₦airaland Forum

MTN landed for me but no Zenith yet

NGX best USD performer in Africa last week.

robobo:
https://nairametrics.com/2026/05/03/nestoils-bad-debt-triggers-dividend-freeze-for-3-major-nigerian-banks/


Dem say na Nestoil no make UBA/ ACCESS pay dividend ooooooooo

total exposure of 2.16 trillion to the industry

na wa oooooooo

Cardoso is very strict on these things. He wants the banks to have a clean book and not pretend all is well when they have issues like this.

ojeysky:
It's interesting how we just find excuses for inefficiency. So because we have a huge population is the reason we cannot increase our production. It is the reason we cannot manage what we are producing and our resources effectively. One would think our population should be an advantage, the Chinese are more populous than us but again you would argue that their system is different and call it a wrong comparison as well. Let's keep praising ourselves indulging in our mediocrity

Not making excuses but it irks me when people compare Nigeria’s oil to that of the Middle East. The cost of our oil production was up to $40 for a long time in most cases, while what is prevalent in the gulf region is $10 -$15. The reasons are not far fetched. Aside from security paid for in the Niger Delta, the main reason for this high cost is the type of land/soil producing the crude. It is easier to produce crude oil in the gulf region than the Niger Delta hence the high cost of production.
This means Saudi Arabia and UAE can increase production quicker than Nigeria can with same investments.
Add the small population and style of Governance and you see that it’s not comparable.
These are not excuses nor does it excuse the waste of our leaders but it’s always good for us to get the facts so we can address the real issues rather than some needless comparisons which may not apply.

Raider76:
Will the mixed Q1 results of Seplat affect the expectations of Aradel's Q1 results?

I believe Seplat had a turn around maintenance for the better part of Q1 which affected their result.

megawealth01:
No waste your time jare na jagaban boi him be so...

🤣🤣

GeeKudi:
You’re replicating the same scenario as in 2023 and later you will be crying that they stole your ‘manhood’.

I am no supporter of Obi but NDC with Kwankwanso and Binani looks way saner to me than that ADC with Atiku, Malami, Tambuwal, Dino et al. So I think he made the right decision this time.

[quote author=ollypass post=139292039]Believe me I truly wish we had someone better than Tinubu but let me address some of your points not to say you are wrong but to just state my opinion on several of the issues you raised.

1) Was the best utilisation of trillions at the time a costal high way ?
2) even Oloyede when asked in several platforms declined the question ..how can we be sure all these tax of the common man is paying will be uses judiciously.

The coastal highway certainly have controversies as with almost everything Tinubu but the coastal highway is not a useless project. In the 1980’s Shagari started the 3rd mainland bridge and during the time of Babangida there were many complaints by intellectuals on why the project should not be a priority in the time of SAP and harsh economic conditions. Today it is a key infrastructure in Lagos. The coastal road aims to connect the port city of Lagos to Calabar (connnecting the entire south), what exactly is the problem with that?

3) why is our debt the highest ever when the removal of subsidy abruptly was suppose to give us savings ? or was it just to increase money of the governors to spend by 3x

Our debt is always the highest ever in every new administration except when Obasanjo got debt forgiveness in 2004. If you are saying we have borrowed the highest ever under this Government, then I’ll say that is not factual but you can prove otherwise.

4) how many students around us is benefitting from the so called scholarship?

You would find that on the NELFUND website. I actually know of people benefiting in Uniben. Those that take advantage of it are benefiting especially in the North where they are quick to take advantage of every Government policy.

3exe3:
Between the previous administration and the current which is better

Which one is better to you? Lol 😂

Everybody should be left to answer that question for themselves else it may lead to another debate.

I won’t say who is better except we are ready to have that debate but I would say this Government is more policy driven.

ollypass:
If this were a more robust democracy would understand your line of action about reading manifestos ..but almost all democratic government has backtracked or worse done the opposite of the popular manifestos they promised the populace ...and as for caring about what we want ?? I guess it's not a Nigerian politician your talking about there .? Might is gradually becoming right in this country , expensive elections are just a sham to hide the real state of the polity. I dare say ..I don't even think the major opposition leaders are opposing with any form of strong conviction.

To be fair, this Government have been following their manifesto. Implementation might be a problem in some areas but most of what they are doing were written in the renewed hope manifesto which was reviewed and discussed several times in several APC Twitter spaces and even a popular Obidient’s analyst twitter space during the 2023 campaign.

Fuel subsidy removal
FX liberalisation
NELFUND
Affordable vocational education
CrediCorp
Tax reforms
Super highways
Forest guards
New gas policies

were all in Tinubu’s manifesto. The problem
Is that in 2022 we were hardly focussed on policies for the most part.

crownprince2017:
For Nigeria to be a better place, it has to be run like individual companies by both the leaders and the followers. Patriotism was the order of they then, nobody celebrate thief but today, stealing are called embezzlement to reduce the severity of the behavior, they give them chieftancy titles after stealing public funds today.

Today, in my view, we don't have any qualified candidates among the known people looking for the position. They are all crook with the same ideologies.

They all have thesame ideologies except Kwankwanso who is a socialist and may not run as president but probably vice president to Obi in NDC ahead of his 2031 ambition.

But Atiku, Obi have very similar ideology to that of Tinubu.

Take Education for instance, neither Atiku nor Obi believes in cheap education but I see their supporters everywhere calling for subsidy in education or wanting cheap university fees. I laugh in Chinese 😆.

Streetinvestor2:
LWKD

Even if true how e wan take affect UBA stock price ? 😀

[quote author=Streetinvestor2 post=139288308][/quote]I agree with you but even 80’s/90’s are bad examples overall except maybe for the free education in the early 1980’s.
The 1970’s during the initial oil boom were a bit better for the average man but we had the strongest fiscal position ever in the early Jonathan years (2010 - 2013) even though the 1970’s were still cheaper for the average person.

nosa2:
Last last we need to kick Tinubu out of power sha. Not because he has bad economic policies but for other reasons

I can understand that and if I decide not to go with him, it would be for the following reasons:

1) Electricity: He said if I don’t give you power don’t vote for me. So if by 2027 I do not have constant electricity, then I would remind him and would not vote. May not vote at all.

2) Disorganised Government (lacking in strategy sometimes)

3) Poor budget organisation

4) Too much opacity

5) Media team is too political for my liking.

6) I think Dele Alake in the mining sector have been too slow, while having Adelabu for 3 years was a waste of time.

So I agree with you but then I hope we find a credible replacement.

sophy17:
I think the basis for any government is to PROTECT and SERVE everyone especially the common man.
What keeps holding us back as a country is not the provision of a comfortable life for Nigerians but rather due to massive corruption by politicians. You keep hearing they shared billions to the poor but you will never find the any real beneficiary.

I am a frequent traveler to Brazil and I can confirm that even as a foreigner you don’t pay a dime for medicals- treatment, drugs and even feeding while on admission in all Federal and State hospitals. Same for education to any level in public schools which also includes feeding and accommodation. Infact, some public universities pay as much as 2100 reais monthly to each student. One Reais is currently 270 naira. I can go on o. Yet, they haven’t been held back!

They have one of the best medical institutions in the world! It is 24hrs. I always enjoy it each time I travel to Brazil and it is completely free.

I attended MBHS on broad street in this same Lagos. I only paid schools fees to enter class one because Alhaji Lateef Jankade was later sworn in as Governor of Lagos State and made sure everything was completely free. We were regularly given textbooks and writing materials. His children attended public schools with us. One of his daughters Dupe attended Maryland Comprehensive high school, Lagos. She later attended Ogun State University with his brother while I was there. Same for Segun Awoloeo who died recently. My seat mate at some point in MBHS, Christopher Agbamuche was the son of Senator Agbamuche. Then he lived at 1004 estate with his dad Senator Agbamuche while i lived at Palm Avenue, Mushin with my parent in a room face me i face you, but yet school mates with a serving Senator’s son. Can that happen today in Nigeria? No, because rogues have taken over governance in Nigeria and it very unfortunate to see many defend and make excuses for them!

You are right about corruption and wastage by our Government but absence of corruption alone would not bring about these free services in Nigeria which you found in Brazil because:

Brazil’s total revenue in 2025 (at all Government levels) was $650 Billion

Nigeria’s total revenue ( including both FG and all states) in 2025 was approximately $30 Billion

The reason is not far fetched. Brazil have some of the biggest Agro firms in the world. Their own NNPC (Petrobras) is a world class company. So the taxes Government gets from these few businesses alone dwarfs anything in Nigeria.

Brazil is 210 million people and Nigeria is 230 million people. Same population.

What we should be focussed on is not just corruption because even this current president in Brazil is believed to be corrupt (even during his first term). What we should be focussed on are the policies that led to their success over the years.

Give me a corrupt man with brains and I would take him over a dull saint who only hates corruption but lacks ideas. Better still I prefer a man who is not corrupt and still brilliant.

But most of all, I prefer better and long lasting policies/institutions.

nosa2:
You are really prepared for the political conversation sha

I overlook many half truths though not just here but all over social media but sometimes I just write. Not to win the argument with the person but to give a guide to the readers who want to do their own research or learn more.
We make thesame mistakes all the time. We complain about every Government without actually following all what they are doing so we can criticise appropriately or form better opinions on what we want.
The election comes and the intellectuals are not asking the right questions when discussing the details but would rather stay at the surface like the common man.
In the last election, I followed the policies of all four popular candidates plus even Sowore whom I knew would not win. I read lengthy summaries of all 3 major manifestos.
I may not agree with everything this Govt is doing but I don’t just follow only criticisms online but also what the Government is doing and saying. I then bring everything together in the end. That way if I want to oppose, the Government would take me very seriously because I know all their arguments.

[quote author=Streetinvestor2 post=139287139]As I no go church today because driving long distance yesterday. I get time this morning

Mr articulate why don't u articulate what are the achievements of this government for the past 3 yrs in different sectors.

Education - NELFUND, Free technical colleges (with 22k stipends), No ASUU strike in 3 years

Oil and Gas - Increased production, new FID’s since 2013

Finance : Successful banking recapitalisation

Infrastructure - Coastal roads ongoing, continuation of most of Buhari’s projects

You so called government is doing wonders with the economy and poverty rate has continued to increase. The last time it was 63%.It could be 75% by now.just because u fall among the less than 1% population involved in ngx.You have mouth to dey yan dust.

Poverty rate would always increase in dollar terms when there is naira devaluation and inflation without corresponding increase in purchasing power. Purchasing power does not increase in a day. It would then depend on your policies going forward especially in creating jobs and lowering inflation which the tax reforms hope to achieve.

Every good governance is for the living and not when your people are dying of hunger and poverty, insecurity .The power sector and public health sector are dead.

Yes the Government have failed so far in the power sector and have not reformed the public sector yet. No excuses.

The education sector they claim achievements is rubbish. Why must Nigerians collect government loan to fund thr education. Was that the way you and the generation before whr able to go to school.

Nah, on this one I disagree. The question you should ask yourself is: How many students went to school then compared to the over 4 million annually now? Remember in the 1970’s we were producing 1.5 million bpd crude oil with revenue sufficient enough for not so many students going to school. Today we have almost x10 of the population of students with thesame 1.5 million bpd crude oil revenue as the major revenue. So how can we sponsor them for free?
NELFUND is interest free. 10% is taken from your salary only when you have a job. You would struggle to find any program as robust as this in the world except in few countries like Norway, Finland and Germany.

You removed fuel subsidy as we all agreed.
Did we say u cannot subsidize the education, health and other sectors that wil make life bearable for the people

.
Education is still subsidized to a large extent. The increased fees you see are mainly due to inflation and devaluation. In real terms the fees are still subsidized. Some health programs are subsidized at the federal level although there are some struggles with implementation everywhere. On health, the state Governors can do a lot to build and subsidize hospitals across their states. Their books are now better than they were under Buhari and even the last 2 years of Jonathan despite preceding record oil prices (for 3 prior consecutive years) at consistent 2.2 million bpd.

Why are the packages that was to come with the removal of fuel subsidy. The cng mass transport system promised. It is now rocket science after 3 yrs

The CNG program was always going to be a long term thing with lots of private investment. The Government was being political in 2023 by making it appear like a short term thing.

ojeysky:
Yes indeed even though the big growth is in devaluation, in reality we are just about doubling the market cap from what it was in 2022 in USD terms. What will have happened if there was a different govt, i feel market CAP could have grown much better but i guess we won't know for sure until we try another govt this coming election(if wish could only come true)

This would depend on the policy the different Government adopts (or would have adopted from 2023).

Would they have floated the naira?

Would they have implemented the recapitalisation so soon alongside the devaluation?

Would there be policies like the National Pension Commission (PenCom) increasing equity investment limits funneling trillions of naira into the exchange like we saw recently?

In the oil and gas sector, there were disputes about the oil fields and some bureaucracy in the Buhari’s Govt handing over the onshore fields to the likes of Seplat, Oando and Renaissance which this Govt resolved quickly and have made Seplat and Aradel even stronger in a short time. Would that Govt have been quick to resolve same?

So these are the factors that would have influenced the stock market also with a different Government.

Streetinvestor2:
Like joke. the ASI is heading for 300k
Almost 100% for this yr in 4 months.
Thr only campaign achievement is getting ready

There might be some profit taking this month and the pumping would then resume in June/July. However, August/ September would definitely see the NGX cross 300k.

Dangote refinery was at its best in April and has room to even expand more. The value may be truly worth over $40 Billion if it successfully list in July 2026.

We had record utilization of crude and record production of products in April.

NNPC also stepped up crude supply to Dangote in April, supplying 10 cargoes out of the 15 needed for local consumption in April. Previously and in March, NNPC could supply only 5 cargoes.

Ovamboland:
Nobody is asking how citizens of Benin, Ghana, Niger, Ivory Coast are surviving and seem to be doing well in some cases without fuel or electricity subsidy

Their currency have been stable for decades. Ghana the outlier but currency have been appreciating since last year due to improved gold revenues.

“ The Nigerian Equities Market in April 2026

✑ Five straight months of green, and April came with a very special kind of flavour - one that I am sure lotttt of investors enjoyed (except perhaps your money was tied in the power sector lads, lol).

✑ The market delivered a 20% return in April, the highest monthly return since ages.

✑ When you have three heavyweight sectors (industrial: +29%, oil & gas: +39%, and telco: +21%) doing strong double-digit returns... and then with a little dice of banking (+23%); there is no way investors won't feed fat.

✑ The Nigerian equities market is now up by 56% ytd (+68% in USD), already smashing last year's return.

Stock market returns since COVID-19

FY 2026 YTD: +58%
FY 2025: +51%
FY 2024: +38%
FY 2023: +46%
FY 2022: +20%
FY 2021: +6%
FY 2020: +50%

What this means is that if you invested ₦100 in Nigerian equities at the start of FY 2020, the value of the investment is now ₦903 - a 9x return or a 37% CAGR (in USD, you will be up by 2x though, or a 13% CAGR - which is just a little above the S&P 500 average return.)

The trend in the last two years is different though. Naira assets have "significantly" outperformed USD assets in the last two years.

✑ Here is one very interesting and crazy trend. The average daily transaction value on the NGX stood at ₦80bn in April 2026.

In March 2026, it was ₦70bn. In April 2025 (a year ago), it was ₦22bn. Lmao, that's 4x growth within a year.

The crazier thing is that the daily average transaction value trend averaged ₦160bn daily in the last three days since the market trading hours got extended.

For context, the daily average transaction trend:

Jan 2023: ₦8bn
Dec 2023: ₦15bn
Dec 2024: ₦32bn
Dec 2025: ₦44bn
March 2026: ₦70bn
April 2026: ₦80bn
April 27, 2026 - April 30, 2026: ₦160bn

Liquidity really.

✑ April was really good. Let's see what May has in store for us.

Selah ✌🏻✌🏻✌🏻“

@Ruffybaba

ASI: 242,277.81 (+2.14%)
Market Cap: 155.9T
YTD: +55.69%

What a run.

Enjoy your weekend.

“If you run a small business in Nigeria, POS charges have always been part of the cost.

GTBank's CEO just said that ends permanently for SMEs on their network.”

…Nairametrics

DonDiego:
Before the family hired a CEO, remember that it based on the promises different applicants for the job made at the recruitment interview. The family looked at its current conditions especially in view of the work of the most immediate past CEO and decided to give this current one a chance to actualize his promises, promises which specifically stated that he'd improve the overall living condition of the family. He's been there now for nearly three years and the members of the family are all the poorer for it. This is not even debatable. He's done a poor job of the assignment and I don't see why the ifs and buts.

This is exactly why it's baffling when excuses are being made or the victim is being asked to proffer solutions. Is that how many of the companies we celebrate here as examples of working, successful corporations do it? Do they hire a CEO who turns out to be inept and then ask customers and staff to proffer solutions for how the CEO can do better?

As for the practical specifics, the straight answer is: provide those things or simply quit. Give the people regular and affordable power which will become a catalyst for industrial and SME production leading to increased employment and growth.

Provide security regardless of how you do it. Nigerians should be able to go to bed eveey night and sleep with their two eyes closed. They should be able to move from one part of the country to another at any time of the day and night without worry about getting to their destinations. If it would take firing all your security chiefs who are sitting on their hands and doing nothing while parts of the country are ravaged by bandits, then so be it.

Although it appears that this has become a rice economy where the commodity is the be all solution to the people's needs as far as this government is concerned, you'll agree with me that making it easier for the people to cultivate the rice on their own rather than giving them bags of it makes more strategic and sustainable sense.

And I disagree with your take on education and healthcare too. Even with the two sectors being on the concurrent list, we know how much influence the FG wields in those areas. The biggest teaching hospitals are still owned and underfunded by the FG. The biggest educational institutions especially are federally owned and run down. Yet the same FG received the largest percentage of all FAAC. allocations relative to the states. What does it do with all those trillions?

Ultimately, there's no way things will improve if we continue this way of making excuses for those who should be held accountable for their stewardship.

Okay I get you. You don’t care about the nitty gritty or what can be done differently. You just want them done.
Your position is not strange but it has its pros and cons and this is one of the biggest issues I have with our style of democracy.
The market woman or common man can hold this position and vote for any sweet talking politician who promises to solve all problems immediately but not you writing on a business platform.

You are an educated voter and I am debating with you because it’s my belief that the more educated voters we have, the more difficult it would be for sweet talking politicians to campaign with the usual things they think the people want to hear without being interrogated deeply. We are on a business forum my man, so you should not just say do it or leave but access the situation better than the common man. It would then be your duty and my duty to convince our family members and the common man on the street to vote for our preferred candidate based on what we know as the economic/business elites in the society.

The biggest problem we have with education today is at the primary level with out of school children and this is majorly the fault of Governors and non functioning LGA’s, ditto primary healthcare.

The FG receives more funds than the state Governments but the FG also pays way more salaries and services way more debts than they do. In other words, margins of the FG are way smaller than even the worst state Government in Nigeria today (in 2026).

EDUECO:
The APC government has drastically slowed down economic activities by greatly increasing the cost of goods and services.

The astronomical increase in goods and services has reduced economic activities.Consumers tend to buy more when goods and services are cheaper;and increase in consumption increases the growth of the economy.

Cost of goods and services increased based on the removal of fuel subsidies and liberalisation of FX rates which the major opposition also campaigned for and criticised the former APC Government for not implementing. These are the consequences of those policies. You can only manage the situation and work to first stabilise things and then spur growth thereafter or you reverse the policies subtly or outrightly.

DonDiego:
You mean someone deliberately sought to lead and when he gets there it is left for the one whom he made promises to, to list out for how to make his living conditions better while he takes all the glories of being the leader? I really don't get it. Maybe, he should start from his actual promises. Power. Regular and affordable electricity. Security. Reduction in the cost of living. Affordable healthcare. Education. I mean the list is endless. I am surprised that you are asking me to chart a roadmap for these here for the government or to develop a policy document for attaining these. So, what is the job of all the wonks and technocrats appointed and being paid for that purpose? We make too much excuses for non-performance in this country and when a few point it out, we turn the nuzzle in their direction and leave those we really should be holding accountable.

Well, it’s just like when you appoint someone as CEO of your family company. The CEO may have his own ideas on how to make the family better short term, mid term, or long term. It’s possible that the CEO implements policies which you in the family do not like. You have the right to challenge the CEO and tell him exactly what you want else he is convinced that what he is doing already is in the best interest of the family.

Now you have given some practical things you want:

Electric Power : The CEO has clearly failed so far but he has made some excuses like debt constraints since 2015 and lack of gas availability. If you see this as stupid excuses (which they might be) and sack this CEO, what would you like to hear from the new CEO you vote for? What timeline? How do you want him to tackle the efficiency problem and debt problem in a different way?

Security for the family: This current CEO is working on state police and a police trust fund for every member of the family. Is that good enough? This CEO seem to have failed in proposing more strategic methods in following the money to solve the kidnapping problem. Do you think so too and what do you expect from the new CEO you want to employ in tackling kidnapping? Would state police for the sake of state police be enough?

Affordable living for the family: How should this be done? Sharing rice? Keke empowerments? World bank’s 5k to 14 million households? Removal of fuel subsidies? FX pegging? What major policy implementation or policy reversal would bring about affordable cost of living in the short term?

Healthcare: Healthcare is largely in the hands of your state and local Governments who are now empowered more than ever to do more. Do you task them on it?

Education: Isn’t this one of the best Governments in education since the 1980’s with NELFUND, Free technical colleges (which have increased enrollment), and lack of ASUU strikes in 3 years ? Primary education and out of school children issues are largely in the hands of your Governors and LGA’s. Do you know this?

DonDiego:
Maybe we should start with cutting down on the corruption. Trim the outrageous wastage in governance. Then, actually focus on the people rather than on the politicians and their elite cliques in business and the executive suites. That's what a serious minded government facing the sort of conditions that Tinubu met in 2023 would do.

This is too vague. What specific corruption should they trim that would solve our problems? Also, how do you focus on the people? What policies would mean the Government is focusing on the people? List practical policies ie is it anchor’s borrower’s program, nelfund, free technical colleges (with stipends), npower, surep, sharing rice, fuel subsidies, credicorp, etc?
Give practical solutions so when you protest or you go vote, you know exactly what you want and not a vague focus on the people or stop corruption.

Double post

DonDiego:
I doubt that there's really much you can debunk from the piece if you look at it entirely from the actual living conditions of the average Nigerian these past three years which is exactly what the writer has emphasizing on. When Reno Omokri and the other Tinubu apologists point you to the stock market and flash so-called macro-economic indices and cold stats that do not tell any convincing story on the worsening personal living conditions of the average Nigerian to 'debunk' the reality of majority of Nigerians, conditions that are now purely one of straightforward poverty and abject destitution, then you know they're simply the privileged ones who have no personal stakes in the daily suffering of the majority. But like a wise philosopher reportedly quipped: 'There are three kinds of lies: lies, damned lies and statistics.'

What do you think would help the average Nigerian? What policy should be reversed or implemented?

megawealth01:
Nobi me write am ooooo

I can debunk most of the things there but this is not the thread for that. I however agree we need to slow down on the borrowing especially eurobonds. We also have to find ways to get inflation down to single digits so we can cut interest rates.
To do that, Goverment should introduce some form of subsidy. Use the current windfall (if price remains at $120 per barrel) to subsidize diesel and be more aggressive on CNG infrastructure/roll out for big firms.