11 Plc is positioning itself for growth in alternative fuels, particularly compressed natural gas (CNG), as the downstream sector undergoes significant transformation.

It is also strengthening partnerships with domestic refiners and expanding its footprint in alternative fuels to drive sustainable growth

Chairman 11Plc , formerly  Mobil Oil Nigeria Plc, Ramesh Kansagra, disclosed this in his address to shareholders at the 47th Annual General Meeting, chaired on his behalf by Non-Executive Director, Alhaji Abdulkadir Aminu..

He hinted that the emergence of domestic refining capacity presents opportunities for efficiency and challenges associated with price volatility and margin compression.

He expressed the company’s  commitment to constructive engagement with the Dangote Refinery with a view to fostering a mutually beneficial and symbiotic relationship.

The  company’s priorities, he said,  include expanding its white oil station network, enhancing operational efficiency, and diversifying revenue streams.

“We are confident that these strategic pillars will enable us to navigate uncertainties while positioning the company for sustainable growth and long-term value creation,” he added.

He also revealed that 11 Plc is focusing on optimizing asset utilization and maintaining strong corporate governance and financial discipline expressing  optimistic about the long-term prospects of the industry, with the increasing availability of locally refined products expected to enhance supply security and reduce systemic inefficiencies.

” The company’s commitment to alternative fuels is driven by its vision to become a leading player in the energy sector. 11 Plc is leveraging its strong brand reputation and distribution network to drive growth in Compressed Natural Gas and other alternative fuels ” he asserted

He also highlighted the import of collaboration in driving growth in the energy sector. stressing  “We are committed to working with our partners and stakeholders to create a conducive business environment and drive sustainable growth,” .

He expressed optimism that the  company’s focus on alternative fuels is expected to contribute significantly to its growth in the coming years,  adding that 11 Plc is well-positioned to capitalize on the opportunities presented by the evolving downstream sector.

He noted:” The company’s strategic initiatives are designed to drive sustainable growth and long-term value creation. 11 Plc is confident that its focus on alternative fuels, operational efficiency, and customer satisfaction will enable it to navigate uncertainties and achieve its goals.”

He averred that 11 Plc’s focus on alternative fuels is a key component of its growth strategy  which  is expected to yield positive results in the coming years.

 

The Nigerian equities market retreated into negative territory on Thursday as a massive wave of sell-offs in large-cap stocks erased N1.922tn from the total market capitalisation. This downturn was primarily driven by investors rotating out of high-value industrial and consumer goods stocks to lock in profits, ending the session with the total market value at N153.859tn.

The benchmark All-Share Index declined by 2,994.90 points, representing a loss of 1.23 per cent to close at 239,734.61 points. The day’s performance was weighed down by significant price depreciation in blue-chip tickers, notably Dangote Cement, BUA Cement, Nestle Nigeria, Lafarge Africa, and Skyway Aviation Handling Company.

Despite the heavy blow to the overall value, market breadth remained broadly positive as 41 gainers outpaced 30 losers, suggesting that while the heavyweights retreated, mid- and small-cap stocks continued to find favour among retail investors.

Chemical and Allied Products and FTN Cocoa Processors emerged as the session’s top performers, both hitting the maximum daily gain of 9.99 per cent to close at N212.50 and N8.04, respectively. They were closely followed by Berger Paints, Meyer, and Zichis Agro Allied Industry, all recording a 9.97 per cent uptick.

On the flip side, University Press led the losers’ chart with a 10 per cent drop to close at N4.50, while Red Star Express followed with a decline of 9.59 per cent and Skyway Aviation Handling Company shed 8.63 per cent of its value.

Market activity saw a significant spike as the total volume of shares traded rose 29.34 per cent to 1.830 billion units, valued at N72.168bn across 81,131 deals. NEM Insurance dominated the activity chart, transacting 360.565 million shares worth N7.937bn. Other highly traded stocks during the session included Fortis Global Insurance, VFD Group, Access Holdings, and FCMB Group.

FirstHoldCo Plc delivered a masterclass performance in its first-quarter 2026 financials, recording a 100% year-on-year profit before tax (PBT) growth. Profit before tax (PBT) jumped to N321.12 billion from N186.48 billion in the corresponding period of 2025, supported by steady interest-earning capacity and robust fee income generation.

The first quarter of 2026 marked a definitive pivot for FirstHoldCo Plc, as the parent entity of Nigeria’s oldest commercial bank re-established itself as a financial powerhouse.

Emerging from a period of aggressive balance sheet restructuring characterized by massive legacy debt write-offs in late 2025, the group’s Q1 2026 performance represents a “phoenix-like” Strategic reset.

Post its 2025 balance-sheet cleanup,

FirstHoldCo’s Q1 2026 results also established the Group as the second-largest Nigerian lender by absolute profit before tax, trailing only Zenith Bank.

In Q1, 2026, Zenith Bank reported PBT of N360.91 billion, FirstHoldCo N321.12 billion, GTCO N302.89 billion, Access Holdings N272.2 billion and UBA N160.65 billion.

This renaissance is not merely a product of the high-interest-rate environment currently prevailing in Nigeria, where the Central Bank of Nigeria (CBN) has maintained its hawkish stance with a 26.5% Monetary Policy Rate (MPR) to anchor inflation.

Rather, it is the result of a deliberate “kitchen-sinking” of bad assets in the 2025 financial year, which saw the Group take a historic N826.3 billion impairment charge to resolve historical asset quality concerns once and for all.

This strategic “cleansing” has liberated the balance sheet to capture the full upside of the current lending cycle, allowing FirstHoldCo to lead the market in the most critical measures of shareholder value creation.

The Profitability Outperformer: Return on Equity Leadership

FirstHoldCo’s standout metric for the first quarter of 2026 is its Return on Equity (ROE). This parameter serves as the ultimate barometer for management’s ability to generate earnings from the capital entrusted to them by shareholders.

For Q1 2026, FirstHoldCo delivered a post-tax ROE of 31.6%, effectively eclipsing the entire FUGAZ group. This represents a staggering turnaround from the 4.6% recorded in December 2025, which was heavily weighed down by the balance sheet reset.

The leadership in ROE is particularly noteworthy given the simultaneous recapitalization efforts across the industry, which naturally exerts downward pressure on ROE and indicates that FirstHoldCo’s earnings power is scaling faster than its capital dilution

FirstHoldCo’s outperformance is structurally rooted in its superior asset yield, particularly within its loan book. Unlike some peers who have historically relied on the “carry trade” of government securities, FirstHoldCo has aggressively pivoted toward private sector credit. In Q1 2026, the group generated N465.6 billion in interest income from loans and advances to customers, representing a 27.8% increase from the prior year.

This growth in customer loan income is significantly higher than that of its closest rivals. FirstHoldCo is finding higher-quality lending opportunities in a tight liquidity environment.

Operational Resilience

FirstHoldCo’s Cost-to-Income Ratio (CIR) improved remarkably from 53.8% in late 2025 to 45.2% in Q1 2026. While it still trails GTCO (the industry efficiency benchmark at 30.9%) and Zenith (43.5%), it has significantly outperformed Access Corp (55.8%) and UBA (61.2%). The improvement in FirstHoldCo’s ratio is even more impressive when considering that its total operating expenses rose 21.3% year-on-year to N297.6 billion. The key to this outperformance is “positive operating leverage”—the group’s net earnings grew by 40.2%, effectively “outrunning” its expense growth.

Recovery and Credit Quality

The most profound turnaround in FirstHoldCo’s financial profile is found in its “Other Non-Interest Income,” specifically the “Recoveries” line item. In Q1 2025, the group reported a modest N1 billion in loan recoveries; by Q1 2026, this figure surged by 1570% to N19 billion. This outperformance in debt recovery is a direct consequence of the 2025 balance sheet reset. Having aggressively written off legacy non-performing loans (NPLs), the bank’s specialized recovery units are now clawing back value from these assets, which flows directly to the bottom line as non-interest income.

Balance Sheet Dynamics: Liquidity and Funding

FirstHoldCo’s balance sheet reflects a bank that is both liquid and well-positioned for the “normalization” phase of the economy. Total assets stood at N26.8 trillion in March 2026, a slight 1.4% decline from December 2025, primarily due to the strategic balance sheet management.

FirstHoldCo Resets and Positions for Growth in 2026 and Beyond

By taking the painful but necessary steps to reset its balance sheet in 2025, FirstHoldCo Plc has entered 2026 as a leaner, more profitable, and more efficient competitor.

Its leadership in ROE and PBT growth is not an accident of the market but a direct result of management’s focus on high-yield customer lending and aggressive asset recovery, making it the industry’s most efficient engine for creating shareholder value.

As the benefits of the group recapitalization takes hold and the market digests its Q1 results, the current valuation gap between FirstHoldCo and other tier-one rivals like Zenith and GTCO is expected to narrow.

Access Holdings Plc has reaffirmed its commitment to long‑term shareholder value and sustainable returns following a strong performance in the 2025 financial year. The Group also provided clarity on the rationale for the non‑payment of dividends for the year ended 31 December 2025.

The clarification was provided during the Group’s Full Year 2025 Investors and Earnings Call, where management addressed shareholder concerns regarding the absence of a dividend declaration despite the Group’s robust earnings growth and balance-sheet expansion.

The company emphasised that the non-payment of dividends for the 2025 financial year was not performance-driven but reflected prudential regulatory alignment matters which required resolution before payments could be effected.

Commenting on the feat, the Group Managing Director/Chief Executive Officer of Access Holdings Plc, Innocent Ike, said, “Access Holdings has a strong history of consistent dividend payments, and rewarding shareholders remains a core priority for the Board and Management. The non‑payment of a dividend for 2025 was not due to earnings weakness or cash flow constraints but an alignment with regulatory and prudential guidelines.”

For the 2025 financial year, the company delivered a resilient and diversified performance, underscoring its capacity to generate sustainable shareholder returns.

Gross earnings grew 13.3 per cent to N5.53tn, supported by strong growth in net interest income and a 40.9 per cent increase in fees and commissions to N585.07bn. Profit before tax increased 16.2 per cent to N1.01tn, crossing the N1tn mark for the first time in the Group’s history.

Total assets expanded 24.2 per cent to N51.56tn, reflecting scale accretion and the successful integration of recently acquired subsidiaries. The Group’s cost‑to‑income ratio improved significantly from 56.7 per cent to 51.7 per cent, driven by disciplined cost management and operating leverage. Capital adequacy remained strong at 18.2 per cent at the holding company level, while the banking subsidiary ended the year with a capital adequacy ratio of 20.2 per cent.

“Our performance in 2025 demonstrates the strength of the franchise and its capacity to generate value for shareholders. Our focus is to ensure that shareholder distributions resume on a sustainable basis once all regulatory conditions are satisfied and the required approvals are obtained,” Ike added.

Access Holdings explained that while dividends were recommended at both the half‑year and full‑year stages in 2025, regulatory approvals were not obtained. At the half‑year stage, the constraint related to Section 7.1 of the CBN Guidelines for Financial Holding Companies, which has since been fully resolved following the successful completion of an approved private placement.

At full year, an additional matter arose under Section 19(8)(c) of BOFIA, which places limits on investments in foreign banking subsidiaries relative to shareholders’ funds. The Group has been granted a twelve‑month window to fully remediate this position. The Group noted it will partially divest from some banking subsidiaries but will still retain its super-majority shareholding.

According to Ike, maintaining the confidence of regulators, depositors, and stakeholders is fundamental to the Group’s operating philosophy. In line with a long-standing culture of prudence and sound governance, the Board remains committed to balance sheet strength and capital resilience as the basis for sustainable shareholder distributions.

The Group reassured stakeholders that it remains committed to engaging constructively with all relevant parties to achieve alignment with applicable requirements within the stipulated timeline. As discussions progress, the Group will continue to provide timely disclosures and transparent updates to the market and investors.

Access Holdings Plc is also strengthening its capital and liquidity buffers to support the sustainable resumption of dividend payments, subject to the fulfilment of the required conditions and approvals. Reaffirming management’s confidence/

Ike stated, “We remain actively engaged with the investment community and focused on resolving the matters raised within the prescribed timeline. Our priority remains delivering sustainable long-term value to shareholders through stronger execution, improved financial performance, and disciplined growth. Subject to the successful conclusion of this process and the necessary approvals, our objective is to restore dividend payments on a sustainable basis.”

Nigeria’s largest banks delivered a mixed but ultimately reassuring set of financial results in 2025, with balance sheet expansion and revenue growth offset by a sharp, policy-driven hit to profitability.

According to the 2025 audited financial statement for the period ended 31 December, tier-one lenders’ gross earnings rose broadly, with the total amount collectively rising 7.69 per cent to N18.2tn from N16.9tn in the same period of 2024.

This growth was led by Access Holdings to N5.52tn in 2025 from N4.87tn reported in 2024, followed by Zenith Bank rising to N4.07tn from N3.82tn, First HoldCo with N3.21tn from N3.37tn, UBA with N2.97tn from N3.1tn, and GTCO, which saw its gross revenue rise to N2.11tn in 2025 from N2.15tn in 2024, confirming that core banking activity remains strong despite macro pressures.

During the period, interest income calculated using the effective interest rate expanded sharply for most banks. Zenith nearly doubled to N2.72tn, while GTCO jumped to N1.32tn, highlighting the benefit of Nigeria’s high-yield environment.

At the same time, non-interest income continues to deepen, with e-banking revenues collectively rising to N685.5bn from N628.4bn across the board, underscoring the growing importance of digital channels.

More importantly, balance sheets strengthened significantly. Access HoldCo’s total assets surged to N51.5tn from N41.4tn, while UBA and Zenith crossed N33.7tn and N31.4tn, respectively. Shareholders’ funds also expanded across all banks, reflecting the post-recapitalisation exercise, which has boosted capital buffers and improved loss-absorption capacity.

This capital build-up is central to the story. Nigerian banks raised a total of N4.65tn in fresh capital over a two-year recapitalisation drive, with 33 lenders meeting revised minimum requirements set by the Central Bank of Nigeria.

The CBN governor, Olayemi Cardoso, said the exercise has strengthened the industry’s capacity to absorb shocks and support economic growth: “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”

The CBN said all lenders remain fully operational, with no disruption to banking services recorded during the recapitalisation period, as authorities sought to avoid instability while tightening capital requirements.

The effort comes alongside a phased exit from regulatory forbearance introduced in previous years to cushion banks from economic headwinds.

However, the cost of that reset is visible in earnings.

In the full-year report of Nigeria’s biggest banks, First HoldCo’s profit after tax fell to N52bn in 2025 from N663bn in 2024, UBA fell to N404bn from N766bn, and GTCO also recorded a decline to N865bn from N1.01tn. In contrast, Zenith held steady at N1.04tn, while Access Bank grew its profit to N743bn.

The divergence reflects elevated loan loss provisions, as banks unwind regulatory forbearance and reclassify previously shielded loans. This is less about fresh deterioration and more about recognising legacy risks.

That explains the expected pause in dividends for shareholders in their 2025 full-year financials, as UBA’s full-year 2025 results showed loan loss provisions of N331bn on its books. First HoldCo followed with impairments rising to N710bn from N371bn, while Access Holdings’ charge for impairment on loans and advances to customers jumped 209 per cent to N287.3bn.

However, UBA and First HoldCo have assured the investing public that this pause in dividends was impacted by prudent and forward-looking risk management decisions, a strategic clean-up exercise aimed at strengthening the group’s balance sheet and restoring confidence.

Investors remain positive as market data shows NGX banking stocks rally at the close of trading on 4 May 2026, by 0.36 per cent, hitting 2,290.78 points.

Market data showed the All-Share Index increased by 0.36 per cent to 243,158.97 points, pulling the year-to-date return down to +56.26 per cent, and market breadth remained firmly positive, as it strengthened to 1.69x from 1.26x, indicating strong buying interest across counters, with 54 stocks closing in the green.

Trading data shows that banking stocks were the primary drivers of the market rise; these stocks include GTCO, rising by 3.70 per cent, and Stanbic IBTC, rising 9.70 per cent, among others, after the trading hours.

Dangote Petroleum Refinery exported an estimated 57 million barrels of jet fuel between April 2024 and April 2026, with shipments fluctuating sharply month-to-month but rising to a peak of about 160,000 barrels per day in the latest data.

An analysis of export volumes from energy intelligence platform Kpler shows that the refinery’s monthly shipments, measured in thousand barrels per day, varied widely across the 25-month period, reflecting changing demand patterns and production capacity across Africa, Europe and the Americas.

Findings from the data showed that exports began at relatively low levels in early 2024 when the refinery commenced operations before gaining momentum.

In April 2024, exports stood at about 20,000bpd, rising sharply to around 70,000bpd in May before easing to about 50,000bpd in June. Shipments increased again to approximately 65,000bpd in July, then moderated to around 55,000bpd in August.

Exports declined further to about 35,000bpd in September before recovering to roughly 45,000bpd in October. According to the data by Kpler, volumes strengthened towards year-end, reaching about 55,000bpd in November and around 65,000bpd in December 2024.

In January 2025, exports were estimated at about 50,000bpd, followed by a sharp jump to around 115,000bpd in February and about 110,000bpd in March, marking the first major surge in shipments.

Volumes dropped to roughly 70,000bpd in April 2025, then climbed again to around 100,000bpd in May, before easing to about 65,000bpd in June.

A significant spike was recorded in July 2025, when exports rose to approximately 145,000bpd, one of the highest levels in the period under review. This was followed by a decline to around 75,000bpd in August, before rising again to about 95,000bpd in September.

Exports hovered around 75,000bpd in October, increased slightly to about 80,000bpd in November, and remained at roughly 80,000bpd in December 2025.

In 2026, exports dipped to around 55,000bpd in January, then rose to about 70,000bpd in February and approximately 95,000bpd in March.

However, the US-Iran war changed the narrative, and the highest export figure was recorded in April 2026, as shipments surged to an average of 160,000 barrels a day.

To estimate total barrels exported, each month’s average figures were multiplied by the number of days in that month.

For instance, a month with 100,000bpd translates to roughly three million barrels over 30 days. Applying this method across all months and summing the totals produces a cumulative estimate of about 57 million barrels of jet fuel exported since 2024.

Further breakdown of the data shows that Africa accounted for the largest share, receiving an estimated 23 million barrels over the period. Europe followed with about 17 million barrels, while the Americas accounted for roughly 11 million barrels. Other destinations received a marginal two million barrels.

Africa’s dominance reflecting strong regional demand and proximity advantages was obvious, while Europe’s growing share, particularly from mid-2025, indicates expanding access to more competitive international markets, especially with the crisis in the Middle East.

The cumulative export volume points to the scale of the Dangote refinery’s operations within a short timeframe, positioning it as a key supplier in both regional and international aviation fuel markets.

The figures, derived from chart-based estimates by Kpler, show the ability of the refinery to supply fuel locally and internationally.

According to Oilprice.com, domestic jet fuel demand stands at just 13,000bpd, yet Dangote exported around 100,000 bpd in March. Europe emerged as a key destination, absorbing roughly half of these volumes.

In early April alone, 1.6 million barrels of jet fuel were loaded for Europe, with France, Spain and the UK among the key buyers.

It was projected that the Dangote Group may feel tempted to redirect flows from lower-margin African markets toward Europe.

“In practice, Dangote could shift as much as an additional 40,000 bpd of jet exports away from regional buyers to Europe without straining domestic supply,” the report said.

In Nigeria, airlines threatened to shut down over high JetA-1 prices. But an official of the Dangote Group said the company could not subsidise aviation fuel, having subsidised petrol and diesel.

Amid the pricing row between airlines and fuel marketers, the Dangote refinery said it continued to expand its footprint in the international aviation fuel market by exporting over a billion litres between March and April.

Industry data, according to the refinery, indicated that the facility exported approximately 876,000 metric tonnes of jet fuel to Europe within the period under review, about 456,000 tonnes in March and an additional 420,000 tonnes by 20 April.

These export volumes, it said, underscored its growing capacity and improved logistics, further reinforcing Nigeria’s emerging role in the global downstream oil and gas market, even as it strengthens domestic energy security.

Nigeria could generate more than $400bn in additional income by 2040 if the country increases investments in adolescent girls through education, healthcare, economic opportunities, and stronger legal protections, a new World Bank report has stated.

The report, titled “Pathways to Prosperity for Adolescent Girls in Nigeria,” stated, “Estimates suggest that investing in adolescent girls in Nigeria between now and 2040 could generate more than $400bn in additional income for a cost of around $37bn.”

The World Bank said Nigeria has significant untapped economic potential despite insecurity, poverty, and regional inequalities, noting that targeted interventions for girls could boost productivity and economic growth.

It added that similar investments across Africa could generate more than $2.4tn in additional income at an estimated cost of about $200bn.

According to the report, Nigeria’s national averages mask deep disparities between the northern and southern regions, with girls in the North West and North East facing worse outcomes due to insecurity, insurgency, and structural disadvantages.

The report stated that 45.7 per cent of girls aged 15 to 19 are currently in school, below the African average of 51.5 per cent, while 30.6 per cent are economically engaged, above the continental average of 22.3 per cent.

It added that 80.8 per cent of girls aged 15 to 19 are unmarried and without children, compared to the African average of 73.4 per cent, although early marriage and childbearing remain widespread among poor and rural communities.

The report further disclosed that Nigeria scored 51.1 out of 100 on the World Bank’s Women, Business and the Law 2026 legal frameworks index, lower than the Sub-Saharan African average of 59.6. Nigeria also scored 49 out of 100 on supportive legal frameworks.

On digital inclusion, the World Bank noted that only 12.3 per cent of adolescent girls use the internet compared to 18.1 per cent of boys, while smartphone ownership among girls stood at 36.6 per cent against 51.1 per cent among boys.

The report identified major regional disparities in girls’ welfare and opportunities. It stated that the “Grace pathway,” representing girls who are in school, not working, unmarried and without children, was highest in the South East at 62.4 per cent, South West at 50.4 per cent, and South South at 45.4 per cent, but dropped sharply to 22.8 per cent in the North East.

According to the report, vulnerable pathways involving girls who are out of school, unemployed, married, or with children were more prevalent in northern Nigeria, with vulnerability levels standing at 55.1 per cent in the North West, 46.4 per cent in the North East, and 42.2 per cent in the North Central. In comparison, the South East recorded 21.9 per cent while the South West had 22.5 per cent.

The World Bank said girls in Nigeria face significant gender-related barriers, noting that they are more than twice as likely as boys to be out of school and unemployed. It stated that 19.2 per cent of girls are either married or have children compared to only 0.6 per cent of boys.

The report also highlighted a sharp rural-urban divide, showing that only 32.4 per cent of rural girls are in school compared to 59.2 per cent of urban girls.

It added that the proportion of girls who are married or have children in rural areas is more than four times higher than in urban areas, at 30.9 per cent and 6.9 per cent respectively.

On household income disparities, the report disclosed that only 15.9 per cent of girls from the poorest households are in school compared to 62.2 per cent among girls from the wealthiest homes.

It added that 38.6 per cent of the poorest girls are either married or have children, compared to 3.6 per cent among the wealthiest. The report stated, “These patterns reveal how gender, geography, and poverty interact to create multiple, reinforcing barriers for many adolescent girls in Nigeria.”

To address the gaps, the World Bank recommended targeted education and healthcare interventions in northern and rural areas, improved access to sexual and reproductive health education, lower schooling costs, expanded digital financial services, and stronger legal protections for women and girls.

The report noted that many of the interventions are already being supported through the Adolescent Girls Initiative for Learning and Empowerment programme, a $1.2bn initiative covering 18 northern states and five states across the South West, South East, and South South.

According to the World Bank, evidence from Nigeria and other African countries showed that interventions such as scholarships, girls’ clubs, conditional cash transfers, vocational training, digital health applications, and community engagement programmes have improved school enrollment, delayed child marriage, and increased economic participation among girls.