By Peter Egwuatu 

The Nigerian stock market sustained its bullish momentum in May 2026 as investors gained over N4.514 trillion during the month.

Meanwhile, Week-on-Week, WoW, the market, last week, also recovered from the losses it recorded previous week to post a N431 billion gain at close of trading last Friday.

In the month of May, the NGX market capitalisation, which represents the total value of stocks listed on the Exchange, surged to N160.077 trillion from N155.994 trillion recorded at the end of April 2026.

Similarly, another major market indicator, NGX All Share Index, ASI, which measures the changes in the market price level of stocks surged by 3.43% to close in May at 250,385.47 points from 242,077.81 points in April.

Analysts attributed the positive momentum in the market to sustained buying interest in selected large-cap and mid-cap stocks, which outweighed profit-taking activities triggered by the recent market rally. 

They noted that investors continued to position in fundamentally strong counters across the banking, telecom, energy and industrial sectors, pushing the benchmark index further into positive territory.

Rising from a negative position previous week the market activity showed that capitalisation which grew by over N431 billion, drove the NGX ASI up by 0.3%.

A total turnover of 2.398 billion shares worth N111.480 billion in 241,313 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 3.875 billion shares valued at N161.757 billion that exchanged hands the previous week in 334,745 deals.

The Financial Services Industry (measured by volume) led the activity chart with 1.656 billion shares valued at N48.229 billion traded in 94,812 deals: thus contributing 69.07% and 43.26% to the total equity turnover volume and value respectively. The Services Industry followed with 265.448 million shares worth N4.530 billion in 19,443 deals. Third place was the ICT Industry, with a turnover of 101.848 million shares worth N9.163 billion in 24,858 deals.

Commenting on market outlook, analysts at InvestData Consulting Limited stated: “ In the near term, investors are expected to monitor macroeconomic developments, crude oil price movements, corporate earnings expectations and policy signals that could influence market direction. 

“However, the sustained inflow into fundamentally strong stocks suggests that the market may continue to witness bargain hunting and strategic accumulation, especially in sectors considered resilient under the current economic conditions. Investors are therefore advised to remain selective and focus on fundamentally sound stocks with strong growth potential and attractive valuations.”

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By Efe Onodjae 

The Nigerian Safety Investigation Bureau, NSIB, has commenced investigation into the collision involving container vessel, MV Maersk Valparaiso, and oil tanker, MT Lady Martina, at Bonny Anchorage in Rivers State.

The incident, which occurred on May 20, 2026, has been classified by the Bureau as a “Very Serious Marine Casualty.”

In a statement issued yesterday by the Director, Public Affairs and Family Assistance of NSIB, Mrs Funke Adebayo-Arowojobe, the Bureau said it had immediately activated its marine occurrence response protocols after receiving notification of the incident.

According to the statement, an investigation Go-Team was deployed to Onne and Bonny on May 22 to commence evidence preservation and preliminary investigative activities.

“The team boarded both vessels and carried out critical evidence collection, including detailed interviews with the Masters and key crew members. Operational records and navigational data relevant to the casualty were also secured and documented,” the statement read.

NSIB further disclosed that data from the Voyage Data Recorder, VDR, and Electronic Chart Display and Information System, ECDIS, of MV Maersk Valparaiso had been successfully downloaded for forensic and navigational analysis.

The Bureau also noted that, in line with the International Maritime Organization, IMO, Casualty Investigation Code and international obligations, it had formally notified the Transport Safety Investigation Bureau, TSIB, of Singapore as a substantially interested State.

It added that collaborative engagements had commenced with relevant local and international stakeholders.

The Bureau reassured the public and maritime stakeholders that the investigation would be conducted with professionalism, independence and 

It stated that the objective of the probe was to establish the causal and contributory factors behind the occurrence and enhance maritime safety standards.

NSIB, however, cautioned against speculation on the possible causes of the collision, saying investigations were still ongoing.

“It would be premature to speculate on the probable causes at this stage. The Bureau therefore strongly urges the public and all stakeholders to refrain from speculation while the investigative process continues,” the statement added.

The agency also said that should urgent safety concerns arise during the investigation, immediate safety recommendations would be issued to prevent similar incidents.

According to the Bureau, the final investigation report will be made public upon completion of the exercise in line with national regulations and international obligations.

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….Accuses Customs, NAFDAC, SON of enforcement failure

By Cynthia Alo

Despite the retention of vegetable oil on the Federal Government’s prohibition list under the 2026 fiscal policy measures, the National Chairman of the Vegetable/Edible Oil Producers Association of Nigeria (VEOPAN), Okey Ikoro, said the local market is still dominated by more than 100 imported oil brands, warning this threatens investments and discourages backward integration in the sector.

Speaking on Arise News, Ikoro disclosed that association members intercepted three trailers two days ago transporting smuggled vegetable oil through the Badagry axis.

Ikoro, while reviewing the effect of the 2026 fiscal policy measures on the vegetable oil sector of the Nigerian economy, accused the Nigeria Customs Service, National Agency for Food and Drug Administration and Control (NAFDAC), and the Standards Organisation of Nigeria, (SON) of failing to enforce ban.

He said: “The 2023 fiscal policy definitely placed vegetable oil under prohibition and a lot of milestones were gained because it was a long-time policy from 2023 to 2026. A lot of companies went into backward integration, huge companies like Okomu, Presco, and PZ Wilmar, all of them went into major expansion because the policy gave protection to the industry.

“But two years later, entering 2024 and 2025, there was a total collapse of implementation on the side of the agencies that were supposed to monitor the fiscal policy, especially in the area of prohibition of items. We noticed that the markets were flooded with imported vegetable oil despite the fact that the item was under prohibition. If you go into the local market, you will see more than 100 brands of vegetable oil coming in from outside the country, in yellow jerry cans with funny labels. Nobody is monitoring. NAFDAC is not doing its job.

“This resulted in a lot of losses and setback to the companies. Companies would have borrowed huge sums of money to put into their backward integration because oil palm is a long gestation investment. Before you can start getting returns, it takes a minimum of five years.

He questioned the quality and safety of the imported products saying, “All the vegetable oils produced in Nigeria are regulated. NAFDAC visits the factories regularly and tests the products to ensure they meet fortification and quality standards. But the imported oil just comes in and nobody is monitoring it. They do not carry NAFDAC numbers or labels, yet they are all over the market.”

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