Wema Bank has reported measurable growth over the last decade, growing its assets 13-fold over the period.

According to The PUNCH’s findings, the size of the lender’s assets have jumped 1,185 per cent to N5.23tn between the first quarter (Q1) of 2016 and the corresponding period of 2026.

The monetary value of Wema Bank’s asset size rose from N407bn in 2016 to N5.23tn in 2023.

The sharp increase in asset size over the 10-year period means Wema Bank now manages more than 13 times the resources it held a decade ago, significantly strengthening its financial capacity.

The expansion has important implications for the lender’s operations and the broader economy.

A larger asset base gives Wema Bank greater capacity to extend credit to households and businesses, finance infrastructure and corporate projects, absorb economic shocks, and comply with tighter regulatory capital requirements. It also enhances the bank’s competitiveness against larger rivals, improves its ability to attract investors, and provides a stronger platform for future expansion.

Analysts say the sustained growth underscores the success of the bank’s digital-first strategy, anchored by its ALAT platform, as well as its “focus on retail banking, small and medium-sized enterprises, and prudent balance sheet management,” said a Lagos-based financial expert, Kabby Umunna.

The Guaranty Trust Holding Company Plc (“GTCO”) has announced full plans for its 16th Annual Autism Conference scheduled to hold on Monday, July 27th and Tuesday, July 28th, at the Muson Centre, Lagos. Themed “Acceptance in Action: From Family to Classroom to Workplace to Public Spaces,” the Conference, which will be followed by one-on-one family consultations by specialists, continues the Group’s commitment to advocating for Autism through access to developmental support, professional guidance, and learning opportunities for individuals on the autism spectrum and their families.

Over the years, the GTCO Autism Programme has become a leading platform for Autism advocacy and inclusion across West Africa, bringing together healthcare professionals, therapists, educators, policymakers, caregivers, and families to foster greater understanding of Autism Spectrum Disorders (ASDs). Through sustained engagement and collaboration, the programme has helped advance conversations around acceptance, accessibility, and the support systems required to improve outcomes for individuals on the spectrum.

This year’s theme, “Acceptance in Action,” reflects the need to move beyond awareness towards creating environments where individuals on the Autism spectrum are supported, and empowered at home, in school, in workplace, and public spaces. The 2026 programme will feature expert-led discussions, workshops, and free consultation sessions delivered by leading local and international specialists in developmental and behavioural sciences, covering key areas such as early intervention, behavioural therapy, communication strategies, inclusive education, and caregiver support.

In Nigeria, the conference will hold on Monday, July 27th and Tuesday, July 28th at the Muson Centre, Lagos, followed by free one-on-one family consultations with medical and developmental specialists from July 29th to August 1st at the Adeyemi Bero Auditorium, Alausa Secretariat, Ikeja. In Ghana, the programme will open with a workshop on August 4th at the University of Professional Studies, Accra, followed by free consultations at the same venue from August 5th to 8th.

Commenting on the 2026 GTCO Autism Programme, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr Segun Agbaje, said: “Sixteen years ago, we set out to help families navigate a journey that too often felt isolating. Today, this programme stands as proof of what sustained commitment can achieve. This year’s theme, ‘Acceptance in Action,’ challenges all of us to move past good intentions and start making inclusion visible, in the way we design our schools, structure our workplaces, and welcome one another in public spaces.”

He added: “No single institution can build an inclusive society alone. It takes families willing to advocate, educators willing to adapt, employers willing to open doors, and policymakers willing to act. Our role is to keep bringing the right expertise and resources to the table, so that every individual on the autism spectrum has a genuine chance to participate fully and confidently in everyday life.”

In a patriotic gesture to minimize petroleum price shock in the domestic market,

Dangote Petroleum Refinery has resumed the sale of Premium Motor Spirit (PMS) or petrol in naira, providing a measure of relief to marketers and consumers.

The Gantry price is fixed at N1,215/ litre.

Following a week of economic uncertainty owing to Dangote’s decision to load fuel in dollars, the refinery has fixed its new ex-depot (gantry) price to Naira, albeit at a higher cost.

The new price was revised to N1,215 per litre, representing an increase of N140 per litre, or 13.02 per cent, from the previous price of N1,075 per litre.

“Dangote Petroleum Refinery has resumed the sale of Premium Motor Spirit (PMS) in naira, providing a measure of relief to marketers and consumers,” a statement released on Wednesday read

“The gantry price is fixed at N1,215/ litre,” it added”.

After notifying clients of the new conditions on Tuesday, the refinery resumed the acceptance of orders for coastal loading.

Following an extended period of uncertainty within the downstream petroleum market due to the suspension of fuel sale in naira, which compelled several independent marketers to procure supplies from private depots, the refinery has reinstated naira-denominated pricing for truck loading.

Under the dollar pricing system Automotive Gas Oil (diesel) was set to cost $1.087 per litre, while Aviation Turbine Kerosene (ATK) was priced at $0.942 per litre. Petrol delivered via coastal deliveries was tagged at $1,044.62 per metric tonne.

At the time, the refinery notified marketers and customers that all previously issued naira-denominated Proforma Invoices and Deal Recaps for gantry and coastal transactions were no longer legitimate.

The notice, signed by the refinery’s Group Commercial Operations, read, “Following our email on the 9th of July, 2026, regarding the transition from Naira to United States Dollars, please note that all issued Naira Coastal and Gantry PFIs/Deal Recaps are now invalid, and no payments should be made against them.

Meanwhile, Nigeria’s petrol imports more than tripled last month as the country’s main refinery cut domestic supply and increasingly directed output toward export markets to maximize foreign-currency earnings.

Nigeria shipped in 18.1 million liters of the fuel per day in June, compared with 5.6 million liters in May, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NUPRC) said in a monthly report.

The Dangote Petroleum Refinery increasingly directs output to export markets to maximize foreign currency earnings. Selling products in naira domestically limits the U.S. dollars required to purchase international crude oil feedstock, driving the refinery to prioritize lucrative European and African exports.

According to figures in June, the refinery exported 466,000 metric tonnes of aviation fuel, overtaking the United States as Europe’s largest external supplier of jet fuel.

The facility has expanded its footprint across the continent, successfully exporting cargoes to countries like Côte d’Ivoire, Cameroon, Tanzania, Ghana, and Togo.

The plant’s domestic allocation under the local naira-for-crude agreement has significantly declined.

As a result, the refinery must source a greater share of its feedstock from the international market, which must be paid for in dollars.

Because the refinery struggles to convert naira revenue into the necessary foreign exchange to buy raw crude, it relies heavily on export markets to sustain its operations. Consequently, Nigeria’s domestic petrol imports have recently surged as the refinery reduces local supply according to Bloomberg.

The Nigerian Exchange Limited experienced a wave of mixed sentiments during the trading week ended 17 July 2026. A sharp decline in the industrial sector effectively offset strong gains in banking equities, reflecting a broader tug-of-war between institutional portfolio rebalancing and macroeconomic headwinds.

The benchmark NGX All-Share Index depreciated marginally by 0.14 per cent to close the week at 243,462.13 points. Conversely, total market capitalisation managed to buck the downward index trend, appreciating by 0.39 per cent to settle at N157.057tn by Friday’s close.

This divergence between the ASI and market capitalisation was primarily attributed to large-scale primary market listings and capital restructuring during the week, which added weight to the total market value despite price depreciation among major equities.

A closer look at the sectoral performance revealed that a steep 6.26 per cent decline in the NGX Industrial Goods Index acted as the primary anchor dragging down the broader market index. The industrial sector continues to face severe pressure from elevated energy costs, persistent foreign exchange illiquidity affecting raw material imports, and the high-interest-rate environment, which has slowed down major real estate and infrastructure projects nationwide.

This downward pressure was further compounded by losses in the NGX Main Board Index, which fell 1.54 per cent, alongside minor pullbacks in the Consumer Goods and Oil & Gas indices. Consumer goods companies, in particular, remain squeezed by weakened disposable income among Nigerian households, forcing investors to adopt a cautious stance.

On the flip side, the banking sector put up a resilient fight against the bears. The NGX Banking Index climbed 9.30 per cent, preventing a more severe market downturn. This rally was largely driven by sustained investor appetite following strong half-year corporate earnings releases and speculative positioning around the Central Bank of Nigeria’s ongoing banking recapitalisation exercise, which has favoured tier-one institutions.

Trading volumes decline

Activity on the trading floor slowed down significantly compared with the previous week’s performance, indicating a temporary shift towards a ‘wait-and-see’ approach by institutional investors ahead of macroeconomic data releases.

Investors traded a total turnover of 2.819bn shares worth N182.499bn in 226,729 deals, representing a noticeable drop from the 3.648bn shares valued at N220.568bn that exchanged hands in the preceding week.

As has become the norm on the local bourse, the Financial Services Industry single-handedly drove the market’s liquidity, accounting for over 71 per cent of the total equity turnover volume. The sector’s dominance underscores its status as the most liquid and actively traded segment of the NGX, especially during periods of broader economic uncertainty.

Divergent price action

Market sentiment measured by price changes leaned slightly towards the bears, as the number of advancing equities dropped from 60 in the previous week to 44, signalling a tightening of market breadth.

First HoldCo Plc emerged as the standout performer of the week, leading the gainers with an impressive 38.66 per cent price surge to close at N95.95 per share. Analysts attributed this rally to robust institutional buying and positive market sentiment surrounding its strategic expansion plans.

BUA Cement Plc suffered the worst hit on the decliners’ table, shedding 18.99 per cent of its value to close at N275.60 per share. The heavy sell-off in BUA Cement heavily influenced the slump in the Industrial Goods index, as investors reacted to profit-taking and broader concerns regarding input cost inflation within the manufacturing sector.

Capital base expansion

The week also featured a significant corporate action as Sterling Financial Holdings Company Plc successfully expanded its presence on the local bourse, highlighting the ongoing capital raising trend in the financial sector.

The Exchange listed an additional 13.812bn ordinary shares arising from the company’s recent public subscription offer at N7.00 per share.

This supplementary listing officially boosted the total issued and fully paid-up shares of the financial holding company from 52.117bn to 65.929bn units.

This capital injection not only strengthens Sterling HoldCo’s balance sheet to absorb potential macroeconomic shocks but also directly contributed to the appreciation of the total NGX market capitalisation, despite the marginal drop in the All-Share Index.

Inflation moderates further

The cautious stance by investors came as Nigeria’s headline inflation slowed marginally for the first time in four months, as easing core inflation offset persistent food price pressures.

In tandem with the cooling inflation data, domestic crude oil production rose to a 74-month high, exceeding Nigeria’s OPEC quota for the second consecutive month.

Simultaneously, the CBN introduced the FX BDC Purchase Tracker to improve transparency and efficiency in the retail foreign exchange market. The centralised digital platform requires licensed Bureau De Change operators to submit foreign exchange transactions in real time.

The initiative builds on the February 2026 policy that restored BDCs’ access to the official FX market through weekly allocations of up to USD150,000 from Authorised Dealer Banks. It replaces the previously manual, delay-prone reporting framework that fostered pricing distortions, speculative hoarding, and ultimately prompted the suspension of official Dollar sales to BDCs.

The platform reinforces the apex bank’s commitment to improving transparency and accountability in the retail FX market. By enabling transaction-level monitoring, the CBN aims to eliminate practices such as round-tripping and currency diversion, while ensuring official FX allocations are deployed solely to meet legitimate retail demand. The system also provides regulators with better visibility into demand dynamics, utilisation rates, and compliance across the BDC segment.

Reacting to the development, analysts at Meristem Securities Limited stated, “We expect the FX BDC Purchase Tracker to strengthen price discovery and improve transparency within the retail foreign exchange market, thereby reducing opportunities for speculative buying and arbitrage opportunities, and gradually compressing the spread between the official and parallel market exchange rates.

“The effectiveness, however, will depend on the CBN’s consistency in enforcing compliance and penalising reporting violations. In the near term, the success of the framework will hinge on its ability to facilitate seamless adoption across dealer banks and BDCs while improving retail FX liquidity, strengthening price discovery, and fostering a more efficient and orderly foreign exchange market.”

The Nigerian Upstream Petroleum Regulatory Commission on Tuesday declared 31 companies as winners of 37 oil and gas blocks under the 2025 Licensing Round, despite what the commission described as sustained threats and pressure mounted against members of its evaluation team before the conclusion of the exercise.

The successful conclusion of the commercial bid conference marked the end of an eight-month licensing process, with the winning firms now required to pay their signature bonuses and satisfy other post-award conditions within 90 days or risk forfeiting the assets to reserve bidders.

Speaking after the commercial bid conference in Abuja, the Commission Chief Executive of the NUPRC, Oritsemeyiwa Eyesan, disclosed that officials involved in evaluating the bids faced repeated intimidation throughout the process but refused to compromise the integrity of the exercise.

She said the threats persisted until the eve of the commercial bid opening. Eyesan said, “It has been a journey… If you have been told anything contrary to the fact that this process was going to be credible and transparent, do not believe it.”

Commending members of the evaluation committee, she added, “The evaluators have worked tirelessly since June 12. They have been inundated with calls and with threats, serious threats, but they stood their ground. Up until yesterday, we were still threatened, but we stood our ground to say that the times have changed. Nigeria is really open for business.”

She said President Bola Tinubu had mandated the commission to ensure a credible process and thanked the evaluators and observers from the Nigeria Extractive Industries Transparency Initiative for supporting the exercise.

The commission announced that 31 companies emerged successful after 143 companies submitted about 200 bids for 37 oil and gas blocks out of the 50 assets offered during the licensing round.

The successful companies include SSonic Petroleum Limited, CFP Pipeline and Flowlines, Dutchford E&P Limited, Attabanson Global Company Limited, Rosem Energy Limited, Pivot-GIS Limited, Network E&P, Asharami, LexOil, BVOF, Gupsco Energy Limited, Saratoga, Volante, Concept-Reel Petroleum Services Limited, Clinton Oil Field, Nuway Oaklane Limited, Ramec Italia.

Others are Blueridge E&P, Up Energies Limited, AYM Shafa, Blackrock Holdings Limited, Funtay Integrated Business Limited, Riparian Development and Production Limited, Nikstallis, Stardeep Petroleum, Dakoda & U Limited, Southborne Oil and Gas Limited, Lanaka Petroleum, Highban Resources Limited and Eyre Energy Limited.

The commission explained that the successful companies had emerged only as preferred bidders and would receive Petroleum Prospecting Licences after meeting all statutory conditions under the Petroleum Industry Act.

Eyesan urged the winners to immediately commence the post-award process. She said, “These firms will only be presented final awards after the payment of the appropriate signature bonus and the approval of the Minister of Petroleum Resources in line with the Petroleum Industry Act, 2021.”

She warned that failure to fulfil the post-award conditions within 90 days would invalidate the awards, allowing the commission to invite reserve bidders.

The commission explained that the commercial bid process was designed to eliminate human interference through an automated weighted scoring system. Officials said technical evaluations had been completed before the commercial bids were opened publicly, while no one, including members of the evaluation team, had prior access to the commercial bids.

“The weighted score is 40 per cent. All these things are automated. The computer calculates everything. Nobody is using a pen to write any figures. This demonstrates the transparent, efficient and robust process built into this licensing round,” the commission stated.

Meanwhile, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said the Petroleum Industry Act had ended the discretionary allocation of oil blocks in Nigeria. “The PIA, unfortunately for some people, has prevented discretionary allocation of oil blocks,” he said jokingly.

He stressed that the law guarantees fairness and credibility, assuring investors that no one knows the content of commercial bids before they are officially opened. Lokpobiri also warned successful bidders against treating licences as speculative assets.

“In the past, I have seen people go round conferences across the world carrying licences and looking for partners who never came. Those days must be over. The licences issued today must translate into actual field development and production,” he said.

Also speaking, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said the licensing round reflected the Federal Government’s commitment to transparency, competitiveness and credibility.

“The Federal Government remains firmly committed to creating an enabling environment that attracts investment, accelerates exploration and production, and unlocks the full value of Nigeria’s hydrocarbon resources,” Ekpo said.