H1 :NB posts N804bn revenue, returns retained earnings to positive territory 

Nigerian Breweries Plc(NB) has reported a solid financial performance for the first half of the 2026 financial year, posting a group revenue of N804 billion, representing a 9 per cent increase over the N738 billion recorded during the same period in 2025.
The brewer also announced that it has restored its retained earnings to a positive position, a development that underscores its improving financial strength and reflects the progress of its business recovery and long-term value creation strategy.
According to the company’s unaudited financial results for the six months ended June 30, 2026, operating profit rose to N164 billion, up from N152 billion achieved in the corresponding period last year. The growth was recorded despite a 20 per cent increase in selling, distribution and administrative expenses.
The company also benefited from a significant reduction in finance costs, which helped drive an 18 per cent increase in profit before tax. However, the implementation of new tax rates moderated overall earnings growth, with profit after tax rising by 5 per cent, from N161 billion in the first half of 2025 to N193 billion in the current reporting period.
Commenting on the results, the Company Secretary and Legal Director of Nigerian Breweries Plc, Uaboi Agbebaku, said the performance highlights the company’s resilience despite continued macroeconomic pressures and a challenging business environment.
He attributed the revenue growth to effective revenue management strategies and disciplined execution of key business initiatives. According to him, sustained investment in strategic brands, improved execution across the value chain, and the strong performance of the company’s premium portfolio and malt products contributed significantly to the positive outcome.
Agbebaku noted that the company’s gross profit margin improved by two percentage points, while operating results advanced by 8 per cent. He added that the 61 per cent reduction in net finance expenses played a major role in boosting profit before tax, although changes in the tax regime moderated the growth in net profit.
He further disclosed that Nigerian Breweries has continued to strengthen its balance sheet by maintaining a zero-borrowing position, improving liquidity and reducing financing costs.
According to him, the company’s stronger cash position provides greater flexibility to navigate changing market conditions while supporting strategic business priorities.
“The company has enhanced its financial resilience through improved liquidity and reduced financing pressure by maintaining zero borrowing. This stronger cash position positions us to respond more effectively to evolving market dynamics while sustaining our business objectives. We have also successfully restored our retained earnings to a positive position,” Agbebaku stated.
Q1: Zenith Bank posts N362 bn profit, African expansion, Euromoney Awards strengthen market position 

Zenith Bank Plc has reported a profit before tax of ₦361 billion for the first quarter of 2026, maintaining its position as Nigeria’s most profitable lender while accelerating expansion across Africa and attracting fresh international recognition.
The bank’s unaudited financial results show growth in lending, customer deposits and fee income, alongside stronger capital reserves, at a time when Nigeria’s banking industry continues to navigate high interest rates, inflation and regulatory reforms.
Why it matters
The performance comes as Nigerian banks race to raise fresh capital to meet new regulatory requirements and expand across Africa.
Strong earnings and healthy capital reserves are increasingly important for lenders seeking to finance businesses, support economic growth and compete for regional market share.
Zenith Bank’s latest results also coincide with its recognition as both Africa’s Best Bank and Nigeria’s Best Bank at the 2026 Euromoney Awards for Excellence.Strong first-quarter earnings.
According to the bank’s first-quarter financial statements, gross earnings increased by 6.1% year-on-year to ₦1.01 trillion.Net interest income rose by 7.3% to ₦634.1 billion, reflecting higher earnings from loans and investments.
The bank also recorded one of its strongest performances in non-interest income, with net fee and commission income climbing 44.6% to ₦81 billion, driven largely by transaction banking, digital services and card-related income.
Customer deposits increased by 7.9% to ₦24.47 trillion, while shareholders’ funds rose 16.3% to ₦5.17 trillion.
Total assets stood at ₦32.01 trillion at the end of March.Loan growth outpaces asset expansionOne of the standout features of Zenith Bank’s results was continued loan growth without a corresponding deterioration in asset quality.
Gross loans rose by 8.6% to ₦12.04 trillion, while net loans increased by 13.2% to ₦11.38 trillion.
Meanwhile, the bank’s non-performing loan ratio declined to 3.79%, continuing a downward trend from previous years.
Analysts generally regard lower bad-loan ratios as evidence that a bank is maintaining lending discipline even while extending more credit to businesses and households.Capital strength remains a key advantage
Zenith Bank also maintained capital levels well above the regulatory minimum set by the Central Bank of Nigeria.
The bank ended 2025 with a capital adequacy ratio of around 25%, providing a sizeable buffer against potential economic shocks.
Research firm CardinalStone has projected the ratio could rise further over the next two years as the bank continues to retain earnings.
For investors, stronger capital often translates into greater resilience, improved lending capacity and the ability to pursue expansion without relying heavily on new fundraising.
Recognition on the international stageBeyond its financial performance, Zenith Bank secured one of the banking industry’s highest honours this month.At the Euromoney Awards for Excellence 2026 in London, the lender was named both Africa’s Best Bank and Nigeria’s Best Bank, making it the second consecutive year it has received the national award.
Reacting to the recognition, the bank’s Group Managing Director, Dr Adaora Umeoji, said:”This is a reflection of the trust of our customers, the dedication of our unicorn workforce, and our unwavering commitment to building a truly African global financial institution.”
The awards add to a series of international recognitions the bank has received in recent years, including rankings by The Banker magazine and Global Finance.Expert perspective
Banking analysts say investors increasingly look beyond headline profits when assessing lenders.
Key indicators such as capital adequacy, asset quality, loan growth and non-interest income are now considered stronger measures of long-term financial health.Zenith Bank’s results suggest it has continued to improve across several of these indicators simultaneously, although analysts note that sustaining such performance will depend on broader economic conditions, regulatory developments and continued credit quality.
What this means for customers
For customers, stronger earnings and capital reserves could improve the bank’s ability to finance businesses, support trade, expand digital banking services and fund larger infrastructure projects.
However, lending conditions will also continue to be influenced by interest rates, inflation and monetary policy decisions by the Central Bank of Nigeria.
What’s driving Zenith Bank’s expansion?
While its first-quarter earnings attracted investor attention, Zenith Bank is also pursuing one of its most ambitious international expansion strategies in recent years.In April 2026, the lender completed the acquisition of Paramount Bank Kenya Limited, giving it a foothold in East Africa’s largest economy.
Although Paramount Bank is a relatively small player in Kenya’s banking sector, analysts say the acquisition provides Zenith with access to one of Africa’s most important trade corridors and strengthens its ability to serve multinational and regional corporate clients.
The move also reflects a broader trend among Nigeria’s leading banks, which are increasingly expanding beyond domestic markets in search of new revenue opportunities.
Expansion into Francophone West AfricaZenith Bank has also entered Francophone West Africa after launching a subsidiary in Côte d’Ivoire.The new operation gives the bank direct access to the West African Economic and Monetary Union (WAEMU), a regional bloc comprising eight countries that share the CFA franc.
Speaking at the launch in Abidjan, Managing Director of Zenith Bank Côte d’Ivoire, Cédric Tano, said:”We are proud to establish Zenith Bank’s presence in Côte d’Ivoire at a time of strong economic growth in the country and increasing regional integration.”Group Managing Director Dr Adaora Umeoji described the expansion as part of the vision established by the bank’s founder.”
To build a truly global brand with a strong presence across Africa and key international markets.”Industry observers say success in Francophone Africa could significantly broaden Zenith’s customer base, particularly in trade finance, cross-border payments and corporate banking.
London Stock Exchange ambitionZenith Bank is also preparing for a possible listing on the London Stock Exchange in 2027.
The proposed listing is expected to widen access to international investors and strengthen the bank’s ability to raise long-term capital for future expansion.If completed, the move would place Zenith among a select group of African financial institutions seeking deeper access to global capital markets.For investors, it could improve the bank’s international visibility while supporting larger cross-border financing deals.
Industry reaction
The latest results reinforce growing competition among Nigeria’s Tier-1 lenders.Banks such as Access Holdings, GTCO, First HoldCo and United Bank for Africa have all expanded aggressively across Africa in recent years, driven by regulatory recapitalisation requirements and increasing regional trade under the African Continental Free Trade Area (AfCFTA).
Although Access Holdings remains Nigeria’s largest banking group by total assets, Zenith continues to distinguish itself through profitability, capital strength and asset quality.
Financial analysts say each lender is pursuing a different growth strategy, making future competition likely to centre on efficiency, technology, regional expansion and customer experience rather than size alone.
What could investors be watching?
Market analysts say investors are likely to monitor several key areas over the coming quarters:
Whether Zenith can sustain loan growth without increasing bad debts.
The financial contribution of its Kenyan and Côte d’Ivoire operations.
Progress towards the planned London Stock Exchange listing.
The impact of Nigeria’s banking recapitalisation programme.
Growth in digital banking and fee-based income.
These factors are expected to influence both shareholder returns and the bank’s long-term competitiveness.
The bigger picture
Zenith Bank’s first-quarter performance highlights a lender that continues to combine strong profitability with cautious risk management.Its growing presence across Africa, strong capital position and recognition from international banking institutions suggest the bank is positioning itself for a larger role beyond Nigeria.
However, analysts caution that maintaining this momentum will depend on economic conditions, regulatory changes, execution of its expansion strategy and continued confidence among customers and investors.
For now, Zenith Bank appears to have strengthened its standing as one of Africa’s leading financial institutions, but the next phase of its growth will be measured not only by profits, but by how successfully it converts regional expansion into sustainable long-term returns.
Osun govt’s palliative vote buying in disguise — APC alleges

Osun State chapter of the All Progressives Congress, APC, has accused the state government of using the disbursement of N20,000 palliatives to workers and other beneficiaries as a strategy to influence voters ahead of the August 15 governorship election.

In a statement issued in Osogbo on Wednesday, the APC Campaign Council described the payments as an alleged vote-buying scheme, insisting that the exercise was politically motivated rather than a genuine welfare initiative.

The party called on relevant authorities to scrutinise the disbursement.

The statement, signed by the Head of the APC Campaign Council’s Media and Publicity Committee, Oluremi Omowaiye, alleged that thousands of workers and other residents received N20,000 directly into their bank accounts only days before the governorship poll.

According to Omowaiye, “the timing of the payments raised concerns over the intention behind the exercise. The government is attempting to sway public support with public funds in the build-up to the election.”

He alleged that National Youth Service Corps, NYSC, members serving in Osun, who ordinarily receive N5,000 monthly support from the state government, also received N20,000 during the latest disbursement.

The APC also accused the administration of failing to address outstanding financial obligations to workers, including contributory pension remittances and cooperative deductions, while proceeding with the palliative payments.

Omowaiye said, “The Osun government paid a sum of N20,000 each directly to workers’ and residents’ bank accounts. These are the same workers whose contributory pension and cooperative deductions have remained unpaid for the last two years.”

The opposition party further alleged that the state government had proposed N6bn in the 2025 budget to offset gratuity arrears but had not fulfilled that commitment, arguing that pensioners remained unpaid despite the allocation.

Describing the latest payments as unlawful, the APC stated, “The government is resorting to direct vote-buying through public funds. Most shocking is that these payments are allegedly being routed through official state government accounts.”

Before the APC’s reaction, the Osun State Government had announced the release of another round of N20,000 palliatives to civil servants, describing the measure as part of efforts to cushion the impact of prevailing economic challenges on public workers.

In a statement issued by the spokesperson to Governor Ademola Adeleke, Olawale Rasheed, the government said the payment reflected its commitment to workers’ welfare and formed part of broader initiatives aimed at improving their living conditions.

Rasheed said, “We have once again disbursed palliatives to augment salaries as part of our commitment to civil servants, who remain the backbone of our administration.”

The state government also maintained that it began periodic palliative payments before implementing the new minimum wage and contrasted its labour policies with those of the previous administration.

Makinde would have sold Nigeria if elected president – APC

Oyo State chapter of All Progressives Congress, APC, has alleged that Governor Seyi Makinde of the State would have sold Nigeria and other national assets if he were to be in the present condition of President Bola Tinubu.

APC while comparing Makinde with Tinubu, noted that the difference between the duo is like the difference between the heaven and the earth.

APC made the allegation while responding to a recent remark made by the governor on Tinubu’s economic policies.

Makinde, who spoke, through a representative, on Monday during the unveiling of Ogun state candidates of Allied People’s Movement, APM, ahead of the 2027 general elections in Abeokuta, had expressed his readiness to defeat Tinubu in 2027.

But, the APC while reacting, disclosed that Nigeria was lucky not to have elected somebody like Makinde in 2023.

In a statement signed by its Publicity Secretary, Wasiu Sadare, he explained that no amount of criticisms will make Nigerians to choose someone like Makinde whom he said has failed the people of the State.

He alleged that Makinde has transferred all assets of the State to the wrong hands in exchange for cash in seven years.

“Gov. Makinde can afford to condemn the bold and courageous steps taken by President Bola Tinubu in 2023 as he is wont to playing to the gallery but all the informed minds and reputable global institutions cannot be wrong in their overwhelming applause to the President who has not only saved Nigeria from imminent collapse and extinction but also working tirelessly to place the country in its rightful place among the comity of nations.

“A Makinde who has transferred virtually all the assets of Oyo state to the wrong hands in exchange for cash in seven years would have sold Rivers Niger and Benue as well as the nation’s portion of the Atlantic Ocean if he had the opportunity. To this end, Nigerians will never make the mistake of trusting him with their mandate,” he alleged.

Bauchi Police begin crackdown on traffic offenders

The Bauchi State Police Command has launched a statewide enforcement operation targeting motorists and other road users who violate traffic regulations, warning that offenders will be prosecuted.

The Commissioner of Police, Sani-Omolori Aliyu, who announced the development, said the exercise followed a directive from the Inspector-General of Police, Kayode Egbetokun, aimed at improving compliance with traffic laws across the country.

Aliyu said the command had observed increasing violations of traffic rules in Bauchi metropolis and along major highways, which he said had contributed to congestion, road crashes, and risks to public safety.

He said the enforcement campaign would apply to all categories of road users, including commercial drivers, tricycle operators, motorcyclists, horse riders, and private motorists.

According to him, vehicles found violating traffic regulations will be impounded, while offenders will be arraigned in court.

The police commissioner also warned that officers of the Nigeria Police Force would not be exempted from the operation.

He said any serving police personnel caught breaching traffic regulations would face disciplinary measures in accordance with police regulations.

Aliyu said the command remained committed to ensuring orderliness on the roads, protecting lives and property, and promoting safer road use across the state.

He urged residents to cooperate with officers participating in the exercise and encouraged members of the public to report reckless driving and other traffic offences at the nearest police station.

The command said the enforcement operation had taken effect immediately.

Tambuwal calls for stronger security measures amid renewed bandit attacks in Sokoto

Senator representing Sokoto South Senatorial District, Aminu Waziri Tambuwal, has called for stronger measures to tackle insecurity following renewed attacks by armed groups in parts of Sokoto State.

Tambuwal made the call in a statement issued by his media office, expressing concern over recent attacks in Kebbe, Shagari and Sabon Birni Local Government Areas, where armed men reportedly killed residents, abducted others, rustled livestock and displaced several families.

He also mourned Assistant Superintendent of Police, ASP Hussaini Balarabe, who was reportedly killed during a gun battle with suspected bandits in Kebbe Local Government Area while on duty.

Tambuwal described the officer’s death as a reflection of the sacrifices being made by security personnel in the fight against insecurity, extending condolences to his family, the Nigeria Police Force and the people of Kebbe Local Government Area.

The former governor also sympathised with residents of Shagari and Sabon Birni Local Government Areas over the recent attacks, kidnappings and cattle rustling, stressing that affected communities deserve improved security and support.

According to him, the persistent insecurity in Sokoto and other parts of the North-West continues to threaten public safety, agricultural production, commercial activities and the livelihoods of rural communities.

Tambuwal commended the efforts of the military, police and other security agencies, but urged the Federal Government to strengthen intelligence gathering, surveillance, rapid response capabilities and coordinated security operations in vulnerable communities.

He also called for intensified efforts to rescue victims still in captivity and ensure that those responsible for the attacks are arrested and prosecuted.

Tambuwal appealed to traditional rulers, community leaders and residents to support security agencies with credible information, noting that tackling banditry and other forms of violent crime requires collaboration between government, security agencies and citizens.

He prayed for those killed in the attacks, wished the injured a speedy recovery and called for the safe return of abducted victims, while urging authorities to sustain efforts to improve security across affected communities.

Makinde appoints substantive Rector, principal officers for Polytechnic Ibadan

Oyo State Governor, Seyi Makinde, has approved the appointment of Dr Lasisi Taiwo Abideen as the substantive Rector of The Polytechnic, Ibadan.

The governor also named Dr Olajide Taiwo Sherifat as the institution’s Registrar, Mr Adegbola Abiodun Kolawole as Bursar, while Mr Osunrinade Olukunle Akinbola was appointed Librarian.

The appointments were conveyed in a statement issued by the Oyo State Commissioner for Information, Dotun Oyelade, following the governor’s approval.

According to the Commissioner for Education, Science and Technology, Prof. Salihu Adelabu, the selection process strictly adhered to established guidelines governing the appointment of principal officers in state-owned tertiary institutions.

Adelabu explained that the exercise began with the publication of vacancies in national newspapers, after which qualified candidates underwent screening and interviews conducted by the institution’s Governing Council, chaired by Professor Lanre Nassar.

He disclosed that the appointments took effect from July 31, 2026, with each of the newly appointed principal officers expected to serve a single five-year tenure.

The education commissioner congratulated the appointees and charged them to provide visionary leadership that would strengthen academic standards, foster institutional stability, and drive the continued development of The Polytechnic, Ibadan.

The appointments also bring to an end the prolonged period during which the institution’s principal leadership positions were held in acting capacities.

NANS seeks dialogue over looming ASUU strike at Kebbi varsity

The National Association of Nigerian Students, NANS, has called for dialogue to avert the planned industrial action by the Academic Staff Union of Universities, ASUU, at the Abdullahi Fodio University of Science and Technology, Aliero, AFUSTA, in Kebbi State.

The appeal followed the two-week ultimatum issued by ASUU-AFUSTA over unresolved welfare issues.

DAILY POST had earlier reported that the union threatened to embark on strike if its demands were not met before the expiration of the notice.

In a statement signed by its National Vice President (External Affairs), Sadiq Zango, NANS urged the Kebbi State Government, the university management and the union to resolve the dispute through dialogue to avoid disrupting academic activities.

The association acknowledged the lecturers’ concerns, including outstanding remuneration, earned academic allowances, promotion exercises, annual salary increments, salary adjustments and other outstanding entitlements.

According to NANS, it has commenced consultations with the leadership of ASUU-AFUSTA, the university management and relevant officials of the Kebbi State Government to facilitate a resolution of the dispute.

The student body urged all parties to exhaust every avenue for settlement, stressing that sustained communication and respect for agreements remain essential to industrial harmony in universities.

It warned that any industrial action would disrupt lectures, examinations, research activities, graduation schedules and other academic programmes, with adverse consequences for students and the institution.

NANS said it would continue to support efforts to resolve the dispute and expressed optimism that the issues would be settled through dialogue in the interest of students and higher education in Kebbi State.

Heirs Energies doubles crude output to 55,000bpd

Heirs Energies doubles crude output to 55,000bpdHeirs Energies has raised its crude oil production to 55,000 barrels per day from 25,000 bpd in five years as indigenous operators increasingly take control of Nigeria’s oil production.

The company’s Chief Executive Officer, Osayande Igiehon, disclosed this on Tuesday at the 49th Nigeria Annual International Conference and Exhibition organised by the Society of Petroleum Engineers, Nigeria Council, in Lagos.

He said Heirs Energies assumed operational control of its assets in 2021, when production stood at 25,000 bpd.

“We took our assets in January 2021. We took over operational control in July at 25,000 barrels of oil per day. Today we are producing more than 50,000 barrels of oil per day. I got a production report this morning that we produced 55,000 barrels yesterday (Monday),” he said.

Igiehon added that the company was producing more than 100 million standard cubic feet of gas per day, noting that it had doubled its oil and gas output within five years.

He attributed the growth to improved security, fiscal reforms under the Petroleum Industry Act, stronger engagement with host communities and increased participation by indigenous companies across the value chain.

According to him, improved pipeline security had also helped the company increase the volume of crude reaching its export terminal.

“When we came in during 2021, only three per cent of our production reached the export terminal. Today, we deliver between 95 and 100 per cent of production to the terminal,” he said.

He added that the company had not lost a single barrel of crude oil to community-related disruptions in more than five years.

Igiehon said indigenous companies now accounted for more than 60 per cent of Nigeria’s crude oil production, compared with 20 to 30 per cent before the COVID-19 pandemic.

“If you look at indigenous participation in the operating sector, you will find out that pre-COVID, participation was somewhere around 20 to 30 per cent. Today, over 60 per cent of Nigeria’s oil production is operated by indigenous companies,” he said.

He stressed that the increased participation of indigenous operators had contributed to the recovery in Nigeria’s oil production, which rose from about 700,000 bpd in 2022 to approximately 1.7 million bpd at the moment.

However, Igiehon said achieving the Federal Government’s three mbpd production target would require more investment and technical capacity.

“The ambition is not simply to move from 1.7 million barrels to three million barrels. We also have to deal with decline rates, which means the industry must develop substantially more capacity to achieve that target,” he said.

Dangote cuts petrol, diesel prices as crude plunges

Dangote refinery, petrolAs crude prices crashed below $80 per barrel on Tuesday, the Dangote Petroleum Refinery reduced the ex-depot prices of Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel), saying it was part of efforts to make petroleum products more affordable.

Under the new pricing structure, the refinery reduced the price of petrol from N1,215 per litre to N1,165, representing a N50 reduction, while diesel was cut from N1,650 per litre to N1,570, amounting to an N80 reduction.

The price of Brent crude, the global benchmark for oil prices, fell by almost five per cent to below $80 per barrel on Tuesday following growing hopes of an agreement between the United States and Iran to reopen the Strait of Hormuz.

The decline came after senior US officials said talks with Iran had made progress, raising the prospect that commercial shipping through the key waterway could resume as soon as this week.

A senior Gulf official said there is a “50-50” chance Iran will reach a deal on the Strait of Hormuz by Friday.

Reflecting the drop in crude oil prices from a high of $100 per barrel last week to $79, the Dangote Group said in a statement on Wednesday that the price review was aimed at enhancing energy affordability, improving access to refined petroleum products, and supporting economic activities across Nigeria.

According to the refinery, the move reflects its commitment to providing “affordable, high-quality petroleum products to the Nigerian market.” It added that it remained committed to ensuring stable supply while leveraging operational efficiencies to deliver value to consumers, businesses, and stakeholders.

The company said it would continue to pass on the benefits of improved operational efficiencies to consumers whenever market conditions permit.

It stated that the refinery continues to play a pivotal role in strengthening Nigeria’s energy security, reducing reliance on imports, and supporting the nation’s economic development through the supply of world-class petroleum products.

“Dangote Petroleum Refinery has announced a reduction in the ex-depot prices of Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel), reaffirming its commitment to providing affordable, high-quality petroleum products to the Nigerian market.

“Under the new pricing structure, the refinery has reduced the ex-depot price of PMS to N1,165 per litre, down from N1,215 per litre, representing a reduction of N50 per litre. Similarly, the ex-depot price of Diesel has been reduced to N1,570 per litre from N1,650 per litre, amounting to a decrease of N80 per litre.

“The price review reflects Dangote Refinery’s ongoing efforts to enhance energy affordability, improve access to refined petroleum products, and support economic activities across Nigeria,” the statement read partly.

As Africa’s largest refinery, Dangote reaffirmed its dedication to contributing to the growth of the Nigerian economy and passing on the benefits of improved operational efficiencies to consumers whenever market conditions permit.

With the new price reduction, petrol is expected to retail at between N1,200 and N1,250 per litre. However, this depends on the location and other logistics.

Meanwhile, Iran and Oman were said to have agreed on the geographical coordinates of a proposed safe shipping route for commercial vessels in the Strait of Hormuz, Iranian Foreign Ministry spokesperson Esmaeil Baghaei said on Wednesday.

CNN reports that the two countries have held talks over the past two months covering the technical, legal, security, and environmental aspects of the proposed route, Baghaei said in response to questions about the talks.

Baghaei described the negotiations as “professional” and “progressing,” adding that a joint statement setting out the main points of agreement is being reviewed and finalised.

“Provided that certain third parties do not obstruct the process, the joint statement of the two countries, including the principal considerations and points of agreement, is also in the final stage of review and drafting,” he was quoted as saying.