The Nigerian equities market closed lower on 5 May 2026, shedding 1,411.37 points to settle at 241,750.15, a 0.58% decline from the previous close, as selling pressure hit large-cap stocks including Wema Bank, MTN, and Aradel. 

Domestic refineries received only 28.5 million barrels of crude oil in Q1 2026, far below the 61.9 million barrels allocated, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).  

President Bola Tinubu met with global investors in France on Tuesday, seeking to attract capital and highlight Nigeria’s ongoing reforms.  

The House of Representatives has approved a ₦479.5bn budget for the Nigerian Communications Commission (NCC) for the 2026 financial year.  

Iran has established the Persian Gulf Strait Authority to regulate maritime traffic through the Strait of Hormuz, one of the world’s most critical oil shipping routes.  

Electricity distribution companies (DisCos) have recorded improved efficiency in February 2026 but still suffered a ₦8bn revenue decline, indicating persistent weaknesses in the sector’s commercial framework.

The Nigerian National Petroleum Company Limited (NNPC) reported a ₦276bn profit after tax in March 2026, more than doubling February’s earnings, despite persistent pipeline disruptions.

The United States and China are in a fresh standoff over sanctions targeting Chinese oil refineries accused of processing Iranian crude, escalating tensions between the two largest economies.

The Nigerian National Petroleum Company Limited (NNPC) has signed a new agreement with two Chinese firms to accelerate the rehabilitation and restart of the Port Harcourt and Warri refineries, nearly a year after the Port Harcourt plant was shut for maintenance.

The Tax Ombud/Chief Executive of the Office of the Tax Ombud, Nigeria, Dr. John Nwabueze, has called for strategic support from the International Monetary Fund (IMF) to strengthen the country’s tax dispute resolution framework and enhance institutional capacity.

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