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Thursday, 29 October 2026Lagos · LondonUpdated 20:44 GMT

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Nigerian stock market hits record high as Dangote Cement jumps nearly 6%

Aliko Dangote, whose Dangote Cement led the rally
Photo: World Economic Forum / Wikimedia Commons, CC BY-SA 2.0

The Nigerian stock market closed at a new all-time high on Thursday, 29 October 2026, as gains in Dangote Cement and other large companies pushed investors' wealth higher.

The numbers

The Nigerian Exchange (NGX) All-Share Index rose by 0.47 per cent to close at 254,083.02 points, according to reports. The total value of listed shares climbed to about ₦164.97 trillion, up from ₦164.19 trillion the day before, a gain of about ₦779 billion. That beat the previous record of about ₦164.91 trillion set on 27 October.

Who led the rally

Dangote Cement, one of the largest companies on the exchange, gained 5.82 per cent to close at ₦1,420 per share, and helped lift the industrial goods index by more than 3 per cent. Among smaller stocks, payment company eTranzact rose by 10 per cent, while Sovereign Trust Insurance, FTG Insurance, McNichols and Zichis Agro-Allied Industries also posted strong gains.

Background

Nigerian stocks have performed strongly this year as investors respond to falling inflation, a more stable naira and strong company earnings. Inflation fell to 14.63 per cent in September, according to official figures cited by the government, and external reserves have risen to about $55 billion.

What it means

For ordinary investors, the record high means the value of many shareholdings has risen sharply, although analysts often warn that markets can fall quickly after strong rallies.

More gist

Naija newsReported
Nigeria Labour Congress members on a protest march
Photo: Altruistic2020 / Wikimedia Commons (CC0)

NLC president Ajaero says a ₦1m minimum wage would collapse the economy

NLC president Joe Ajaero has reportedly said a ₦1 million monthly minimum wage would collapse Nigeria's economy. He said the focus should be on bringing down living costs and strengthening the naira, as talks on wages continue.

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The president of the Nigeria Labour Congress (NLC), Joe Ajaero, has reportedly said that a minimum wage of ₦1 million a month would bring down the Nigerian economy, in comments that surprised many workers.

What he said

Speaking in an interview on Channels Television, reported on Thursday, 29 October 2026, Ajaero is said to have argued that the priority should be lowering the cost of living and improving the value of the naira rather than chasing very large pay figures. He reportedly said that without tackling inflation, the weak currency and high living costs, bigger salaries on paper would not make workers better off, and that government must first take steps to stabilise the economy.

Background

Labour unions and the Federal Government are still discussing a review of the national minimum wage, which was raised to ₦70,000 a month in 2024. Some workers and activists have called for a much higher figure because of rising prices. The government recently approved a ₦70,000 monthly transport allowance for public workers to ease the impact of high fuel prices, a move that the opposition criticised as too small.

How people reacted

The comments drew mixed reactions online. Some users said the NLC leader was being realistic about what the economy can afford, while others said labour should be pressing for the highest possible increase at a time when food and transport costs have risen sharply.

What happens next

Talks between labour and the government are expected to continue, with wages likely to become a major issue in the run-up to the 2027 elections.

Naija newsReported
Central Bank of Nigeria headquarters in Abuja
Photo: GodwinPaya / Wikimedia Commons (CC BY-SA 4.0)

CBN warns banks to store payment data in Nigeria by January 2027

The Central Bank of Nigeria says banks and other regulated firms must store critical payment data inside the country by 1 January 2027, and that the deadline will not move. Firms that fail to comply face sanctions.

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The Central Bank of Nigeria (CBN) has told banks and other financial institutions that the deadline for keeping critical payment transaction data inside Nigeria remains 1 January 2027.

What happened

The CBN Deputy Governor for Financial System Stability, Lamido Abubakar Yuguda, gave the warning at a regulatory meeting in Lagos organised with the National Information Technology Development Agency (NITDA), reported on Thursday, 29 October 2026. He said the date had not changed and that institutions that break the rule would face sanctions. Deliberate attempts to frustrate the policy would not be tolerated, he added.

Why the rule exists

The CBN says storing payment data in the country will improve supervision, make the financial system more resilient and protect sensitive customer information, as more Nigerians rely on mobile apps, online banking and fintech services. The meeting focused on the National Sovereign Cloud Initiative, which aims to keep government and critical data on infrastructure within Nigeria.

What banks must do

Yuguda reportedly stressed that simply moving data into the country will not make it safe. Banks must also improve their cybersecurity, plans for keeping services running during outages, disaster recovery and risk management. They will remain responsible for risks linked to cloud providers and other technology partners.

What it means for customers

For ordinary customers, the change should be mostly invisible, but the regulator says it should make it harder for sensitive financial data to be exposed and easier for authorities to investigate fraud.

Naija news
A Nigeria Police armoured vehicle
Stock image: theglobalpanorama / Flickr, CC BY-SA 2.0

State police moves closer as 30 state assemblies reportedly back constitution change

Thirty state Houses of Assembly have now approved the constitutional amendment that would allow states to set up their own police, according to Chief of Staff Femi Gbajabiamila. That is well above the 24 needed, and the bill now goes back to the National Assembly before it can be sent to President Tinubu for assent.

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The plan to allow Nigerian states to run their own police forces has crossed a major hurdle. Femi Gbajabiamila, Chief of Staff to the President and chairman of the Presidential Working Group on the reform, said 30 state Houses of Assembly have now endorsed the constitutional amendment, comfortably above the 24 required.

What happened

Gbajabiamila gave the update at the Nigerian Economic Summit in Abuja. He said 24 assemblies had approved the proposal by 23 October, and six more have since joined. Lagos, Niger, Kogi and Ebonyi were among the latest to vote in favour. A full list of the 30 states has not been published.

What happens next

The National Assembly must now collect the state resolutions and send the amendment bill to President Bola Tinubu for his signature. Separately, a draft National Policing Bill and 29 related amendment bills were sent to the Ministry of Justice on 19 October for review. After that review they will go to the President and then to the National Assembly.

The money question

Gbajabiamila stressed that states wanting their own police must show they can pay for it over time, including salaries, training and maintenance, and not just vehicles and equipment. States that are not ready will continue to rely on federal policing. He asked business groups to suggest ways of supporting funding, but warned that private donations must never buy influence over an investigation. Responding to fears that governors could misuse state police against opponents, he said a citizen's right to protection must not depend on who they support or where they come from.

Background

Calls for state police have grown for years amid kidnapping, banditry and communal attacks in many parts of the country. Senate President Godswill Akpabio also defended the reform this week. Earlier in October, only a handful of assemblies had voted, which made the recent rush of approvals a surprise to many observers.

Naija newsReported
A telecom mast above a building in Nigeria
Stock image: Rotimi8 / Wikimedia Commons, CC BY-SA 4.0

Reps threaten arrest warrants for MTN, Airtel and Glo bosses over poor network

A House of Representatives committee investigating poor telecom services says the heads of MTN, Airtel, Globacom and other operators must appear in person by 4 November or face arrest warrants. Lawmakers rejected a request for an industry body to speak on their behalf.

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The House of Representatives has threatened to issue arrest warrants against the chief executives of Nigeria's major telecom companies if they fail to appear before a committee investigating poor network services.

What happened

The ad hoc committee, chaired by Olumide Osoba of Ogun State, invited MTN Nigeria, Airtel Nigeria, Globacom, Mafab Communications and other licensed operators to explain persistent dropped calls, slow internet, failed airtime and data purchases, and poor coverage in many communities. When the companies again failed to send their top executives, lawmakers adjourned the hearing to 4 November 2026 and insisted the chief executives appear in person.

What lawmakers said

Lawmaker Sunday Umeha said the committee had considered seeking arrests at an earlier sitting but decided to give the executives another chance. He noted that invitations had been sent directly to the CEOs through the Nigerian Communications Commission (NCC), and a representative of the regulator confirmed this at the hearing. The committee also rejected a request for the chairman of the Association of Licensed Telecommunications Operators of Nigeria (ALTON), Gbenga Adebayo, to speak for the companies. Umeha's motion requiring each CEO to appear was adopted by voice vote.

Background

Complaints about network quality have grown since telecom tariffs went up last year, with many subscribers saying they now pay more for worse service. Operators have blamed vandalism of fibre cables, power supply problems and the high cost of running sites.

What happens next

If the CEOs do not appear on 4 November, the committee says it will seek warrants to compel their attendance.