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.

The Director-General of the Securities and Exchange Commission, Dr Emomotimi Agama, has flagged weak sustainability reporting among Nigerian companies, warning that gaps in disclosures could limit access to global capital.

Speaking in Abuja on Tuesday at the launch of the Nigerian Corporate Sustainability Report by Norrenberger Research, the analytical arm of Norrenberger Group, Agama said, “The fact that a meaningful number of listed companies still lack coherent sustainability disclosures or provide disclosures that are neither structured nor verifiable is a challenge we must confront collectively as a market.”

He noted that the report comes at a critical time in Nigeria’s capital market evolution, as global investors increasingly prioritise environmental, social and governance considerations in capital allocation decisions.

According to him, sustainability disclosures have moved beyond optional reporting standards to become central requirements for attracting long-term investment.

“Nigerian companies that wish to access the vast pool of patient, long-term capital must understand one unambiguous reality: the price of entry is disclosure. Credible, consistent, comparable, and verifiable disclosure,” he said.

Agama explained that globl capital markets have shifted, with institutional investors now using ESG performance as a primary basis for investment decisions rather than a secondary filter.

“They are no longer treating ESG considerations as filters. They are the primary determinants of capital allocation decisions,” he added.

The SEC boss said Nigeria was aligning with global sustainability standards, referencing ongoing engagement with international bodies to integrate disclosure frameworks into the domestic capital market.

He noted that the International Sustainability Standards Board has established global baselines for sustainability-related disclosures, which Nigeria is working to adopt and adapt to local realities.

He disclosed that the commission would respond to the report’s findings by strengthening regulatory guidance and deepening engagement with listed companies.

“We intend to strengthen our guidance on sustainability reporting, deepen engagement with listed companies on disclosure obligations, and create regulatory incentives for early adopters of robust sustainability frameworks,” he said.

Agama added that the move is backed by the Investment and Securities Act 2025, which gives the commission wider powers to align Nigeria’s capital market with global best practices.

He stressed that improving sustainability reporting is critical to unlocking capital needed to address Nigeria’s infrastructure deficit and drive economic transformation.

The SEC DG also highlighted the growth of Nigeria’s capital market, noting that market capitalisation has risen significantly in recent years to over N140tn.

He urged corporate organisations to use the sustainability report as a benchmark to improve their practices. “Sustainability is no longer a reputational accessory. It is a strategic imperative,” Agama said, warning that companies risk losing competitiveness if they fail to adapt to evolving global standards.

He added that the cost of ignoring sustainability requirements could outweigh compliance efforts in the long run.

Also, the Minister of State for Industry, Mr John Enoh, said Nigeria faces a persistent gap in reliable sustainability data, warning that transparent and standardised ESG information is critical for policymaking, investment decisions, and long-term economic planning.

The minister, who was represented by the Director of Industrial Development at the ministry, Mrs Muyiwa Ajayi-Ade, said the Nigerian Corporate Sustainability Report provides a credible benchmark for assessing ESG performance and promoting transparency and accountability across industries.

He added that global investors are increasingly prioritising markets with strong sustainability credentials, noting that strengthening ESG practices among Nigerian firms would improve competitiveness and attract long-term foreign capital.

Enoh said sustainable economic growth, industrial transformation, and climate resilience cannot be achieved by the government alone, stressing the need for stronger collaboration between the public and private sectors.

In his remarks, the Group Managing Director and Chief Executive Officer of Norrenberger Group, Mr Tony Edeh, said the report represents the first comprehensive and independent assessment of sustainability practices in Nigeria’s corporate sector, noting that previous disclosures were fragmented and lacked structure.

He said the findings show a clear link between ESG compliance and financial performance, adding that “companies that are ESG compliant outperform their peers in the market by 28 to 30 per cent.”

Edeh disclosed that a small number of firms currently dominate ESG compliance within the market, noting that “only 21 companies… represent the prime of Nigerian capital markets,” but account for a significant share of market value.

He expressed optimism that more firms would adopt sustainability standards, noting that the remaining companies are expected to become ESG-compliant before 2028, in line with regulatory timelines.

According to him, beyond regulatory requirements, ESG adoption improves operational efficiency and value creation, stressing that it “is not just a compliance framework, but a framework for competitive operations” that benefits shareholders, employees, communities, and regulators.

Presenting the report, the Chief Research Officer at Norrenberger Group, Mr Samuel Oyekanmi, said it was developed to bridge the gap in sustainability and climate data, noting that many investors currently make decisions without reliable information.

He explained that the firm analysed 160 listed companies, then narrowed the sample to 46 firms with sustainability disclosures, from which 21 met its internal ESG assessment criteria.

According to him, the assessment covered environmental, social, and governance indicators, including carbon emissions, employee welfare, gender diversity, and board structure.

Oyekanmi said the findings showed that the 21 ESG-compliant firms accounted for about 67 per cent of market value and had outperformed the broader market over the past five years.

He added that the results confirm that sustainability practices are linked to profitability and stronger market returns.

The research head also noted gaps in gender representation and governance structures across companies, stressing that more progress is needed to improve inclusiveness.

He said the report is intended to serve as a benchmark to encourage companies to improve disclosures and adopt stronger sustainability practices.

The PUNCH earlier reported that Nigeria’s capital market regulators and professional accountants called for stronger transparency, governance, and sustainability disclosure by listed companies, as pressure mounts on firms to align corporate reporting with global standards beyond traditional financial statements.

Nigeria’s equities market lost N1.347tn in value as investors exited bellwether stocks, triggering a broad sell-off across key sectors. The decline reflects renewed profit-taking and risk-off sentiment, with heavyweight counters driving the downturn and weighing on overall market capitalisation.

Specifically, the All-Share Index declined by 2,098.31 points, representing a loss of 0.86 per cent to close at 241,750.15 points. Similarly, market capitalisation dipped by N1.347tn to close at N155.152tn.

The downturn was driven by price depreciation in large- and medium-capitalised stocks, including Aradel Holdings, MTN Nigeria Communications, Guinness Nigeria, Beta Glass, and Lafarge Africa. Looking ahead, Cowry Assets Management Limited noted that the market is expected to trade cautiously, driven by continued investor positioning.

Despite the downturn, market breadth remained positive, with 45 gainers outpacing 26 decliners. R.T. Briscoe Nigeria emerged as the top gainer, rising 10 per cent to close at N2.09 per share.

McNichols, Vitafoam Nigeria, and Zichis Agro Allied Industries followed with gains of 10 per cent each, closing at N7.92, N170.50, and N25.08, respectively.

Chemical and Allied Products appreciated 9.99 per cent to close at N175.65, while Dangote Sugar Refinery advanced 9.98 per cent to close at N84.30 per share.

On the laggards’ side, Guinness Nigeria led the losers’ chart, dropping 10 per cent to close at N447.30. Union Dicon Salt followed with a 9.82 per cent decline to close at N19.75, while AIICO Insurance fell 9.28 per cent to close at N4.30. Wema Bank lost 8.72 per cent to close at N30.35, and MTNN depreciated 8.63 per cent to close at N836.00.

Meanwhile, the total volume of trades rose 31.09 per cent to 1.268 billion units, valued at N75.226bn across 102,665 deals. FCMB Group led activity with 160.591 million shares worth N1.770bn. Guaranty Trust Holding Company followed with 94.095 million shares valued at N13.091bn, while Access Holdings traded 81.771 million shares valued at N2.072bn. Zenith Bank and Fidelity Bank also recorded significant activity, trading shares worth N8.073bn and N911.829m, respectively.

Fuel marketers have thrown their weight behind the Nigerian National Petroleum Company Limited’s plan to revive the Port Harcourt and Warri refineries through a partnership with two Chinese firms, saying the move could unlock idle investments in the dormant assets.

The NNPC on Monday signed a Memorandum of Understanding with Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co., Ltd. to drive the rehabilitation, restart, and expansion of the Port Harcourt and Warri refineries through a technical equity partnership model.

Speaking in an interview with our correspondent, the Executive Secretary of the Major Energies Marketers Association of Nigeria, Clement Isong, said bringing in technically competent partners with equity stakes would ensure efficiency and sustainability.

According to him, a lot of money had been invested in the refinery in the past with no returns, saying the new deal would unlock the tied-down capital.

“Let me be clear. We already own the assets. And in owning the assets, they have already worked for many years for the country. Now, for a while, the assets have not been producing. They have analysed many ways of getting it to produce sustainably.

“Remember that a lot of money has already been spent on the turnaround maintenance of the assets. Remember that the asset has to be upgraded for it to produce products that meet today’s specs. So, any investment by a competent party that would bring output from the previously invested capital can only be positive because the previous investments in the assets are tied-down capital that are not yielding any output.

“So, bringing a technically competent third party that will not only complete the investment but will also operate those assets efficiently and sustainably can only be good for the country,” Isong said.

On the structure of the deal, Isong stressed that the key difference is that the Chinese partners are taking equity in the assets as part owners and would want the refinery to work so they can get returns on their investments.

He described the model as innovative, adding that every Nigerian would be happy if the facilities worked again. He said the NNPC did not have the internal competence and capacity to run the refineries without a technical partner.

Despite criticisms from some stakeholders, including the billionaire businessman Aliko Dangote and former President Olusegun Obasanjo, that the plants may not work again, Isong maintained that the approach could be a pleasant surprise.

“This is an innovative way of getting the assets to work, like I say, in an efficient and sustainable way. The challenge we knew was that NNPC did not have the internal competence or capacity to run those refineries efficiently. Now, they have brought a third party, and the key difference is that the third party they have brought is taking equity. He’s a part-owner of the refinery and so would want the refinery to work so he can get returns on his investment.

“I think it’s a very interesting approach. And even for those people who said that it will never work again, I’m sure if it works again, their surprise will be very pleasant. They will be happy. I think every Nigerian will be happy if those assets begin to work and contribute to the national productivity. So, I think it can only be a good thing,” he said.

Similarly, the Petroleum Products Retail Outlets Owners Association of Nigeria described the agreement as a major shift in Nigeria’s refining strategy.

The group commended President Bola Tinubu and the leadership of the NNPC Group Chief Executive Officer, Bayo Ojulari, for pursuing what it called a bold reform.

PETROAN National President, Billy Gillis-Harry, said the agreement was “a timely and strategic intervention that signals a new direction for Nigeria’s refining sector.” He emphasised that the technical equity model would fix longstanding operational failures.

“The introduction of a technical equity partnership model would bring much-needed operational discipline, efficiency, and accountability that had been lacking in previous refinery rehabilitation efforts,” he said.

Gillis-Harry added that the initiative marks “a decisive shift from past approaches that yielded limited results to a more performance-driven model that ensures long-term sustainability”.

The PETROAN boss stated that the project would create thousands of direct and indirect jobs across engineering, logistics, retail, and support services while also reducing unemployment.

He added that increased domestic refining would reduce fuel importation, conserve foreign exchange, stabilise the naira, and stimulate growth across multiple sectors of the economy.

According to him, the integration of refining with petrochemical and gas hubs would enhance value creation and align Nigeria with global best practices. PETROAN also said the initiative would boost government revenues through taxes and exports while improving infrastructure and livelihoods in host communities in Rivers and Delta states.

The association president further linked the deal to potential relief for consumers. He said increased refining capacity and competition would create a pathway for more competitive fuel pricing, which is expected to “ultimately lead to lower fuel costs and improved affordability for citizens”.