The 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.

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 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.

Fresh details have emerged on the newly signed Memorandum of Understanding between the Nigerian National Petroleum Company Limited and two Chinese firms, Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd, for collaboration through a potential Technical Equity Partnership to support the completion and operation of the Port Harcourt and Warri refineries.

It was gathered exclusively on Sunday that the new arrangement is neither a contract award nor a fresh spending commitment, amid growing public scrutiny over the state-owned refineries. The clarification followed increasing public debate and speculation surrounding the agreement signed by NNPC with the Chinese companies as part of efforts to revamp Nigeria’s long-struggling refineries.

Last Monday, the national oil company announced the signing of a fresh agreement with the two Chinese firms in a move aimed at accelerating the delayed rehabilitation and commercial restart of Nigeria’s refineries, while also opening a new window for technical equity partnerships.

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

According to the national oil company, the proposed arrangement would also involve refinery expansion, petrochemical integration, and the development of gas-based industrial hubs around the facilities.

However, the development has generated widespread public engagement and intensified scrutiny over the future of Nigeria’s refineries, with industry experts, energy stakeholders, and concerned citizens raising questions about transparency, accountability, funding structures, and the long-term commercial viability of the proposed partnership.

A senior company official, who spoke with our correspondent in Abuja on Sunday on condition of anonymity due to the sensitivity of the matter, sought to dispel what he described as “false narratives” surrounding the deal, explaining that the understanding signed with the Chinese firms was merely a preliminary framework for exploring possible areas of collaboration.

The official stressed that no financial commitment had been made by NNPC and that no government funds would be deployed for refinery rehabilitation under the arrangement.

According to the official, the agreement only establishes a preliminary framework for discussions on possible areas of collaboration involving financing, operations, maintenance support, petrochemical development, and gas-based industrial projects.

The official said, “It is important to clarify, and one of the first things to clarify is that it is not an agreement or a financial agreement. It is an understanding with the two parties who are interested in exploring opportunities to revamp and expand the capacities of the refinery.

“The Memorandum of Understanding is a preliminary, non-binding agreement that reflects the mutual intention of the parties to explore areas of collaboration and jointly develop a framework for partnership. The scope of discussions includes financing, support for ongoing projects, operations and maintenance, potential expansion into petrochemicals, and other gas-based industrial initiatives.

“What we signed is not an award of contract. It does not commit NNPC Limited to any fresh rehabilitation expenditure. That point must be made very clear because a lot of false narratives have emerged suggesting that the company has already committed huge sums or entered another spending cycle on the refineries. That is completely incorrect.”

The official said he would have shared a copy of the agreement to demonstrate the company’s careful and transparent handling of the understanding, but was constrained by contractual obligations.

The source further disclosed that discussions under the understanding would cover financing structures, support for ongoing projects, operations and maintenance arrangements, petrochemical opportunities, and other gas-based industrial initiatives.

He added that the long-term objective would be to evaluate the possibility of creating an Incorporated Joint Venture arrangement with strategic investors capable of bringing both technical and financial capacity.

“The long-term objective is to evaluate the possibility of establishing an Incorporated Joint Venture arrangement. However, the immediate next step is for both parties to work together to define the detailed commercial, technical, and operational framework that could guide any future partnership,” he said.

The official acknowledged concerns raised by Nigerians regarding accountability and the huge sums previously spent on refinery rehabilitation over the years, with little visible improvement in operations.

However, he maintained that under the current leadership of the company, no fresh refinery rehabilitation programme had been approved since 2025. “The concerns regarding accountability, value assurance, and historical spending associated with the NNPC refineries are acknowledged. Nigerians have genuine concerns because of what has happened in the past.

“But it is important to state clearly that since 2025, NNPC Limited has not committed to, nor undertaken, any new refinery rehabilitation or upgrade programme.

“In the last year under the current leadership, no kobo has been spent on rehabilitation of the refineries, and there is no plan to commit money directly from the company’s purse into another round of spending without commercially viable partnerships,” the official stated.

On concerns that taxpayers’ money could again be deployed to fund refinery projects, the official reiterated that the company’s structure under the Petroleum Industry Act no longer allows reliance on government funding.

“The company is no longer a government agency and cannot get funding from the government. So no amount of government funds will be used for this arrangement. We only signed an understanding. The company has also tried to be transparent by making an announcement on it publicly, which shows our commitment to openness and accountability to Nigerians,” he added.

According to the official, the company’s current strategy is focused on attracting investors and technical partners willing to share risks while helping to return the refineries to sustainable commercial operations.

“Our current approach is guided by commercial prudence, sustainability, and long-term value creation. The strategic focus is to return the refineries to sustainable and profitable operations through partners that are willing to bring capital, technical expertise, operational capacity, and shared commercial risk as equity partners.

“As a commercially driven energy company operating under the Petroleum Industry Act, NNPC Limited is focused on protecting value, minimising direct funding exposure, and ensuring that any future refinery development is based on commercially viable partnership structures rather than continued dependence on government spending,” the official said.

The clarification comes amid renewed public attention on Nigeria’s refineries, including the Port Harcourt, Warri, and Kaduna plants, which have gulped $2.39bn (over N3.2tn) in rehabilitation costs over the years despite prolonged operational challenges.

The PUNCH reports that the Federal Government had spent $2.39bn under the previous administration to rehabilitate the two refineries. Only the Port Harcourt refinery was said to have been completed, with production starting in November 2024. However, it was shut down on May 24, 2025, amid controversy over its output.

In March 2021, the Federal Executive Council approved the sum of $1.5bn for the rehabilitation of the Port Harcourt refinery plant, which operates two refineries: the old plant with a capacity of 60,000 barrels per stream day and a new facility with 150,000 barrels per stream day, bringing the refinery’s combined crude processing capacity to 210,000 barrels per stream day.

The Federal Government, through the Ministry of Women Affairs and Social Development, alongside stakeholders in the education, financial, and development sectors, has urged Nigerians to embrace skills acquisition and vocational empowerment, while commending FirstBank for its investment in youth- and women-focused capacity development initiatives across the country.

This was disclosed in a Sunday statement from the partners. Speaking at the graduation ceremony of 50 women from a vocational and entrepreneurship training programme sponsored by FirstBank Nigeria Limited in partnership with the African Projects Development Centre in Gwagwalada, Abuja, a representative of the Minister of Women Affairs and Social Development, Saratu Salawu, described skill acquisition as a critical tool for addressing unemployment, poverty, and economic inequality in the country.

She urged the graduates to make productive use of the skills acquired. “Do not sit back and wait for someone to arrange a job for you.

It is important to have something meaningful you can do for yourself and your community,” she said

Mrs Nkechi Mathew, who represented the pioneer Mandate Secretary of the Women Affairs Secretariat of the Federal Capital Territory Administration, Adedayo Benjamins-Laniyi, described the graduation as evidence that Nigerian women are prepared to contribute meaningfully to economic development.

Salawu, Mathew, and other participants commended the “You First Fashionistas Training Programme” by FirstBank and APDC, which was launched to equip participants with practical skills in fashion design, hair styling, and makeup artistry as part of efforts to tackle youth unemployment and encourage entrepreneurship in Nigeria’s creative and beauty industries.

The training began on September 16, 2025, and is expected to run until December 18, 2026, culminating in a fashion fair in 2027.

According to FirstBank, the initiative is expected to support economic growth by equipping beneficiaries with practical skills that enable them to create products, earn income, and improve their livelihoods.

The bank said participants had already begun producing clothes and other creative items for commercial purposes, adding that the programme was designed to move women into the active economy through income-generating skills in fashion, hair styling, and makeup artistry.

The bank urged the graduates to become job creators rather than job seekers.

FirstBank added that the partnership with APDC aims to empower 200 women within one year through four cohorts of 50 participants each, describing the initiative as part of its commitment to sustainable economic empowerment and corporate social responsibility.

Speaking at the event, APDC Managing Director, Chiji Ojukwu, said the organisation established its vocational and entrepreneurship programmes to address rising youth and women unemployment in Nigeria.

He disclosed that APDC had trained about 10,000 youths in various sectors over the past eight years, with its fashion and beauty programme benefiting nearly 500 women across nine cohorts.

Ojukwu said the initiative was designed to help beneficiaries become self-reliant business owners and employers, while revealing plans for a fashion fair to showcase trainees’ products and services to investors and customers.

The Central Bank of Nigeria has urged state governments to reduce their reliance on overdrafts and short-term borrowing, warning that reckless fiscal behaviour at the sub-national level could undermine the country’s transition to an inflation-targeting monetary policy framework.

This was contained in a press statement issued by the CBN on Sunday following an engagement with sub-national stakeholders facilitated through the Nigerian Governors’ Forum Secretariat in Abuja.

According to the statement, the Deputy Governor in charge of the Economic Policy Directorate, Dr Muhammad Abdullahi, said state governments must adopt stricter fiscal discipline to support price stability and ongoing macroeconomic reforms.

“He urged states to reduce reliance on overdrafts and short-term financing, ensure that borrowing decisions align with debt sustainability thresholds, improve budget realism and revenue forecasting, prioritise expenditure, and better synchronise fiscal calendars with prevailing macroeconomic conditions,” the statement said.

Abdullahi described the transition to inflation targeting as a shift towards a more transparent, rule-based, and forward-looking monetary framework that requires close collaboration between the central bank and state authorities.

According to him, while the CBN remains responsible for monetary policy decisions aimed at controlling inflation, fiscal actions by state governments also significantly influence inflation outcomes in a federal system like Nigeria’s.

He warned that inflation targeting largely depends on managing economic expectations, stressing that expansionary fiscal activities by states could weaken the effectiveness of monetary policy signals.

The deputy governor noted that state governments influence inflation through borrowing decisions, debt accumulation, spending patterns, wage bills, capital project execution, salary arrears, contractor financing, and cash management practices linked to Federation Account Allocation Committee receipts.

“In an inflation targeting regime, persistent, unpredictable or expansionary fiscal behaviour at the sub-national level can significantly undermine price stability,” Abdullahi said.

He added that the absence of fiscal dominance, where governments pressure the central bank to monetise deficits, remains a major condition for successful inflation targeting, noting that the principle applies to both federal and state governments.

Abdullahi further outlined four responsibilities expected of state governments under the inflation-targeting framework, including maintaining fiscal discipline and predictability, pursuing responsible borrowing, improving coordination on cash and debt management, and strengthening internally generated revenue mobilisation.

He warned that excessive supplementary budgets, unplanned spending, and unsustainable debt accumulation could trigger liquidity shocks and worsen inflationary pressures.

The deputy governor stressed that inflation targeting should be seen as a collective national commitment aimed at achieving long-term stability, economic credibility, and sustainable growth.

Also speaking, the Director of the Monetary Policy Department, Dr Victor Oboh, described inflation targeting as a “win-win framework” capable of benefiting households, businesses, and governments by improving policy credibility and reducing macroeconomic uncertainty.

Oboh stated that price stability could not be achieved through monetary policy alone, especially in a federal system where state spending, borrowing, and cash flow decisions directly affect inflation and liquidity conditions.

According to him, the engagement was organised to deepen collaboration and mutual understanding between the CBN and state governments regarding the expectations and coordination required for the successful implementation of inflation targeting.

Delivering a goodwill message on behalf of the Director-General of the Nigerian Governors’ Forum, Dr Abdullateef Shittu, the Executive Director of Policy, Strategy and Research at the forum, Prof Olalekan Yunusa, commended the CBN for involving sub-national authorities early in the transition process.

He said the move from monetary targeting to inflation targeting reflected a deliberate commitment to price stability, adding that sustainable macroeconomic stability required disciplined coordination across all tiers of government.

The engagement attracted participants from over 20 states, including commissioners of finance and economic planning, accountants-general, permanent secretaries, statisticians-general, and directors, who reaffirmed support for the CBN’s reform agenda and transition to inflation targeting.

The PUNCH earlier reported that the 36 states and the Federal Capital Territory’s debt rose to nearly $5.7bn in fresh external loans in 2025, driving a year-on-year surge in subnational foreign debt despite higher inflows from Federation Account Allocation Committee disbursements.

Data from the Debt Management Office indicated that the combined external debt stock of the 36 states and the FCT increased from $4.80bn as of December 31, 2024, to $5.68bn as of December 31, 2025, reflecting a net increase of $884.66m, or 18.43 per cent year-on-year.

A breakdown of the data showed that 33 out of the 37 subnational entities recorded increases in their external debt positions during the period under review, representing 89.19 per cent of the total, while only four states posted declines, accounting for 10.81 per cent.

The scale of the increase shows a continued reliance on external financing by state governments amid fiscal pressures, infrastructure demands, and rising FAAC revenues.

The Senate has confirmed Rabiu Umar as Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority following his screening on May 5, 2026.

A statement from Umar’s media team on Thursday said lawmakers commended his professionalism, industry knowledge and strategic vision for Nigeria’s petroleum sector during the screening session. Umar also pledged to strengthen national energy security, eliminate supply bottlenecks and ensure stable fuel availability nationwide.

President Bola Tinubu had nominated Umar on April 29, 2026, as part of efforts to strengthen regulatory effectiveness and accelerate reforms under the Petroleum Industry Act.

During the screening, Umar outlined an agenda focused on supply resilience, regulatory efficiency, investor confidence and nationwide product accessibility. He also said global disruptions, including tensions around strategic shipping corridors such as the Strait of Hormuz, would continue to influence fuel prices globally.

“Global events may affect prices, but they should not define Nigeria’s stability. Our task is to build a petroleum system strong enough to absorb shocks, protect supply, and keep homes, industries and transport moving in every season,” he said.

Umar, who has over two decades of experience across downstream petroleum, logistics and manufacturing, previously held senior roles at Oando Plc, led a turnaround at Ashaka Cement Plc, and served as Group Chief Commercial Officer at Dangote Group, which he left eight months ago.

He said immediate priorities include strengthening the operational readiness of Nigeria’s 22 depots, ensuring stock buffers nationwide and working with relevant agencies to guarantee product availability.

“Energy security is not measured only by volumes in storage. It is measured by whether fuel is available when Nigerians need it, where Nigerians need it. We will build a supply architecture that is visible, reliable and national in reach,” he said.

Before his confirmation, Umar’s nomination received endorsements from industry groups. The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Retail Outlets Owners Association of Nigeria (PETROAN) described the nomination as well received, expressing confidence in his capacity to address sector challenges.

Stakeholders within the Major Energy Marketers Association of Nigeria also welcomed the nomination, describing it as a positive signal for stability, professionalism and continued reform.

Umar pledged to reposition the authority as an efficient regulator and a catalyst for investment, growth and market confidence by removing administrative bottlenecks and improving service delivery.

“The NMDPRA under my leadership will be firm in regulation, fair in conduct and fast in execution. We will protect standards, unlock investment, remove avoidable bottlenecks and make this Authority a model of professionalism and economic value creation,” he said.

Industry observers said his presentation before the Senate reflected a practical understanding of the relationship between regulation, energy security and market stability as Nigeria’s petroleum sector continues reforms under the Petroleum Industry Act.

First HoldCo Plc. has announced its audited results for the financial year ended December 31, 2025, with gross earnings grew by 6.9% to ₦3.4 trillion, underpinned by strong net interest income growth of 36.8% and continued momentum in its digital and transactional franchises.

The Group Managing Director

of the holding company, Wale Oyedeji, while commenting on the results stated that:  “2025 was a defining year for FirstHoldCo, characterised by disciplined execution, resilient core earnings and a comprehensive reset of our balance sheet for sustainable performance and high-quality growth.

Importantly, we comprehensively de-risked the Group’s balance sheet by adequately providing for systemic impaired and non-performing exposures. This decisive action, aligned with the post-forbearance landscape, enhances transparency and positions the Group on a far stronger foundation for future growth, improved asset quality and higher-quality earnings.

We also strengthened our capital position through focused capital-raising initiatives to ensure FirstBank meets minimum regulatory capital requirements of N500 billion. Additionally, and under our ₦350 billion capital raise programme, we have successfully secured ₦128.7 billion to date. We remain firmly on track and continue to engage proactively with regulators and the market to deliver a further enhanced well-capitalised platform that can enhance growth and increase value creation.

The Group continues to demonstrate steadfast leadership in the industry-wide resolution of legacy delinquent borrower exposures. We have recorded notable progress in recoveries, particularly from upstream borrowers with significant oil reserve-backed collateral, reinforcing our commitment to disciplined risk management and balance sheet strength.

Alongside these actions, we continued to invest in governance, technology and inclusion—deepening customer engagement, expanding access, and strengthening execution across the Group.

Looking ahead, our priorities are unequivocal: improve earnings quality, drive efficiency, strengthen asset quality & Capital and scale our non-banking businesses—underpinned by rigorous risk and capital discipline. With a cleaner balance sheet and a defined capital pathway, FirstHoldCo is positioned to accelerate sustainable growth and translate performance into consistent shareholder returns. This is an enduring franchise, of scale, trust and systemic relevance, and we are firmly committed to compounding value and returning more to shareholders.”

Group financial review

In 2025, the Group demonstrated robust top-line performance, achieving a 6.9% year-on-year increase in gross earnings to ₦3.4 trillion. This growth was driven by strong core banking activities and a well-diversified income base.

Interest income increased by 24.9% to ₦3.0 trillion, attributable to proactive asset repricing and enhanced yields. Net interest income experienced substantial growth of 36.8%, reaching ₦1.9 trillion and resulting in a net interest margin of 11.1%. Non-interest income remained strong, with net fees and commission income rising by 20.2% to ₦294.5 billion, supported by greater digital transaction volumes, transfer and intermediation fees, and letter of credit commissions and fees. The Group’s earnings profile is sustained by a diversified and resilient income-generating model.

Operating expenses rose by 32.1% to ₦1.2 trillion, primarily due to inflationary trends and foreign exchange pressures. The increase was largely attributable to higher personnel costs, elevated regulatory fees, enhanced advertising and corporate promotion initiatives designed to drive business growth, strengthen global and enterprise-wide brand visibility, and boost customer engagement, along with greater administrative and miscellaneous charges. Consequently, the cost-to-income ratio climbed to 53.8%.

Profit before tax decreased by 70.5% to ₦235.0 billion, primarily as a result of a 93.8% rise in impairment charges and the normalisation of foreign exchange gains recorded in prior years. Despite these challenges, the Group demonstrated robust underlying performance, with normalised pre-provision profit rising by 36.6% to ₦1.07 trillion. This improvement underscores the Group’s fundamental earning strength and resilience.

Total assets grew 2.7% y-o-y to ₦27.3 trillion (Dec 2024: ₦26.5 trillion). This demonstrates an expansion in the asset position and interest earning asset as cash and balances with central Banks, loans to banks & customers and investment securities now constituting 89.8% of total assets versus 86.8% in the prior year.

Asset quality continues to be a primary area of focus for the Group. The non-performing loan (NPL) ratio rose to 12.0% (2024: 10.2%) due to a notable increase in impairment charges, largely attributable to significant industry-wide exposure within the oil and gas sector, consistent with similar treatments by other major syndicate banks. Notably, the underlying collateral values remain more than adequate to cover exposures, offering robust downside protection, while anticipated customer repayments are expected to contribute positively to profit recovery. The coverage ratio improved significantly to 98.7% (2024: 54.8%), reflecting enhanced balance sheet resilience. Overall, the Group is further reinforcing its credit risk management framework, intensifying recovery initiatives, and strategically repositioning the loan portfolio toward greater sustainability and resilience.

The Group upheld a solid and highly liquid balance sheet, as evidenced by a 10.0% rise in customer deposits to ₦18.9 trillion. This growth was bolstered by a high-quality CASA mix of 93.1%11, signalling ongoing customer trust and a stable funding platform. Meanwhile, loans and advances experienced a modest 2.3% increase, reaching ₦9.0 trillion, consistent with the Group’s prudent and disciplined approach to risk.

The Group enhanced its capital base, with share premium increasing significantly to ₦458.4 billion following a successful capital raise. Total shareholders’ funds also rose from ₦2.8 trillion to ₦3.3 trillion. Overall, the Group is making strong progress in rebuilding its capital, supported by sustained revenue growth, disciplined earnings retention, decisive capital raising efforts, and ongoing loan recoveries.

Business Groups:

Commercial Banking

Gross earnings of ₦3,355.4 billion up 8.1% y-o-y (Dec 2024: ₦3,104.5 billion)

Net interest income of ₦1,887.2 billion, up 36.1% y-o-y (Dec 2024: ₦1,386.6billion)

Non-interest income of ₦348.0 billion, down 49.0% y-o-y (Dec 2024: ₦682.7 billion)

Operating expenses of ₦1,205.6 billion, up 32.7% y-o-y (Dec 2024: ₦908.7 billion)

Profit before tax of ₦201.2 billion, down 72.1% y-o-y (Dec 2024: ₦720.8 billion)

Profit after tax of ₦129.3 billion, down 78.4% y-o-y (Dec 2024: ₦599.3 billion)

Total assets of ₦26.7 trillion, up 4.8% y-o-y (Dec 2024: ₦25.5 trillion)

Customers’ loans and advances (net) of ₦9.0 trillion, up 2.3% y-o-y (Dec 2024: ₦8.8 trillion)

Customers’ deposits of ₦18.9 trillion, up 10.0% y-o-y (Dec 2024: ₦17.2 trillion)

Investment Banking & Asset Management (IBAM)

Gross earnings of ₦72.8 billion, down 30.1% y-o-y (Dec 2024: ₦104.2 billion)

Profit before tax of ₦31.9 billion, down 43.6% y-o-y (Dec 2024: ₦56.5 billion)

Total assets of ₦535.3 billion, up 4.0% y-o-y (Dec 2024: ₦514.9 billion)