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FCMB posts N177bn profit

FCMBFCMB Group Plc has reported a profit after tax of N177bn for the year ended 31 December 2025, marking a 141 per cent increase from N73.3bn recorded in 2024. The performance underscores the bank’s earnings base, driven by higher interest income and improved non-interest revenue streams.

The group’s gross earnings rose sharply to N1.13tn in 2025 from N794.4bn in 2024, representing a 42 per cent growth year-on-year. This growth was largely powered by interest and discount income, which surged by 61 per cent to N1.0tn, reflecting strong lending activities across the group. Consequently, net interest income jumped to N503bn, more than double the N225.3bn posted in the previous year.

The Consolidated and Separate Statements of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2025 revealed that non-interest income also contributed significantly to the bottom line. Fee and commission income increased by 29 per cent to N96bn, while net trading and other gains added further support despite some volatility. In total, the group’s other operating income and gains contributed N28bn, although this was lower than the N93.3bn recorded in 2024 due to market adjustments.

 

On the expense front, FCMB continued to invest in human capital and infrastructure. Personnel expenses rose to N106bn, up from N79.3bn, reflecting strategic hires and staff development programmes. General and administrative expenses increased to N127bn, while net impairment losses on financial instruments rose to N86bn, more than double the N41.2bn in 2024, highlighting proactive risk management amid a dynamic lending environment.

The bank’s total assets grew to N7.54tn,from N7.05tn in 2024, driven by growth in cash and cash equivalents, which rose to N1.3tn, and investment securities, which climbed to N2.06tn. Loans and advances to customers remained robust at N2.29tn, underscoring the group’s commitment to supporting businesses and households across Nigeria.

admin by — January 30, 2026 in Business 0
Moniepoint Celebrates A Decade Of impact, Microfinance Bank Disburses Over ₦1 Trillion In Credit To Empower Small Businesses in 2025

Moniepoint Inc., Nigeria’s definitive platform for small businesses and Africa’s all-in-one financial ecosystem, today released its 2025 Year in Review, marking a decade of “financial happiness” and a transformative year of growth. Highlighting its role as the backbone of Nigeria’s entrepreneurial economy with over 6 million active businesses, the company revealed that its microfinance bank has now disbursed over ₦1 trillion in credit to thousands of businesses from provision stores and supermarkets to building materials sellers.

 

It is worthy to note that on average these businesses experienced growth by more than 36% after accessing credit, signposting its primacy as a transformational growth level and instrument of deepening shared prosperity. Moniepoint uses alternative data points that include transaction histories, business patterns and payment behaviours in a bid to accommodate what traditional credit scoring misses to drive financial inclusion and access to credit. The company’s 2025 performance reinforces its role as a critical financial infrastructure which not only supports the Nigerian economy, but also impacts everyday lives, creating immense value.

 

Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint Inc (formerly known as TeamApt Inc) has established itself as the leading financial platform for Nigeria’s vast network of small and medium-sized businesses (SMEs), offering an integrated suite of services, including digital payments, business bank accounts, credit, foreign exchange (FX), and management tools.

 

During the year, as Nigeria’s largest merchant acquirer, now powering 8 out of every 10 in-person payments made across the country, Moniepoint MFB, the banking and payments subsidiary, processed ₦412 trillion in transaction value handling more than 14 billion transactions. This clearly suggests that Moniepoint is well-positioned to play a greater role in Nigeria’s steady march towards a trillion dollar economy by 2030.

 

“Our journey has been one of intentional evolution,” said Tosin Eniolorunda, Group CEO and Founder of Moniepoint Inc. “What started as a passion to solve overlooked problems has evolved into a platform powering the dreams of millions. As 83% of employment in Africa exists in the informal economy, our mission to create financial happiness is an operational mandate that guides our product development, our market expansion, and our capital allocation decisions.”

 

Beaming with enthusiasm, Eniolorunda continues, “Yet for all we have accomplished, we approach our second decade with the clarity that our work remains unfinished. As we enter this next chapter, we do so with strengthened conviction in our strategy, deepened partnerships with world-class institutional investors, and an organisation scaled to deliver on Africa’s entrepreneurial potential. The infrastructure we have built over the past decade provides the foundation. The journey is far from over, but our resolve has never been stronger. To our partners, our customers, and our team: thank you for a decade of impact. We are just getting started.”

 

In 2025, Moniepoint Inc. reached a series of critical inflexion points, highlighted by the successful completion of its Series C funding round, which raised over $200 million in equity financing from leading institutional investors, including Development Partners International, Google’s Africa Investment Fund, Visa, the International Finance Corporation, and Verod Capital. The year also marked the launch of MonieWorld in the United Kingdom, extending Moniepoint’s platform to serve the African diaspora by strengthening key remittance corridors and laying the foundation for the delivery of comprehensive cross-border financial services.

 

Moniepoint MFB re-launched its savings product in a firm demonstration of the company’s commitment toward its’ oft stated mantra of providing financial happiness. Data reveals in terms of savings behavioral patterns, the majority of users choose to save on a daily basis, with focus across business operations (24%), rent (16.5%), and education (10%) representing top savings priorities. The launch of Moniebook and the acquisition of a national Microfinance Bank license for Moniepoint MFB further expand the company’s regulated capabilities and product depth.

 

TeamApt Ltd, the switching and processing subsidiary of Moniepoint Inc., also achieved major regulatory and operational milestones in 2025 that have solidified its position in the global payments landscape. After a rigorous certification process, the company successfully secured licenses from Mastercard and Visa to act as a processor and acquirer for these global card schemes.. This strategic move allows TeamApt to support international card payments directly and offer these critical switching services to other businesses across the continent. Monnify, the web payment gateway processed N25 trillion in the period under review, demonstrating remarkable resilience and industry confidence firmly positioning it for more business-to-business transactions.

 

Moniepoint’s impact extended beyond banking into critical social interventions even as the company partnered with the Federal Government to support the Rice Intervention Programme, reaching nearly 850,000 beneficiaries, and worked with the Kaduna State Government in grants disbursement to vulnerable citizens. Through these initiatives, Moniepoint continues to build the infrastructure required to unlock Africa’s entrepreneurial potential, positioning itself as a trusted partner for the delivery of large-scale economic empowerment programmes.

 

As Moniepoint Inc. enters its second decade, its well chronicled decade-long evolution from a backend technology provider to a household name, directly complements the Nigerian government’s vision of a more inclusive, data-driven, and productive financial landscape

admin by — January 30, 2026 in Business 0
Uzodimma provides details of APC govs meeting

The Progressives Governors’ Forum, PGF, has called for transparent and coordinated management of party congresses and the forthcoming national convention.

Chairman of the Forum and Imo Governor, Hope Uzodimma, made the call while presenting a communiqué after a meeting with APC leadership in Abuja on Wednesday.

Uzodimma said transparency, consistency and accountability must guide every stage to strengthen trust and credibility within the party.

He said: “These standards must apply uniformly across all states, including where the party currently has no governors.

“The PGF reaffirmed its unwavering commitment to party unity and internal harmony.”

He stressed responsible leadership, clear communication and collective discipline as essential to strengthening public confidence in the party’s democratic processes.

The governor reaffirmed PGF’s commitment to deepening internal democracy, strengthening party structures and advancing reforms promoting transparency, accountability and inclusiveness nationwide.

He said the governors welcomed a briefing on the national e-registration and digital membership update by the APC national chairman.

“This has recorded significant growth, increased youth participation and integration of the National Identity Number,” he stated.

Uzodimma noted the initiative would enhance data-driven planning, improve demographic insights and strengthen grassroots engagement across communities.

He said the governors endorsed the timetable and institutional framework approved by the party’s National Executive Committee (NEC) for upcoming congresses and the convention.

He commended the party leadership under National Chairman, Prof. Nentawe Yilwatda, for guiding the process.

Uzodimma also confirmed strategic engagements and state visits to reinforce grassroots structures and party cohesion.

He said visits would begin in Taraba on Jan. 31 and formally welcomed the governors of Taraba and Plateau into the Forum.

He reaffirmed resolve to partner with APC leadership to advance national development, democratic consolidation and people-centred governance.

Uzodimma said the governors appreciated President Bola Tinubu’s leadership, saying, “We will continue to partner with him to ensure good governance at all levels.”

admin by — January 29, 2026 in News 0
Osun LG crisis deepens as Gov Adeleke, state govt, PDP, Oyetola counter claims

The dispute over local government administration in Osun State escalated on Wednesday as the state governor, Ademola Adeleke, the state government and the Peoples Democratic Party, PDP, dismissed claims by the All Progressives Congress, APC, that its sacked council chairmen still had a right to remain in office.

In separate statements issued in Osogbo, the PDP and the state government said recent actions and court developments showed that the APC’s position on the councils lacked legal backing.

The state governor, Ademola Adeleke restated his accusation against Blue Economy Minister, Adegboyega Oyetola and his alleged the masterminding of Osun local government crisis

Governor Adeleke asserted that the self-awarded tenure of APC Chairmen lapsed in 2025 and cannot be elongated under the law and Supreme Court precedents.

Governor Adeleke in a statement by his spokesperson, Olawale Rasheed faulted the entire submission of the minister on the local government crisis, positing that the former Governor remains the chief architect of the paralysis and the untold hardship being inflicted on Osun people.

He said, “Under what authority is Mr Oyetola and his cronies in the guise of council chairmen disbursing funds meant for salaries of local government workers. Under what authority is he deciding who gets paid or not? Why are they not paying salaries of local health workers, local teachers and local retirees?”

The governor also called on the Minister to stop dragging President Bola Tinubu’s name in the mud.

Meanwhile, the Osun State Government also drew attention to proceedings at the Federal High Court in Osogbo concerning a suit filed by the APC on the issue of council tenure.

The Commissioner for Information and Public Enlightenment, Kolapo Alimi, in a statement said the case, which came up for hearing on Wednesday, was adjourned to March 4, 2026, following the absence of APC lawyers in court.

According to Alimi, “none of the legal representatives listed by the APC, including three Senior Advocates of Nigeria, appeared when the matter was called.

“The election conducted on October 15, 2022 was nullified by the Federal High Court because it violated the Electoral Act.”

He added that subsequent judgments had not reinstated the APC chairmen, contrary to claims by the party.

Alimi said “the government was concerned that the APC continued to rely on a pending court case to justify remaining in council offices.

“They filed a suit and are yet to diligently pursue it, yet they claim it is the basis for their continued stay in the secretariats.”

The commissioner also accused the APC of misrepresenting the status of local government finances, saying questions remained over the handling of allocations during the period of dispute.

The PDP, reacting to a press conference addressed by the Osun APC leadership, said the opposition party was attempting to justify an expired and unlawful occupation of council secretariats across the state.

In a statement signed by its state chairman, Sunday Bisi, the PDP maintained that the APC chairmen had no valid mandate from the outset and insisted that their election had been nullified by the courts before Governor Ademola Adeleke assumed office.

“Governor Ademola Adeleke did not sack any local government officials. The courts invalidated an election that was conducted in breach of the Electoral Act,” the party said.

The PDP argued that local government funds were being contested because of ongoing legal disputes arising from the 2022 council election conducted under the previous APC administration.

It added that the governor, as the state’s chief executive, had a constitutional duty to safeguard public funds meant for grassroots development pending the resolution of the legal issues.

The PDP called on President Bola Tinubu to intervene by urging party members in Osun to respect court decisions and allow due process to run its course.

“The situation in Osun requires adherence to the rule of law to prevent further tension at the grassroots,” the party said.

Reacting, Dr. Bolaji Akinola, the Special Adviser to the Minister of Marine and Blue Economy, Adegboyega Oyetola, on Wednesday accused Osun State Governor, Ademola Adeleke, of lying against his predecessor on issues relating to the current impasse in the local government administration in Osun.

Akinola, in a statement issued in response to allegations by Adeleke, who had alleged that Oyetola was backing illegal occupation of council areas in the state, stated that Adeleke was using propaganda, falsehood and deliberate misinformation to conceal his administrative failure and disregard for judicial authority.

Referring to Adeleke’s earlier claim that Oyetola was using his influence to withhold funds due to the local government areas in the state, Akinola described the claims as “nothing more than a desperate attempt to deflect attention from his glaring incompetence and serial abuse of the judicial process.”

He insisted that Oyetola was not responsible for any disruption in local government financing in Osun, adding that, “if there is any delay or complication in financial disbursements, the responsibility lies squarely with the Adeleke-led Osun State Government, which has flooded the courts with lawsuits in a failed attempt to overturn settled judicial decisions. No serious government sabotages its own legal standing and then seeks scapegoats for the consequences.”

He accused Adeleke of having previously paralysed local government administration in the state by instigating a prolonged strike by local government workers.

“The local government secretariats are open and functioning. Services continue to run, workers are back to their posts, and council administrations are carrying out their statutory responsibilities. The narrative of paralysis exists only in the imagination of a governor using falsehood to seek public sympathy,” he said.

He referenced a Court of Appeal judgement delivered on February 10, 2025, which he stated reinstated elected local government chairmen in Osun State, emphasising that the judgement was not appealed by the Osun State Government and therefore remains final and binding in law.

Commenting on alleged tenure elongation by the APC chairmen, the minister’s aide maintained that they were elected for a three-year term and were “removed illegally within weeks of assuming office. Any suggestion to the contrary amounted to ignorance or intentional misinformation.”

He disclosed that the issue of tenure is pending before the courts and advised Adeleke to desist from interfering in the affairs of an independent tier of government, as the Supreme Court has already granted full financial autonomy to the local government areas in the country.

admin by — January 29, 2026 in News 0
Lagos govt to probe Mile 2 warehouse fire over stored chemicals

Reports have emerged that the Lagos State government plans to investigate the recent fire incident at a warehouse in Mile 2, Amuwo-Odofin Local Government Area of the state.

Sources within the government circles told reporters that the probe will centre on the nature of the chemical substances stored in the facility, which is situated within an industrial layout.

The state government, particularly the governor, is reported to be taking a keen interest in the incident, particularly in view of the dangers posed by the chemicals and concerns about safety of residents.

“Efforts are also ongoing to identify the owner of the warehouse and commence an investigation into the chemical content, and to ascertain the level of emergency measures put in place before the fire incident.

“The probe is being initiated over safety concerns about the type and volume of chemicals kept in the warehouse,” our source said on Thursday.

Margaret Adeseye, controller-general of the Lagos State fire and rescue service, said the agency received a distress call at about 8:29 pm on Sunday.

Adeseye said firefighters arrived at the scene at 8:40 pm.

She revealed that crews from the Ajegunle, Sari Iganmu, Okota and Alausa fire stations were immediately deployed to tackle the blaze.

“The affected warehouse was stocked with chemical materials stored in hundreds of 200-litre drums, posing a significant risk.”

She said the fire was brought under control through “swift and coordinated intervention”, preventing damage to adjoining facilities.

Adeseye added that although no casualties were recorded, the cause of the fire was yet to be determined.

“The Lagos State Fire and Rescue Service reiterates its commitment to safeguarding lives and property and urges residents and business owners to adhere strictly to fire safety regulations at all times,” she said.

Meanwhile, Damilola Oke-Osanyitolu, Permanent Secretary of the Lagos State Emergency Management Agency (LASEMA), said preliminary findings indicated that chemicals stored in a warehouse triggered the fire.

He explained that the first responders established that the fire originated from a structure located behind the SAPID Container Terminal at Mile 2.

“Further investigation by the team established that several drums of chemicals and oils were stored inside the building, and this definitely is the cause of the fire.”

He added that the prompt response of emergency agencies prevented any loss of life.

“Eyewitnesses in the area said the fire started from the section of the warehouse facing the Apapa-Oshodi expressway.

“The fire started on this side, which is the Oshodi-Apapa expressway, just beside the Lacasera company,” Dotun, an eyewitness, told newsmen.

“At first, no one could gain access to assist because it was a weekend, and by the time the gate was opened, the fire was already too much.”

Another resident said explosions were heard intermittently as the fire raged.

“We could hear the sound of explosions at intervals while the building was burning, which scared people from moving close to the scene,” the resident said.

A section of the building believed to house the administrative offices of the warehouse was partially affected by the fire.

admin by — January 29, 2026 in Uncategorized 0
Kebbi govt releases N1.8bn to pay retirees’ gratuities, death benefits

Kebbi State Government has approved the release of over N1.8 billion for the payment of gratuities, death benefits and other outstanding entitlements owed to retirees, contract staff and families of deceased civil servants.

The approval was disclosed in a statement issued on Wednesday by the Head of Service, Malami Shekare, and signed by the Director of Administration, Rashidu Muhammad-Bala.

According to the statement, the funds were disbursed in two phases to cover a wide range of beneficiaries across the state.

It stated that the first phase, covering March 16 to June 15, 2025, saw N933.03 million paid to 404 beneficiaries, while the second phase, from June 16 to September 15, 2025, involved the disbursement of N932.95 million to 443 beneficiaries.

The beneficiaries include personnel from the state civil service, local government councils, local government education authorities, contract workers and dependants of deceased public servants.

The government noted that the payments were made amid growing concerns over delays in the settlement of retirement benefits, which have affected retirees in many parts of the country due to economic and fiscal constraints.

Kebbi State is also grappling with pension and gratuity liabilities accumulated over several years.

The Chief Press Secretary to the Kebbi State Governor, Ahmed Idris, said the approval was part of efforts to clear outstanding arrears and reduce the backlog of unpaid entitlements.

He added that the move was aimed at easing the burden on retirees and families of deceased workers in the state.

admin by — January 29, 2026 in News 0
‘New tax regime fundamentally flawed’ – Ndume tackles Akpabio

Borno South Senator Ali Ndume has differed with Senate President Godswill Akpabio, stating that the new tax regime is fundamentally flawed.

Recall that Akpabio during plenary on Wednesday said the new tax law is not adulterated as the public has perceived it to be.

Speaking, however, during an appearance on Arise Television on Wednesday, Ndume said there are at least two different Gazette versions, stressing that he was one of those who identified the differences.

“We called the leadership to let them know that what we passed is not what the president signed. I don’t know why Sen. Akpabio is saying there are no discrepancies when he should set up a committee to find out.

“You will agree with me that even the Chairman of the Presidential Committee on tax reform, Taiwo Oyedele, admitted that they are differentials, two versions, or at least two versions of the tax law, and that if something has to be done, it has to be the National Assembly.

“My problem is not whether there are discrepancies or not. I’m worried about doing things behind closed doors. This is government of the people, for the people and by the people. And for God’s sake, why would you hide anything, even if it is personal?

“I’m surprised that the Senate President said there’s no adulteration. He’s not supposed to do that. He’s supposed to say, okay, we’ll find out. Set up a committee, because the House of Representatives has done that too, to find out.

“I will talk to him on that. This is not something that they can just bury. You know why? You cannot build on nothing, or you cannot build on disputed grounds.

“What if somebody now goes to court? You think the court will not listen to them? The way they are going about it up initial is full of contradiction and controversy,” Ndume said.

admin by — January 29, 2026 in News 0
FCT workers dare Wike, shun court order to suspend strike

The Federal Capital Territory, FCT, striking unions have continued their industrial action despite a court order compelling them to resume work.

DAILY POST reports that the Federal Capital Territory Administration, FCTA workers under the Joint Union Action Committee, JUAC  on January 19 began an indefinite strike over unresolved welfare concerns.

JUAC embarked on the industrial action to appeal for urgent action to resolve the welfare issues affecting their “morale and productivity”.

DAILY POST reports that the Nigeria Union of Teachers, NUT, and the Nigeria Union of Local Government Employees, NULGE, joined the strike on Monday in solidarity with their counterparts at the FCTA and the FCDA.

Among other things, the workers are demanding for the payment of five-month wage awards, outstanding 2023 and 2024 promotion arrears; full payment of 13 months’ hazard allowance and 22 months’ rural allowance for health workers.

Other demands include remittance of pension and National Housing Fund deductions; stoppage of intimidation of workers; improved staff welfare and working conditions.

The National Industrial Court in Abuja had on Tuesday ordered the FCTA workers to suspend the strike pending further hearing in a suit brought by the FCT authorities to stop the industrial action.

Judge Emmanuel Subilim issued the order in a ruling on an application filed by the Minister of the Federal Capital Territory, Nyesom Wike, and the FCTA.

A court document sighted by our correspondent on Wednesday shows that the suit has Wike and FCTA as claimants, while the leaders of the striking unions, Rifkatu Iortyer and Abdullahi Umar Saleh are defendants.

The document, dated Tuesday, 27th January, 2026, and signed by the Registrar, indicated that the application before the court was for “an Order of injunction to restrain the Defendants in the manner sought on the face of the Motion paper”.

Strike continues

DAILY POST reports that despite the order of the industrial court, the FCT workers are yet to resume work.

A check by DAILY POST on Wednesday showed that most healthcare facilities and schools across the Bwari Area Council are still under lock and key.

Students at the Government Day Secondary School, Dutse Alhaji, Junior Secondary School, Ushafa and LEA Primary School, Ushafa were asked to go home as early as 8 am.

An official at the Ushafa LEA Primary school told DAILY POST on condition of anonymity that there was no memo indicating that the strike has been called off.

According to him, the court order only mandated the union leaders to resume and not the entire workers.

“The order was only for Rifkatu Iortyer and Abdullahi Umar Saleh and I believe they have resumed”, he said.

Those who declared strike have resumed – Wike’s media aide, Olayinka

When contacted by DAILY POST on Wednesday, Lere Olayinka, the Senior Special Assistant on Public Communication and New Media to the FCT Minister said those who declared the strike have resumed.

According to him, workers who are yet to resume may not have been properly informed on suspension of the strike.

He said, “The strike was not declared by the NUT. Those who declared the strike have resumed. They were in their offices today.

“If other people have not resumed, maybe they have not gotten the correct information. I’m sure that by tomorrow (today) they should be at work”.

admin by — January 29, 2026 in News 0
Multi-Trex gets NGX nod to increase public shareholding

Multi-Trex Integrated Foods PlcMulti-Trex Integrated Foods Plc has secured approval from the Nigerian Exchange to take steps aimed at increasing its public shareholding, following a recapitalisation that left its free float below the Main Board requirement.

According to a statement signed by the Company Secretary, Sogunle Adekunle, on Tuesday, NGX Regulation Company granted the company a 24-month moratorium, ending 14 January 2028, to restore its free float to at least 20 per cent of issued share capital or a market capitalisation of 20bn, whichever is lower. This extension provides the company with additional time to comply with regulatory requirements while implementing strategic plans to increase shareholder participation.

The recapitalisation, which followed a seven-year cessation of operations, involved Messrs N-Foods Universal Concept Limited injecting capital to settle obligations to the Asset Management Corporation of Nigeria.

As a result, N-Foods Universal Concept Limited now controls 70 per cent of Multi-Trex’s issued share capital, leaving the company’s public free float at 7.23 per cent, valued at N117.46m, according to the 2024 audited financial statements.

In a statement to shareholders, the company emphasised its commitment to maintaining its listing on the NGX and assured investors that it is actively exploring strategies to increase the public free float. The board warned that failure to meet the NGX threshold within the extension period could result in trading suspension or potential delisting of the company’s securities.

The management expressed appreciation to shareholders for their continued patience and support during the company’s recovery phase, highlighting the strategic measures undertaken to strengthen operations and compliance with market regulations.

Multi-Trex Integrated Foods’ NGX approval marks a milestone in its ongoing business recovery, giving the company a clear regulatory pathway to enhance public participation in its shareholding while ensuring compliance with market standards.

admin by — January 29, 2026 in Business 0
Nigeria earns N55.5tn from crude oil sales in 2025

Nigeria earned an average of N55.5tn from crude oil sales in 2025, an analysis of official production figures released by the Nigerian Upstream Petroleum Regulatory Commission and crude price data published by the Central Bank of Nigeria has shown.

The 2025 figure is higher when compared to the N50.88tn earned in 2024.

NUPRC data indicate that Nigeria produced a total of 530.41 million barrels of crude oil between January and December 2025, with output fluctuating throughout the year amid outages, operational disruptions, and a gradual recovery in some producing fields.

The N55.5tn was obtained by multiplying 530.41 million barrels by the average crude oil price of $72.08 in 2025, and converting the result with N1,450 to a dollar.

Crude oil production opened the year strongly at 47.70 million barrels in January, before falling to 41.02 million barrels in February. Output recovered modestly in March to 43.42 million barrels and rose further in April to 44.57 million barrels. Production remained relatively stable through the second quarter, increasing slightly to 45.04 million barrels in May and 45.16 million barrels in June.

In the third quarter, crude output climbed to 46.73 million barrels in July, but dipped again in August to 44.47 million barrels and fell further in September to 41.69 million barrels, one of the lowest levels recorded during the year. Production rebounded in the final quarter, reaching 43.44 million barrels in October, 43.08 million barrels in November, and 44.08 million barrels in December, according to the NUPRC.

While output remained below Nigeria’s OPEC quota for most of the year, crude oil prices helped support revenue. Data from the CBN show that Bonny Light, Nigeria’s flagship crude grade, traded at elevated levels in the early part of the year before easing in the second quarter.

Bonny Light crude sold at an average of $80.76 per barrel in January 2025, before declining to $77.08 in February and $74.44 in March. Prices dropped further in April to $69.07 and reached a low of $65.90 in May, reflecting softer global oil market conditions.

Prices recovered in June to $73.50 and remained largely stable in the third quarter, averaging $73.18 in July, $70.55 in August, and $70.20 in September, before falling again to $66.15 in October, the latest month for which CBN data were available.

Using the simple average of the 10 monthly Bonny Light prices published by the CBN, crude prices averaged $72.08 per barrel over the period under review.

Applying this average price to Nigeria’s total crude oil production of 530.41 million barrels, estimated gross crude oil revenue for 2025 stood at approximately $38.23bn. Converted at an exchange rate of N1,450 to the dollar, this translates to about N55.5tn in crude oil earnings for the year.

Industry analysts noted that the figure represents gross revenue, not actual government receipts, as it does not account for production costs, joint venture cash calls, production-sharing contract cost recovery, oil theft, domestic crude supply obligations, or deferred liftings.

Nonetheless, the analysis provides a clear picture of the scale of crude oil inflows generated during the year, based strictly on official production data from the NUPRC and price benchmarks from the CBN, highlighting the continued importance of both output stability and price performance to Nigeria’s oil-dependent economy.

It should be noted that the N55tn was the amount expected to have been generated by the Nigerian National Petroleum Company Limited, the international oil companies, and their indigenous counterparts for the sale of crude produced in Nigeria.

In 2024, it was noted that Nigeria produced 408.68 million barrels of crude oil, generating approximately N50.88tn.

Crude for loan

The PUNCH reports that the government-owned Nigerian National Petroleum Company Limited serviced part of its $3bn forward-sale loan from the African Export-Import Bank with crude oil worth N991bn in 2024.

According to its 2024 financial statement report, the repayment was tied to Project Gazelle, a forward crude oil supply agreement signed in 2023.

On August 17, 2023, The PUNCH reported that the NNPC announced it had secured a $3.3bn emergency loan to repay crude oil obligations from Afreximbank. It explained that the loan would be used by the oil company to support the Federal Government in stabilising Nigeria’s exchange rate.

Under the deal, NNPC committed to deliver 90,000 barrels of crude oil per day from Production Sharing Contract assets to back a funding facility. According to the 2023 financial statement, a drawdown of $2.25bn had already been achieved by 31st December 2023, with principal repayment scheduled to begin in June 2024.

The funding carried an interest rate of 3-month LIBOR plus 6.5 per cent, with a 6 per cent margin and 0.5 per cent liquidity premium. According to the financial statement, the drawdown on the facility had reached N4.9tn out of a total available N5.1tn, while N991bn worth of crude oil had been lifted in repayment, leaving an outstanding balance of N3.8tn at the end of 2024.

It could not be ascertained yet how much crude the NNPC committed to the repayment of the N3.8tn outstanding loan in the whole of 2025.

OPEC quota

It was reported that Nigeria’s crude oil output dipped in December 2025 by 14,000 barrels per day, defying government efforts to ramp up production.

According to data from NUPRC, instead of rising to meet the 1.5 million barrels per day quota set for Nigeria by the Organisation of the Petroleum Exporting Countries, crude oil production fell from 1.436 mbpd in November to 1.422 mbpd in December, representing 95 per cent of the OPEC quota.

The data show that in 2025, Nigeria’s crude oil production fell below its OPEC quota in nine months of the year, meeting or slightly exceeding the target only in January, June, and July. A review of the average daily crude oil output indicates that Nigeria opened the year strongly, producing 1.54 mbpd in January, about 38,700 bpd above its OPEC allocation.

Output, however, dipped below the quota in February at 1.47 mbpd and weakened further in March, when production averaged 1.40 mbpd, representing one of the widest shortfalls of the year.

Although output recovered modestly in April (1.49 mbpd) and May (1.45 mbpd), Nigeria remained under its OPEC ceiling until June, when crude production edged up to 1.51 mbpd, marginally exceeding the quota.

The country sustained this momentum in July, producing 1.51 mbpd, before slipping back below the threshold in the following months.

Production declined notably in the third quarter, averaging 1.43 mbpd in August and falling to a yearly low of 1.39 mbpd in September, leaving a deficit of more than 110,000 barrels per day against the OPEC target.

The NUPRC data reveal that output remained subdued in the final quarter, with daily crude production standing at 1.40 mbpd in October, 1.436 mbpd in November, and 1.422 mbpd in December.

Missed target

In the 2025 budget, Nigeria planned to produce at least 2.1 million barrels of oil (crude oil and condensate) per day. This would amount to 766.5 million barrels if multiplied by the 365 days in the year.

However, in the whole of 2025, the country struggled to pump 599.64 million barrels of oil — 530.41mb of crude and 69.23mb of condensate. This means the country was 166.86 million barrels below its oil production target in 2025.

As a result, the 2026 benchmarks for oil were seen to be deliberately conservative to account for uncertainties in the global oil market and ongoing domestic challenges, including security issues and infrastructure constraints affecting crude oil production.

Instead of the ambitious 2.1 million barrels for 2025, the 2026 revenue estimate is anchored on a daily production of 1.84 million barrels, a benchmark crude oil price of $64.85 per barrel, and an average exchange rate of N1,400 to the dollar.

Experts speak

A professor of economics, Segun Ajibola, said the crude production volume is dependent on several factors, many of which are beyond the immediate control of the government itself.

According to him, the government can deploy resources towards oil exploration, but the overall impact depends on technical cooperation by partners, the joint ventures, happenings in the global oil market, and the environmental conditions, among others.

Ajibola maintained that the Nigerian situation is somehow complex, as the key agency in charge, the NNPC, has been enmeshed in controversies over the period.

The don stated that of particular concern are the unsettled problems in host communities, incessant pipeline vandalisation, activities of bunkerers with alleged loss of about 30 per cent of potent production annually, the state of insecurity in the country, corruption in high places, and others.

Ajibola submitted, “The government can be more decisive in addressing those problems that are right on its table to jack up production levels and meet planned targets. It does not appear that the government is doing enough at the moment.”

Speaking, the Chief Executive Officer, Centre for the Promotion of Private Enterprise, Muda Yusuf, remarked that oil production has suffered from two major limitations or challenges—the challenges of insecurity and policy, saying those are the two factors that have affected investment in oil exploration and exploitation in the upstream sector.

“On insecurity, the government has committed a lot of resources to protect pipelines and protect investors, and we can see some results, but we are not exactly where we should be. So, insecurity is still a kind of issue affecting oil production. The government continues to commit resources to tackle insecurity; it engaged private community-based security agencies to support the efforts of the military. Some progress has been made, but we are not yet where we expect to be,” he stressed.

Yusuf stressed the challenge of policy, adding that it took the country a long time to come up with the Petroleum Industry Act, and even the act itself still requires some fine-tuning.

“So there is still the need to review the fiscal terms to encourage more investors to come because attracting capital to the oil sector is a very competitive thing. We are competing with many other oil-producing countries that are offering far better incentives to investors.

“The good news is that the President has committed to attracting those investors into the oil sector. The latest we saw in this regard was the meeting between the President and the Global Executive of Shell, where a promise of $20bn investment was made.

“So these are the kind of things that we expect to see. If we see more of these, we are likely to see more investments in oil production. So it’s a question of improving the fiscal terms, ensuring policy sustainability and stability, so that the problem of uncertainty or unpredictability will no longer be there. We should ensure we have security of investments and assets of investors in the Niger Delta,” Yusuf stressed.

A professor of energy, Dayo Ayoade, said the government knows what to do to ramp up oil production.

“If you want to fix production targets in the oil and gas industry, you have to ensure that you have good governance in the sector. Your sector must have a well-implemented programme. You must adhere to your own laws. And when you do this, you boost confidence among your investors, and then the investors would want to bring in their US dollars to invest in your country. If you don’t do this, then that could be a problem,” Ayoade said.

He posited that there’s still the issue of oil, even though the government no longer makes much noise about it.

Despite the N55.5tn made in 2025, the don said, “The facts are that there are reasons why we’re not producing enough. You have to give people the confidence to invest over the long term. What has happened to the fact that we’ve successfully ended oil theft because we don’t talk about it anymore? Was that the case? No more pipeline breaches?

“What about the cost of production in Nigeria? I think it’s one of the highest in the world. The cost of doing business in Nigeria is very high. You can’t compare it to any of our competitors. So, we still have a very long way to go. I think that if the government wants to achieve its 2026 oil targets, it must address the cost of doing business in the oil industry,” he added.

The professor commended the government for some of the recent investment decisions.

“There are lots of good things also. I don’t want to be too negative. I think there are lots of good things the government has done that will take time to achieve its objectives. For instance, Shell’s continuing huge investments into Bonga will be highly profitable; that will increase our numbers, helping our indigenous producers open up marginal fields and get to production quickly.

“All those sitting on oil wells and sitting on licences should show the government their work programmes. If you don’t do your work programme effectively, we’ll remove the lock from you and give it to someone else. So, there are good things also. It’s not all bad news. But the government can do more to ensure that we meet our targets,” he said.

admin by — January 29, 2026 in Business 0