The Nigerian Exchange extended its positive momentum in the new trading year on Tuesday, as sustained buying interest across key stocks lifted total market capitalisation by about N468bn, reinforcing investor optimism and consolidating the market’s position above the N100tn milestone.

At the close of trading, total equities market capitalisation rose to N102.28tn from N101.81tn recorded in the previous session, reflecting a 0.46 per cent increase in market value within one trading day. The gain underscores continued bullish sentiment following the strong opening to the 2026 trading year.

The All-Share Index advanced by 0.46 per cent, adding 732.86 points to close at 159,951.08 points, compared with 159,218.22 points on Monday. The performance pushed the market’s year-to-date return to 2.79 per cent, highlighting a firm start to the year amid renewed portfolio positioning by investors.

Market activity showed notable improvement, with a total of 758.93m shares exchanged in 54,199 deals, valued at N19.83bn. Compared with the previous trading day, trading volume increased by 9 per cent, while turnover rose by seven per cent, despite a four per cent decline in the number of deals executed.

The increase in volume and value points to stronger participation by investors, particularly in actively traded stocks, even as transactions were concentrated in fewer but larger trades.

In aggregate, 130 listed equities participated in trading during the session. Market breadth closed positive, with 65 gainers against 21 losers, indicating broad investor participation and a generally upbeat sentiment across the market.

Meyer Plc topped the gainers’ chart, appreciating by the maximum 10 per cent to close at N14.30 per share. Jaiz Bank Plc followed with a 10 per cent gain, while Associated Bus Company Plc rose by 9.98 per cent. Multiverse Mining and Exploration Plc also posted strong performance, advancing by 9.94 per cent.

On the losing side, Aluminium Extrusion Industries Plc recorded the steepest decline, shedding 9.96 per cent to close at N21.70 per share. Learn Africa Plc fell by 9.16 per cent, and Oando Plc declined by 7.69 per cent, while United Bank for Africa Plc lost 6.22 per cent.

Trading by volume was led by Linkage Assurance Plc, which recorded 51.6m shares traded. Sterling Bank Plc followed with 49.1m shares, while Access Holdings Plc and Mutual Benefits Assurance Plc recorded volumes of 48.7m and 34.7m shares, respectively.

Market performance during the session was driven largely by activity in heavyweight stocks, including MTN Nigeria Communications Plc, Access Holdings Plc, Guaranty Trust Holding Company Plc, Zenith Bank Plc, and United Bank for Africa Plc, which together accounted for a significant share of market turnover and index movement.

Overall, the equities market closed the session bullish, extending the early-year rally and keeping total market capitalisation comfortably above N100tn. Analysts note that the sustained gains reflect renewed investor confidence, selective bargain hunting, and positioning ahead of expected corporate earnings releases and macroeconomic developments.

Meanwhile, broader market indicators remained supportive. At the close of trading, Brent crude oil traded at $61.82 per barrel, while gold stood at $4,418.82 per ounce on the international commodities market, providing additional context for global risk sentiment.

With market capitalisation now at N102.28tn and trading activity strengthening, the NGX appears set to maintain positive momentum in the early days of 2026, barring any adverse macroeconomic or policy shocks.

Fidelity Bank Plc has 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 on Tuesday, the bank said the Private Placement was conducted following approvals from the Central Bank of Nigeria 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 Central Bank of Nigeria and the Securities and Exchange Commission, it successfully opened and closed a Private Placement of ordinary shares on 31 December 2025,” the bank said.

According to the statement, the exercise resulted in the bank raising N259bn, which increased its eligible capital from N305.5bn to N564.5bn, subject to final regulatory approvals.

“This exercise resulted in the bank raising N259bn, increasing its eligible capital from N305.5bn to N564.5bn, awaiting regulatory approvals,” the statement added.

The bank explained that the Private Placement was carried out pursuant to the authority granted by shareholders at its Extraordinary General Meeting held on 6 February 2025, where approval was given for the issuance of up to 20bn ordinary shares.

“The Private Placement was conducted pursuant to the authorisation received from the Bank’s shareholders at the Extraordinary General Meeting of 6 February 2025, to issue up to 20bn Ordinary Shares by way of Private Placement,” Fidelity Bank stated.

The latest capital raise forms part of the lender’s broader recapitalisation programme aimed at meeting the new minimum capital threshold of N500bn set by regulators for commercial banks with international licences.

The bank recalled that it had previously raised N175.85bn through a Public Offer and Rights Issue in 2024, which lifted its eligible capital to N305.5bn at the time.

“The Bank had previously raised N175.85bn through a Public Offer and Rights Issue in 2024, bringing its eligible capital to N305.5bn,” the statement added.

Following the completion of the Private Placement, Fidelity Bank said it has now surpassed the N500bn regulatory requirement, with a buffer above the minimum threshold.

“This left a margin of N194.5bn to meet the new regulatory capital requirement of N500bn for commercial banks with international authorisation,” the bank added.

Industry analysts say the successful completion of the Private Placement positions Fidelity Bank strongly ahead of regulatory deadlines and reflects sustained investor confidence in the lender’s growth strategy, balance sheet strength and long-term outlook.

With eligible capital now standing at N564.5bn, Fidelity Bank joins the growing list of Nigerian lenders that have made significant progress in the ongoing banking sector recapitalisation exercise, as regulators push for stronger, more resilient financial institutions capable of supporting economic growth.

The Nigerian National Petroleum Company Limited has reduced the pump price of Premium Motor Spirit, also known as petrol, at its retail outlets, lowering the price to N815 per litre in Abuja.

The PUNCH correspondent, who monitored filling stations across the Federal Capital Territory on Monday, observed that the new price represents a N20 reduction from the previous rate of N835 per litre sold at NNPC outlets.

The revised price was implemented at NNPC filling stations located at Lugbe, Wuse Zones 4 and 6, along the Keffi–Abuja Road, as well as on the Kubwa Expressway.

Despite the latest reduction, NNPC’s pump price remains N79 higher than the N739 per litre currently sold at Dangote Refinery-backed MRS filling stations nationwide. Checks by our correspondent showed wide price disparities across retail outlets in Abuja on Monday.

While Matrix stations sold petrol at N840 per litre, Sunlight outlets dispensed the product at N825. Optima Energy sold at N835, while some NNPC stations, including those around Lugbe and the retail outlet opposite Shoprite, reflected the N815 price.

In contrast, MRS stations maintained the lowest price at N739 per litre.

The latest price cut comes amid intensified competition in Nigeria’s downstream oil sector, following the commencement of large-scale petrol supply from the Dangote Petroleum Refinery.

Recall that on December 19, 2025, NNPC slashed its petrol price by N80, from N915 to N835 per litre, in response to a price war triggered by Dangote Refinery’s reduction of its gantry price to N699 per litre.

On December 12, 2025, Dangote refinery reduced its ex-gantry petrol price to N699 per litre, down from N828, representing the lowest price in about two years. The ongoing price adjustments reflect the early effects of deregulation and increased domestic refining capacity, with marketers forced to respond to competitive pressures rather than regulated pricing.

However, consumers continue to grapple with price volatility, while independent marketers have raised concerns over shrinking margins and uneven access to competitively priced supply.

The Federal Government has repeatedly maintained that pricing will be determined by market forces, even as Nigerians closely watch how far prices may fall as supply from local refineries stabilises.

Chapel Hill Denham Securities Ltd and CardinalStone Securities Ltd emerged as the top-performing stockbrokers on the Nigerian Exchange during the fourth quarter of 2025, commanding a significant portion of trading activity by both volume and value, according to the latest Broker Performance Report.

The report, covering the period 1 October to 31 December 2025, shows that the top 10 brokers accounted for 64.22 per cent of total market volume and 62.78 per cent of total market value, underscoring the concentration of trading activity among a handful of leading brokerage firms.

Chapel Hill Denham Securities Ltd dominated trading in terms of volume, executing 41,421,097,747 shares, representing 28.92 per cent of total market volume in the quarter.

CardinalStone Securities followed with 17,635,245,204 shares, or 12.31 per cent of total volume, while ABSA Securities Nigeria Ltd and Meristem Stockbrokers Ltd completed the top four by volume, handling 10,789,141,645 shares (7.53 per cent) and 4,425,714,002 shares (3.09 per cent), respectively

Other brokers rounding out the top 10 by volume included Stanbic IBTC Stockbrokers with 3,456,281,283 shares, Coronation Securities with 3,257,958,778 shares, Morgan Capital Securities with 2,968,859,215 shares, CSL Stockbrokers with 2,928,194,706 shares, TRW Stockbrokers with 2,560,080,028 shares, and Cordros Securities with 2,526,395,514 shares. In aggregate, these top 10 brokers executed a combined 91,968,968,122 shares, accounting for over 64 per cent of all trades on the NGX during the quarter.

While Chapel Hill Denham led in volume, CardinalStone Securities claimed the top spot in terms of transaction value, posting N453,569,479,610.25 in trades, representing 13.35 per cent of total market value. ABSA Securities followed with N362,748,192,623.70 (10.68 per cent), and Chapel Hill Denham was third, recording N257,128,730,321.12 (7.57 per cent).

Other notable brokers in the top 10 by value included Stanbic IBTC Stockbrokers with N231,371,823,315.13, Cordros Securities with N196,574,290,092.59, APT Securities and Funds with N137,284,321,829.46, Meristem Stockbrokers with N131,434,493,116.99, EFG Hermes Nig Ltd with N126,791,318,859.58, Coronation Securities with N124,471,182,330.24, and First Securities Brokers with N111,688,322,416.34.

Together, the top 10 brokers handled trades valued at N2,133,062,154,515.40, representing over 62 per cent of the market’s total value in the last quarter of the year.

“The dominance of Chapel Hill Denham and CardinalStone demonstrates their critical role in maintaining market depth and liquidity,” said a market expert. “These brokers not only handle a significant portion of shares traded but also execute some of the largest value transactions, providing confidence to both retail and institutional investors.”

Household consumption in Nigeria slumped sharply in real terms in 2024 as rising prices eroded the purchasing power of millions of families, according to provisional figures from the Central Bank of Nigeria’s latest statistical bulletin.

Data on Gross Domestic Product by expenditure showed that household final consumption expenditure at 2010 constant purchasers’ prices fell from N45.41tn in 2023 to N31.12tn in 2024.

This represents a real decline of about N14.29tn, or roughly 31 per cent year-on-year, signalling a major contraction in the volume of goods and services consumed by households. Constant price data are adjusted for inflation, meaning they strip out the effect of rising prices to measure actual changes in economic activity.

When this measure collapses, as seen in 2024, it suggests that households are cutting back materially on what they can afford, not just paying more for the same items. However, the same indicator measured at current purchasers’ prices tells a very different but revealing story.

Household consumption at current prices rose from N146.69tn in 2023 to N173.01tn in 2024, an increase of about N26.31tn or nearly 18 per cent. Current price figures are not adjusted for inflation. They simply reflect what households spent in naira terms.

The fact that nominal spending rose while real spending plunged shows that Nigerians are spending more money but getting less value, with inflation swallowing a large share of household budgets.

The steep fall in real household spending is consistent with the sustained double-digit inflation that characterised the year. Nigeria’s headline inflation rate began 2024 at 29.90 per cent in January, up from around 28.9 per cent in December 2023, reflecting continued pressure on prices early in the year.

Throughout 2024, inflation climbed further, with official data showing it reached around 34.80 per cent in December 2024, one of the highest annual rates in the decade.

The year-on-year inflation acceleration over 2024 was driven by persistent increases in food and other essential prices and was marginally higher at the end of the year compared with November.

The persistent high inflation through 2024 compounded the cost-of-living squeeze on Nigerian households. Soaring food, transport, energy, and accommodation costs have pushed many families to the edge, forcing them to prioritise basic survival over discretionary spending.

Even staple food items rose beyond the reach of many lower-income earners, while the removal of petrol subsidy and exchange rate pressures filtered through to almost every aspect of daily living.

The data also paint a worrying picture of real employee earnings. Compensation of employees at 2010 constant purchasers’ prices fell from N28.27tn in 2023 to N25.48tn in 2024.

This represents a drop of about N2.78tn, or close to 10 per cent. In simple terms, when adjusted for inflation, the total value of wages and salaries in the economy declined, meaning workers’ earnings bought less than they did a year earlier.

By contrast, compensation of employees at current prices increased from N63.83tn to N75.59tn, a nominal rise of roughly N11.76tn or about 18 per cent. This again highlights the inflation problem.

While employers may have raised salaries on paper, those increases were not enough to keep pace with rising prices. Real incomes shrank despite higher nominal pay, reinforcing the pressure on household consumption.

Economists often rely on constant-price indicators to understand whether an economy is genuinely expanding or contracting. In this case, the slump in real household spending signals weakening domestic demand, which is a key engine of economic growth.

Household consumption typically accounts for the largest share of GDP on the expenditure side. When consumers cut back at this scale, businesses in retail, manufacturing, services, and hospitality are likely to feel the impact through lower sales, slower production, and reduced investment.

Earlier in 2024, the Chief Executive Officer of Centre for the Promotion of Private Enterprises, Muda Yusuf, said the persistent inflationary pressures continue to be a troubling phenomenon.

Reacting to inflation figures released by the NBS in February 2024, Yusuf said in a statement that the purchasing power had continued to slump over the past few months, pushing Nigerians into poverty.

The CPPE CEO bemoaned that, as inflation maintained an upward trend, economic growth may remain subdued, while the risk of stagflation heightens

“Regrettably, the major inflation drivers are not receding; if anything, they have become even more intense. These include the depreciating exchange rate, surging transportation costs, logistics challenges, forex market illiquidity, astronomical hike in diesel cost, insecurity in farming communities, and structural bottlenecks to production. These are largely supply-side issues.

“The weakening of the naira against the currency of our neighbouring countries [CFA], has continued to incentivise the outflow of agricultural products to these countries. This is complicating the supply side challenges, especially of food crops,” the CEO said.

According to Yusuf, the high inflation is causing increased pressure on production costs, making it harder for businesses to maintain profitability. This, in turn, is eroding shareholder value and lowering investor confidence.

By January 2024, the National President of the Association of Small Business Owners of Nigeria, Dr Femi Egbesola, said the rising inflation has negatively impacted the private sector and the economy as a whole.

He said, “This is because inflation has led to a loss of consumers’ purchasing power, increased production costs, and a reduction in profitability. Inflation has made our businesses less attractive for investors and, by extension, the economy.”

As inflation rises, low labour income has pushed an estimated 14 million Nigerians into poverty in 2024, according to the World Bank’s report on Macro Poverty Outlook: Country-by-Country Analysis and Projections for the Developing World.

The report noted that nearly 47 per cent of the Nigerian population now lives below the international poverty line of $2.15 per day, as surging inflation and a struggling economic structure fail to meet the demands of rapid population growth.

It read, “Labour incomes have not kept pace, pushing an additional 14 million Nigerians into poverty in 2024. An estimated 47 per cent of Nigerians now live in poverty (or below the international poverty line of $2.15.”

In response to the rising poverty levels, the report noted that the Nigerian government has launched temporary cash assistance initiatives targeting 15 million households.

Each household will receive N75,000, distributed in three instalments, benefitting an estimated 67 million people overall.

The World Bank added, “Poverty is estimated at 52 per cent in 2026. Reforms to protect the poorest against inflation and boost livelihoods through more productive work are key for Nigerians to escape poverty. A tight monetary stance while avoiding reliance on ways and means remains crucial for moderating inflation.”

The World Bank stressed the need for continued reforms, noting that “While macro stabilisation is essential and currently underway, by itself it is insufficient to enable Nigeria to reach its growth potential. Sustained efforts and the establishment of a credible track record are necessary to achieve sustained progress.

“Economic growth has struggled to keep pace with population growth, contributing to poverty exacerbated by double-digit inflation.”

Despite its transition into a commercial entity, the Nigerian National Petroleum Company Limited is grappling with mounting financial pressure as unviable and underperforming subsidiaries deepen inter-company indebtedness, pushing outstanding obligations owed to the company to N30.30tn.

Latest findings from NNPC’s 2024 audited financial statements showed that debts owed by subsidiaries, joint ventures, and other related entities rose by 70.4 per cent, or N12.52tn, from N17.78tn in 2023 to N30.30tn as of December 31, 2024. The sharp increase has raised fresh concerns about the company’s liquidity management and long-term financial sustainability.

An analysis of the audited accounts, recently released by the oil firm, conducted on Sunday, revealed that several of the national oil company’s core operating subsidiaries—particularly its refineries, trading arms, and gas infrastructure units—accounted for the bulk of the ballooning intercompany receivables.

The report showed that while the national oil company operates 32 subsidiaries, only eight are not indebted to the parent company, leaving the majority burdened with varying levels of inter-company debt.

This development comes as NNPC continues to navigate concerns surrounding the write-off of substantial debts owed to the Federation and advances plans to divest non-core assets as part of its ongoing transformation into a profitable, commercially oriented national oil company.

Last week, The PUNCH exclusively reported that President Bola Tinubu approved the cancellation of a significant portion of the debts owed by NNPC to the Federation Account, wiping off about $1.42bn and N5.57tn after a reconciliation of records between both parties.

The company has also begun moves to sell stakes in some of its oil and gas assets.

Announcing the company’s 2024 financial results, Group Chief Executive Officer, Bashir Bayo Ojulari, said NNPC recorded a Profit After Tax of N5.4tn on the back of N45.1tn in revenue for the year, representing increases of 64 per cent and 88 per cent respectively over the 2023 figures.

Despite these strong headline numbers, the surge in inter-company debts to N30.30tn underscores the need for a rethink of liquidity strategy and balance-sheet management if the company is to sustain profitability and successfully execute its planned divestments and restructuring.

Topping the list of subsidiaries owing NNPC is the Port Harcourt Refining Company Limited, which posted inter-company debts of N4.22tn in 2024, up sharply from N2.00tn in 2023. This reflects the financial strain associated with years of rehabilitation spending and prolonged operational downtime.

Next was the Kaduna Refining and Petrochemical Company Limited, whose obligations rose to N2.39tn from N1.36tn a year earlier, while the Warri Refining and Petrochemical Company Limited owed N2.06tn, up from N1.17tn in 2023.

The PUNCH reports that although the Port Harcourt, Warri, and Kaduna refineries have undergone several rounds of turnaround maintenance aimed at boosting domestic refined petroleum output, they have yet to operate sustainably at commercially viable levels.

As a result, they remain largely dependent on continued financial support from the parent company, contributing significantly to rising inter-company debts reflected in NNPC’s 2024 accounts.

NNPC’s trading operations also featured prominently, with NNPC Trading SA owing the parent company N19.15tn, more than double the N8.57tn recorded in the previous year.

Smaller but notable receivables were recorded from NNPC Gas Infrastructure Company Limited (N847.98bn), Nigerian Pipelines and Storage Company Limited (N466.74bn), Maiduguri Emergency Power Plant (N179.33bn), NNPC Eighteen Operating Limited (N681m), NNPC Trading Services (UK) Limited (N1.97bn), Nidas Shipping Service Agency Limited (N1.26bn), Kaduna IPP Limited (N1.83bn), Kano IPP Limited (N1.47bn) and Hyson Nigeria Limited (Joint Venture) (N102m).

Other subsidiaries with outstanding balances include Petroleum Products Marketing Company Limited (N264.75bn), NNPC Medical Services Limited (N106.75bn), NNPC Shipping and Logistics Limited (N99.99bn), NNPC Gas Marketing Company Limited (N54.71bn), NNPC Engineering and Technical Company Limited (N50.86bn), Gwagwalada Power Limited (N326.58bn), National Petroleum Telecommunication Limited (N26.37bn), NNPC LNG Limited (N28.22bn), NNPC Properties Limited (N18.94bn), and NNPC New Energy Limited (N5.51bn).

In total, amounts owed by related parties climbed from N17.78tn in 2023 to N30.30tn in 2024, underscoring deepening liquidity pressures within the NNPC group structure.

Conversely, the report showed that NNPC’s obligations to its subsidiaries and related entities also increased, rising to N20.51tn in 2024 from N14.17tn in 2023, representing a 44.7 per cent year-on-year increase.

The bulk of this exposure relates to NNPC Trading Limited, to which the national oil company owed N16.36tn as of December 2024, up sharply from N6.70tn a year earlier.

Similarly, NNPC Exploration and Production Limited was owed N4.02tn, down from N4.85tn in 2023, while smaller balances were recorded for NNPC Retail Limited (N10.95bn), NNPC HMO (N3.47bn), Antan Producing Limited (N7.20bn) and NNPC Gas Infrastructure Company Limited (N106.97bn).

The sharp rise in inter-company balances reflects lingering financial complexities arising from NNPCL’s transition from a state corporation to a limited liability company under the Petroleum Industry Act.

The swelling debts come amid the company’s renewed push to divest non-core assets, improve liquidity and attract external capital. NNPCL has repeatedly signalled plans to sell stakes in refineries, pipelines, power plants and other infrastructure assets to strengthen its balance sheet.

Recently, the company confirmed it was reviewing its asset portfolio to unlock value, reduce debt exposure and reposition itself as a commercially viable national oil company capable of competing globally.

Energy experts say resolving inter-company receivables and payables will be critical if NNPC is to execute its asset-sale plans successfully and reassure potential investors of its financial discipline.

Commenting, petroleum economist Prof Wumi Iledare said NNPC must begin operating as a true commercial holding company by enforcing strict settlement timelines among subsidiaries and ending the practice of allowing inter-company obligations to linger indefinitely.

He warned that the N30.3tn inter-company debts recorded in NNPC’s 2024 audited accounts point to deep-rooted structural and governance weaknesses, rather than outright insolvency.

In a personal note reacting to The PUNCH report titled “NNPC’s N30.3tn Debt, A Simple Way to See It from PEWI’s Lens,” Iledare said the scale and pace of the debt build-up should raise red flags, particularly as it represents a 70 per cent increase within a single year.

“The audited report showing N30.3tn in debts between NNPC and its subsidiaries should worry us, not because NNPC is ‘bankrupt,’ but because it exposes a deep structural problem.

“Most of this debt is NNPC owing itself. That usually happens when subsidiaries keep operating without paying for crude, products, or services, while losses are quietly carried forward. But a 70 per cent jump in one year is a clear warning sign. It means inefficiencies are growing faster than reforms.

“Only eight out of 32 subsidiaries being debt-free tells us this is not bad luck; it is weak commercial discipline,” he said.

Iledare stressed that the issue could not be dismissed as operational misfortune, noting that the solution lies in enforcing strict commercial rules rather than writing off debts.

“Even internal debt affects operations. Cash that should go into maintenance, investments and growth is tied down. Profitable units end up subsidising weak ones. Over time, accountability disappears, and performance suffers. The real fix is not debt forgiveness.

“NNPC must act like a true commercial holding company: enforce settlement timelines between subsidiaries, restructure or merge non-viable entities, clearly separate legacy pre-PIA debts from new obligations, and hold subsidiary CEOs accountable for cash flow and profitability,” he added.

He concluded that the rising inter-company debt burden represents a defining moment for the restructured national oil company.

“Bottom line: this debt is a governance test, not just an accounting number. If tolerated, it will recreate the old NNPC problems under a new name. If confronted honestly, it can become the turning point toward a truly profitable, PIA-compliant NNPC.”

Also commenting, the Chief Executive Officer of Petroleumprice.ng, Jeremiah Olatide, said the 70 per cent increase from 2023 reflects “financial recklessness” within the national oil company. “The N30.3tn debt owed by NNPCL and its subsidiaries is quite alarming,” Olatide told The PUNCH.

“A 70 per cent increase from 2023 represents financial recklessness. This debt burden could have a largely negative impact on the company’s operations, given that 25 out of 33 subsidiaries are in debt.

“If not for the intervention of the Federal Government to cancel $1.42bn in legacy debts to ease financial pressure—which is commendable—NNPCL management would be under even greater strain. However, the cycle of debt must be urgently addressed, as it will be detrimental to future operations,” he said.

Olatide added that a strong debt-management framework is essential for NNPCL’s sustainability. “Going forward, proper debt management and restructuring, combined with regular audits and transparent reporting, will enhance accountability and help mitigate the recycling of debts within the group,” he said.

Meanwhile, NNPC’s borrowings more than doubled in 2024, rising from N55.7bn in 2023 to N122.8bn, according to the company’s audited financial statements. The increase, driven largely by new loan arrangements and accrued interest, reflects efforts to fund strategic projects such as the Gwagwalada Independent Power Project.

The report showed that the company added N44.36bn in new borrowings during the year, alongside N1.69bn in interest and an exchange adjustment of N4.02bn, bringing total borrowings to N122.76bn as of December 31, 2024.

Of this amount, N70.56bn was classified as current borrowings, while N52.20bn was non-current, highlighting repayment obligations extending beyond 12 months.

According to the report, loan facilities were extended by NNPC E&P Limited and The Wheel Insurance Company to fund the Gwagwalada IPP. NNPC E&P disbursed N92bn in 2023, repayable over four years with a one-year moratorium on principal repayment, while The Wheel Insurance provided N46bn in 2024, repayable over one year with a six-month moratorium. Interest on both facilities accrues at 30-day Term SOFR plus a four per cent margin, with an additional liquidity premium applied to the NNPC E&P loan.

The report also indicated that the consolidated group reported no borrowings in both 2023 and 2024, suggesting that these liabilities are company-level obligations and do not reflect debt at the subsidiary or joint-venture level.

The surge in loans comes as NNPCL continues to manage complex inter-company debt dynamics, with subsidiaries owing the parent company N30.3tn as of 2024, raising further questions about internal cash management and the financial sustainability of certain units within the group.

Officials of the the Dangote Petroleum Refinery have said that the plant pumped 43.3 million litres of Premium Motor Spirit (petrol) into the Nigerian market on Saturday.

They exclusively disclosed this to our correspondent, debunking claims that the refinery had shut down its petrol processing unit for maintenance.

The officials, who preferred not to be named due to a lack of authorisation to speak on the matter, explained that some marketers were only looking for excuses to increase petrol gantry prices, which the refinery crashed from N828 to N699 per litre.

Over the weekend, there were reports that some depots raised petrol prices above N800 per litre, on claims that the Dangote refinery had shut its petrol u

But an official of the $20bn plant queried the plan by depot operators to increase petrol prices.

Asked if the refinery had been undergoing a maintenance downtime that could trigger a price hike, the source replied, “False! Have we stopped loading or turned back a single truck that has come to load? Yesterday (Saturday) alone, we loaded 43.30 million litres of PMS.”

The source said this was “about 50 per cent more than the actual daily (petrol) consumption of Nigeria”.

Another official told The PUNCH that the company has enough fuel in its tanks to serve the country for the next 20 days, saying this was to allay any fear of supply disruptions or fuel scarcity. “We have a stock which is more than 20 days of Nigerian consumption,” the source stated.

The official expressed concerns that some traders were hiking prices to create tension in the sector, urging Nigerians to patronise filling stations selling Dangote products. “The public should go only to filling stations where our products are sold. They will get whatever they require there,” he stated.

The PUNCH reports that private depots across Lagos and other key fuel trading hubs have increased the ex-depot price of PMS to as high as N800 per litre over the claim that Dangote had shut down its petrol unit.

According to petroleumprice.ng on Saturday, the average cost of petrol at private depots increased within 48 hours, creating concerns over a possible spike in retail pump prices. While the Dangote refinery said it sells petrol at N699 per litre, other depot prices jumped above N800.

Eterna and Integrated depots raised petrol prices to N800 per litre on Friday, compared with N726 per litre at Shellplux and AIPEC earlier in the week, indicating a jump of N74 per litre within two days. Similarly, Aiteo and Lister depots sold petrol at N780 per litre, up from the N750–N760 band recorded on Wednesday.

The impact was more pronounced in Warri, one of the country’s key petroleum logistics hubs. While Matrix Energy and other major depots sold petrol at N800 per litre on Wednesday, prices climbed to as high as N805 per litre by Friday, according to the report.

Marketers were said to have linked the price surge to a “shutdown of the petrol unit at the Dangote refinery”, which is currently a major domestic supplier of PMS, helping to moderate prices following the removal of fuel subsidies.

In December, the Dangote refinery reduced its petrol gantry price from N828 to N699 per litre. The refinery shocked depot owners and marketers when it slashed the gantry price of petrol by N129, causing them to incur losses running into billions of naira.

During a briefing, the President of the Dangote Group, Aliko Dangote, vowed to enforce the new price regime, with MRS selling petrol at N739 nationwide.

The PUNCH reports that as more MRS filling stations in Lagos and Ogun states joined in dispensing petrol produced by the Dangote Petroleum Refinery at N739 per litre, motorists started boycotting retail outlets that sold the product at higher prices.

This compelled other stations to lower their petrol prices, selling at an amount that is far below their cost of purchase.

Meanwhile, as marketers said they were losing billions of naira, Dangote replied that he was also losing money. Findings by The PUNCH showed that petrol importers might lose as much as N102.48bn monthly following the Dangote refinery’s reduction in gantry price.

At the same time, the refinery is projected to lose about N91bn in a month as a direct consequence of the price cut. But Aliko Dangote said he would prefer losing money to allowing petrol imports to thrive.

Analysts noted that the price uptick is a deliberate move by importers to make up for the losses suffered when Dangote slashed petrol prices. However, this may not be achieved, as the refinery ruled out any imminent supply disruptions.