The strong financial performance recorded by many of the companies listed on the Nigerian Exchange in the first half of 2026 is attributable to several key economic reforms implemented by President Bola Ahmed Tinubu’s Administration since mid-2023.
One of these significant reforms was the unification of the foreign exchange market.
By establishing a single, market-determined exchange rate, the reform improved price discovery and enabled companies with substantial foreign currency exposure to more accurately reflect the value of their dollar-denominated revenues in their financial statements.
This has been particularly beneficial for export-oriented and foreign exchange-earning businesses such as Aradel Holdings and Seplat Energy, whose revenues are largely linked to international oil prices and settled in foreign currency.
The Tinubu administration’s commitment to strengthening investor confidence in the energy sector was further demonstrated through the timely approval of several landmark upstream transactions. Among the most notable approvals was the Renaissance Africa Energy consortium’s acquisition of Shell Petroleum Development Company (SPDC) assets, of which Aradel Holdings is a consortium member. Another was the approval of Seplat Energy’s acquisition of the assets of Mobil Producing Nigeria Unlimited (MPNU).
