Nearly one year after announcing a planned shutdown for maintenance of the Port Harcourt Refining Company, the Nigerian National Petroleum Company Limited has signed a fresh agreement with two Chinese firms to accelerate the long-delayed rehabilitation and commercial restart of Nigeria’s refineries in Port Harcourt and Warri, while opening a new window for technical equity partnerships.

The Port Harcourt refinery was shut down on May 24, 2025, for planned maintenance and a sustainability assessment, according to NNPC, barely six months after a previous period of operational resumption following a $1.5bn rehabilitation project.

The new deal, structured as a Memorandum of Understanding, was signed with Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co., Ltd., marking what the national oil company described as a “critical milestone” in its refinery transformation drive.

The agreement was executed in Jiaxing City, China, on April 30, 2026, by the Group Chief Executive Officer of NNPC Ltd, Bashir Bayo Ojulari, alongside the Chairman of Sanjiang Chemical Company, Guan Jianzhong, and the Chairman of Xingcheng Industrial Park, Bill Bi.

According to a statement issued on Monday by the Chief Corporate Communications Officer of NNPC Ltd, Andy Odeh, the MoU sets the stage for a potential Technical Equity Partnership aimed at completing outstanding work at the Port Harcourt and Warri refineries, as well as ensuring their long-term operational efficiency. Both facilities have a combined capacity of 335,000 barrels per day.

The statement read, “The NNPC Ltd has signed a Memorandum of Understanding with two Chinese companies, Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd, for collaboration through a potential Technical Equity Partnership in support of the completion and operation of the Port Harcourt and Warri refineries.”

The national oil firm said the collaboration would go beyond rehabilitation, extending into full-scale operation and maintenance of the facilities to achieve “best-in-class, sustainable performance.”

It added that the arrangement would also explore expansion projects that would reposition the refineries to produce cleaner fuels and higher-value petroleum products, in line with evolving global standards.

“The potential framework would cover completion of outstanding work at the two refineries, together with operating and maintaining both facilities to achieve best-in-class, sustainable performance. Planned expansion and upgrades would elevate both facilities to cleaner, more profitable product standards.

“The potential collaboration also contemplates expanding the refineries’ petrochemical capacities and harnessing gas and downstream opportunities through the development of co-located, gas-based industrial hubs,” the statement added.

Ojulari, speaking shortly after the signing ceremony, described the agreement as the outcome of more than six months of intensive technical and commercial engagements between NNPC and the Chinese firms.

He said, “All parties recognise mutually beneficial opportunities for the development and long-term sustainable profitability of NNPC’s refining assets in Nigeria, and the collective weight required for success.”

The NNPC boss stressed that the MoU represents a transition from traditional contractor-led rehabilitation to a more performance-driven partnership model anchored on shared risks and returns.

He added, “This is an important step on the journey towards identifying potential technical equity partner or partners to restart and expand NNPC’s refineries, and to explore opportunities in co-located petrochemicals and gas-based industries.”

The shift to a technical equity model signals a strategic departure from past refinery turnaround maintenance programmes, many of which failed to deliver lasting results despite significant financial outlays.

Under the proposed framework, the Chinese partners are expected to bring not just engineering expertise, but also operational discipline and investment capacity, aligning their returns with the performance of the refineries. The scope of the collaboration, as outlined by NNPC, includes the development of co-located gas-based industrial hubs, which could transform the Port Harcourt and Warri complexes into integrated energy and petrochemical centres.

Such hubs are expected to unlock additional value from Nigeria’s vast gas reserves, while supporting domestic manufacturing and export-oriented industries.

The company noted that while the MoU reflects a shared intention to advance discussions in good faith, any binding agreements would be subject to regulatory approvals and the conclusion of detailed commercial negotiations.

However, the new deal raises concerns about the fate of previous agreements signed by the company to accelerate the optimisation of the facility.

The rehabilitation of the Port Harcourt Refining Company was approved in 2021 at an estimated cost of $1.5bn, with contracts awarded to Italy’s Saipem and other partners to restore its capacity of 210,000 barrels per day.

Similarly, the Warri Refining and Petrochemical Company is undergoing rehabilitation under a contract valued at about $897m, aimed at reviving its 125,000 barrels per day capacity and integrating petrochemical production. Both projects form part of NNPC’s broader strategy to reduce Nigeria’s reliance on imported petroleum products.

The Port Harcourt refinery had briefly resumed operations in late 2024 after years of inactivity but was later shut down due to operational and financial challenges.

The latest deal aligns with Ojulari’s earlier position at the Nigeria International Energy Summit 2026, where he openly canvassed for global technical partners to take equity positions in Nigeria’s refining assets.

At the summit, Ojulari had argued that Nigeria’s refining challenges were not just financial, but deeply technical and operational, requiring experienced partners with proven track records.

He said, “What we are doing differently is moving away from just funding projects to bringing in partners who have skin in the game, partners who will operate, optimise, and guarantee performance.”

He further explained that the technical equity model would ensure accountability and efficiency, as partners would only profit when the refineries perform optimally.

He stated, “The days of spending billions on rehabilitation without sustainable output are behind us. We are now focused on partnerships that deliver value, technology transfer, and operational excellence.”

Ojulari also highlighted the importance of integrating refining with petrochemicals and gas-based industries, noting that modern refineries globally are designed as energy hubs rather than standalone fuel-processing plants.

“Refineries must evolve into integrated industrial platforms. That is where the future lies: petrochemicals, fertilizers, and gas monetisation. That is how you create real economic value,” he said.

Nigeria’s state-owned refineries, located in Port Harcourt, Warri, and Kaduna, have suffered decades of underperformance, frequent shutdowns, and failed rehabilitation efforts, forcing the country to rely heavily on imported petroleum products.

Despite multiple turnaround maintenance projects, the facilities have consistently operated far below capacity, raising concerns over efficiency, transparency, and value for money.

The current administration has prioritised refinery revival as part of its broader energy security strategy, while also supporting private sector investments such as the Dangote Refinery.

NNPC’s renewed push for technical equity partners comes amid growing pressure to reduce fuel import dependence, stabilise domestic supply, and conserve foreign exchange.

With this latest China deal, the national oil company appears to be betting on a new partnership model, one that ties investment returns directly to performance, in a bid to finally unlock the long-elusive potential of Nigeria’s refining sector.

Further findings by our correspondent revealed that Sanjiang Chemical is a Chinese private chemical manufacturing company established in 2003 and headquartered in the Zhapu Economic Development Zone, Jiaxing Port Area, Zhejiang Province. It is a listed firm on the Hong Kong Stock Exchange and is recognised as one of China’s leading integrated petrochemical producers.

The company specialises in ethylene oxide and ethylene glycol production and operates one of the world’s largest single-unit chemical processing facilities. Its product portfolio includes petrochemicals such as ethylene, propylene, polypropylene, butadiene, hydrogen, methanol derivatives, surfactants, and industrial gases.

Sanjiang runs a large integrated refining and petrochemical complex anchored on a 1,000 KTA EO/EG unit and a 1,250 KTA light hydrocarbon utilisation unit, supported by multiple downstream plants, including polypropylene and surfactant facilities.

It plays a key role in China’s industrial strategy, focusing on high-end petrochemical integration, supply chain security, and export-oriented chemical production, while leveraging advanced logistics connectivity within the Yangtze River Delta industrial corridor.

Xingcheng is an industrial park development and management company based in Guangdong Province, China, operating within the Xincheng Industrial Park in Xinxing County, Yunfu City.

The company focuses on industrial infrastructure development, park operations, and investment facilitation, supporting manufacturing clusters across metal processing, electronics, machinery, hardware, and biomedicine.

The industrial park it manages was established as a provincial-level industrial transfer zone in 2006 and upgraded in 2022 into a high-tech industrial development zone, designed to attract both domestic and foreign investors.

Xingcheng provides a full industrial ecosystem support, including land development, utilities (gas, power, and wastewater systems), tax incentives, and investment services.

It has also developed innovation platforms and supports high-tech enterprise growth, positioning the park as a hub for manufacturing relocation from China’s coastal economic zones into emerging inland industrial corridors.

The firm’s core strength lies in industrial park operations, infrastructure-led investment attraction, and enabling large-scale manufacturing ecosystems within China’s broader regional development strategy.

Higher fuel costs triggered by global tensions have pushed Nigerian firms to raise selling prices to a 16-month high, even as overall business activity continued to expand in April, according to the latest Purchasing Managers’ Index report.

The report by Stanbic IBTC Bank and S&P Global said, “The pass-through of increased input costs to customers resulted in a further sharp rise in output prices, with the rate of inflation quickening to the fastest since December 2024,” highlighting how elevated fuel costs directly fed into higher prices charged by businesses.

The PMI report, released on Monday and endorsed by the National Bureau of Statistics, showed that Nigeria’s private sector sustained growth momentum at the start of the second quarter, although inflationary pressures constrained the pace of expansion.

According to the report, the headline PMI rose to 52.4 in April from 51.9 in March, marking the third consecutive month above the 50.0 threshold that signals improvement in business conditions.

It noted that “the Nigerian private sector remained in growth territory… as customer numbers and market demand continued to strengthen,” but added that “the impacts of higher fuel costs as a result of the war in the Middle East were felt again, pushing up prices and reportedly limiting expansions in new orders and business activity.”

The report showed that new orders increased solidly in April, supported by stronger demand, although the growth rate softened due to rising inflation. Business activity also expanded at a slightly faster pace than in March, but firms said higher prices constrained output growth.

Sectoral performance was mixed, with activity rising in three of the four sectors monitored, while the services sector recorded a decline.

Cost pressures remained a major concern for businesses during the month. The report indicated that purchase prices increased rapidly, with the rate of inflation remaining close to March’s 15-month high.

It stated that “anecdotal evidence suggested that prices were often driven higher by increased fuel costs due to the war in the Middle East,” reinforcing the link between global energy shocks and domestic price dynamics.

In response to rising living costs, some firms increased staff wages to cushion the impact of higher transportation fares, leading to a modest rise in staff costs.

Despite these pressures, companies continued to expand their workforce, albeit marginally, as they responded to higher workloads. However, job creation slowed to its weakest level in three months.

Backlogs of work increased for the third consecutive month, driven by staff shortages, delayed customer payments, and challenges in sourcing raw materials.

Firms also intensified efforts to secure inputs, with purchasing activity rising for the seventeenth straight month. Inventories of raw materials increased at the fastest pace in five months, reflecting stronger demand and precautionary stock-building.

To ensure timely delivery of materials, companies prioritised prompt payments to suppliers, which contributed to a further shortening of supplier lead times, although the improvement was the weakest recorded so far this year.

Business confidence improved during the month, with about half of the surveyed firms expecting output to increase over the next 12 months. Companies cited plans to expand operations through new branches, stock accumulation, and entry into new markets.

Commenting on the report, Head of Equity Research West Africa at Stanbic IBTC Bank, Muyiwa Oni, said the sustained improvement in business conditions supported expectations of stronger economic growth in 2026.

He said, “The health of Nigeria’s private sector improved in April… as new orders increased in line with higher customer numbers and rising demand even as price pressures remain prevalent.”

Oni added that companies raised selling prices in April “to the highest level since December 2024 in response to rising fuel and raw material costs,” while staff costs also edged higher as firms adjusted wages.

He projected that the Nigerian economy would grow by 4.22 per cent year-on-year in 2026, up from 3.87 per cent in 2025, driven largely by expansion in the non-oil sector.

According to him, the non-oil sector is expected to grow by 4.24 per cent, with services projected at 5.64 per cent, supported by increased investment across key sectors such as oil and gas, solid minerals, electricity, agriculture, and manufacturing.

However, he noted that oil sector growth could slow to 3.01 per cent in 2026 from 8.50 per cent in 2025, with crude oil production projected to average 1.70 million barrels per day.

The report is based on survey responses from about 400 private-sector companies collected between April 9 and April 28, covering sectors including agriculture, manufacturing, construction, wholesale, retail, and services.

It explained that the PMI is a diffusion index, where readings above 50 indicate an overall improvement in business conditions compared to the previous month, while readings below 50 signal deterioration.

The findings point to a fragile growth environment, where rising demand is supporting business activity, but persistent cost pressures, particularly from fuel prices, continue to weigh on expansion and pricing dynamics.

Stakeholders in Nigeria’s financial services and technology sectors have highlighted the growing role of artificial intelligence and digital infrastructure in reshaping the continent’s financial ecosystem.

This was discussed at the BusinessDay Fintech Summit 2026, where participants examined how innovation, data, and emerging technologies are influencing financial services and inclusion across Africa.

Speaking during a panel session titled “Intelligent Finance: How AI, Data and Automation are Rewriting Financial Services,” the Chief Technology Officer of FCMB, Blessing Ehize, said artificial intelligence is already transforming banking operations, according to a statement from the bank on Monday.

“Artificial Intelligence is no longer a future concept; it is actively redefining how financial institutions operate. From improving risk assessment and fraud detection to enabling hyper-personalised customer experience, AI allows us to anticipate customer needs and respond in real time. The real value lies in how effectively we harness data to deliver smarter, faster, and more inclusive financial services,” he said.

Ehize said the bank’s approach to deploying AI is guided by the need to balance efficiency with trust and regulatory compliance.

“At FCMB, our approach to AI adoption is deliberate and responsible. We are integrating AI in ways that enhance efficiency without compromising trust, customer privacy, or regulatory compliance. This is why FCMB is ISO42001 certified. Technology must work for the customer, not against them, and must always align with ethical standards and human oversight,” he said.

He added that FCMB’s strategy aligns with broader global trends in financial services, where institutions are combining technological innovation with resilience.

“The intersection between what we do at FCMB and global financial best practices lies in our ability to balance innovation with resilience. Globally, AI is taking centre stage, whether you are a bank or not. It is coming to enable businesses and change lifestyles.

“We are building systems that are not only intelligent but also secure, scalable, and inclusive, ensuring that as we advance technologically, we bring more people into the financial ecosystem,” he said.

The Nigerian Exchange closed the curtain on April 2026 with a performance that can only be described as a “bullish masterclass”, despite a stark divergence in sectoral fortunes. Propelled by massive gains in industrial heavyweights and a surge in investor confidence, the market capitalisation hit a staggering N155.994tn, marking a month where investors walked away with N2.68tn in total gains.

The final week of the month saw the All-Share Index leap 7.33 per cent to close at 242,277.81 points. This rally pushed the Month-to-Date return to a robust 20.36 per cent, the strongest monthly showing of the year so far, while Year-to-Date returns accelerated to 55.69 per cent.

Sectoral divergence

The headline figures, however, mask a tale of two markets. While the broader index soared, the banking sector, traditionally the market’s bellwether, faced a brutal reckoning. The NGX Banking Index tumbled 5.52 per cent during the week, largely dragged down by a sell-off in Tier-1 lenders.

The most dramatic casualty was United Bank for Africa, which saw its share price plummet by 22.27 per cent. This sharp decline followed the bank’s unexpected decision not to announce a full-year dividend, catching income-hungry investors off guard in a high-inflation environment where yields are paramount. Similarly, Access Holdings and FBN Holdings dipped 13.17 per cent and 13.80 per cent, respectively, as investors rotated capital out of financials to chase growth elsewhere.

Conversely, the Industrial Goods sector became the market’s primary engine, gaining 16.89 per cent. This was fuelled by a “buying frenzy” in cement stocks, with BUA Cement (+24.78%) and Dangote Cement (+8.99%) leading the charge. This rotation suggests that investors are increasingly betting on infrastructure-led growth as the Nigerian economy shows signs of structural recovery.

April surge

Market analysts point to a potent mix of robust corporate earnings, a stabilising naira, and improved macroeconomic liquidity as the catalysts for this record-breaking month. With foreign exchange reserves rising above $45bn, foreign portfolio investors are showing renewed interest in large-cap Nigerian equities.

“Performance was driven by strong buying in large-cap names… The gains were supported by positive earnings releases across some of these names, reflecting resilience in the face of previous economic headwinds,” noted a market analyst at Meristem Securities.

However, the report also highlighted the sensitivity of the current market to corporate actions. “Gains were partially offset by profit-taking, with pressure concentrated in the banking sector, where sell-offs were seen in UBA following no full-year dividend announcement. This triggered a ripple effect across the sector as investors re-evaluated their positions,” according to the NGX Weekly Market Summary.

Despite the banking volatility, sentiment remains overwhelmingly positive. Market breadth, a key indicator of investor participation, improved to 0.98x, supported by a 28.29 per cent jump in trading volume and a 34.22 per cent increase in total value traded.

Capital raising, resilience

As the market enters May, liquidity remains high. Even with a four-day trading week (shortened by the Workers’ Day public holiday), turnover hit 4.842 billion shares worth N287.756bn.

Nigeria is set to further benefit from rising foreign exchange inflows as global crude oil prices surge above $105 per barrel, driven by escalating Middle East tensions that have tightened supply expectations, boosting revenues and supporting naira stability,

With Brent crude trading above $105 per barrel, well above Nigeria’s 2026 federal budget benchmark of $64.85, the ongoing global oil rally is expected to significantly strengthen Nigeria’s fiscal position, improve foreign exchange inflows, and support naira stability.

Analysts say that if geopolitical tensions escalate into a full-scale conflict disrupting the Strait of Hormuz – a critical passage for roughly 20 per cent of global crude shipments – oil prices could spike further to as high as $150 per barrel. Such a scenario would deliver a major windfall for oil-exporting countries like Nigeria, potentially improving external reserves and boosting government revenue.

The recent price surge reflects growing geopolitical risk premiums, particularly linked to heightened tensions between the United States and Iran, a key Middle Eastern oil producer. Market concerns have also been amplified by disruptions in other supply regions, including unplanned outages in Kazakhstan and weather-related production constraints in the United States caused by Winter Storm Fern.

Oil prices have remained on an upward trajectory for months, rising above $105 per barrel as fears intensified over possible U.S. military escalation in the Middle East. While markets had initially anticipated oversupply conditions in 2026, persistent geopolitical tensions, sanctions on Russian oil flows, and sustained demand from China have altered the outlook, keeping prices elevated.

For Nigeria, where over 80 per cent of government revenue is linked to oil earnings, the development presents a significant macroeconomic opportunity. Higher crude prices typically translate into improved fiscal revenues, stronger external buffers, and enhanced capacity for economic stabilisation.

CBN reforms

The Central Bank of Nigeria, under Governor Olayemi Cardoso, has implemented reforms that are expected to further amplify the benefits of higher oil receipts. These include foreign exchange market unification, improved liquidity management, and measures to attract foreign capital inflows. The reforms have also helped narrow the gap between official and parallel market exchange rates.

Recent data from the CBN indicates that the Nigerian Foreign Exchange Market rate strengthened to N1,396.99/$1 on Thursday from N1,400.48/$1 the previous day, marking the naira’s return below the psychologically significant N1,400/$1 threshold for the first time in over a year.

Market operators say the development reflects improved confidence in Nigeria’s macroeconomic direction, supported by stronger external inflows, rising reserves, and policy stability. President of the Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, said the naira has maintained relative stability across markets in recent months, reducing volatility that had previously characterised the foreign exchange space.

Foreign reserves have also continued to strengthen. Data shows that reserves stood at $48.44bn as of April 23, 2026, covering more than 12 months of import needs. Analysts project that the figure could rise to $51bn by year-end, in line with the CBN’s target of $51.04bn.

The apex bank also reports that reserves are being rebuilt organically through improved market operations, stronger non-oil exports, and increased capital inflows, rather than external borrowing.

Cardoso explained that Nigeria’s external position has improved significantly, noting that the current account balance rose over 85 per cent to $5.28bn in Q2 from $2.85bn in Q1. He added that oil production averaged 1.45 to 1.52 million barrels per day in 2025, while non-oil exports recorded growth of more than 18 per cent year-on-year.

“While oil production improved modestly to an average of 1.45–1.52 million barrels per day in 2025, the truly encouraging development is the strong performance of non-oil exports. Supported by ongoing reforms and greater exchange-rate flexibility, non-oil exports have grown by more than 18 per cent year-on-year,” he said.

Cardoso also noted that diaspora remittances increased by about 12 per cent, supported by improved transparency and settlement systems, with further gains expected as the Non-Resident BVN framework expands in 2026.

Experts speak

Financial experts say the combination of oil windfalls and structural reforms is reinforcing Nigeria’s macroeconomic resilience. Managing Director of Financial Derivatives Company, Bismarck Rewane, estimates the fair value of the naira at N1,257 per dollar, suggesting that the currency remains undervalued by about 11 per cent under purchasing power parity analysis.

He noted that exchange rates typically converge toward PPP levels over time, reinforcing expectations of medium-term currency stability if reforms are sustained.

Global economist Charlie Robertson also observed that a weaker dollar environment is beneficial for emerging markets like Nigeria, noting that it supports currency stability and capital inflows. “The weak dollar is dislocating many markets, but it is good for Africa, as we are seeing with the naira,” he said.

Beyond oil, Nigeria’s macroeconomic outlook is being shaped by structural reforms across fiscal and monetary policy. Economist Prof. Abiodun Adedipe highlighted key reforms, including fuel subsidy removal, forex market reforms, tax restructuring, and banking recapitalisation, all of which he said are improving efficiency and fiscal discipline.

He noted that subsidy removal alone has eliminated over $10.7bn in annual fiscal waste, while banking sector reforms are positioning financial institutions to support a projected $1tn economy.

Nigeria’s demographic and structural advantages, including a youthful population estimated at over 237 million and rising internet penetration of about 48 per cent, also support long-term growth potential. Improved urbanisation, telecom expansion, and digital adoption are expected to deepen productivity and expand economic activity.

The Central Bank has also strengthened coordination with fiscal authorities to enhance macroeconomic stability. Cardoso said the discontinuation of central bank deficit financing, alongside revenue reforms and Treasury Single Account improvements, has strengthened fiscal discipline.

“This stance is unequivocal as there will be no return to the practice of financing fiscal deficits by the Central Bank,” he said.

He added that sustained collaboration between fiscal and monetary authorities will be essential to maintaining price stability and restoring purchasing power.

As global oil markets remain volatile, Nigeria stands to benefit from sustained price elevation, provided reforms continue to anchor investor confidence, strengthen institutions, and improve economic efficiency.

The Dangote Petroleum Refinery is set to supply aviation fuel directly to airlines in Nigeria at N1,820 per litre, as the Lagos Chamber of Commerce and Industry has urged the Federal Government to help facilitate measures to lower airlines’ operating costs and prevent a sectoral collapse.

A senior official of the Dangote Group confirmed the move by the $20bn Lekki-based refinery exclusively to our correspondent on Sunday, stating that Dangote supplies over 90 per cent of the country’s aviation fuel needs.

The refinery has already commenced direct Jet A-1 supply to Ethiopian Airlines, according to its Managing Director, David Bird.

The official, who spoke to one of our correspondents in confidence due to the lack of authorisation to speak on the matter, said airlines and other interested buyers could approach the refinery to lift jet fuel at the new price.

“Anyone, including local airlines, can buy their requirements from our petroleum refinery,” the official said when asked if the Dangote refinery would supply jet fuel directly to local airlines.

The official confirmed that “N1,820 is the price at which we are selling at our loading bay,” adding that the refinery cannot be subsidising airlines in the face of high oil prices. The source confirmed that Dangote had been subsidising the prices of petrol and diesel, but aviation fuel would be sold at the competitive market price.

Dangote’s direct sale to airlines is coming at a time when the Airline Operators of Nigeria are accusing the Major Energies Marketers Association of Nigeria of overpricing.

Another reliable source in the organisation told The PUNCH that the refinery would now publish prices for the sake of transparency. “Yes, as of today, Sunday, our jet fuel is N1,820 a litre. Note that this price is not stable.

It changes because of the volatility in the global market.

“The US-Iran war has dealt a heavy blow to everybody, and we are not insulated from the global shock. Henceforth, we will be publishing the prices so that both the airlines and the marketers will know what is happening in the market. I think transparency is now important,” the source said.

The PUNCH reports that the war in the Middle East triggered an oil price surge when the Strait of Hormuz was blocked by Iran. From less than $70 per barrel on February 28, Brent, the global benchmark for crude, jumped above $120 on Thursday before it dropped to $108 over the weekend.

Consequently, Dangote raised its petrol gantry price from N774 in February to N1,275 as of the time of filing this report. The oil price hike also affected diesel and aviation fuel.

In the aviation sector, airlines threatened to shut down due to an over 350 per cent rise in Jet A-1 prices until the government intervened last week. The Vice President of the Airline Operators of Nigeria, Allen Onyema, had recently disclosed that aviation fuel prices skyrocketed from about N900 per litre before the Iran crisis to between N2,700 and N2,900, with some marketers selling as high as N3,500.

Earlier, in a letter dated April 14, 2026, and addressed to the Executive Secretary of the Major Energies Marketers Association of Nigeria, Clement Isong, the President of AON, Abdulmunaf Sarina, said the surge in the price of Jet A1 had become unbearable for operators.

The PUNCH reports that AON had in its letter said, “The price of Jet-A1 as sold by marketers had risen significantly from the initial N900/litre as of February 28, 2026, to N3,300/litre as of today. This represents an increase of over 300 per cent.

“This astronomical and artificial increase is not commensurate with the rise in crude oil prices and is well above international market benchmarks, which reflect approximately a 30 per cent increase in crude oil cost. For the past weeks, airlines have endured this burden and continued operations out of patriotism and in the spirit of service to the nation. However, the situation has now become unbearable and clearly unsustainable,” the letter stated.

It urged MEMAN to prevail on its members to proportionately adjust jet fuel prices in line with international market realities, “as airlines can no longer sustain purchases at the current exorbitant rates.”

Responding, MEMAN attributed the rising cost of aviation turbine kerosene to global factors, particularly disruptions linked to geopolitical tensions in the Middle East.

The marketers expressed surprise at the N3,300 per litre price referenced by airline operators, stating that their internal survey showed significantly lower prices. The marketers said they would not be able to disclose a particular price, but N3,300 is over N1,000 above the normal price.

“In light of the above, we must express our surprise at the price of N3,300 per litre stated in your letter as the price being charged to some airline operators. MEMAN members do not discuss pricing, as this will be against competition law; however, the price of N3,300 is over N1,000 higher than our average market survey price of Jet A1 carried out for this exercise, after receipt of your letter,” MEMAN explained.

Last Monday, the Nigerian Midstream and Downstream Petroleum Regulatory Authority recommended that the price of aviation fuel should range between N1,760 and N1,988 per litre in Lagos and N1,809 and N2,037 per litre in Abuja.

Access Holdings Plc’s audited financial results for the year ended 31 December 2025 revealed a fortress-like balance sheet, with shareholders’ funds climbing 15 per cent to N4.33tn, signalling a definitive shift in its corporate evolution, moving away from a decade of aggressive expansion towards a model centred on “value over scale”.

The Group’s Profit Before Tax crossed the N1tn threshold for the first time, settling at N1.01tn. This 16.2 per cent increase from the previous year highlights a resilient performance despite a transitional and often volatile global operating environment.

While the banking subsidiary remains the primary engine, contributing 97 per cent of total revenue, the 2025 results highlight a significant deepening of the Group’s ecosystem. Net fees and commission income surged 40.9 per cent to N585.1bn, a testament to the success of its non-banking verticals.

The Group also demonstrated sharper operational teeth, successfully driving down its cost-to-income ratio from 56.7 per cent in 2024 to 51.7 per cent in 2025.

The leadership team and the report itself offer a clear narrative of an institution transitioning from “growth at all costs” to “disciplined value creation”.

Commenting on the results, Group Managing Director/CEO of Access Holdings, Innocent Ike, said, “We have now entered a more deliberate optimisation phase, with a stronger emphasis on returns on capital, earnings quality, and long-term value creation. Our 2025 performance reflects both the resilience of the Access franchise and the strength of the institution we have built over time.”

“This growth highlights not only the scale of the Group’s operations but also the deepening trust of customers, counterparties, and investors. Total assets increased 24.3 per cent to N51.57tn, while customer deposits grew 53.4 per cent to N34.56tn,” an official statement, Access Holdings 2025 Audited Report, stated.

It further read, “Africa remains one of the most compelling long-term growth frontiers globally. Our role is not only to participate in that growth but also to help shape and finance it. At Access Holdings, we have built an institution designed to endure, anchored on strong governance, disciplined execution, and a clear strategic direction. Our focus remains on delivering consistent, high-quality, risk-adjusted returns while building a financial institution that will stand the test of time.”

The Group’s performance was bolstered by an improving Nigerian economy. With national GDP growth strengthening to 3.9 per cent and foreign exchange reserves rising above $45bn, the environment provided a fertile ground for credit expansion and capital market activity. This was mirrored in the NGX All Share Index, which gained over 51 per cent during the period.

As Access Holdings looks towards the 2026 fiscal year, the mandate is clear: maintain the N1tn momentum while ensuring that every naira of capital deployed returns maximum value to the shareholders who have now built a N4.33tn equity base.

Foremost underwriting firm, Guinea Insurance Plc has announced its unaudited financial results for the period ended 31 March 2026, reflecting a resilient top line performance, a strengthened asset base, and a deliberate strategic response to industry wide claims pressure.

 

Net Expenses on Reinsurance Contracts stood at ₦109.3 million, representing a decline of approximately 162.6% from ₦174.7 million recorded in March 2025. This movement reflects a more conservative risk transfer approach, as the Company strengthened its reinsurance cover to mitigate exposure to emerging risks and high value claims within the market.

 

Insurance Service Expenses rose significantly by about 803% to ₦850.1 million, compared to ₦94.1 million in March 2025. This sharp increase was largely driven by the settlement of a cluster of high value industry claims, which the Company honoured promptly and responsibly. These claims, arising from unforeseen risk events, placed considerable pressure on earnings, affecting both top line efficiency and bottom line performance, and resulting in a loss for the period. Total Assets grew by 6.9 per cent to ₦7.75 billion, supported by strong investment performance. Investment Properties increased by 29.5 per cent to ₦1.11 billion, driven by favourable revaluations and portfolio optimisation.

 

Ademola Abidogun, Managing Director/Chief Executive Officer, Guinea Insurance PLC commented: “While the period under review reflects a temporary setback in profitability, it is important to emphasise that the fundamentals of our business remain sound. The claims experience recorded is reflective of broader industry trends rather than isolated to Guinea Insurance. We made a conscious decision to settle all valid claims promptly, reinforcing our commitment to trust, reliability, and customer confidence. We are confident that our strengthened risk management framework, disciplined underwriting approach, and enhanced reinsurance programme will position the Company for a strong rebound in subsequent quarters. Our focus remains on delivering sustainable value to shareholders while upholding our promise to policyholders.”

 

Looking ahead, the Company remains cautiously optimistic. Management has initiated targeted recovery measures, including tighter cost management, portfolio rebalancing, and a renewed focus on profitable business segments. These actions are expected to restore earnings momentum and reinforce the Company’s competitive position within the Nigerian insurance market.