NIGERIA IN BRIEF: FTSE frontier upgrade effect, Telco looting and other stories.

FTSE frontier upgrade ignites Seplat, GTCO, Zenith rally

The Nigerian equities market is extending its historic rally, driven by renewed foreign investor appetite following the FTSE Russell reclassification and supportive domestic policy reforms. The benchmark index of the Nigerian Exchange (NGX) rose by 0.28 percent on Wednesday, with market heavyweights including Seplat Energy, Guaranty Trust Holding Company (GTCO), and Zenith Bank leading the charge, pushing equities closer to record highs amid improving sentiment.

The rally reflects a broader shift in investor perception, as Nigeria regains traction among global institutional funds after months of volatility. Analysts attribute the momentum to a convergence of structural and policy catalysts, particularly the FTSE Russell reclassification, which is expected to enhance market accessibility and liquidity, alongside ongoing reforms aimed at stabilising the macroeconomic environment.

14 states under siege as criminal networks turn telecom sites into looting grounds

Telecom infrastructure across Nigeria is under sustained attack, as criminal networks intensify the looting of critical assets powering the nation’s connectivity backbone. In 2025 alone, 656 key components, including 152 generators and 504 batteries, were stolen from mobile network sites across 14 states, according to data from the Nigerian Communications Commission. The wave of theft has persisted into early 2026, raising fresh concerns about service disruptions, rising operational costs, and the vulnerability of telecom infrastructure to organised criminal activity.

Beyond equipment theft, operators are grappling with widespread diesel siphoning and relentless fibre vandalism that continues to cripple network stability. Industry data shows that diesel was stolen in 1,344 separate incidents, while fibre optic cables were cut at an alarming rate averaging 1,100 incidents weekly by late 2025. The scale and frequency of these attacks underscore a deepening security crisis for telecom providers, threatening service quality and undermining investments in Nigeria’s digital economy.

 

Abbas says Crude oil theft still at concerning levels, calls for reforms

Tajudeen Abbas has warned that crude oil theft in Nigeria remains at “concerning levels,” despite recent gains in pipeline security, calling for urgent reforms to boost transparency, accountability, and surveillance across the oil sector. Speaking on Wednesday at a Parliamentary Roundtable in Abuja, the Speaker stressed that while progress has been recorded, systemic weaknesses continue to enable large-scale losses that undermine national revenue and energy security.

At the event held in the Old Chamber of the House of Representatives, Abbas urged stakeholders to strengthen oversight of pipeline surveillance contracts and deploy more effective monitoring systems to curb theft. He noted that sustained collaboration between government agencies, security operators, and host communities is critical to consolidating recent successes and addressing persistent vulnerabilities in Nigeria’s oil infrastructure.

‘Return of Arinzo’ earnings spotlight Nollywood’s distribution divide

 

A stark contrast in Nollywood’s evolving distribution models emerged over the Easter weekend, as Bimbo Ademoye and Iyabo Ojo debuted competing releases on April 3. While Ademoye’s Mirrors and Reflections premiered on YouTube, Ojo’s The Return of Arinzo (TROA), distributed by FilmOne Entertainment, opened in cinemas and quickly dominated the box office, grossing over N104.8 million in its first weekend.

The wide earnings gap underscores the growing divide between digital-first and theatrical strategies in Nigeria’s film industry, with TROA’s performance far outpacing the estimated N1.9 million to N30.2 million generated by the YouTube release. The figures highlight cinema distribution’s continued revenue strength despite the accessibility of online platforms, raising fresh questions about profitability, audience reach, and the long-term sustainability of direct-to-digital releases in Nollywood.

Terrorists kill 24, burn church, homes in renewed attack on Kebbi community

At least 24 residents were killed on Monday in an early morning attack on Debe community in Shanga Local Government Area of Kebbi State, in northwestern Nigeria, as suspected terrorists launched a violent raid that also left homes, a Catholic church, and several shops burnt. The assault, which began around 5 a.m., forced surviving residents to flee their homes as gunmen reportedly moved through the rural settlement, killing indiscriminately and causing widespread destruction.

According to a statement by the Director of Social Communications of the Catholic Diocese of Kontagora, Matthew Stephen Kabirat of the Catholic Diocese of Kontagora, the attackers stormed the Debe community and carried out killings without regard for religious or social affiliations. The incident adds to a growing pattern of insecurity across parts of Northwest Nigeria, where communities have continued to face repeated attacks by armed groups.