Oando Delivers Strong Annual Report, Posting N204.8 Billion In Profit

Indigenous oil Company Oando Plc, has announced one of its strongest annual results to date, disclosing ₦204.8 billion in profit after tax and delivering a major uplift across production and trading volumes in its audited Full Year 2025 financial results.

Oando, said the year marked a decisive shift from acquisition-led expansion to full operational execution following the integration of the Nigerian Agip Oil Company Joint Venture assets.

The firm’s average daily production rose 32% to 32,482 barrels of oil equivalent per day (boepd), driven by stronger crude oil, gas and Natural Gas Liquids (NGL) output. The company credited improved facility uptime, the restoration of shut-in wells, enhanced flow assurance, and targeted infrastructure upgrades across its operated assets.

 

A standout milestone was the 715 per cent surge in NGL production, following the revamp of its processing plant. The company also completed and brought onstream the Obiafu-44 gas-condensate well, its first operated development well following the assumption of operatorship, while maintaining zero fatalities, zero Lost-Time Injuries (LTIs) and a Total Recordable Incident Rate (TRIR) of 0.05.

Oando generated ₦258.3 billion in cash from operations and closed the year with ₦422.9 billion in cash and cash equivalents, up 172 per cent from 2024. The company also increased financial flexibility by upsizing its $375 million Reserve-Based Lending (RBL2) facility.

Trading volumes rose sharply: crude oil trading volumes up 24% to 25.7 million barrels. Crude oil production rose by 36 per cent, gas production increased by 24 per cent, and NGL production grew by 715 per cent.

The trading division reduced exposure to PMS imports and shifted toward higher-margin crude and gas opportunities, improving commercial resilience and integration with upstream operations.

Oando’s Group CEO, Wale Tinubu, said the performance represents a milestone in the company’s evolution. He stated that FY2025 marked Oando’s first full year of operational execution following its acquisition of the NAOC JV assets.

“Our focus shifted to operatorship, operational excellence, and value realisation across the enlarged portfolio. Improved uptime and stronger output across crude oil, gas and NGLs resulted in a 32 per cent increase in production,” he said.

Tinubu added that Oando strengthened asset integrity, enhanced security across operating areas and stabilised its expanded asset base.

Oando’s results come amid a broader transformation in Nigeria’s upstream sector, where indigenous companies are increasingly acquiring and optimising assets divested by international oil majors.

Its statement on the 2025 results highlights peers: Seplat Energy ₦4.135 trillion ($2.726 billion) in revenue and 131,506 boepd, reflecting the first full-year contribution from its Mobil Producing Nigeria Unlimited (MPNU) acquisition. Aradel Holdings posted ₦699.4 billion in revenue, up 20 per cent.

Together with Oando’s performance, these results signal a new era in which Nigerian operators are not only acquiring world-class assets but also unlocking long-term value from them.

Oando expects production to climb to 40,000–50,000 boepd in 2026, supported by a focused development programme across OMLs 60–63, continued production optimisation, planned $90–100 million capital expenditure, and trading volumes rising to 30–35 million barrels.

The Company also plans to expand its clean energy initiatives, including electric buses, recycling projects, and gas-to-power developments.

It said these ambitions align with the International Energy Agency’s projections for resilient global investment in natural gas and upstream infrastructure as countries prioritise energy security and diversify supply.

With an expanded upstream portfolio, improved financial flexibility, and a disciplined execution strategy, Oando says it is positioned to accelerate growth and advance its ambition of becoming Africa’s leading integrated energy company.

2027: Nafiu Bala’s ADC faction uploads presidential candidate, others on INEC portal

A faction of the African Democratic Congress, ADC, led by its National Chairman,  Hon. Nafiu Bala Gombe has successfully uploaded credentials of its presidential, vice presidential and national assembly candidates on the Independent National Electoral Commission, INEC portal.

Nafiu, who disclosed the development in a statement he issued on Sunday, didn’t give details of the faction’s candidates whose names were submitted to the commission.

“The African Democratic Congress, ADC, under my leadership, has successfully completed the upload of our Presidential, Vice-Presidential, and National Assembly candidates on the INEC portal for the 2027 General Elections”, he said.

He said the party under his leadership is focused on fielding credible, competent, and people-centered candidates for the 2027 elections.

“This achievement demonstrates our Party’s firm commitment to safeguarding the interests of our founding and legacy members in the face of anti-democratic tendencies.

“As a Party, the ADC remains resolute in its mission to field credible, competent, and people-centered candidates who will provide purposeful leadership, promote good governance, and bring hope to the Nigerian people”, he added.

2027: Disquiet in Niger as Christians protest marginalization, make demands

Ahead of the 2027 general election, the issue of religion has taken a new dimension in Niger State, with Christian leaders openly challenging the ruling All Progressives Congress, APC, over what they described as years of political marginalisation.

Their latest demand that Governor Mohammed Umaru Bago should field a Christian deputy governor if he seeks a second term has reignited conversations about inclusion, internal party democracy, zoning, consensus politics and religious representation in the state’s political landscape.

While the APC has yet to openly take a position on the issue, Christian groups insist that the agitation goes beyond religion and is rooted in what they described as the need for equity, fairness and inclusive governance.

The agitation did not begin today

The latest demand by the Coalition of Concerned Christian Stakeholders, CCCS, did not emerge overnight. It follows months of complaints by Christian groups over what they described as shrinking political representation in Niger State.

The first major public push came on May 20, 2026, when the Niger State Christian Voice in Politics and Governance, led by its Convener, Habila Daniel Diko, accused the APC of sidelining Christian aspirants during the National Assembly primaries.

The group alleged that consensus arrangements and zoning were used to edge out Christian aspirants, warning that the development could deepen religious imbalance and discourage especially Christian youths from participating in politics.

It also expressed concern over the fate of the Deputy Speaker of the Niger State House of Assembly, Afiniki Dauda, alleging that she came under pressure during the primaries.

At the time, the group warned that if the situation was not addressed, Christians could lose what remained of their representation in the state’s political leadership.

Weeks later, former Commissioner for Information, Culture and Tourism and APC chieftain, Jonathan Vatsa warned that the party risked alienating Christian voters if it retained another Muslim-Muslim governorship ticket in 2027.

The campaign gathered further momentum last week when the Coalition of Concerned Christian Stakeholders formally demanded that the APC reserve its deputy governorship ticket for a Christian.

Addressing journalists in Minna on Tuesday, 8 July, 2026, the coalition’s Secretary, Comrade Jude Johnson, flanked by Vatsa and other members, said the demand was not aimed at promoting religious division but at ensuring justice, fairness and inclusive governance.

“We demand a Christian deputy,” the coalition declared, arguing that leadership in a diverse state like Niger, comprising Christians, Muslims and adherents of traditional religions, should reflect the composition of its people.

The coalition maintained that Christians had supported Governor Bago’s election in 2023 but said continued support for his second-term ambition would depend on whether the party addressed what it described as the growing imbalance in political representation.

It also urged the governor to consider a Christian from Niger East (Zone B), arguing that the zone has qualified party members and a significant Christian population.

Representation by the numbers

A review of the current composition of major political offices in Niger State helps explain why the issue has resonated within the Christian community.

The offices of Governor, Deputy Governor, Speaker of the House of Assembly, Secretary to the State Government and Chief of Staff are all occupied by Muslims.

The state’s three senators are Muslims, just as its 11 members of the House of Representatives are also Muslims.

In the 27-member House of Assembly, only three lawmakers are Christians, while the Deputy Speaker, Hon Afiniki Dauda remains the highest-ranking Christian political office holder.

However, following the APC primaries, she is not expected to return to the Assembly.

At the local government level, only one of the state’s 25 chairmen is a Christian.

Similarly, only three of the 30 commissioners are Christians.

To members of the coalition, the figures reflect what they described as a steady decline in Christian representation in elective and appointive positions.

They maintained that Christians account for about 45 per cent of Niger State’s population and therefore deserve greater inclusion in governance.

Looking back

For many of those behind the campaign, the current debate is rooted in history.

Since Nigeria’s return to democratic rule in 1999, Dr. Shem Zagbayi Nuhu remains the only Christian to have served as Deputy Governor of Niger State.

He served under the late Governor Engr. Abdulkadir Abdullahi Kure of the People’s Democratic Party (PDP) between 1999 and 2007, a period many Christians say gave them a stronger sense of political inclusion.

Former Governor Mu’azu Babangida Aliyu served with Ahmed Musa Ibeto as his deputy throughout his two terms in office (2007–2015).

During that period, political analyst, Bala John said Christians occupied key positions at different times, including the offices of the Secretary to the State Government and Chief of Staff, while about six commissioners were Christians.

He also noted that Christians had stronger representation in the House of Assembly and that the administration sponsored Christian pilgrims to Jerusalem, just as it sponsored Muslim pilgrims to Mecca.

According to him, “The concern today is not that Christians never had representation. Many simply believe that the level of inclusion has reduced under the current administration.”

Responding to questions from journalists on why Christians remained largely silent during the eight years (2015 to 2023) of former Governor Abubakar Sani Bello, Vatsa said efforts were made to produce a Christian deputy governor then.

According to him, the APC leadership had proposed Mr. Sunday Kolo, who later became Commissioner for Solid Minerals, as deputy governor, but the arrangement did not materialise.

“We proposed a Christian-Muslim ticket and Sunday Kolo was picked. That was the party’s suggestion, but it did not happen, instead, it was given to Ahmed Mohammed Ketso,” Vatsa said.

He argued that the development reflected what he described as the erosion of party supremacy in Nigeria, adding that decisions within political parties were increasingly being influenced by powerful interests rather than party structures.

Vatsa maintained that his position on religious balance in politics was not new, insisting that he had consistently spoken out on the issue at both the state and national levels.

According to him, he did not remain silent when the APC presented a Muslim-Muslim presidential ticket comprising President Bola Ahmed Tinubu and Vice President Kashim Shettima ahead of the 2023 general election.

“I never kept quiet. I spoke when the Muslim-Muslim ticket was adopted at the national level, and I have continued to speak on issues of fairness, inclusion and reports  on my comments on it are in the public domain,” he said.

One of the defining moments of the briefing came when a journalist questioned the coalition’s timing.

The journalist asked why Christians remained largely silent throughout the eight years of the Abubakar Sani Bello administration and why they were not more active during party congresses, local government elections and the recent APC primaries.

Vatsa acknowledged that Christians had not always been politically organised.

“Yes, we were docile,” he admitted, adding: “but it is better late than never. We are awake now.”

The coalition, however, maintained that Christians did participate in the political process, alleging that several aspirants were persuaded to step down during the APC primaries, thereby limiting Christian representation among the party’s candidates.

More voices join the debate

Also lending his voice, an APC member, Iliya Garba from Wushishi local government said the demand for a Christian deputy governor was not intended to promote religious division but to ensure fairness, inclusiveness and a sense of belonging for all segments of Niger State’s population.

He maintained that equitable representation strengthens unity and reinforces confidence in the democratic process.

Similarly, Secretary of OAIC, a bloc of the Niger State Christian Association of Nigeria (CAN), Sunday Olayinka Ojimi, said Christians had been largely excluded from governance under the present administration.

According to him, Christian aspirants who enjoyed the support of their constituents were allegedly persuaded to step down during the APC primaries, leaving the community with little representation in elective offices.

“The truth is that Christians in the state are not being carried along in this administration.

“Even where our candidates were popular and the electorate wanted them, they were asked to step down

“At the state level, we are not carried along, and even at the local government level we have only one chairman.

“All we are asking for is the position of deputy governor to ensure equity, fairness and proper representation,” Ojimi said.

Offering another perspective, political analyst, Bala John urged political leaders to view the issue beyond religion, saying balanced political appointments have historically contributed to peaceful coexistence and public confidence in governance.

What is at stake?

For members of the coalition, the issue goes beyond who becomes deputy governor.

They argue that governance should reflect the diversity of the people and that inclusive representation promotes unity, trust and peaceful coexistence.

Vatsa warned that if opposition parties field a Christian deputy governorship candidate, while the APC retains another Muslim-Muslim ticket, many Christian voters could reconsider their political choices.

“We may not be able to control our people,” he said.

Meanwhile, efforts to obtain the reaction of the Niger State Government yielded limited responses.

The Chief Press Secretary to Governor Mohammed Umaru Bago, Ibrahim Bologi, told DAILY POST that he was not aware of the issues raised by the coalition and advised this reporter to contact the Commissioner for Information and Orientation.

When contacted, the Commissioner for Information and Orientation, Hon. Obed Nuhu Nana, declined to comment on the coalition’s demands.

“As a critical stakeholder, I am not aware of the coalition that you’re talking about. The only Christian group I know was inaugurated, I was invited and I gave my blessings,” he said.

Nana, however, noted that Jonathan Vatsa was free to express his personal views.

Efforts to obtain the reaction of the Niger State chapter of the APC were unsuccessful, as calls and messages to the party’s Publicity Secretary, Musa Sarkinkaji, were not responded to before this report was filed.

Lagos court sentences man to death for murder over dispute involving woman

Lagos State High Court sitting in Ikeja has convicted Justice Odey for the murder of 35-year-old Benedict Agara.

He was found to have fatally stabbed the deceased during a fight reportedly sparked by a dispute over a woman identified as Amina.

‎According to the prosecution, the incident occurred on April 3, 2021, at Block 33, Flat 102, Jakande Housing Estate, Lagos, where Odey allegedly attacked Agara with a broken bottle, inflicting multiple stab wounds to his hand, stomach and other parts of his body. Agara later died from the injuries he sustained.

‎Delivering judgment on Thursday in Suit No. LD/17040C/2021, Justice Modupe Nicol-Clay sentenced Odey to death by hanging after finding him guilty of murder contrary to Section 222 of the Criminal Law of Lagos State, 2015.

‎During the trial, the prosecution, led by Titilayo Olanrewaju Daud and Z. O. Abdulaziz, called a single witness, ASP Mariam Ibrahim, the investigating police officer, and tendered six exhibits in support of its case.

‎In her judgment, Justice Nicol-Clay held that the prosecution had successfully established all the essential elements of the offence beyond a reasonable doubt, stressing that the burden of proof in criminal cases remains with the prosecution throughout the proceedings, except in limited circumstances provided by law.

‎”The burden of proof remains on the prosecution throughout; it does not shift to the accused person, except in limited circumstances,” the judge held.

‎The court noted that the offence of murder could be proved through direct evidence, circumstantial evidence or a voluntary confessional statement made by the accused.

‎Justice Nicol-Clay dismissed the defence’s contention that the testimony of the investigating police officer amounted to hearsay, ruling that evidence given by an investigating officer based on findings made during the course of an investigation is legally admissible.

‎”The oral evidence of an IPO is not hearsay, contrary to the assertion of the convict’s counsel. It is the direct evidence of the investigation, and the same is admissible and can be used to convict an accused person,” she ruled.

‎The court also rejected the argument that the prosecution failed to produce medical evidence establishing the cause of death.

‎According to the judge, while medical evidence is desirable in murder trials, it is not mandatory where there is sufficient evidence clearly showing the circumstances surrounding the victim’s death.

‎”Medical evidence, though desirable in establishing the cause of death in a case of murder, is not always essential where the victim dies in circumstances in which there is abundant evidence of the manner of death,” she said.

‎Although there was no eyewitness who directly saw Odey stab the deceased, the judge held that the circumstantial evidence presented before the court overwhelmingly linked him to the crime.

‎”There is no eyewitness account of a person who saw Odey stabbing the deceased; however, there is strong circumstantial evidence from the convict, putting him as the only person who fought and injured the deceased on the day of the incident,” Justice Nicol-Clay stated.

‎She further ruled that the evidence before the court clearly established that Odey’s unlawful actions directly caused Agara’s death.

‎”There is sufficient proof that the unlawful act of the convict caused the death of the deceased. The evidence before the Court unequivocally and unmistakably showed that no other person but Odey was responsible for the death of the deceased,” the judge added.

‎On the confessional statement allegedly made by Odey, the court declined to rely on it, holding that it was obtained in violation of legal requirements.

‎Justice Nicol-Clay ruled that any confessional statement not recorded on video or obtained in the presence of a legal practitioner is inadmissible in evidence.

‎”Any confessional statement obtained without video recording or in the presence of a lawyer is inadmissible. I find myself unable to attach any weight to the confessional statement,” she held.

‎Having found that the prosecution proved its case beyond reasonable doubt, the court convicted Odey of murder and imposed the mandatory sentence of death by hanging.

‎The case stemmed from an altercation between Odey and Agara over a woman identified as Amina, which escalated into a physical confrontation during which Agara sustained fatal injuries.

Oba-elect raises alarm over land dispute, appeals to Lagos CP for urgent action

 

The Oba-elect of Oguntedo Town in the Ori-Ade Local Council Development Area, LCDA, Satellite Town, Lagos, Modiu Oladele Olarinde, has appealed to the Lagos State Commissioner of Police, Fatai Tijani, to urgently intervene in the lingering communal crisis threatening peace and security in the community.

Speaking at the weekend, Olarinde alleged that the unrest has been fuelled by two sons of the late Yekeni Olarinde, whom he accused of unlawfully leasing and selling community land without his knowledge or approval.

He further claimed that the duo had continued to lease parcels of land that had already been sold and allegedly used armed intimidation to compel some shop owners to validate the disputed transactions.

According to the Oba-elect, the land dispute has persisted for several years and has resulted in the loss of lives.

He alleged that a 20-year-old man, who was the only son of a widow, was killed by stray bullets reportedly fired by thugs linked to the suspects. He added that those allegedly involved in the incident are currently facing trial on murder charges.

Olarinde urged security agencies to take swift action to prevent the situation from escalating further and restore lasting peace in the community.

“This crisis is gradually getting out of hand. It is the same conflict that claimed the life of our late monarch, Oba Babatunde Yekini Olarinde,” he said.

The traditional ruler further alleged that following the late monarch’s burial, his younger brother, who he claimed had aspirations of ascending the throne, returned to the community in the company of armed thugs and the two sons of the late Yekeni Olarinde. According to him, they exhumed the late king’s remains and set the corpse ablaze in 2020.

Olarinde appealed to the police and other relevant authorities to intervene urgently to avert a breakdown of law and order in the community.

Benue, Plateau tragedies: Peter Obi sends urgent message to Tinubu

 

Presidential candidate of the Nigeria Democratic Congress, NDC, Peter Obi, has called on the Federal Government to strengthen security measures following recent attacks in Benue and Plateau States.

The position was contained in a statement posted on Obi’s official page on July 13, 2026.

According to Obi, the latest attacks, which reportedly claimed at least 16 lives in the Otukpo-Nobi community of Benue State and nine members of the same family, including a two-month-old baby, in Riyom Local Government Area of Plateau State, reflect the continued security challenges facing affected communities.

Obi said families in Benue, Plateau and other parts of the country had continued to experience violence, displacement and loss of livelihoods, stressing that the situation should not be treated as normal.

“The tragic news of yet another round of killings in Benue and Plateau States is both painful and deeply disturbing,” Obi stated.

“The primary responsibility of any government is the protection of lives and property. Every Nigerian life is sacred, and every life lost is one too many.

“These are not mere statistics; they are fathers, mothers, children, breadwinners and future leaders whose dreams have been violently cut short,” he added.

He called for a security strategy that prioritises intelligence gathering, rapid response and accountability, adding that those responsible for the attacks should be identified, arrested and prosecuted.

“The time has come to move beyond routine condemnations after every attack. Nigerians deserve a security architecture that is proactive rather than reactive, driven by intelligence, rapid response and accountability.

“Those responsible for these atrocities must be identified, arrested and prosecuted. The culture of impunity must end,” he demanded.

Obi also extended condolences to the families of those who lost their lives, as well as the governments and residents of Benue and Plateau states, expressing hope that affected communities would recover from the attacks.

Lagos Task Force impounds 309 motorcycles, dismantles illegal structures on Lagos-Badagry Highway

Lagos State Task Force has impounded 309 commercial motorcycles during a coordinated enforcement operation along the Lagos-Badagry Expressway as part of efforts to improve traffic flow, restore order and enhance security along the busy transport corridor.

The exercise forms part of the Lagos State Government’s ongoing crackdown on commercial motorcycle operators plying restricted routes, as authorities intensify the enforcement of traffic, environmental and public safety regulations across the state.

Carried out in collaboration with the Lagos State Ministry of the Environment and Water Resources and with support from the Lagos State Police Command, the operation also targeted illegal structures, street trading and other environmental violations around the Alaba Rago International Market and adjoining communities.

According to the agency’s spokesperson, Abdulraheem Gbadeyan, the exercise was designed to strengthen public safety and deny criminal elements the opportunity to operate under the guise of commercial activities.

He said the operation aligns with the state government’s THEMES Plus Agenda and complements ongoing security initiatives by the Lagos State Police Command aimed at combating kidnapping, banditry and other criminal activities.

Gbadeyan disclosed that enforcement teams covered several locations along the ECOWAS Road and Lagos-Badagry Expressway, including Orile-Iganmu Bus Stop, Suuru-Alaba Bus Stop, Mile 2 Underbridge, Mazamaza Bus Stop, Festac First Gate, Iyana-Ira, Abule-Ado, Alakija Bus Stop, Iyana-Iba, Alaba Rago, Old Ojo Road and Okoko Bus Stop.

He confirmed that a total of 309 commercial motorcycles were seized during the operation for violating the state’s transport regulations.

The enforcement drive also reinforces the government’s implementation of restrictions on commercial motorcycles operating on designated highways and other prohibited routes under the Lagos State Transport Sector Reform Law, 2018. State authorities have consistently maintained that the policy is intended to improve road safety, reduce traffic congestion and curb crimes linked to motorcycle operations on restricted roads.

Beyond the motorcycle crackdown, officials dismantled illegal kiosks, makeshift stalls, shanties and unauthorised wooden structures, while clearing abandoned household items, stray domestic animals, indiscriminately displayed building materials and other obstructions encroaching on public spaces.

The agency said the operation significantly improved traffic movement, reclaimed public spaces and enhanced environmental sanitation along the affected corridor.

Gbadeyan added that all impounded motorcycles would undergo the legal forfeiture process in line with the provisions of the Lagos State Transport Sector Reform Law, 2018, stressing that similar enforcement exercises would continue across the state until full compliance with existing regulations is achieved.

Speaking after the operation, Chairman of the Lagos State Task Force, Adetayo Akerele, described the level of disorder and indiscriminate development along the corridor as deeply concerning.

He noted that illegal ticketing, street trading and the activities of commercial motorcycle operators on restricted routes had contributed to traffic congestion, environmental degradation and an atmosphere that encouraged criminal activities.

“No stone will be left unturned in our determination to restore sanity. It is high time criminal elements operating in Lagos State desist from these unlawful activities or relocate.

“We will continue to enforce the law without fear or favour in order to guarantee a safer, cleaner and more orderly Lagos for everyone,” Akerele said.

High bond yields to persist until Q4 amid inflation

InflationNigeria’s debt market is under pressure from widening fiscal deficits, tight monetary policy and persistent inflation. As high yields endure, investors are abandoning traditional buy-and-hold strategies in favour of flexible, short-duration bond positions, writes JIDE AJIA

Fixed-income investors in Nigeria have been advised to brace themselves for a prolonged period of high interest rates, as financial experts project that any meaningful reversal in Federal Government bond yields is highly unlikely before the final quarter of 2026.

According to the latest macroeconomic insights, the domestic debt market will remain heavily skewed towards elevated yields due to a combination of rigid macroeconomic pressures, strict regulatory adjustments, and ongoing volatility in both the domestic and global inflation landscapes.

For institutional fund managers and retail investors alike, this high-yield environment presents a double-edged sword: highly attractive nominal returns on short-term instruments, juxtaposed against severe inflationary erosion that continues to challenge positive real yields.

As the macroeconomic landscape shifts, navigating the fixed-income curve has become a test of tactical patience.

Policy fuels yields

According to a comprehensive macroeconomic report released by Coronation Asset Management, the domestic debt market is expected to maintain its elevated posture for the foreseeable future.

The asset management firm noted that market analysts predict any significant reversal in Federal Government bond yields is highly unlikely to occur before the final quarter of 2026, meaning fixed-income investors should brace for an extended cycle of high borrowing costs.

This environment is deeply tied to the Central Bank of Nigeria’s sustained hawkish monetary stance. Over the past several quarters, the apex bank has aggressively utilised orthodox monetary policy tools to combat money supply growth, deploying frequent Open Market Operations and expanding treasury bill auction volumes to mop up excess banking system liquidity.

Concurrently, the Debt Management Office faces intense pressure to plug fiscal deficits by meeting the Federal Government’s substantial domestic funding requirements. This relentless supply of government paper continues to push sovereign borrowing costs upward.

Coronation analysts concluded that until headline inflation establishes a clear downward trajectory and fiscal borrowing appetites normalise, the fixed-income yield curve will firmly favour the buyer well into the latter half of the year.

The broader global backdrop provides a volatile, mixed canvas for domestic policy trackers trying to gauge imported inflation.

A June 2026 macroeconomic update from Meristem Research highlighted temporary international relief earlier in the season as global energy costs briefly eased following a critical United States-Iran ceasefire. This diplomatic breakthrough pushed Brent crude prices down by 17.94 per cent month-on-month to $84.34 per barrel in June

The ripple effect was immediately visible in the Euro Area, where inflation slowed to 2.80 per cent year-on-year in June, aided by a drop in energy inflation to 8.70 per cent.

However, Meristem analysts warned that this relief might be short-lived for developing economies like Nigeria. The sudden re-escalation of the US-Iran conflict has already reignited upward pressure on global oil prices, threatening a sharp reversal of June’s global disinflationary progress.

With geopolitical flashpoints flaring up again, global energy-driven inflation risks are compounding, making it increasingly difficult for central banks worldwide to pivot towards looser monetary policy.

Domestic inflation pressures

Locally, Nigeria’s internal battle against rising prices remains fierce, deeply complicating the interest rate outlook.

Historical data released by the National Bureau of Statistics showed that Nigeria’s headline inflation rose 15.93 per cent year-on-year in May 2026, marking its third consecutive monthly increase.

This uptick was propelled by food inflation accelerating  16.96 per cent year-on-year and core inflation climbing 16.82 per cent year-on-year, driven by high domestic transportation costs and structural supply chain disruptions affecting major market staples like tomatoes, yam tubers, and onions.

For the June 2026 numbers, Meristem projected headline inflation to edge slightly higher to 15.95 per cent year-on-year, underscoring the sticky nature of domestic food supply constraints. However, a major domestic cushion emerged from the local energy sector.

Following the temporary drop in global crude prices and the reopening of the Strait of Hormuz, the Dangote Refinery slashed its ex-depot Premium Motor Spirit price three times, delivering a cumulative reduction of N150 to land at N1,125 per litre.

While this petrol price drop, coupled with a marginally stronger official naira average of N1,366.99/$, is expected to temper core inflationary distribution costs, a sharp surge in Liquefied Petroleum Gas (cooking gas) prices remains an upside risk.

Income portfolio positioning

While the fixed-income market remains locked in a high-interest phase, Nigeria’s broader financial space has opened the year on starkly contrasting notes.

The Nigerian Exchange Limited has experienced historic bull runs, with the All-Share Index crossing unprecedented milestones, driven by aggressive domestic institutional investors rotating capital into high-value equities to hedge against inflation. Yet, for conservative, income-focused portfolios, fixed income remains the dominant portfolio anchor.

To navigate this high-yield, high-inflation environment, Coronation’s investment analysts recommended a tactical approach geared strictly towards capital preservation.

Nigeria’s oil output hits 74-month high, beats OPEC quota

Crude oilNigeria’s crude oil production has climbed to its highest level in more than six years, with the country exceeding its Organisation of the Petroleum Exporting Countries production quota for the fourth consecutive month, buoyed by improved operational stability and fewer disruptions to oil infrastructure.

Latest figures released on Sunday in Abuja by the Nigerian Upstream Petroleum Regulatory Commission showed that the country’s average crude oil production rose to 1.56 million barrels per day in June 2026, while condensate output stood at 0.18 million barrels per day, bringing total crude oil and condensate production to 1,735,398 barrels per day.

The production level represents 104 per cent of Nigeria’s 1.5 million barrels per day crude oil production quota approved by OPEC and marks the country’s highest crude oil output since April 2020, making it a 74-month high.

The figures, contained in the commission’s latest production report and conveyed in a statement issued by its Head of Media and Corporate Communications, Eniola Akinkuotu, showed that June also marked the fourth consecutive month of production growth, reinforcing the recovery of Nigeria’s upstream oil sector after years of production losses caused by crude theft, pipeline vandalism and operational disruptions.

The statement read, “Nigeria’s crude oil and condensate production soared to an average of 1,735,398 barrels per day in the month of June 2026, representing positive growth for a 4th consecutive month. In the month under review, crude oil production hit 1.56mbpd while 0.18mbpd of condensates was produced. This means Nigeria met 104 per cent of the 1.5mbpd crude oil production quota set by the Organisation of Petroleum Exporting Countries.”

According to the commission, total crude oil and condensate production increased from 1.700 million barrels per day recorded in May to 1.735 million barrels per day in June, representing a 2.2 per cent month-on-month increase.

The report showed that combined production had earlier stood at 1.483 million barrels per day in February before rising steadily to 1.564 million barrels per day in March, 1.663 million barrels per day in April, 1.701 million barrels per day in May, and 1.735 million barrels per day in June.

The NUPRC attributed the improved performance to stable production activities across major oil-producing assets and the absence of significant pipeline outages during the review period.

“The improved performance was primarily driven by stable production operations across most producing assets and the absence of any major pipeline outages during the period under review.

“This enhanced operational stability supported improved production uptime and crude evacuation efficiency. Although a limited number of assets experienced short-duration operational shutdowns, the overall impact on national production was minimal.

“In addition, scheduled turnaround maintenance activities were effectively managed and completed without significant disruption to production operations.

“The sustained growth recorded in June reflects the continued commitment of operators and industry stakeholders towards improving operational efficiency, maintaining asset integrity, and enhancing production reliability across the Nigerian upstream petroleum sector,” the statement added.

The commission also disclosed that Nigeria’s highest daily combined crude oil and condensate production during the month reached 1.89 million barrels per day, while the lowest daily production stood at 1.57 million barrels per day.

The peak production level underscores Nigeria’s growing potential to achieve the Federal Government’s medium-term ambition of producing two million barrels of oil per day, a target that has remained elusive for years due to insecurity in oil-producing communities, crude theft and ageing infrastructure.

An analysis of production by export terminals showed that Bonny Terminal retained its position as Nigeria’s highest-producing terminal, recording an average daily production of 318,280 barrels, compared with 293,880 barrels in May.

Forcados Terminal ranked second with 306,360 barrels per day, up from 289,900 barrels recorded in the previous month.

However, production at Qua Iboe Terminal declined to 164,730 barrels per day from 173,360 barrels per day in May.

Similarly, Escravos Terminal recorded a slight increase to 138,030 barrels per day, compared with 135,470 barrels per day in the previous month, while Bonga Terminal maintained steady output, producing 103,660 barrels per day, slightly above the 102,540 barrels per day recorded in May.

The sustained production growth is expected to strengthen Nigeria’s oil export earnings, improve foreign exchange inflows and provide additional fiscal revenues for the Federal Government at a time authorities are seeking to increase crude output and attract fresh investment into the upstream sector.

Nigeria has struggled in recent years to meet its OPEC production allocation because of widespread crude oil theft, pipeline vandalism, underinvestment, and prolonged operational challenges. However, reforms introduced under the Petroleum Industry Act, enhanced security around critical oil infrastructure, and closer collaboration between government agencies and oil producers have contributed to the gradual recovery in production.

Maintaining production above the OPEC quota and sustaining operational stability will be critical if Nigeria is to realise its target of producing two million barrels per day and maximise the benefits of favourable global oil market conditions.

Naira weakens 0.85% to close at N1,381.70/$

Naira weakens 0.85% to close at N1,381.70/$The Nigerian naira experienced a demanding week at the official foreign exchange window, extending its losses to close at its weakest weekly level against the United States dollar despite recent regulatory interventions by the Central Bank of Nigeria.

According to official data released by the CBN, the local currency closed the trading week on Friday, 10 July, at N1,381.70/$1. This marks a 0.85 per cent week-on-week depreciation, representing an N11.70 drop compared to the N1,370.00/$1 closing rate recorded the previous Friday, 3 July.

The local currency faced persistent pressure from market forces, closing lower on four of the five available trading days. The week started with a marginal slip on Monday, 6 July, as the naira fell by N1 to close at N1,371.00/$1.

Selling pressure accelerated on Tuesday, 7 July, dragging the currency down by another N8 to end the day at N1,379.00/$1.

The slide temporarily paused on Wednesday, 8 July, when the naira held steady at N1,379.00/$1 despite highly volatile intraday trading that saw rates swing between N1,376/$1 and N1,387/$1.

However, a slight fractional drop of N0.25 on Thursday brought the closing rate to N1,379.25/$1, and the downward trend culminated in a final N2.45 loss on Friday, 10 July, leaving the naira at its lowest point of the week.

Data from the Nigerian Foreign Exchange Market highlighted highly fluid trading volumes throughout the week. Market activity initially surged, with total market turnover rising from $220.18m on Monday to a mid-week peak of $504.67m on Wednesday. Liquidity began to cool off by Thursday, dropping to $298.92m, while Friday’s final turnover figures were not reflected in the central bank’s data.

A similar trend played out in the interbank market, where interbank turnover expanded drastically from $54.18m on Monday to $208.09m on Wednesday, before steadily easing back down to close at $71.04m by Friday afternoon.

This latest volatility comes amid ongoing efforts by the Yemi Cardoso-led CBN to stabilise the foreign exchange market through interest rate hikes and the clearance of verified FX backlogs. While the apex bank’s unification of the foreign exchange windows aimed to eliminate arbitrage and attract foreign portfolio investments, seasonal demand for import clearances and foreign tuition payments continues to exert immense pressure on the local currency.

Financial analysts note that while mid-week liquidity injections provided a brief cushion, the consistent daily slide indicates that aggregate demand for international payments continues to outpace available dollar supplies in the official window, requiring bigger structural changes to boost non-oil export revenues.