Sterling Bank has marked the first anniversary of its disruptive “Zero Transfer Fees” initiative, announcing on Wednesday that the policy has successfully returned over N2bn directly to Nigerian consumers.

The initiative, which launched on 1 April 2025, made Sterling the first major Nigerian bank to completely waive revenue from customer online transactions. One year later, the bank reports that the gamble has fundamentally reshaped the relationship between the institution and its millions of digital users.

Speaking on the milestone, the Chief Executive Officer of Sterling Bank, Abubakar Suleiman, emphasised that the move was a strategic shift in the bank’s core business model.

He said: “We made a deliberate decision to stop charging for the movement of money and to build our model around delivering real value instead. One year on, the outcome has validated both the principle behind that choice and the strength of the model itself.”

Suleiman noted that the ability to sustain such a high-impact policy was not an overnight feat but the result of a multi-year digital overhaul.

“Our transformation was never about technology for its own sake.

It was about building enduring capacity to serve, to scale, and ultimately to deliver more value to our customers. When that capacity matured, we made a conscious decision to return the benefits to the people who make the system work,” he added.

The zero-fee policy, executed via the bank’s OneBank digital platform, has seen rapid adoption among small businesses and digital-first Nigerians. According to the bank, the N2bn saved by customers represents a significant rebalancing of wealth in a sector where transaction fees have long been the industry standard.

Also speaking on the development, the Chief Marketing Officer of Sterling Bank, Donatus Okpako, described the anniversary as a signal to the rest of the financial services sector.

He said: “This initiative has challenged long-held assumptions about how banks create value. We are demonstrating that it is entirely possible to run a strong, commercially sound institution while being fundamentally fair to customers.”

Okpako added that the N2bn milestone is just the beginning of a broader transparency drive.

“The N2bn represents real relief, real impact, and a rebalancing in favour of the customer. That principle will continue to guide what we build next,” he added.

Industry analysts point out that Sterling’s success is largely due to its migration to a homegrown core banking platform and a scalable private cloud environment. By removing legacy costs, the bank has been able to absorb transaction expenses that other lenders still pass on to their users.

As the bank enters its second year of the policy, leadership remains committed to expanding access to credit and savings, doubling down on the zero-fee philosophy to drive deeper financial inclusion across Nigeria.

Nigeria has faced significant inflationary pressures over the past two years. With the Central Bank of Nigeria maintaining a high Monetary Policy Rate, exceeding 27 per cent in late 2024 and 2025 to curb inflation, the cost of credit has skyrocketed.

Sterling Bank’s initiative actually preceded a major regulatory shift. By January 2026, the CBN officially moved to scrap five major bank charges, including certain transfer levies and SMS alert fees, to ease the financial burden on citizens.

Officials of the Dangote Petroleum Refinery are unaware of claims that seven crude cargoes have been allocated to it in May by the Nigerian National Petroleum Company Limited, The PUNCH reports.

Senior officials at the refinery told our correspondent that, although talks were ongoing with the NNPC, they could not confirm an increase in the refinery’s monthly crude allocation from five to seven cargoes.

There were reports that the NNPC had increased crude oil supply to the Dangote refinery, allocating seven cargoes for May loading to boost domestic fuel production.

Two trader sources had told Reuters on Tuesday that the latest allocation marked an increase from the five cargoes the refinery had been receiving in previous months.

But speaking exclusively with our correspondent on Thursday, officials of the Dangote Group, who requested anonymity due to a lack of authorisation, said they had not yet been informed of the decision.

According to them, the refinery is expected to receive six cargoes of crude in May, contrary to reports that seven cargoes were allocated for next month.

“Our May allocation is about 6.15 million barrels. The report of seven cargoes’ allocation is not clear yet,” one of the officials stated.

It was reiterated that the 650,000-barrel-per-day facility needs over 19 cargoes of crude monthly, but it only struggles to get five cargoes. A cargo contains about one million barrels.

“Our monthly requirement is 19.77 million barrels. A cargo is one million barrels. In October, we got 4.55 million; we got 6.45 million in November; 4.30 million in December; 5.65 million barrels in January; and 4.66 million barrels in February. March is around six million.

“Our May allocation is about 6.15 million barrels, not up to 7 million,” another official told The PUNCH, appealing to the government to allocate more crude to the refinery.

Earlier, the Dangote refinery had lamented that it was not getting enough crude locally for its operations. As the Iran-US war continues to disrupt global oil supply, the Dangote refinery has effected multiple fuel price increases, raising petrol pump prices above N1,200 per litre.

Defending these price hikes, the Dangote refinery said in a statement that local crude producers were refusing to supply feedstock to its facility, forcing it to rely more on imported crude.

According to the company, the refinery also received just five cargoes every month from the national oil company instead of 13 cargoes, adding that the cargoes were paid for at international market prices.

“While we receive about five cargoes a month from NNPC, which we pay for in naira, these cargoes are priced at international market prices plus premium and fall short of the 13 cargoes which we require to support sales into Nigeria.

Skyway Aviation Handling Company Plc delivered a robust financial performance for the year ended December 31, 2025, with profit after tax more than doubling to N11.73 billion, underscoring strong operational momentum and improved efficiency across its business lines.

 

The company’s audited results show revenue rose significantly by 54 per cent to N44.46 billion in 2025, up from N28.94 billion recorded in 2024. The growth was driven largely by increased demand for passenger and cargo handling services, alongside improved contributions from ancillary and Value Chain operations.

 

Costs of sales also climbed during the period, rising to N18.98 billion from N12.56 billion in the prior year. However, the increase was outpaced by revenue growth, resulting in gross profit expanding to N25.48 billion from N16.38 billion in 2024.

 

Operating performance remained strong, with profit from Operations nearly doubling to N14.62 billion compared with N6.53 billion recorded a year earlier. This was achieved despite higher administrative expenses, which rose to N11.24 billion from N10.05 billion, reflecting inflationary pressures, increase in utility and increased personnel costs.

 

After accounting for a tax expense of N2.55 billion, profit after tax stood at N11.73 billion, representing a 142 per cent increase from N4.83 billion in the previous year.

 

Total comprehensive income for the year came in at N11.42 billion, compared with N6.89 billion in 2024, reflecting a foreign exchange loss of N314.5 million during the period, in contrast to a gain recorded in the prior year.

 

The company’s balance sheet remained solid, with total assets increasing to N56.58 billion as at December 31, 2025, from N41.78 billion in 2024. The growth was largely driven by a significant rise in property, plant and equipment, which climbed to N24.61 billion from N16.03 billion, indicating continued investment in operational capacity.

 

Shareholders’ equity also strengthened, rising to N39.87 billion from N29.27 billion, supported by retained earnings growth to N21.74 billion.

 

 

Cash flow generation improved markedly, with net cash inflow from operating activities rising to N13.47 billion from N5.01 billion in the previous year. The company ended the year with cash and cash equivalents of N5.70 billion, up from N3.03 billion in 2024.

 

 

Despite increased capital expenditure of over N11 billion on fixed assets, Skyway maintained positive financing cash flow, supported by additional borrowings during the year.

 

Earnings per share rose to 867 kobo from 357 kobo in 2024, reflecting the strong profitability performance and enhanced shareholder value.

 

The company, however, declared a final dividend of N1.6 billion to its shareholders for the year under review.

 

Overall, Skyway Aviation Handling Company’s 2025 results highlight strong revenue expansion, good operational efficiency, and sustained investment in infrastructure, positioning the firm for continued growth amid rising demand in Nigeria’s aviation services sector.
Speaking on the Company’s financial performance, the Managing Director/CEO stated that the results reflect the strength of SAHCO’s strategic direction, the resilience of its business model, and the unwavering commitment of its workforce. She noted that despite a challenging operating environment marked by inflationary pressures and rising costs, the Company sustained strong margins and nearly doubled its operating profit.

 

Dr. Barr Taiwo Afolabi (CON), Chairman of Skyway Aviation Handling Company PLC commenting on the financial report, emphasized that sustained investments in modern equipment and infrastructure have been instrumental in driving operational efficiency, enhancing service delivery, and positioning SAHCO for long-term growth.