United Bank for Africa Plc, a leading Pan-African financial institution, has released its unaudited financial results for the first quarter ended 31 March 2026, showing resilient operating performance and continued balance sheet strength despite a moderated profitability environment.

Gross earnings increased five per cent to N801.5bn, driven by growth across key revenue lines. Interest income rose 6.9 per cent to N641.1bn, while non-interest income increased 17.3 per cent to N137.1bn, reflecting the Group’s expanding and diversified revenue base. Net interest income advanced 10.5 per cent to N383.7bn, supporting a 12.2 per cent rise in operating income to N520.8bn, underscoring sustained momentum in core banking operations. UBA recorded notable improvement in key profitability and efficiency indicators, reflecting a more sustainable earnings profile.

Return on average equity rose 13.7 per cent, while return on assets improved 1.77 per cent, indicating stronger earnings efficiency. The cost of risk declined significantly to 2.02 per cent, reflecting improved asset quality and disciplined risk management.

Cost of funds also moderated 3.73 per cent from 3.83 per cent in December 2025, indicating improved funding efficiency. Profit before tax moderated to N160.7bn, while profit after tax declined to N146.6bn, representing decreases of 21.4 per cent and 22.8 per cent, respectively, consistent with the Group’s guidance on earnings normalisation. The bank maintained a strong and resilient balance sheet, with total assets of N33.1tn and customer deposits of N26.2tn.

Commenting on the results, Group Managing Director/CEO, Oliver Alawuba said, “UBA’s Q1 2026 performance underscores the strength of our diversified Pan-African model and the resilience of our core banking franchises. While profitability has moderated in line with our expectations for a transition year, we are seeing strong underlying momentum across our markets, supported by improved earnings quality and disciplined risk management. Our continued investments in digital capabilities and regional expansion are enhancing revenue resilience and positioning the Group for sustainable long-term growth. We remain firmly committed to driving financial inclusion, enabling intra-African trade, and delivering superior value to our stakeholders.”

Also speaking, Executive Director, Finance & Risk Management, Ugo Nwaghodoh, said, “The Group’s Q1 performance reflects a deliberate shift towards a more sustainable and scalable earnings profile following our successful recapitalisation. Key profitability indicators, including return on equity and return on assets, show improvement on a year-to-date basis, despite the normalisation of headline earnings. Our balance sheet remains robust, supported by a diversified funding base and disciplined loan growth. With stable funding costs and improving asset quality, we are well-positioned to drive operating leverage and long-term value creation.”

UBA expects 2026 to remain a transition year characterised by continued investment in digital transformation and operational scalability, strengthened risk management and provisioning frameworks, enhanced focus on high-quality sustainable earnings, and deeper penetration across African markets. The Group said it remains strongly capitalised, highly liquid, and strategically positioned to execute its long-term growth agenda. United Bank for Africa Plc serves over 45 million customers through 1,000 business offices and customer touchpoints in 20 African countries. With operations in New York, London, Paris, and Dubai, UBA connects people and businesses across Africa through retail, commercial, and corporate banking, payments, trade finance, and cross-border solutions.

The World Bank Group has committed $8.2bn to expand electricity access across Sub-Saharan Africa as part of a broader push to tackle one of the region’s most persistent development challenges, with nearly 600 million people still living without power.

The funding forms the backbone of “Mission 300”, a joint initiative with the African Development Bank Group aimed at connecting 300 million people to electricity by 2030. Under the plan, the World Bank targets 250m connections, while the African Development Bank is expected to deliver the remaining 50m.

The initiative, backed by a combination of public and private sector financing, has already mobilised an additional $1.2bn, with projects advancing across more than 40 countries and over 150 programmes underway, according to details published by the lender on its website.

Despite recent progress, access to electricity remains a major constraint on economic growth across the region. Without reliable power, hospitals struggle to function, agricultural productivity is limited, and businesses face high operating costs, undermining job creation and industrial development.

The World Bank said the programme is designed not only to expand access but also to drive broader economic transformation, linking electricity supply to job creation, digital connectivity, and industrial growth.

“Electricity is the bedrock of jobs, opportunity, and economic growth,” President of the World Bank Ajay Banga stated. “That’s why Mission 300 is more than a target; it is forging enduring reforms that slash costs, strengthen utilities, and draw in private investment.”

At the core of the initiative are National Energy Compacts, country-led reform frameworks intended to unlock investment, improve utility performance, and align policy with long-term energy goals. The programme also seeks to scale private sector participation through competitive procurement, regional power trade, and de-risking mechanisms.

The effort comes as development finance institutions intensify collaboration to address Africa’s energy deficit, widely seen as a critical barrier to inclusive growth. Access to electricity is expected to support small and medium-sized enterprises, agro-processing, manufacturing, and digital services, sectors seen as key to job creation across the continent.

“Reliable, affordable power is the fastest multiplier for small and medium enterprises, agro-processing, digital work, and industrial value-addition,” said African Development Bank Group President Sidi Tah. “Give a young entrepreneur power, and you’ve given them a pay cheque.”

Household access to electricity is also expected to improve living standards, enabling safer cooking, access to information, and better education outcomes, while strengthening healthcare delivery through reliable lighting and refrigeration for medicines.

The World Bank said connection rates under the programme are accelerating, running at about 1.5 times faster than previous efforts, as investments and reforms begin to take effect.

‘Mission 300’, the lenders say, is intended to lay the foundation for long-term energy systems capable of reaching even the most remote communities while supporting Africa’s transition towards more reliable and sustainable power infrastructure.

The Managing Director of Regent Microfinance Bank, Idris Olugbesan, has emphasised that the future of Small and Medium-scale Enterprises in Nigeria will depend largely on three critical factors, including access to capital, trust within the financial ecosystem, and the strategic use of technology.

He made this known at a media interaction on Tuesday where he discussed the evolving landscape for small businesses in Nigeria and the role financial institutions must play in supporting sustainable enterprise growth.

According to him, while SMEs remain the backbone of Nigeria’s economy—contributing significantly to employment—many still struggle with limited access to funding and the financial tools required to scale.

“Small businesses are central to economic growth in Nigeria, but their ability to grow sustainably depends on how effectively they can access capital, build trust with financial institutions, and leverage technology,” he stated.

Olugbesan noted that access to affordable and structured financing remains one of the primary barriers faced by Nigerian entrepreneurs. He explained that many SMEs operate informally or lack the documentation required to secure funding through traditional banking systems. Consequently, he urged financial institutions to design more inclusive products that reflect the realities of small business operations.

“SMEs require financing models that reflect the nature of their businesses. When financial products are designed around the real needs of entrepreneurs, it becomes easier for businesses to grow and contribute meaningfully to the economy’,” he added.

Beyond funding, the Regent Microfinance Bank boss emphasised the importance of trust between financial institutions and business owners. He noted that trust is the bridge that encourages entrepreneurs to migrate from informal setups to formal financial systems.

“Trust is fundamental to financial inclusion. When entrepreneurs trust financial institutions, they are more willing to adopt formal banking solutions that support long-term business growth,” he further explained.

He added that building this rapport requires transparency, responsible lending, and consistent customer engagement from financial institutions.

Olugbesan also highlighted the role of technology in transforming SME operations. He explained that digital banking, mobile payments, and automated management tools are helping businesses operate with greater efficiency.

“Technology is redefining how businesses interact with financial services. Digital platforms are making it easier for entrepreneurs to access banking services, monitor transactions, and manage their businesses in real time,” he added.

The MD stressed that strengthening the SME ecosystem requires a synergy between financial institutions, regulators, and business support organisations. He argued that providing capital alone is insufficient; entrepreneurs also need financial education and supportive policies.

“Nigeria’s economic future will depend significantly on the success of its small businesses. By strengthening access to finance, building trust in financial systems, and embracing technology, we can unlock the full potential of SMEs across the country.” Olugbesan noted.

He further noted that financial institutions must continue to innovate to empower entrepreneurs to build resilient businesses in an increasingly competitive global economy.

A senior management official of the Dangote Group on Monday revealed that the Dangote Petroleum Refinery has been subsidising the petrol and diesel it sells to the Nigerian market.

According to the official, who spoke to our correspondent in confidence due to the lack of authorisation to speak, the company’s N1,200/litre ex-depot price for petrol is below the competitive market price, considering the jump in crude prices following the US-Iran war.

The PUNCH reports that the war in the Middle East triggered an oil price surge when the Strait of Hormuz was blocked by Iran. From $66 per barrel on February 28, Brent, the global benchmark for crude, jumped above $100 a barrel.

As a result, Dangote raised its petrol gantry price from N774 to N1,200 as of the time of filing this report. The oil price hike also affected diesel and aviation fuel.

In the aviation sector, airlines are planning to shut down due to an over 350 per cent rise in Jet A-1 prices. Dangote supplies over 90 per cent of the country’s aviation fuel needs.

The Vice President of the Airline Operators of Nigeria, Allen Onyema, recently disclosed that prices skyrocketed from about N900 per litre before the Iran crisis to between N2,700 and N2,900, with some marketers selling as high as N3,500.

Speaking with our correspondent, the Dangote refinery official said the $20bn plant has already optimised the prices of petrol and diesel, stressing that it couldn’t have subsidised aviation fuel too.

As a result, he stated that jet fuel is being sold by the refinery at the market price.

The official blamed the high crude prices for the rise in fuel prices. “With the crude price moving up steeply, we try to optimise the price of PMS (petrol) as much as possible to help the public. To some extent, we try to optimise the price of AGO (diesel) too. We can’t be subsidising everything, and so, we sell the jet fuel at the market price,” the source stated.

The official replied in the affirmative when asked if his use of the word ‘optimise’ means subsidy.

Another official of the Dangote Group disclosed that the company sells its aviation fuel to marketers below N2,000 per litre.

“I can confirm to you that our jet fuel price as of this (Monday) morning is N1,799. It was even lower before this time. That’s how much we sell to the marketers who later sell to the airlines. We are selling at less than N2,000 a litre,” the source disclosed.

Last week, a report by the Major Energies Marketers Association of Nigeria put Dangote’s jet fuel gantry price at N1,732 per litre, while the cost of imported aviation fuel was N1,835.

The PUNCH reports that fuel marketers have remained silent despite efforts to make them reveal how much they sell the product to the airlines.

Earlier, in a letter dated April 14, 2026, and addressed to the Executive Secretary of the Major Energies Marketers Association of Nigeria, Clement Isong, the President of AON, Abdulmunaf Sarina, said the surge in the price of Jet A1 had become unbearable for operators.

The PUNCH reports that AON had in its letter said “the price of Jet A1 as sold by marketers has risen significantly from the initial N900/litre as at February 28, 2026, to N3,300/litre as of today.

“This represents an increase of over 300 per cent. This astronomical and artificial increase is not commensurate with the rise in crude oil prices and is well above international market benchmarks, which reflect approximately a 30 per cent increase in crude oil cost. For the past weeks, airlines have endured this burden and continued operations out of patriotism and in the spirit of service to the nation. However, the situation has now become unbearable and clearly unsustainable,” the letter stated.

It urged MEMAN to prevail on its members to proportionately adjust jet fuel prices in line with international market realities, “as airlines can no longer sustain purchases at the current exorbitant rates”.

Responding, MEMAN attributed the rising cost of aviation turbine kerosene to global factors, particularly disruptions linked to geopolitical tensions in the Middle East.

The marketers expressed surprise at the N3,300 per litre price referenced by airline operators, stating that their internal survey showed significantly lower prices. The marketers said they would not be able to disclose a particular price, but N3,300 is over N1,000 above the normal price.

”In light of the above, we must express our surprise at the price of N3,300 per litre stated in your letter as the price being charged to some airline operators. MEMAN members do not discuss pricing, as this will be against competition law; however, the price of N3,300 is over N1,000 higher than our average market survey price of Jet A1 carried out for this exercise, after receipt of your letter,” MEMAN explained.

It, therefore, advised operators to explore alternative suppliers offering more competitive rates, saying, “We would therefore strongly encourage any operators currently being charged at those levels to exercise their commercial right to seek alternative suppliers.”

Since April 16, it has been observed that the situation has remained the same as airlines threaten to shut down their operations due to higher fuel costs.

The Nigerian Exchange Limited concluded the trading week that ended 24 April 2026 on a significantly bullish note as total investor wealth surged by N5.5tn, representing a 3.94 per cent appreciation in market capitalisation.

This rally, which pushed the total market value to a historic N145.335tn, occurred despite persistent macroeconomic headwinds and inflationary pressures that have characterised the broader economy.

The benchmark All-Share Index mirrored this growth, climbing to a close of 225,722.49 points, up from the previous week’s position.

Market activity witnessed a substantial uptick as a total turnover of 3.805 billion shares worth N213.955bn exchanged hands in 297,202 deals. This performance surpassed the previous week’s total of 3.588 billion shares valued at N195.313bn, signalling a robust appetite among domestic and institutional investors

The Financial Services Industry remained the primary driver of market volume, accounting for 2.739 billion shares valued at N106.269bn. This sector alone contributed approximately 72 per cent to the total equity turnover volume, led by intensive trading in the shares of Access Holdings Plc, United Bank for Africa Plc, and FirstHoldCo Plc, which collectively bolstered the index.

Corporate actions also took centre stage during the week, highlighted by a major capital-raising move from Dangote Sugar Refinery Plc. The company has formally applied for a Rights Issue of over 8.09 billion ordinary shares at N60.00 per share. This strategic move, offered on the basis of two new shares for every three existing shares held, is expected to significantly deepen the consumer goods sector’s liquidity once finalised.

Additionally, the debt market expanded with the listing of MeCure Industries Plc’s N13.45bn Series 6 Commercial Paper and Coleman Technical Industries’ massive dual-series issuance totalling over N66bn, providing sophisticated investors with diversified fixed-income options.

The fixed-income segment further received a boost with the supplementary listing of Federal Government of Nigeria Bonds for various issues spanning late 2025 into early 2026.

However, despite the massive gains in the headline index, the market breadth revealed a complex underlying sentiment as 53 equities depreciated compared to 46 gainers.

While the heavyweight stocks in the financial and industrial sectors drove the primary indices higher, mid-cap stocks faced selling pressure, resulting in slight depreciations in the NGX Growth and Commodity indices.

As the market transitions into a new month, analysts anticipate a period of portfolio rebalancing as investors weigh these capital gains against the prevailing high-interest-rate environment.

Transcorp Hotels Plc, the hospitality subsidiary of Transnational Corporation Plc, has announced a robust start to the 2026 financial year, reporting a significant surge in revenue and profitability.

The company’s unaudited financial results for the first quarter ended 31 March 2026 reveal a revenue of N22.41bn, representing a 9 per cent growth compared to the N20.64bn recorded during the same period in 2025. This performance highlights the continued dominance of the hospitality giant in the African market.

The management, in a statement, noted that the Q1 2026 performance underscores the strength of a strategy anchored on discipline, operational efficiency, and consistent value creation.

Beyond revenue growth, the company saw a 15 per cent increase in Profit Before Tax, while gross profit margins expanded to a healthy 77 per cent.

“Transcorp Hotels is not only growing; we are setting new benchmarks for world-class hospitality in Africa and remain committed to continuously elevating that standard,” the company stated, noting that the results reflect the resilience of its fundamentals and the deliberate execution of its growth agenda.

The Chief Finance Officer of Transcorp Hotels Plc, Oluwatobiloba Ojediran, emphasised that the team’s commitment to efficiency did not come at the expense of the guest experience.

“These results reflect a clear and compelling story of a team deeply committed to operational efficiency and cost management without compromising our service standard,” Ojediran said.

The CFO further detailed the technical successes of the quarter: “In Q1 2026, we achieved revenue of N22.41bn… while effectively reducing our cost of sales margin from 25 per cent in Q1 2025 to 23 per cent in Q1 2026. This demonstrates the impact of disciplined execution across all areas of the business.”

Transcorp Hotels Plc remains a leader in the luxury hospitality space. As a subsidiary of Transnational Corporation Plc, a diversified conglomerate with interests in power and energy, the hotel group continues to leverage its parent company’s strategic positioning to redefine hospitality standards across the continent.

With a strong start to 2026, the company appears well-positioned to maintain its growth trajectory throughout the fiscal year.

The Nigerian Upstream Petroleum Regulatory Commission has urged members of the Crude Oil Refinery Owners Association of Nigeria to consider acquiring oil blocks in upcoming licensing rounds as a long-term solution to crude supply challenges.

The Commission Chief Executive, Mrs Oritsemeyiwa Eyesan, made the call during a recent courtesy visit by CORAN members to the NUPRC headquarters in Abuja, where both parties discussed ways to strengthen domestic refining capacity and ensure sustainable crude supply.

According to details of the meeting provided by the CORAN spokesperson, Eche Idoko, on Friday, Eyesan said, “Encouraging indigenous refiners to participate in upstream asset ownership would create more stable and commercially viable crude supply arrangements while also deepening local participation across the petroleum value chain.”

She assured the refiners that Nigeria has adequate crude resources to meet domestic refining needs and reiterated the commission’s commitment to policies that promote in-country value addition.

The NUPRC boss also advised refinery operators to adopt long-term crude supply contracts with producers as a practical approach to guaranteeing feedstock availability, improving operational planning, and achieving pricing stability.

However, she noted that infrastructure gaps remain a major hurdle to seamless crude delivery, citing inadequate pipeline networks, evacuation bottlenecks, storage constraints, marine logistics, and other supply chain challenges as areas requiring urgent investment and coordinated efforts.

Members of CORAN commended the commission’s ongoing regulatory reforms and its support for domestic refining, while stressing the need for effective implementation of frameworks that ensure consistent crude supply to local refineries.

Industry stakeholders have repeatedly highlighted that improved access to crude feedstock is critical to reducing Nigeria’s dependence on imported petroleum products, enhancing energy security, conserving foreign exchange, and creating jobs through the growth of local refining capacity.

Idoko said the meeting is part of ongoing engagements between regulators and private refinery operators aimed at unlocking the full potential of Nigeria’s downstream petroleum sector.