On Monday, September 15, 2025, the Nigerian equities market opened the week with a strong bullish performance, as investors recorded gains of N704 billion following five hours of trading on the floor of the Nigerian Exchange Group (NGX). The robust market activity was propelled by significant price appreciation in several stocks, with standout performances from LivingTrust Mortgage Bank, E-Tranzact Nigeria, and Regal Insurance, among others. This positive momentum underscored growing investor confidence and highlighted the resilience of Nigeria’s financial markets despite broader economic challenges.
The benchmark All-Share Index (ASI), a key indicator of market performance, soared to 141,659 points, marking a notable increase from the 140,545.69 points recorded at the close of the previous trading session on Friday, September 12, 2025. This upward trajectory in the ASI reflected strong buying interest across multiple sectors, contributing to an overall bullish sentiment. Concurrently, the total market capitalization of listed companies on the NGX rose impressively to N89.626 trillion, up from N88.922 trillion in the prior session. This N704 billion increase in market value highlighted the significant wealth created for investors within a single trading day.
Market breadth, an important measure of the overall health of the market, closed on a positive note, with 32 stocks recording gains compared to 31 decliners. Meanwhile, 84 stocks remained unchanged, maintaining their price levels from the previous session. Trading activity was robust, with a total of 31,578 deals executed, reflecting the high level of investor engagement and liquidity in the market.
Among the top performers, LivingTrust Mortgage Bank led the pack with an impressive 9.96% price increase, closing at N5.08 per share. This significant gain underscored the growing investor interest in the mortgage banking sector, which has been viewed as a critical component of Nigeria’s economic growth, particularly in addressing housing deficits. E-Tranzact Nigeria followed closely, posting a 9.70% gain to settle at N16.40 per share, driven by optimism surrounding the fintech sector’s role in advancing Nigeria’s digital economy. Regal Insurance also recorded a strong performance, appreciating by 9.64% to close at N1.82 per share, reflecting positive sentiment in the insurance industry, which continues to benefit from regulatory reforms and increasing demand for insurance products.
However, not all stocks shared in the bullish run. McNichols Plc emerged as the top laggard, shedding 9.90% of its value to close at N3.55 per share, likely reflecting profit-taking or sector-specific challenges. Honeywell Flour Plc also experienced a significant decline, dropping 9.13% to N20.90 per share, possibly due to concerns about rising input costs in the food manufacturing sector amid inflationary pressures. UAC Nigeria was another notable decliner, losing 8.01% to close at N67.15 per share, despite its high trading volume, which suggested mixed investor sentiment toward the conglomerate.
In terms of trading volume, UAC Nigeria dominated the market, with 67 million shares exchanged across 163 deals, indicating strong investor interest despite its price decline. Regal Insurance followed with 57 million shares traded in 678 deals, further highlighting its prominence in the day’s trading activities. Access Holdings Plc, a leading financial institution, saw 36 million shares traded across 1,485 deals, underscoring its position as a key player in the banking sector and a favorite among institutional and retail investors.
On the value chart, Geregu Power Holding Plc led the market with trades worth N10.2 billion across 172 deals, reflecting strong demand for the power generation company’s shares. This significant trading value was likely driven by optimism about Nigeria’s power sector reforms and the company’s strategic role in addressing the country’s chronic electricity challenges. UAC Nigeria followed with N4.4 billion in traded value across 163 deals, while Zenith Bank, another heavyweight in the banking sector, recorded N1.0 billion in trades across 1,482 deals, further illustrating the banking sector’s pivotal role in driving market activity.
The bullish performance of the Nigerian equities market on September 15, 2025, occurred against the backdrop of broader economic developments, including significant policy changes announced by the Nigerian government. In a notable move, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, issued a directive to the Nigeria Customs Service (NCS) to suspend the 4% Free on Board (FOB) levy imposed on imported goods. This directive, outlined in a circular signed by the Permanent Secretary for Special Duties at the Ministry of Finance, followed extensive consultations with industry stakeholders and trade experts who raised concerns about the levy’s adverse effects on Nigeria’s trade environment and economic stability.
The 4% FOB levy had been a point of contention for importers and businesses, who argued that it increased financial burdens, exacerbated inflationary pressures, and undermined Nigeria’s competitiveness in international trade. By suspending the levy, the government aimed to alleviate these pressures and foster a more conducive environment for trade and investment. The Minister emphasized that the suspension would allow for a comprehensive review of the levy’s economic implications, with further stakeholder engagement planned to ensure that future policies align with Nigeria’s broader economic objectives, including inflation control and trade facilitation.
The suspension of the FOB levy was widely welcomed by industry players, who viewed it as a proactive step toward addressing the challenges facing Nigeria’s import-dependent economy. Importers, in particular, expressed relief, noting that the levy had contributed to higher costs for goods, which were often passed on to consumers, further fueling inflation. The decision was also seen as part of the government’s broader efforts to stabilize the economy, which has been grappling with high inflation rates, foreign exchange volatility, and supply chain disruptions.
In a related development, the Nigeria Customs Service announced plans to fully automate its overtime cargo clearance system in Zone A, a move aimed at curbing corruption, easing port congestion, and enhancing transparency in cargo management. The announcement was made by the Comptroller-General of Customs, Adewale Adeniyi, during a sensitization exercise with stakeholders at the Apapa Customs Command on Monday, September 15, 2025. Adeniyi described the initiative as a decisive step toward addressing long-standing inefficiencies in the management of overtime cargo, some of which have remained unresolved for over 15 years.
Overtime cargo, which refers to goods that remain uncleared at ports beyond the stipulated time, has been a persistent challenge for the Nigeria Customs Service and port operators. Adeniyi disclosed that over half of the complaints received by his office daily were related to issues surrounding overtime cargo clearance. These complaints often stem from bureaucratic delays, lack of transparency, and allegations of corrupt practices, which have hindered efficient cargo movement and contributed to port congestion.
The automation of the overtime cargo clearance system is expected to address these challenges by introducing an end-to-end digital process that minimizes human interference and enhances accountability. Adeniyi emphasized that the initiative was not primarily aimed at boosting revenue but rather at facilitating trade and supporting economic growth. He noted that in 2024, the Nigeria Customs Service generated N6.3 trillion in revenue, with less than 1% derived from the sale of overtime cargo. This statistic underscored the agency’s focus on improving operational efficiency and transparency rather than relying on revenue from distressed cargo.
To ensure the success of the automation drive, the Nigeria Customs Service has established special desks at its headquarters and across various commands to prioritize cargo related to critical government projects. These projects span key sectors such as power, roads, health, and education, reflecting the government’s commitment to addressing infrastructure deficits and improving public services. The initiative also extends to organized private sector imports and diplomatic consignments, ensuring that a wide range of stakeholders benefit from the streamlined processes.
Adeniyi assured stakeholders that the automated system would close loopholes that have historically enabled corrupt practices, such as manual interventions and discretionary decision-making. By leveraging technology, the Nigeria Customs Service aims to create a more predictable and efficient cargo clearance process, which is expected to reduce turnaround times, lower costs for importers, and alleviate congestion at Nigeria’s ports, particularly in Apapa, one of the country’s busiest port commands.
The combination of the bullish equities market and the Customs Service’s reforms painted a picture of a dynamic economic landscape in Nigeria on September 15, 2025. The stock market’s strong performance reflected growing investor optimism, driven by positive corporate earnings, sectoral growth, and supportive government policies. Meanwhile, the suspension of the 4% FOB levy and the automation of the overtime cargo clearance system signaled the government’s commitment to addressing structural challenges in the trade and logistics sectors.
For investors, the N704 billion gain in the equities market highlighted the opportunities available in Nigeria’s financial markets, particularly in sectors such as mortgage banking, fintech, insurance, power, and banking. The standout performances of companies like LivingTrust Mortgage Bank, E-Tranzact Nigeria, Regal Insurance, and Geregu Power underscored the diverse investment prospects across these sectors, which are poised to benefit from Nigeria’s ongoing economic reforms and demographic advantages.
At the same time, the government’s policy interventions, including the suspension of the FOB levy and the push for automation in cargo clearance, demonstrated a proactive approach to addressing longstanding bottlenecks in Nigeria’s trade ecosystem. These measures are expected to enhance Nigeria’s attractiveness as a destination for foreign direct investment and support the growth of local businesses, particularly in the import and export sectors.
However, challenges remain. The decline in stocks like McNichols Plc, Honeywell Flour Plc, and UAC Nigeria highlighted the uneven impact of economic conditions on different sectors. Factors such as rising inflation, supply chain disruptions, and foreign exchange constraints continue to pose risks to corporate profitability and investor sentiment. Similarly, while the automation of the overtime cargo clearance system is a step in the right direction, its success will depend on effective implementation, stakeholder buy-in, and sustained investment in technology and infrastructure.
Looking ahead, the Nigerian equities market is likely to remain a focal point for investors seeking exposure to one of Africa’s largest and most dynamic economies. The government’s efforts to address trade and logistics challenges, combined with ongoing reforms in sectors such as power, finance, and technology, are expected to create a more enabling environment for businesses and investors alike. As Nigeria continues to navigate its complex economic landscape, the interplay between market performance and policy reforms will be critical in shaping the country’s economic trajectory in the months and years to come.
In conclusion, the events of September 15, 2025, underscored the resilience and potential of Nigeria’s financial and trade sectors. The N704 billion gain in the equities market, driven by strong performances in key stocks, highlighted the vibrancy of the Nigerian Exchange Group, while the Customs Service’s reforms signaled a commitment to improving transparency and efficiency in trade processes. Together, these developments reflect a broader effort to strengthen Nigeria’s economic fundamentals and position the country for sustainable growth in an increasingly competitive global market.
