than waiting for crises before responding. He added that sustained investment in people, technology, governance and institutional capacity would be essential to building a more resilient banking industry. Meanwhile, President and Chairman of Council of the CIBN, Dele Alabi, said disruption had become a defining feature of the global economy. He identified geopolitical tensions, rising energy costs and rapid technological change as major challenges confronting economies and financial institutions. Alabi said the conflicts in the Middle East and Ukraine continued to affect global energy, food, shipping and financial markets. He added that artificial intelligence and fintech were rapidly transforming productivity, payments, credit and customer experience, while creating fresh concerns around cybersecurity, data governance, employment and systemic stability. Nigeria, he said, remained exposed to these global developments through fluctuations in crude oil and gas prices, rising fuel and fertiliser costs, higher freight expenses, exchange-rate pressures and changes in capital flows. Alabi said the country’s response had included closer coordination of fiscal, monetary and energy policies, alongside efforts to boost domestic production, food supply and social protection. He said some of the policies implemented over the past two years were beginning to produce positive results. The CIBN president noted that 33 banks had met the revised minimum capital requirements, with the sector raising N4.65tn in new capital. He also cited Nigeria’s 4.43 per cent year-on-year GDP growth in the second quarter of 2026 and Moody’s decision to revise the country’s outlook from stable to positive. However, Alabi cautioned that these developments should be regarded as milestones rather than the final destination. He said the real test of economic reforms would be whether improved macroeconomic conditions translate into lower living costs, more jobs, higher incomes, affordable credit, reliable public services and reduced poverty. Alabi said economic gains must ultimately be reflected at the household and business levels, particularly among small businesses and ordinary Nigerians. 

NGX LOSES N1.65TN AS INDEX DROPS BELOW 242,223 POINTS 

The Nigerian Exchange Limited closed on a bearish note on Wednesday as selling pressure across major market sectors dragged overall performance downward. The benchmark NGX All-Share Index dropped by 1.05 per cent to close at 242,223.10 points, down from Tuesday’s 244,802.11 points. Similarly, total market capitalisation dipped by N1.65tn to settle at N157.05tn. Activity on the main board showed equity investors moved 534.3m shares valued at various figures across 46,845 deals. Exchange-Traded Funds generated 912 trades involving 254,371 units, while the debt market segment logged 11 transactions for 73,790 units. Markeapital t breadth closed negative, with several heavyweights hitting the maximum daily price loss limit of 10.00 per cent. Leading the losers’ table were FTN Cocoa Processors, which dropped to N7.65; Japaul Gold & Ventures, which fell to N2.34; McNichols, which declined to N4.50; and Omatek Ventures, which dropped to N1.35. Other maximum losers included Secure Electronic Technology (N0.63), Zichis Agro Allied Industries (N15.39), and BUA Cement (N278.10). Cadbury Nigeria plunged 9.94 per cent to close at N58.45, International Energy Insurance fell 9.88 per cent to N2.28, and Tripple Gee & Company shed 9.79 per cent to end at N2.58. Pullbacks were also recorded in Nigerian Breweries, Nestle Nigeria, and Oando. On the flip side, Champion Breweries topped the gainers’ chart after advancing 9.90 per cent to close at N11.10. VFD Group followed closely with a 9.52 per cent appreciation to reach N11.50 per share. UPDC gained 5.88 per cent to land at N3.60, Ikeja Hotel climbed 4.58 per cent to finish at N44.50, Cutix rose 3.06 per cent to N2.36, Sterling Financial Holdings Company added 2.67 per cent to reach N7.70, and Zenith Bank picked up 1.64 per cent to end at N124.00. Modest advances were also recorded by The Initiates, Nigerian Exchange Group, United Bank for Africa, and United Capital. The financial services sector remained the primary driver of trading volume. In the Premium Board category, the sector generated 8,545 trades with 68.48m shares exchanged. Zenith Bank led the board with over 22.1m shares traded, followed by UBA with over 13.4m shares. On the Main Board, Sterling Financial Holdings drove market volume, exchanging 78.1m shares across 337 trades. Guaranty Trust Holding Company and Access Holdings also posted high transaction volumes, trading 17.6m and 25.1m shares, respectively. Sectoral performance was predominantly negative across tracking benchmarks. The NGX Main-Board Index slipped from 10,922.76 points to 10,728.71 points, while the NGX 30 Index contracted to 8,914.02 points. Weakness in consumer goods pushed the NGX Consumer Goods Index down to 4,051.24 points, while the NGX Industrial Index dropped to 9,999.13 points. Minor pullbacks were recorded in the Banking Index (2,493.73), Insurance Index (1,043.11), and Oil and Gas Index (5,761.75). The ETF segment saw mixed performance, led by Greenwich Alpha ETF, which surged 8.28 per cent to N757.85. The Vetiva Consumer Goods ETF gained a marginal 0.02 per cent to N41.73. Conversely, the Stanbic IBTC ETF 30 plummeted 10.00 per cent to N1,140.89, while the Vetiva S&P Nigeria Sovereign Bond ETF fell 9.97 per cent to N198.05. The SIAML Pension ETF 40 and NewGold ETF shed 6.11 per cent and 3.17 per cent, respectively. Fixed-income activity was restricted to non-interest instruments on the Non-Interest Finance Board, as standard FGN and corporate bonds saw no trading volume. Non-interest Sukuk offerings logged all 11 trades, highlighted by the 15.75 per cent  FGN OCT 2033 Sukuk, which gained 1.99 per cent to close at N102.50 on 10,800 units. On the Growth Board, activity was led by The Initiates, which added 1.51 per cent to close at N23.50 on 7.28 million shares, while McNichols and Zichis Agro Allied Industries dropped 10 per cent each. Real Estate Investment Trusts and Closed-End Funds recorded 438 trades, largely driven by UPDC REIT, which sank 9.75 per cent to N12.50 across 2.8 million shares. Market analysts attribute the persistent caution to macroeconomic pressures as portfolio managers continue rebalancing between equities and fixed-income assets ahead of key policy signals, even as the Central Bank of Nigeria maintains its Monetary Policy Rate at 26.50 per cent.