The Nigerian stock market recorded its strongest daily gain in recent sessions, surging by N1.37 trillion in market capitalization, after the Inspector-General of Police, Kayode Egbetokun, joined market leaders in a public show of force to boost market integrity.
The rally, which saw the All-Share Index close at 168,030.18 points, was driven by broad-based investor confidence following the police chief’s symbolic ringing of the closing gong at the Nigerian Exchange (NGX) in Lagos, signaling a renewed institutional crackdown on market infractions.
Okay News reports that IGP Egbetokun emphasized the partnership between law enforcement and financial institutions is a deliberate effort to strengthen transparency and trust, stating that investor confidence depends on the assurance that markets are supported by strong institutions capable of enforcing the rule of law. He stressed that financial crimes and market manipulation pose systemic risks, making close collaboration between the police, regulators like the Securities and Exchange Commission (SEC), and market operators essential.
The market response was immediate and significant, with heavy buying interest in banking stocks like UBA, Zenith Bank, and GTCO, while Berger Paints Nigeria Plc led the gainers with a 10% rise. Analysts viewed the day’s gains as a combination of bargain hunting and improved sentiment around market governance, though they noted that near-term trading may remain mixed as investors weigh profit-taking against selective positioning in strong equities.
The Director-General of the SEC, Dr. Emomotimi Agama, stated the alignment between regulators and law enforcement reassures investors about market security. The rally underscores the critical role of institutional credibility in capital market performance, with sustained confidence hinging on consistent enforcement of rules and continued collaboration to deter market abuse and preserve Nigeria’s financial system credibility.
