Dangote rejects NNPC offer to increase stake in refinery

Dangote-3-688×460The President of the Dangote Group, Alhaji Aliko Dangote, has said the group rejected requests by the Nigerian National Petroleum Company Limited to increase its 7.25 per cent stake in the Dangote Petroleum Refinery.

Dangote stated this in an interview with the Chief Executive Officer of the Norwegian Sovereign Wealth Fund, Nicolai Tangen. The interview was monitored by one of our correspondents on Wednesday.

This came as findings by The PUNCH showed that petrol supply from the $20bn Lekki-based refinery rose to 3.18 billion litres in the first quarter of 2026, while imports fell sharply to 965.52 million litres.

Further findings indicated that the average domestic ex-depot petrol price from the Dangote refinery across January to March 2026 was about ₦1,000 per litre. This implies that the multi-billion-dollar plant supplied over N3.2tn worth of petrol domestically during the review period.

Also, the war between the United States and Iran, and its resultant disruption of the oil sector and other sectors, has led to increased revenue for the Dangote refinery, as the plant has raised its refined petroleum products export.

According to Dangote during the interview, the NNPC’s offer to increase its 7.25 per cent stake in the refinery was rejected because the company is planning to go public and give other Nigerians the opportunity to own shares in the plant.

It was reported that in 2021, the NNPC acquired the 7.25 per cent stake in the refinery for $1bn, with an option to acquire the remaining 12.75 per cent stake by June 2024. But the national oil firm reneged on its decision.

During the interview with the Norwegian Sovereign Wealth Fund CEO, Dangote revealed that the national oil company had made attempts to acquire more stakes in the refinery, but this was turned down.

Responding to questions about what could be the biggest risks to his businesses, Dangote mentioned civil war and government policy inconsistencies, saying, “Actually, if there are civil wars, which is not in the offing at all.

“The other biggest risk is government inconsistencies in policies, and we are addressing that one because if you look at our refinery, the national oil company already owns 7.25 per cent, and they are trying to buy more. We are the ones that said no; we want to now spread it and have everybody be part of it.”

Recall that the NNPC, under the former Group Chief Executive Officer, Mele Kyari, reduced its stake in the refinery from 20 per cent to 7.25 per cent. Aliko Dangote made this public in 2024. He disclosed that the NNPC had only a 7.2 per cent stake in the refinery and not 20 per cent as many Nigerians believed.

“The agreement was actually 20 per cent, which we had with NNPC, and they did not pay the balance of the money up until last year; then we gave them another extension up until June (2024), and they said that they would remain where they had already paid, which is 7.2 per cent. So NNPC owns only 7.2 per cent, not 20 per cent,” Dangote stated in 2024, to the surprise of many Nigerians.

Speaking further during the latest interview, the billionaire businessman said shareholders can get their dividends in dollars. “What we are announcing is that when you invest in any of our businesses going forward, in cement or in the refinery, in petrochemicals, in fertiliser, we guarantee to pay you a dividend in dollars because we are very well into exports. 80 per cent of our revenue will be in dollars,” he said.

To raise funds for building the refinery, Dangote said he got a lot of support from various financial institutions, including Nigerian banks.

According to him, the initial plan was to fund most of the construction work “from our internally generated funds”, but because of naira devaluation, the group “had to rely on Afreximbank, Africa Finance Corporation, Zenith Bank, Access Bank, UBA and a couple of the local banks, but of course we also have a very good relationship with the Standard Bank of South Africa and, at the beginning, Standard Chartered Bank of the UK”.

He maintained that the company was lucky and what happened when the plant was completed “turned out to be much more than our own expectations”.

In the interview, Dangote disclosed how he sold his properties in the United States and the United Kingdom to settle in Nigeria.

“When I decided to go into the industry, you know what I did? I sold all my properties in the US. I had two houses in the US, big mansions, and I had a house in the UK. I wanted to really sit in Nigeria and concentrate.

“You know, sometimes when you own a holiday home anywhere, you have to create that time to go and use that property. So, now my life is very simple. Wherever I go, I use hotels; I pay. When I leave, nobody will call me and say I have a burst pipe or something is wrong. So I’m committed to what I do, and I just don’t do things; I always create a vision.

“It’s just like now; we created a vision for 2030. So, I know I have a target to meet. I just don’t do business. All my businesses are targeted,” he said.

On how he decides which business to venture into, the business mogul replied, “I first of all look at what we need as a people? What is it that we are supposed to be producing, and we’re importing? So we do what you call ‘backward integration’. We produce what the people need, and we are now producing things that when you wake up as a human being every morning, you must use part of what we produce,” he said.

While defending why the NNPC reduced its planned stake in the Dangote refinery in 2024, the NNPC’s former spokesman, Olufemi Soneye, said it was to invest in compressed natural gas stations.

 

N3.2tn petrol supply

Petrol supply from local refineries rose to 3.18 billion litres in the first quarter of 2026, while imports fell sharply to 965.52 million litres, according to data from official documents of the Nigerian Midstream and Downstream Petroleum Regulatory Authority analysed by The PUNCH.

Although the NMDPRA documents did not directly name Dangote refinery in the first-quarter supply table, industry records show that it is the only refinery in Nigeria currently known to be producing Premium Motor Spirit on a commercial scale.

The agency’s fact sheet also listed Dangote among Nigeria’s active refineries and separately tracked its PMS performance. The figures showed that Nigeria’s total petrol supply stood at 4.14 billion litres between January and March 2026, with local refinery supply accounting for 76.7 per cent, while imports contributed 23.3 per cent.

This marked a major shift from the first quarter of 2025, when domestic refineries supplied 1.99 billion litres, while oil marketers imported 2.43 billion litres. Total supply in Q1 2025 stood at 4.42 billion litres.

For a proper year-on-year comparison, The PUNCH converted the 2025 figures from the average daily supply provided by the NMDPRA into monthly volumes by multiplying each month’s million litres per day by the number of days in the month and then by one million. This became necessary because the 2026 report provided actual monthly litre volumes, while the 2025 data was presented as daily averages.

The analysis showed that local refinery supply jumped by 59.2 per cent from 1.99 billion litres in Q1 2025 to 3.18 billion litres in Q1 2026. Importation, however, dropped by 60.2 per cent from 2.43 billion litres to 965.52 million litres.

Despite the increase in local refining, total petrol supply declined by 6.2 per cent year-on-year from 4.42 billion litres in Q1 2025 to 4.14 billion litres in Q1 2026.

In January 2026, local refinery supply stood at 1.24 billion litres, importation was 698.19 million litres, while total supply reached 1.94 billion litres. This translated to a daily average of 40.07 million litres from local refining, 22.52 million litres from imports, and 62.59 million litres in total supply.

Compared with January 2025, local refinery supply rose by 109.8 per cent from 19.1 million litres per day, while imports fell by 8.8 per cent from 24.7 million litres per day. Total daily supply also increased by 43.2 per cent from 43.7 million litres per day.

In February 2026, local refinery supply dropped to 824.45 million litres, while imports collapsed to 85.10 million litres. Total supply fell to 909.55 million litres. On a daily basis, local refinery supply averaged 29.44 million litres, imports averaged 3.04 million litres, and total supply averaged 32.48 million litres.

This showed that while local refinery supply was 18.7 per cent higher than the 24.8 million litres per day recorded in February 2025, imports crashed by 88.9 per cent from 27.5 million litres per day. Total supply also fell by 37.9 per cent from 52.3 million litres per day in the same month of 2025.

In March 2026, local refinery supply recovered to 1.11 billion litres, while importation rose to 182.24 million litres. Total supply stood at 1.29 billion litres. This amounted to daily averages of 35.87 million litres from local refining, 5.88 million litres from imports, and 41.75 million litres in total supply.

Compared to March 2025, local refinery supply increased by 56.6 per cent from 22.9 million litres per day, while importation fell by 79.5 per cent from 28.7 million litres per day. Total supply declined by 19.1 per cent from 51.6 million litres per day.

Month-on-month, total petrol supply fell by 53.1 per cent from 1.94 billion litres in January 2026 to 909.55 million litres in February, before rising by 42.3 per cent to 1.29 billion litres in March.

Local refinery supply also fell by 33.6 per cent between January and February, before rising by 34.9 per cent in March. Imports declined by 87.8 per cent in February but increased by 114.2 per cent in March.

The NMDPRA’s April 2026 FAAC report showed that PMS supply rose from 909.55 million litres in February to 1.29 billion litres in March, representing a 42.29 per cent increase. It also showed that PMS distribution through truck-out fell from 1.59 billion litres in February to 1.47 billion litres in March.

The figures indicate that Nigeria’s petrol market is becoming less dependent on imports, with domestic refining now providing the bulk of the national supply.

However, the decline in total Q1 supply suggests that increased local refinery output has not fully translated into higher overall petrol availability compared with the same period of 2025.

The PUNCH earlier reported that Nigerians consumed about 4.93 billion litres of Premium Motor Spirit (petrol) to fuel various economic activities in the first quarter of 2026, according to an analysis of the Nigerian Midstream and Downstream Petroleum Regulatory Authority’s downstream fact sheet monthly data.

It revealed that this amount represents a 7.4 per cent increase from the 4.59 billion litres recorded in the corresponding period of 2025.

The PUNCH also reported that the Dangote Petroleum Refinery exported about 434 million litres of Premium Motor Spirit (petrol) in March 2026, as the facility diversified its customer base after significantly outpacing domestic consumption.

The report indicated that the refinery, owned by Aliko Dangote, operated at an average capacity utilisation of 93.62 per cent, reinforcing its position as the dominant supplier of refined petroleum products in Nigeria.

In earlier remarks reported in 2025, the Dangote group chairman, Aliko Dangote, asserted that the refinery had sufficient refined products in storage to meet domestic needs, saying:

“Right now, we have more than half a billion litres in storage. The refinery is producing enough refined products, gasoline, diesel, and kerosene to meet all of Nigeria’s needs.”

Commenting in an earlier report, renowned energy economist Professor Wumi Iledare, noted that Nigeria’s reliance on imported petrol has declined but has not been eliminated. He also warned against claims that fuel importation has ended following increased domestic supply from the Dangote Petroleum Refinery.

In a personal note titled “Dangote Refinery, Petrol Imports, and Market Reality,” Iledare said recent assertions that Nigeria no longer imports petrol reflect “understandable optimism” but overstate the economic reality of the downstream oil market.

“Recent claims that petrol importation into Nigeria has ended because Dangote Refinery now meets domestic demand reflect understandable optimism, but they overstate economic reality.

“Dangote Refinery has significantly improved domestic supply conditions and reduced Nigeria’s marginal reliance on imported petrol. However, neither Dangote refinery nor petroleum marketers determines national supply outcomes,” he said.

The Chief Executive Officer of petroleumprice.ng, Jeremiah Olatide, recently said that Nigeria’s domestic refining capacity has grown significantly.

Olatide described the development as a major milestone in the country’s long-standing quest to reduce dependence on imported petroleum products.

NNPC, NIPetGE push AI adoption in energy sector

NNPC LimitedThe Nigerian National Petroleum Company Limited and the Nigerian Institute of Petroleum and Gas Engineers have advocated increased adoption of artificial intelligence and other digital technologies to improve operations in Nigeria’s oil and gas industry.

This was disclosed during a courtesy visit by the President-elect of NIPetGE, Prisca Kanebi, and her delegation to the Group Chief Executive Officer of NNPCL, Bayo Ojulari, represented by the Executive Vice President, Gas, Power and New Energy, Mr Olalekan Ogunleye, in Abuja.

According to a statement made available on Sunday, discussions at the meeting focused on the future of Nigeria’s hydrocarbon industry amid global energy transition concerns, technological changes and sustainability targets.

The statement indicated that the NNPCL acknowledged the role of NIPetGE in policy advocacy, technical development and innovation within the sector.

Speaking during the meeting, Kanebi highlighted recommendations from the institute’s recent conference, including the proposed establishment of a national centre for intelligent energy systems to support the deployment of artificial intelligence, the Internet of Things and robotics across the petroleum value chain.

She also commended the Federal Government’s decarbonisation efforts and reiterated the institute’s support for policies aimed at improving sustainability in the industry.

The institute also recommended the creation of a hydrocarbon-linked emissions trading system to allow Nigeria to take part in global carbon markets.

The institute also proposed fiscal incentives to support local manufacturing and service delivery in the oil and gas sector, as well as the expansion of the Energy Transition Plan to include measurable upstream decarbonisation targets backed by tax credits.

Other proposals included increased public-private partnerships in emission control infrastructure, carbon capture projects and hybrid renewable energy initiatives.

Both organisations also stressed the need for stronger collaboration between industry and academic institutions to improve professional capacity and align petroleum engineering practice in Nigeria with international standards.

The institute further disclosed that its bill seeking chartered status had passed second reading and was progressing towards a third hearing at the National Assembly.

It was added that NNPCL pledged support for future collaborations with the institute on initiatives aimed at improving efficiency and innovation in the energy sector.

Nigeria misses OPEC oil production quota again

OPECAgain, Nigeria has missed its crude oil production quota set by the Organisation of the Petroleum Exporting Countries after averaging 1.49 million barrels per day in April, below the 1.5 mbpd benchmark.

Figures from the Nigerian Upstream Petroleum Regulatory Commission showed that the country produced an average of 1,488,540 barrels of crude daily in April, representing about 99 per cent of the OPEC quota. When condensates were added, total daily production rose to 1.66mbpd

Last month, the NUPRC said oil production now averaged 1.8mbpd. However, data released on Tuesday was at variance with the report. The latest data mean Nigeria remained below its OPEC allocation for the ninth straight month since July 2025.

The NUPRC document showed that combined crude oil and condensate production peaked at 1.85 mbpd during the month, while the lowest output stood at 1.46 mbpd. The PUNCH reports that the April figures are an appreciable improvement compared to March, when oil output was 1.55mbpd.

Nigeria’s oil production has struggled for years due to crude theft, pipeline vandalism, ageing infrastructure, and underinvestment in the upstream sector. Although output improved marginally in April compared to March, it was still insufficient to meet the country’s OPEC target, underscoring persistent challenges in ramping up production despite government efforts to boost volumes.

The PUNCH reports that Nigeria’s crude production in March was 1.38 mbpd. While there was a 69,000 bpd increase from the 1.31 mbpd recorded in February, the figure is still 117,000 bpd below the OPEC quota.

The figures for February indicated a month-on-month decline of 146,000 barrels per day, widening the country’s shortfall from its OPEC production allocation. This is the eighth consecutive month the country has failed to meet the OPEC quota since July 2025.

Recall that although Nigeria recorded a marginal improvement in January, when production rose from 1.422 mbpd in December 2025 to 1.46 mbpd, the rebound was short-lived as output fell significantly in February 2026.

Earlier data from NUPRC had also shown that crude oil production weakened at the end of 2025. Production declined from 1.436 mbpd in November 2025 to 1.422 mbpd in December, before recovering slightly in January.

In 2025, Nigeria’s crude oil production fell below its OPEC quota in nine months of the year, meeting or slightly exceeding the target only in January, June, and July.

Nigeria opened 2025 strongly, producing 1.54 mbpd in January, about 38,700 barrels per day above its OPEC allocation. However, production slipped below the quota in February at 1.47 mbpd and weakened further in March to 1.40 mbpd, marking one of the widest shortfalls during the year.

Fidelity Bank earnings jump 45%, shareholders’ funds hit N1tn

Fidelity Bank Plc has reported a 45 per cent increase in gross earnings for the 2025 financial year, as the lender’s shareholders’ funds crossed the N1tn mark following sustained balance sheet expansion and fresh capital injection.

Analysis from the audited financial statements for the year ended 31 December 2025, submitted to the NGX on Tuesday, reveals that the bank delivered robust results across key financial metrics, including Gross Earnings, which stood at N1.5tn, up from N1.04tn reported in 2024.

Net Interest Income rose to N831.3bn, compared to N629.7bn in 2024, reflecting the bank’s stronger earnings capacity amid elevated interest rates and growth in interest-earning assets.

Interest and similar income calculated using the effective interest rate rose 38.7 per cent to N1.11tn in 2025 from N803.05bn in 2024, while other interest and similar income increased 25.1 per cent to N184.51tn.

Net interest income after credit loss also rose significantly by 41.2 per cent to N809.74bn from N573.33bn. The bank also recorded an improvement in asset quality costs, as credit loss expense moderated to N21.61bn from N56.44bn, representing a 61.7 per cent improvement year-on-year.

Fidelity Bank continued to expand its digital banking footprint, enhance customer experience, and support key sectors of the economy. Non-interest revenue performance remained strong during the period, with fee and commission income increasing 44.7 per cent to N113.36bn from N78.36bn. This was driven by letters of credit commissions and fees (N12.5bn), ATM charges and fees (N11.6bn), commission on travellers’ cheques and foreign bills (N8.9bn), account maintenance charges (N7.13bn) and commission on e-banking activities (N2.2bn).

Other operating income rose 200.5 per cent to N8.24bn, while foreign currency revaluation gains surged 749.9 per cent to N99.58bn from N11.72bn in 2024.

Fidelity Bank’s investment assets expanded significantly during the year, reflecting the bank’s stronger positioning in fixed income and other securities markets. Debt instruments at fair value through other comprehensive income rose 199 per cent to N557.78bn from N186.57bn, while debt instruments at amortised cost increased 27.2 per cent to N1.97tn from N1.55tn. Equity instruments at FVOCI also rose 26.2 per cent to N87.85bn.

The bank also recorded gains from financial assets measured at fair value through profit or loss, which increased 280.7 per cent to N2.75bn. A new gain of N988bn from derecognition activities was also recorded during the period.

On the balance sheet side, cash and cash equivalents increased sharply by 87 per cent to N1.32tn from N707.45bn, indicating stronger liquidity buffers. Restricted balances with the Central Bank of Nigeria also rose to N1.65tn from N1.59tn.

Other assets surged 76.4 per cent to N278.89bn, while investments in property, plant, and equipment rose 161.6 per cent to N203.72bn. Intangible assets climbed 147.5 per cent to N50.44bn, indicating continued investment in technology and operational infrastructure. Deferred tax assets also increased significantly to N33.10bn from N5.31bn.

The bank further reduced debts issued and other borrowed funds to N888.95bn from N929.60bn, reflecting lower reliance on external borrowings. Deferred tax liabilities declined completely from N727m in 2024 to zero in 2025.

The lender’s total assets grew 18.6 per cent to N10.46tn from N8.82tn, driven by growth in liquid assets and investment securities. Customer deposits rose 16.1 per cent to N6.89tn from N5.94tn, reflecting sustained customer confidence and expansion in the bank’s funding base.

Fidelity Bank also strengthened its capital position during the year as total equity increased 21.1 per cent to N1.09tn from N897.87bn, pushing shareholders’ funds above the N1tn mark, reinforcing the lender’s capacity to support larger transactions, absorb shocks, and expand its regional and international banking ambitions.

The bank disclosed that it completed a private placement of 12.9 billion ordinary shares in December 2025, raising fresh capital that increased eligible capital to N532.6bn, above the CBN’s N500bn minimum requirement for banks with international authorisation.

The PUNCH reported that the bank raised N259bn through a Private Placement of ordinary shares, significantly boosting its capital base as the lender intensifies efforts to meet the new regulatory capital requirements for commercial banks with international authorisation.

In a statement issued on the Nigerian Exchange Limited, the bank said the Private Placement was conducted following approvals from the CBN and the Securities and Exchange Commission and was successfully opened and closed on 31 December 2025.

“Fidelity Bank Plc is pleased to inform the general public that, following approvals granted by the CBN and the SEC, it successfully opened and closed a Private Placement of ordinary shares on 31 December 2025,” the bank stated.

The exercise increased total issued shares from 50.2 billion units to 63.17 billion units, significantly boosting shareholders’ funds beyond the N1tn threshold.

The stronger capital base is expected to improve the lender’s capacity to finance larger transactions, expand lending activities, and support future regional growth opportunities.

Dangote exports 1.66bn litres fuel amid US-Iran tensions

DANGOTE REFINERYFresh data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority has shown that the Dangote Petroleum Refinery & Petrochemicals exported an estimated 1.66 billion litres of refined petroleum products in April 2026.

This came amid mounting tensions in the Middle East and fears of possible disruption to global fuel supply routes following the growing conflict involving the United States and Iran.

An analysis of the NMDPRA’s April 2026 fact sheet by our correspondent showed that the country exported about 513 million litres of Premium Motor Spirit, popularly called petrol; 534 million litres of Automotive Gas Oil, also known as diesel; and 615 million litres of aviation fuel within the month under review.

The Dangote refinery is the only major functional refinery in Nigeria that currently produces enough refined petroleum products for both local consumption and export.

This is the first month the refinery has exported such a high volume of petroleum products, especially jet fuel and diesel, indicating the significance of the 650,000-barrel-per-day plant in Lekki, Lagos State.

The combined export volume translates to approximately 55.4 million litres daily. The development comes as the international oil market faces fresh uncertainty over the security of the Strait of Hormuz, a critical global oil shipping route, following the failure of the United States and Iran to agree on a peace deal.

Industry experts said the rising geopolitical uncertainty had significantly boosted demand for refined petroleum products from alternative suppliers such as Nigeria, especially as Europe, Africa, and parts of Asia scramble for more secure fuel sources.

The NMDPRA document showed that local refineries operated at an average capacity utilisation of 99.12 per cent in April, with the Dangote refinery accounting for the overwhelming share of production.

The regulator stated that the refinery achieved 100 per cent capacity utilisation “for most of the days in April.” The report also indicated that domestic refineries received 18.37 million barrels of crude oil in April, up from 13.11 million barrels recorded in March.

Findings further showed that the refinery maintained strong export momentum despite increased domestic supply obligations. According to the fact sheet, average daily petrol production stood at 53.6 million litres, while 40.7 million litres were supplied locally and 17.1 million litres were exported daily.

Similarly, diesel production averaged 23.6 million litres daily, with exports accounting for 17.8 million litres per day, more than double the domestic supply volume of 8 million litres daily. For aviation fuel, exports stood at 20.5 million litres daily, compared to the domestic supply of 2.6 million litres per day.

The strong aviation fuel export performance comes weeks after reports emerged that domestic airline operators threatened to shut down over the rising cost of the fuel.

There are reports that Nigeria has become a net petrol exporter for the first time in decades due to rising output from the Dangote refinery. The refinery had earlier exported about 434 million litres of petrol in March after domestic production exceeded local consumption levels.

The latest figures underscore Nigeria’s gradual transition from a major importer of refined petroleum products to an export hub within Africa. It was observed that jet fuel exports may rise further if instability in the Middle East continues to disrupt traditional supply chains serving Europe and other regions.

The Middle East accounts for a substantial share of global aviation fuel exports, with the Strait of Hormuz serving as a strategic transit corridor for crude oil and refined petroleum products. The prolonged disruption in the region has tightened global fuel supply and pushed up prices internationally.

The NMDPRA report also revealed that Nigerians consumed an average of 51.1 million litres of petrol daily in April, slightly above the 50 million litres benchmark estimated by the regulator. Diesel consumption stood at 17.3 million litres daily, while aviation fuel consumption averaged 2.5 million litres per day.

Despite increased local refining activity, petrol prices remained elevated across the country. The regulator attributed prevailing prices partly to international crude oil costs, which averaged $120.55 per barrel during the month, while gasoline costs stood at $1,074.97 per metric tonne.

The refinery, with a nameplate capacity of 650,000 barrels per day, is expected to play a central role in Nigeria’s energy security and foreign exchange earnings as global fuel trade patterns shift amid geopolitical tensions.

As the Nigerian refinery exports petrol, the NMDPRA has continued to issue licences for the importation of petrol.

CBN order: Four banks release 321,181 dormant accounts

Four banks have published details of no fewer than 321,181 dormant accounts following a directive by the Central Bank of Nigeria,

This comes as economic analysts have warned that the CBN directive raises major concerns around customer communication, account reactivation procedures, business failures, and privacy.

The published dormant accounts span individuals, companies, cooperatives, churches, clubs, community associations, and small businesses that have remained inactive for over 10 years.

The banks include Access Bank Plc, Union Bank of Nigeria Plc, Stanbic IBTC Bank, and Fidelity Bank Plc.

The disclosures followed the CBN’s July 2024 Guidelines on Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets, which directed financial institutions to publish dormant account details on their websites six months before such funds become eligible for transfer to the apex bank’s Unclaimed Balances Trust Fund Pool Account.

Analysis of the published records showed that Access Bank listed 243,934 dormant accounts, Stanbic IBTC published 26,135 dormant accounts, Fidelity Bank disclosed about 61,900 dormant accounts, while Union Bank published 212 dormant and unclaimed accounts that had remained inactive for 10 years and above.

The combined figure from the four banks stood at about 321,181 dormant accounts. Findings from the Access Bank register showed an almost even split between individual and corporate dormant accounts, indicating that business inactivity contributed heavily to the rising dormant account volumes across the banking industry.

A full extraction of the Access Bank document showed 122,390 individual accounts and 120,718 corporate accounts, representing 50.34 per cent and 49.66 per cent, respectively.

The Fidelity Bank register showed a significantly different pattern, with corporate accounts accounting for about 79 per cent of dormant accounts. The document, which spanned 693 pages, contained approximately 48,900 corporate dormant accounts and about 13,000 individual dormant accounts.

The accounts reflected widespread inactivity among SMEs, oil and gas firms, logistics operators, churches, schools, hospitality businesses, pharmaceutical firms, marine operators, and informal trading businesses.

Several dormant accounts were linked to Lagos commercial districts such as Idumota, Oyingbo, Allen Avenue, Awolowo Road, and Ladipo, while major clusters also appeared around Port Harcourt oil-service corridors and northern trading centres.

Union Bank’s list, though significantly smaller at 212 entries, largely consisted of cooperatives, clubs, churches, associations, alumni bodies, women’s groups, and community development unions spread across the country.

Stanbic IBTC’s dormant accounts register, which exceeded 1,520 pages, showed strong concentrations in Lagos, Abuja, Kano, Port Harcourt, Ibadan, Kaduna, and Maiduguri. The document contained mostly current accounts, including salary accounts, joint accounts, and a smaller number of corporate and institutional accounts.

Meanwhile, some major lenders adopted different approaches. United Bank for Africa Plc did not publish a dormant accounts register but instead maintained an unclaimed dividend list.

First Bank of Nigeria Limited and Zenith Bank Plc provided dedicated portals for customers to search for affected accounts rather than publishing comprehensive lists.

Guaranty Trust Bank Plc published dormant account management guidelines without attaching a dormant accounts document, while Ecobank Nigeria offered dormant account reactivation services but did not publish a Nigerian dormant accounts list.

Analysts react

In phone interviews with The PUNCH, analysts and finance stakeholders addressed the implications for bank-customer communications, improved customer relations, and privacy concerns. They also noted that the data from the documents revealed the state of business and corporate account holder closures/ dormancy.

The Director of the Centre for the Promotion of Private Enterprise, Muda Yusuf, said the CBN directive highlighted shortcomings in customer communication by banks. “I think it’s more about getting the banks to communicate a lot more with their customers because if the CBN is compelling them to publish, it’s a communication issue,” Yusuf said.

“So, the bank needs to do a lot more to get in touch with its customers. This is a customer service issue, actually, to know what exactly is happening, why they are not active in their accounts, what they can do to resuscitate their accounts.”

Yusuf added that worsening economic conditions and rising SME failures contributed heavily to dormant corporate accounts. “The mortality rate of businesses has grown significantly. When you are running a business, you have an account, and the business collapses because of a whole lot of issues. You just walk away from everything,” Yusuf said.

“The economic situation and the high rate of business mortality, especially among micro-enterprises, small businesses, and even medium-sized businesses, are also factors.”

He also criticised account reactivation procedures, saying cumbersome documentation discouraged customers from reviving dormant accounts. “We need to simplify as much as possible the process of resuscitating dormant accounts,” Yusuf said. “If I have my ID card, I will give you my name. I have my BVN. I have my NIN. Why are you asking me for the NEPA bill?”

Yusuf further called for reforms to simplify access to funds belonging to deceased account holders. “It’s not fair for the families of people who have died to have huge amounts of money in their accounts, and they cannot access it,” Yusuf said. “We have to simplify the process. The process is very, very bureaucratic.”

Professor of Economics and Public Policy at the University of Uyo, Akpan Ekpo, questioned the rationale behind publishing dormant account details publicly.

“The Central Bank has examiners who can go to a bank and ask for accounts and know what they have to do without making it public,” Ekpo said. “For me, it bothers me about privacy. Because if you publish that person A has a dormant account, it doesn’t look good in terms of the environment we are living in. You can expose the person.”

Ekpo said the apex bank already possessed enough regulatory powers to inspect dormant accounts directly from banks without public disclosure.

“I don’t see any reason why that has a monetary policy purpose,” Ekpo said. “They should communicate more about why they want to do it.”

Former President of the Lagos Chamber of Commerce and Industry, Gabriel Idahosa, said dormant accounts emerged for several reasons, including bank mergers, customer relocations, deaths, and abandoned businesses.

“Companies collapsed, failed, and the owners did not bother to withdraw all the balances from accounts,” Idahosa said. “People who passed on and do not have the next of kin to open their accounts. There are all kinds of reasons why accounts become dormant.”

Idahosa said many customers abandoned small balances because of the stress associated with account recovery. “A couple of people tried to go to the new banks that inherited their accounts from the other banks. Especially for small amounts, people just forgot about it because of the trouble pursuing it,” Idahosa said.

He also warned that publication of dormant account holders could trigger legal disputes and privacy concerns. “Ordinarily, the central bank should not do that because of the privacy doctrine in the relationship between the customer and the bank,” Idahosa said. “A lawyer or a group of lawyers, or even civil society organisations, can go to court to prevent the central bank from doing so.”

He added, “It could lead to some chaos in some families, who may find that their parents have lots of money in an account and they never knew about it. Now there will be battles among the children to come and get it.”

Under the 2024 guidelines, the CBN said dormant accounts and unclaimed balances had become vulnerable to fraud and abuse.

The apex bank stated that dormant balances eligible for transfer included current accounts, savings accounts, domiciliary accounts, prepaid card wallets, unclaimed salaries, stale drafts, deposits for shares, and abandoned financial assets that had remained inactive for at least 10 years.

The CBN also directed banks to notify dormant account owners regularly through emails, text messages, and letters, while maintaining audit trails and quarterly reporting obligations.

NNPC, NUPRC remit N322bn, $116.9m after Tinubu order

NNPC LimitedThe Nigerian National Petroleum Company Limited and the Nigerian Upstream Petroleum Regulatory Commission remitted over N322bn and $116.9m into the Federation Account within two months following the implementation of Executive Order 9 signed in February 2026, documents presented at the Federation Account Allocation Committee meetings have shown.

The documents, obtained from presentations made by both agencies at the March and April FAAC meetings, indicated that the remittances followed the Federal Government’s directive mandating the full transfer of crude oil and gas revenues into the Federation Account.

The document for January 2026 remittance was not uploaded by the committee.

Executive Order 9, signed by President Bola Tinubu in February 2026, was introduced to strengthen transparency, improve revenue accountability, and boost inflows into the Federation Account at a time the government is grappling with fiscal pressures and rising expenditure demands

According to the directive, the President invoked Section 5 of the Constitution of the Federal Republic of Nigeria (as amended), anchored on Section 44(3), which vests ownership and control of all minerals, mineral oils, and natural gas in the Government of the Federation.

Tinubu said excessive deductions, overlapping funds, and structural distortions in the oil and gas sector had weakened remittances to the Federation Account and warned that the practice must end to protect national revenue.

“For too long, excessive deductions, overlapping funds, and structural distortions in the oil and gas sector have weakened remittances to the Federation Account. When revenues meant for federal, state, and local governments are trapped in layers of charges and retention mechanisms, development suffers. That must end,” he said on his verified X handle.

Findings from the FAAC documents showed that the NNPC remitted a total of $29.28m and N42.64bn for March 2026 crude oil and gas receipts, which were shared in April 2026.

The national oil company stated in its presentation that “100 per cent of the total crude oil and gas receipts of $29,278,415.96 and N2,066,841,328.73 were remitted to the Federation in compliance with Executive Order 9 of February 2026.”

The document showed that the receipts came from multiple revenue streams, including Production Sharing Contract profits, crude oil exports, domestic crude sales to the Dangote Petroleum Refinery, gas receipts, and miscellaneous crude and gas earnings.

A breakdown of the March remittance indicated that crude oil export earnings accounted for $25.7m, while PSC profits contributed $3.52m. On the naira side, crude oil export proceeds stood at N37.67bn, while miscellaneous crude revenue amounted to N42.64bn. Gas revenue contributed N34.47m.

The document further showed that PSC profit inflows were split between the Federation Sub-Account and the Federation Account in line with the statutory sharing formula.

According to the presentation, the Federation Sub-Account received 60 per cent of PSC profits, amounting to $11.71m and N826.74m, while the Federation Account received 40 per cent valued at $17.57m and N1.24bn.

The total transfer for the month stood at $29.28m and N42.64bn.

Similarly, the NNPC disclosed that for February 2026 receipts shared in March 2026, it remitted 100 per cent of crude oil and gas earnings totalling $87.63m and N121.34bn to the Federation Account.

The document stated, “Federation Accounts: 100 per cent of the total crude oil and gas receipts of $87,629,089.84 and N1,957,563,915.65 were remitted to the Federation.” The February figures represent significantly higher inflows compared to March, reflecting stronger crude oil and gas revenue performance during the period.

The figures equal $87.63m, and N121.34bn remitted for February 2026 receipts shared in March, as well as $29.28m and N42.64bn remitted for March 2026 receipts shared in April.

The FAAC documents also showed that the NUPRC separately remitted N34.2bn in March 2026 as revenue collections from royalties, gas flare penalties, concession rentals, and miscellaneous oil revenue.

According to the commission’s presentation, the remittance was made in compliance with its statutory obligation to transfer all collectable upstream petroleum revenues into the Federation Account.

The document read, “This report is a summary of royalties (oil and gas), gas flared penalty, rents, and miscellaneous oil revenue collected by the Nigerian Upstream Petroleum Regulatory Commission and remitted to the Federation Account as statutorily mandated.”

A breakdown of the NUPRC collections showed that oil and gas royalties generated N18.69bn in March 2026, while gas flare penalties contributed N10.2bn. Miscellaneous oil revenue, which includes licences and permits, stood at N4.95bn, while concession rentals contributed N364.06m.

However, the March remittance represented a sharp decline when compared to the N124.4bn collected in February 2026. The documents attributed the decline mainly to lower royalty collections, which dropped from N104.31bn in February to N18.69bn in March, representing a decrease of N85.62bn.

Gas flare penalties also declined by N3.96bn during the period under review. The breakdown indicated that the commission generated N124.4bn in February 2026 and N34.2bn in March 2026.

The latest remittance figures underscore the Federal Government’s renewed push to improve oil revenue accountability amid concerns over leakages, under-remittances, and dwindling federation earnings.

The implementation of Executive Order 9 comes as the Federal Government intensifies efforts to stabilise public finances, improve crude oil production, and strengthen oversight across the petroleum value chain.

The development is also expected to boost monthly FAAC allocations to the three tiers of government at a time when many states are battling rising debt obligations, wage pressures, and infrastructure funding gaps.

Recall that the World Bank called for tighter and more explicit enforcement of Executive Order 9, urging the Federal Government to fully implement the directive by ending revenue deductions at source and migrating Ministries, Departments, and Agencies to budgetary funding.

In its latest Nigeria Development Update report, analysed by our correspondent on Thursday and titled “Nigeria’s Tomorrow Must Start Today: The Case for Early Childhood Development,” the bank said that while the order has already triggered notable improvements in revenue transparency, “further consolidation of recent gains” would depend on how rigorously its provisions are enforced across all government institutions.

Equities market gains N3.17tn as ASI crosses 250,000 mark

NGX equity marketThe equities market extended its bullish run on Monday as the All-Share Index crossed the 250,000-point mark, with investors gaining over N3tn amid sustained buying interest in key stocks.

Data from Nigerian Exchange Limited showed that the ASI advanced 2.33 per cent to close at 250,485.54 points, pushing the market’s year-to-date return to 60.97 per cent from 57.30 per cent recorded in the previous session.

Equities market capitalisation rose from N157.09tn to N160.26tn, while total market capitalisation stood at N215.89tn at the close of trading.

The rally was driven by strong demand for stocks, including RT Briscoe, FTN Cocoa Processors and Livestock Feeds, alongside continued activity in banking and telecommunications counters.

Trading activity strengthened during the session as total volume traded rose 30.82 per cent to 1.51 billion shares, while the value of transactions increased 17.23 per cent to N70.10bn exchanged in 95,093 deals.

Investor sentiment also improved sharply, with market breadth rising to 2.76x in the previous session as 56 stocks gained against 21 decliners, indicating stronger participation across the market.

The most active stocks by value traded were MTN Nigeria, First HoldCo, Dangote Cement, Zenith Bank and GTCO, which accounted for a significant share of total market turnover.

Year-to-date equities turnover also increased to N3.37tn, while average daily value traded climbed to N38.74bn, highlighting sustained liquidity and continued investor participation in the market.

Analysts said the continued rally reflects stronger domestic participation, improving liquidity conditions and sustained interest in equities despite mixed sentiment across other asset classes.

Commenting on the market activities, Vice Chairman of Highcap Securities, David Adonri, said the sustained rally reflects improving investor confidence, strong liquidity and increased positioning in fundamentally sound stocks.

Dangote targets $50bn refinery valuation before stock listing

President of the Dangote Group, Alhaji Aliko Dangote, is targeting a valuation of $50bn for his Dangote Petroleum Refinery & Petrochemicals ahead of a planned stock market listing later this year, according to a report by Bloomberg.

Dangote wants investors to know that the refinery, which commenced operations in 2024, is now valued at $50bn. Bloomberg reports that the refinery company could sell up to a 10 per cent stake through the Nigerian stock exchange, implying a potential offering size of about $5bn.

A senior executive at the Dangote Group confirmed that the projected valuation aligns with the company’s current internal expectations but declined to provide additional details on the planned transaction.

The planned listing comes as stronger global crude oil prices and growing domestic fuel demand improve the commercial outlook for the 650,000 barrels-per-day refinery, which has increasingly become a dominant player in Nigeria’s downstream petroleum market.

Dangote is planning a landmark cross-border public offering of his $20bn oil refinery in a move that could reshape capital markets across Africa and deepen regional investor participation, Bloomberg revealed on Monday.

The proposed listing, which will see shares of the Dangote Petroleum Refinery and Petrochemicals floated on multiple African stock exchanges, is being positioned as the first pan-African initial public offering of its scale.

Details of the plan emerged recently following a meeting in Lagos involving Dangote and the chief executives of several African bourses under the umbrella of the African Securities Exchanges Association.

Chief Executive Officer of the Nairobi Securities Exchange, Frank Mwiti, who attended the meeting, disclosed that discussions centred on structuring a cross-border listing framework that would allow investors across the continent to participate in the refinery’s ownership.

“The plan is to structure a pan-African IPO,” Mwiti said after the meeting, noting that the initiative would require coordination among exchanges to ease regulatory barriers and facilitate seamless trading across jurisdictions.

A spokesman for the Dangote Group confirmed that the meeting took place but declined to provide further details on the structure and timeline of the proposed offering.

The development comes months after Dangote unveiled plans to list about 10 per cent of the refinery on the Nigerian Exchange Group in 2026, a move widely seen as part of efforts to unlock value and broaden the company’s investor base.

To drive the offering, Dangote has appointed a consortium of financial advisers, including Stanbic IBTC Capital Limited, Vetiva Advisory Services Limited, and FirstCap Limited

The Chief Executive Officer of FirstCap, Ukandu Ukandu, confirmed the appointments, stating that the advisers were already working on the transaction structure.

It was noted that a multi-exchange listing could significantly deepen liquidity in African capital markets while positioning Nigeria as a major hub for cross-border investments, especially as the country eyes a return to the FTSE Russell Frontier Markets Index.

They added that the offering could also provide much-needed capital to support Dangote’s aggressive expansion strategy.

Currently, the refinery, the largest single-train facility in the world, has a processing capacity of 650,000 barrels per day. However, Dangote plans to more than double this to 1.4 million barrels per day within the next three years, a scale that would rival global refining giants, including facilities owned by Indian billionaire Mukesh Ambani.

To fund this expansion, the company recently secured backing from the African Export-Import Bank, which underwrote $2.5bn out of a $4bn syndicated financing facility.

Lasaco Assurance profits soar 81.5% to N2.36bn

LASACO Assurance PlcLasaco Assurance Plc has kicked off the 2026 financial year with a formidable performance, reinforcing investor confidence and strengthening its ongoing recapitalisation drive. The insurer’s Q1 2026 results for the period ended 31 March 2026, revealed an impressive 81.5 per cent growth in profit after tax, climbing to N2.36bn.

This surge was supported by a 119.6 per cent jump in insurance service results and a 74.7 per cent increase in net insurance and investment income, signalling a period of aggressive growth and operational refinement.

The company’s balance sheet further reflected this upward trajectory, with total assets rising 16.6 per cent to reach N46.20bn, while shareholders’ funds grew to N22.86bn. Notably, Lasaco returned to a positive retained earnings position from a deficit in the previous year, a move industry analysts say underscores significantly improved earnings quality and stronger internal capital generation.

Commenting on the results, the Managing Director of Lasaco Assurance Plc, Ademoye Shobo, said, “These results reflect the company’s continued focus on operational efficiency, customer-centric innovation, and sustainable growth. The recapitalisation initiative aligns with regulatory requirements set by the National Insurance Commission while also serving as a strategic platform for expansion, innovation, and increased market competitiveness.”

On the progress of the rights issue, Shobo said, “By strengthening our capital base, Lasaco Assurance Plc is better positioned to underwrite larger risks, deepen market penetration, and compete more effectively in an evolving insurance landscape. Early indications point to encouraging participation from existing shareholders, reflecting sustained confidence in our strategy, leadership, and growth prospects.

“The combination of strong earnings performance and recapitalisation progress places Lasaco in a favourable position to unlock new growth opportunities, particularly within underserved segments. With shareholders demonstrating continued confidence through active participation in the rights issue, the drive appears firmly on track to enhance financial resilience and long-term stability.”

Riding on the momentum of this Q1 performance, Lasaco is progressing towards the completion of its Rights Issue, a key pillar of its capital-raising journey. The company’s recent product innovations and customer-focused offerings are expected to benefit heavily from the enhanced capital base, driving further growth in the coming quarters.

As the Nigerian insurance industry continues to evolve under new regulatory thresholds, Lasaco Assurance is positioning itself as a better-capitalised player, ready to capture emerging opportunities and deliver sustainable value to its stakeholders through a well-optimised investment strategy and disciplined underwriting.