The Nigerian Upstream Petroleum Regulatory Commission has urged members of the Crude Oil Refinery Owners Association of Nigeria to consider acquiring oil blocks in upcoming licensing rounds as a long-term solution to crude supply challenges.

The Commission Chief Executive, Mrs Oritsemeyiwa Eyesan, made the call during a recent courtesy visit by CORAN members to the NUPRC headquarters in Abuja, where both parties discussed ways to strengthen domestic refining capacity and ensure sustainable crude supply.

According to details of the meeting provided by the CORAN spokesperson, Eche Idoko, on Friday, Eyesan said, “Encouraging indigenous refiners to participate in upstream asset ownership would create more stable and commercially viable crude supply arrangements while also deepening local participation across the petroleum value chain.”

She assured the refiners that Nigeria has adequate crude resources to meet domestic refining needs and reiterated the commission’s commitment to policies that promote in-country value addition.

The NUPRC boss also advised refinery operators to adopt long-term crude supply contracts with producers as a practical approach to guaranteeing feedstock availability, improving operational planning, and achieving pricing stability.

However, she noted that infrastructure gaps remain a major hurdle to seamless crude delivery, citing inadequate pipeline networks, evacuation bottlenecks, storage constraints, marine logistics, and other supply chain challenges as areas requiring urgent investment and coordinated efforts.

Members of CORAN commended the commission’s ongoing regulatory reforms and its support for domestic refining, while stressing the need for effective implementation of frameworks that ensure consistent crude supply to local refineries.

Industry stakeholders have repeatedly highlighted that improved access to crude feedstock is critical to reducing Nigeria’s dependence on imported petroleum products, enhancing energy security, conserving foreign exchange, and creating jobs through the growth of local refining capacity.

Idoko said the meeting is part of ongoing engagements between regulators and private refinery operators aimed at unlocking the full potential of Nigeria’s downstream petroleum sector.

The President of the Dangote Group, Aliko Dangote, has announced that the expansion of the Dangote Petroleum Refinery to a production capacity of 1.4 million barrels per day will generate employment for no fewer than 95,000 skilled workers at peak construction.

According to a statement by the firm, Dangote disclosed this on Saturday in Lagos during his induction as an honorary fellow of the Nigerian Academy of Engineering, describing the project as a major milestone in Nigeria’s industrial transformation.

According to him, the expansion underscores the group’s continued commitment to engineering excellence, job creation, and sustainable economic growth.

“This award is particularly meaningful because it recognises what we are doing in the industry, especially our commitment to employing engineers and skilled professionals. At the peak of construction for this expansion, we expect to have about 95,000 skilled workers on site, and we will continue to grow,” Dangote said.

Upon completion, Dangote said the expanded refinery will surpass the Jamnagar refinery in India to become the largest refinery in the world, significantly strengthening Nigeria’s refining capacity.

Dangote noted that the project would rely heavily on Nigerian expertise, creating substantial opportunities for engineers, technicians, artisans, and other skilled professionals. He added that the expansion reflects the group’s long-term vision for industrialisation in Nigeria and across Africa.

Beyond employment generation, the refinery said the expansion is expected to stimulate local manufacturing, enhance technology transfer, and deepen Nigeria’s oil and gas value chain.

It will also improve fuel security, reduce dependence on imported petroleum products, and deliver significant foreign exchange savings for the Nigerian economy.

“The scale of this expansion reflects our confidence in Nigerian capacity and our belief that Africa has the ability to build world-class infrastructure that meets global standards,” Dangote stated.

In his remarks, the President of the Nigerian Academy of Engineering, Prof Rahamon Bello, described the honour as well-deserved, noting that Dangote’s impact transcends physical infrastructure.

“What makes this recognition fitting is not only what has been built but also what has been inspired. Alhaji Aliko Dangote’s journey continues to motivate a new generation of engineers, entrepreneurs, and innovators to think boldly, act decisively, and believe in the immense possibilities within our continent,” Bello said.

From the current 650,000 bpd, Dangote plans to scale up the refinery in three years.

 

Africa’s Global Bank, United Bank for Africa (UBA) Plc has announced its audited financial results for the year ended December 31, 2025, recording total assets growth of 9.4 per cent to N33.2 trillion up from N30.3 trillion at the end of 2024, alongside an 11.8 per cent increase in customer deposits from N24.3 trillion in 2024 to N27.2 trillion.

 

The results released to the Nigerian Exchange Limited on Friday, showed that the Group also delivered strong gross earnings of N3.09 trillion from N3.19 trillion recorded the previous year. Although recording a slight drop in gross earnings, the performance was still strengthened by resilient core business fundamentals and a diversified Pan-African footprint, even as the year reflected a strategic repositioning of its balance sheet for sustainable long-term growth.

 

Overall, the bank’s 2025 performance was impacted by prudent and forward-looking risk management decisions, including loan loss provisions of N331 billion and fair value changes on derivatives amounting to N278 billion.

 

These changes which are largely non-recurrent in nature, weighed on profitability but are not expected to recur at similar magnitudes in future periods.

 

Despite this, the Group maintained strong underlying performance, with operating profit exceeding N1 trillion before these exceptional items, highlighting the resilience of its core banking operations.

 

A critical look at the performance showed that UBA’s capital position remained robust, with shareholders’ funds rising to N4.25 trillion in 2025; up from N3.42 trillion the previous year, with share capital and premium hitting N505 billion following a very successful rights issue.

 

The Group’s capital adequacy ratio of 23.2 percent provides a solid foundation to support future growth, just as the Bank has also strengthened its recovery efforts, with a fortified recovery team aggressively pursuing delinquent exposures, ensuring that recoveries will positively impact earnings from full year 2026 and beyond.

 

Operating in 20 African countries and in the US, UK, France and UAE, the Group’s Pan-African operations continue to be a major growth driver, contributing over 50 per cent of total assets, revenue, and profit. Notably, West Africa operations recorded a 53 per cent profit growth, while East and Southern Africa delivered a 61 per cent increase, reinforcing the strength and scalability of UBA’s diversified business model across the continent.

 

Commenting on the results, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, said, the bank continues to demonstrate the true strength of its Pan-African diversified model, despite the moderation in bottom-line performance compared to the prior year’s highs, as core business engines, especially in the subsidiaries outside Nigeria delivered double-digit growth.

 

“The 2025 financial year was defined by UBA’s proactive approach to the Central Bank of Nigeria’s (CBN) new recapitalization requirements. The Group successfully concluded capital raising programme, which was oversubscribed, reflecting strong investor confidence in UBA’s long-term growth strategy. A total of N395 billion additional capital was raised, enhancing our capacity to support our footprints, and expanding lending to key sectors.”

 

Continuing the GMD said, “We have also made significant investments in innovation, technology and resources to drive our payment and digital offerings; this will help scale digital-led income streams across our markets.”

 

In his forecast for the 2026 financial year, Alawuba stated, “Looking ahead, UBA is well-positioned to accelerate growth, with plans to strategically expand its risk asset base across key sectors as macroeconomic conditions improve. With expectations of over N1 trillion in additional growth in the near term, the Group remains committed to driving sustainable earnings, deepening financial inclusion, and delivering superior value to shareholders across all its markets.”

 

On his part, UBA’s Executive Director, Finance & Risk Management, Ugo Nwaghodoh, said the 2025 financial year marked a deliberate strengthening of the balance sheet and a shift toward more sustainable, higher-quality earnings in a normalizing macroeconomic environment.

 

“We believe that proactively recognizing potential credit losses positions us well to navigate uncertainties and support sustainable performance in future periods. The reversal of prior-year derivative gains and foreign exchange-related losses of N282.5 billion drove a decline in non-interest income; these will not recur in this magnitude and should result in future earnings upside,” he explained.

 

According to him, despite the impact of these changes on profitability, the bank’s core business fundamentals as well as its capital and liquidity positions remain strong, with shareholders’ funds now at N4.25trillion and capital adequacy ratio at 23.2 per cent, having exited the CBN forbearance regime in 2025.

 

“With deliberate steps we have taken to reposition our Nigerian operations, we are well placed to cautiously drive risk asset growth in line with improving macroeconomic conditions. The bank is also intensifying recovery efforts on the provisioned loans, creating a clear pathway for earnings upside,” Nwaghodoh explained.

 

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.