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WEEKLY EDITION
Week Ending: Sunday, 3 May 2026
Edition No. 2026-18 | Lagos, Nigeria
Edition No. 2026-18 | Lagos, Nigeria
■ Nigeria's Premier Weekly News Digest
Sunday, 3 May 2026 | Lagos Time (WAT)
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Top Stories — 26 April to 3 May 2026
News Roundup
📊 NGX Markets — HISTORIC WEEK
01
NGX Delivers Most Explosive Weekly Gain of 2026 — ASI Surges 7.33% to 242,277 in Just Four Trading Days
The Nigerian Exchange delivered its most extraordinary single-week performance of 2026 in a compressed four-day trading week — Friday May 1 was a public holiday for Workers' Day — yet the market still managed to surge an astonishing 7.33%, adding 16,555 points to close at a new all-time high of 242,277.81. Market capitalisation crossed ₦155 trillion for the first time, settling at ₦155.994 trillion (USD 113 billion). The YTD return leapt to a staggering 55.69%, cementing Nigeria as the best-performing major equity market in Africa. Trading intensity was remarkable despite the shortened week: 4.842 billion shares worth ₦287.756 billion traded in 332,453 deals — a 27.3% surge in volume and 34.5% in value. Financial services dominated at 77.56% of total volume. Seplat led day gainers at +10%, followed by BUA Cement, UAC Nigeria, and CAP. NEWGOLD soared nearly 39% as global gold prices hit all-time highs. Top losers for the week included UBA (-5.20%), Royal Exchange (-9.93%), and Trans-Nationwide Express (-9.85%). The NGX Banking Index declined 5.52%, but Industrial Goods and Oil & Gas more than compensated. FTSE Russell's reclassification inflows are already materialising ahead of September's official date.
⚖️ Politics & Supreme Court
02
Supreme Court Ruling Leaves PDP Without Clear Leader; ADC Crisis Deepens; Sanwo-Olu Endorses Hamzat for Lagos
In the most consequential political ruling of the week, the Supreme Court set aside the Court of Appeal's earlier judgment on ADC leadership, plunging the party into fresh uncertainty. The PDP was equally destabilised: the Wabara-led Board of Trustees announced a takeover of party leadership, but the Turaki-led faction declared the party was now without clear leadership — with stakeholders calling for calm. Kwankwaso addressed his political future publicly, revealing talks with NDC and PRP leaders amid his ADC legal challenges — with JJ Omojuwa suggesting he may yet align with Peter Obi. Lagos Governor Sanwo-Olu formally endorsed Deputy Governor Obafemi Hamzat as his preferred successor for the 2027 Lagos governorship election, setting up what promises to be a fiercely contested race. Tinubu defended his administration's borrowing posture, declaring that borrowing is "not leprosy," as analysts compared Nigeria's public debt trajectory under his administration versus his predecessor.
🌍 Trade & International
03
China Grants Nigeria Zero-Tariff Access on Imports Until 2028; Jerry Eze Foundation Awards ₦1bn to 240 Entrepreneurs
In a landmark trade development, China granted Nigeria and 52 other African nations zero-tariff access on imports until 2028 — a move expected to significantly boost Nigerian exports to Asia's largest economy, particularly in agriculture, minerals, and textiles. The Jerry Eze Foundation this week awarded $3,000 (approximately ₦4.1 million) grants each to 240 Nigerian entrepreneurs — a total disbursement of ₦1 billion — in one of the largest single-event private sector support packages for SMEs this year. NNPCL raised its May crude oil prices by $7 per barrel, reflecting global demand strength, while simultaneously hiking retail petrol prices in Lagos and Abuja — a move petroleum marketers said was partly offset by improved refinery utilisation. The naira stabilised around ₦1,374 per dollar as the new month began, with the CBN maintaining its tight monetary stance.
👷 Workers' Day & Labour
04
NLC Flags Insecurity and Poverty on Workers' Day; Edo Workers Rally; MTN Foundation Opens ₦3m Scholarships
Nigeria marked Workers' Day on May 1 with rallies across the country, but the Nigeria Labour Congress struck a solemn tone — flagging worsening insecurity, rising poverty, and the persistent cost-of-living crisis as the most urgent challenges facing the Nigerian worker. Edo State workers rallied prominently, with labour leaders calling for wage adjustments to keep pace with inflation. MTN Foundation simultaneously opened applications for its 2026 scholarship programme, offering grants of up to ₦3 million annually to qualifying Nigerian students. Stakeholders also called for deeper Nigeria-South Africa cooperation on trade and infrastructure, particularly in energy and logistics. The Dangote Petroleum Refinery and Petrochemicals IPO planning advanced with Stanbic IBTC Capital, Vetiva Capital, and FirstCap appointed as coordinators — a listing that could be the biggest in Nigerian capital market history.
🌍 Security & Human Rights
05
Lagos Couple Arrested Over Adopted Daughter's Death; Delta Killing Update; Zamfara Woman Arrested for Supplying Bandits
A harrowing story of prolonged abuse, neglect, and a hidden corridor emerged this week as a Lagos couple was taken into custody following the death of their adopted daughter — with neighbours providing chilling testimonies of what lay behind closed doors. Police provided an update on the body of slain Delta State influencer Mene Ogidi, amid ongoing allegations and investigations. In Zamfara State, DSS operatives arrested a 25-year-old woman for reportedly supplying ammunition to bandits — the latest in a series of logistics-network arrests aimed at disrupting armed groups in the Northwest. The Edo State government's security strategy to reclaim the state from kidnappers was also highlighted this week, with Governor Okpebholo outlining a multi-agency approach that has begun yielding results in previously troubled communities.
⚡ Energy & Business
06
Dangote Refinery IPO to Be Nigeria's Biggest Ever; Petrol Price Hikes Amid Global Oil Volatility; Flood Threat Looms
The planned listing of Dangote Petroleum Refinery & Petrochemicals on the NGX — with Stanbic IBTC Capital, Vetiva, and FirstCap mandated — signals what analysts believe could be Nigeria's most transformative capital market event in decades. Petrol prices rose in Lagos and Abuja following NNPCL's $7/barrel hike in May crude prices, though the Dangote Refinery's gantry pricing remained competitive. A Guardian Nigeria editorial sounded an urgent warning on Nigeria's escalating flood risk from climate change — particularly for Lagos and the Niger Delta — urging the government to act before the rainy season peaks. Global WTI crude dipped briefly below $100 before recovering to $101.7, creating currency and fiscal planning uncertainty. The NBS confirmed retail petrol prices fell 15.6% year-on-year in February, validating the downstream deregulation story over a longer time horizon.
🏥 Health
07
Can Nigeria Eliminate Malaria Before 2030? Health Experts Weigh In on an Ambitious Target
Nigeria's target of eliminating malaria by 2030 faced renewed scrutiny this week as health experts debated the realistic pathway to achieving a goal that would require sustained funding, community engagement, and supply chain reliability far beyond current levels. Nigeria accounts for nearly 27% of all global malaria cases — making the target among the most ambitious public health goals anywhere in the world. NCDC data showed progress in some northern states, but urban Lagos and Delta State reported above-trend case loads this quarter. The Adeboye confirmation of First Lady Remi Tinubu's pastoral position at RCCG drew mixed public reaction on social media, highlighting the intersection of faith and public life in Nigeria. A pastor's wife went viral for her candid warning to women about marrying men of God — generating millions of views and an intense national conversation.
🎭 Culture & Sports
08
Portable Wins Celebrity Boxing Match AND Welcomes Baby Son on Same Day; FIFA Presidential Race Tightens
In a story only Nigeria could produce, controversial singer Portable won a celebrity boxing match against Carter Efe and — hours later — welcomed a baby son with his wife Omobewaji Ewatomi on the very same day. The double event generated enormous social media engagement across Nigeria and the diaspora. On the global football stage, the FIFA presidential election race tightened with African and Asian confederations — controlling 101 of 211 votes — emerging as critical power brokers. A suspected gunman at the Trump press dinner was ordered to appear in court. In tennis, an Italian player won his 22nd consecutive match to book a place in a Masters 1000 final. Actress Bimpe Akintunde ('Wasila Coded') publicly announced the end of her marriage, while relationship and cultural content continued to dominate Nigerian social media conversations.
📡 Technology & Innovation
09
Infinix Launches NOTE 60 Ultra in Nigeria; Zichis AGro Trading Suspended by NGX After Suspicious Activity
Infinix officially launched the NOTE 60 Ultra in Nigeria this week, reinforcing its strategic push into the premium smartphone segment as the brand competes with Samsung and Tecno for the aspirational mid-to-high market. Separately, the NGX announced the immediate suspension of Zichis Agro Allied Industries following the opening of an investigation into suspicious trading activity in the stock — the share had been among the week's strongest gainers before the suspension. The NGX also recorded the first-ever listing of Commercial Papers, with Dangote Cement admitting its Series 1 and Series 2 CPs — a new asset class that deepens the fixed income market. Union Dicon Salt and four other companies were placed on the NGX Delisting Watchlist for failing to meet listing standards.
🗳️ 2027 Elections
10
Ibadan Opposition Summit; Primate Ayodele Speaks; "Mr Figo" Turns 52 and Urges Citizen Accountability
An opposition summit in Ibadan attracted national attention this week, with Sowore accused of "still playing student union politics" by APC's Fabiyi Oladimeji. Primate Ayodele named who he believes would win the ADC presidential ticket for 2027, with multiple scenarios still in flux depending on Kwankwaso and Obi's final coalition decisions. A prominent civic figure marking his 52nd birthday — dubbed "Mr Figo" — used the occasion to call on Nigerians to demand greater accountability from elected representatives. An ex-council boss in Owan West, Edo State, joined the 2027 National Assembly race, reflecting how early and intensely the pre-election season has already begun. Fresh twists saw ADC top leaders reportedly moving to dump Atiku, El-Rufai, and others in favour of a new direction — keeping the opposition landscape in flux.
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Food for Thought
Weekly Reflection
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