Dangote’s refinery is currently being flooded with inquiries as African governments scramble to secure fuel supplies after the Iran war disrupted flows.

Dangote Petroleum Refinery and Petrochemicals has been approached by South Africa and other governments in the region, as well as from countries outside the continent, a company executive said in a text message.

This is coming as the refinery announced an upward review of the price of petrol citing escalating global geopolitical tensions.

In a notice sent to marketers on Friday the refinery disclosed that its ex-depot (gantry) price had been raised from N1,175 per litre to N1,245 per litre, while the coastal price was also adjusted upward.

“Please be informed that due to the current global geo-political situation which has further escalated, the PMS gantry & coastal price has been reviewed and updated as outlined below,” the notice read.

The document showed that the gantry price increased by N70 per litre, while the coastal price rose from N1,512,648 per metric tonne to N1,606,518 per metric tonne.

According to the refinery, the new pricing regime will take effect from midnight on March 21, 2026.

“The refinery raised its coastal price from N1,512,648 per metric tonne to N1,606,518 per metric tonne, while the gantry price increased from N1,175 per litre to N1,245 per litre.

“Please note that the revised price will apply to all unloaded gantry and coastal volumes and is effective from 12am on the 21st of March 2026,” it stated.

The refinery also clarified that marketers with existing supply arrangements backed by bank guarantees would still be allowed to lift products under previous approvals, subject to certain conditions.

“For customers with a valid Bank Guarantee with DPRP, loading will continue with existing ATCs/PRN (if any) provided the BG credit balance covers the price change differential,” the notice added.

It further explained that the cost difference arising from the new pricing would be recovered from marketers.

“The corresponding debit note will be passed in your trading account with DPRP. Payment evidence for the price change differential will be required by Monday, 23-March-2026,” the company said.

The latest adjustment is expected to ripple across the downstream sector, with pump prices likely to rise in the coming days as marketers pass on the increased cost to consumers.

The latest adjustment underscores the continued vulnerability of Nigeria’s fuel market to international crude oil price volatility and supply chain disruptions, despite the coming on stream of the Dangote refinery, which was expected to stabilise domestic supply.

The development comes amid heightened global uncertainty driven by ongoing tensions in key oil-producing regions, particularly in the Middle East, which has pushed up crude oil prices and freight costs.

The refinery, however, maintained that the adjustment was necessary to reflect prevailing market realities, stressing that the pricing review was driven by external factors beyond its control.

Meanwhile, South Africa is seeking a standard contract for 12 months with Nigeria, people with knowledge of the matter said, asking not to be identified as the discussions are private, reports Bloomberg.

From cooking gas shortages in India to dwindling naphtha supplies in Japan, the US-Israel war on Iran is exposing vulnerabilities across the global economy.

In Africa, the strain may be most acute in east and southern parts of the continent, where about 75 per cent of refined-fuel imports come from the Middle East, according to Elitsa Georgieva, executive director at energy consultancy CITAC.

South Africa “is actively coordinating with industry stakeholders to secure both crude oil and refined petroleum products from a diversified range of sources,” the government said in a statement on Wednesday. “A comprehensive plan is in place to manage potential supply risks.”

About 75 per cent of Dangote’s 650,000 barrel-a-day facility is reserved for Nigeria, with the remainder available for export. Ghana and Kenya have also reached out to Dangote, one of the people said.

“Right now it is not about pricing, it’s about availability,” Dangote said in an interview with the Economist. “I think the situation will continue for a while.”

South Africa said it had enough for the “coming weeks,” while Kenya requires oil marketing companies to keep three weeks of stock and officials said there’s no immediate concern over shortages.

As a benchmark, the International Energy Agency requires members to hold at least 90 days of net oil imports. No African country is a member of the global energy watchdog.

In Ethiopia, authorities ordered fuel stations to prioritize public-transport providers and asked citizens to use energy sparingly. Meanwhile, in the Somali capital fuel prices have almost doubled.

South Africa has about 8 million barrels of strategic crude oil stocks, according to the state-owned Central Energy Fund, but virtually no dedicated fuel reserves. Lawmakers last year found such stockpiles lacking.

Africa’s biggest economy has lost about half its refining capacity in recent years after accidents and years of underinvestment left plants unable to meet cleaner-fuel standards, increasing a reliance on imports.

Fuel marketers do hold some stocks as a distribution buffer, Jacob Mbele, director-general at South Africa’s Department of Mineral Resources, said in an interview Monday. The government has been looking into keeping its own strategic reserves since the country has become a net importer of oil products, but the process is at an early stage, he said.

For now, supplies remain stable, with availability of all major petroleum products nationwide, the Fuels Industry Association of South Africa, an industry lobby group, said in a statement on Friday.

Some businesses are taking measure to avoid shortages. That’s resulted in a surge in demand for coal. Exxaro Resources Ltd., biggest producer of the dirtiest fuel in South Africa, said prices have shot up about 20 per cent to $112 a ton, according to Chief Executive Officer Ben Magara.

At the same time, the miner faces higher freight and insurance prices to ship manganese, along with potential fuel supply issues across operations, he said.

Article content

“Making sure we have enough fuel inventories for a crisis like this is also quite important,” Magara said. “So we are putting a lot of business continuity management plans in place because you just, you never know.”

Rising fuel prices driven by escalating tensions in the Middle East may disrupt Nigeria’s manufacturing sector and broader economy, with operators warning of mounting pressure on supply chains, production costs, and consumer prices.

The Manufacturers Association of Nigeria warned that surging fuel prices pose a significant risk to manufacturing operations, stressing that heavy reliance on trucks for logistics and generators for power makes the sector highly vulnerable to energy shocks.

The Lagos Chamber of Commerce and Industry also cautioned that Nigeria remains exposed to global oil market volatility, noting that any spike in crude prices would directly impact domestic fuel costs and the wider economy despite local refining efforts.

MAN noted that rising fuel prices, triggered by the conflict involving the United States, Israel, and Iran, including reported attacks on vessels along the Strait of Hormuz, could worsen inflationary pressures and disrupt supply chains nationwide.

In a telephone interview with The PUNCH, the Director-General of MAN, Segun Ajayi-Kadir, said the surge in fuel prices would have far-reaching consequences for manufacturers and the broader economy.

He stated, “Fuel is a major input in production, transportation, and energy supply, and it has a significant impact on the citizens and the whole sector of the economy. The recent hike in the prices of fuel as a result of the conflict in the Middle East has a negative implication on the Nigerian economy, including the manufacturing sector.”

Ajayi-Kadir stressed that manufacturers’ reliance on trucks for logistics makes them particularly vulnerable to fuel price increases, warning that distribution costs could surge and disrupt supply chains nationwide.

He explained, “Manufacturers depend on trucks for the movement of raw materials and finished products across the country. Increases in the price of fuel raise the transport fare, making distribution expensive and affecting the supply chain.”

The MAN DG further noted that rising fuel costs would significantly increase production expenses, as many manufacturers continue to depend on generators due to unreliable electricity supply.

He said, “The Nigerian manufacturing sector relies heavily on generators for production due to the inadequate supply of electricity over the years. The increase in fuel prices will increase the cost expended on power generation, thereby increasing the cost of production and reducing the profit margin.”

Ajayi-Kadir added that the higher cost burden would inevitably be transferred to consumers through increased prices of manufactured goods, worsening inflationary pressures, and weakening purchasing power.

He explained, “The extra cost will lead to an increase in the cost of finished products, thereby increasing the rate of inflation across the country, reducing the consumer purchasing power, and lowering the volume of sales of manufacturers’ products.”

He also warned that Nigerian manufacturers risk losing competitiveness to imported goods as production costs rise locally. “Whenever there is an increase in production cost in the country, Nigerian goods will be more expensive compared to their competitors. This will make imported goods cheaper, and as an alternative, consumers will shift their demand to foreign products, reducing the competitiveness and patronage of Nigerian products within and outside the country,” he said.

Ajayi-Kadir cautioned that small and medium-scale manufacturers could face severe strain, with some potentially forced to scale down operations or shut down entirely.

He stated, “The small and medium-scale manufacturers may find it difficult to cope with the fuel price increase, which may lead to reduced output or total shutdown of production. The multiplier effect will be slow industrial growth, an increase in unemployment rate, a reduction in revenue generation, and the contribution of the manufacturing sector to GDP.”

Energy prices in Nigeria have fluctuated since the full-scale attacks by the United States and Israel on Iran began on February 28, with the price of petrol exceeding N1,000 per litre on some days. Labour associations and organised private sector groups have, as a result, urged the government to provide relief to Nigerian consumers.

Meanwhile, The PUNCH reported that the landing cost of imported petrol is N94.53 cheaper than the domestic gantry price, citing the Major Energies Marketers Association of Nigeria. MEMAN disclosed that the landing cost of imported petrol as of 16 March 2026 stood at N1,080.47 per litre, while the domestic gantry price was N1,175 per litre, reflecting a N94.53 difference.

Also speaking, the President of the Association of Small Business Owners of Nigeria, Dr Femi Egbesola, urged entrepreneurs to adopt survival strategies, including increased use of local inputs and expansion into export markets. Egbesola said, “The first thing is for us to begin to look inward, to look at how we can begin to use raw materials and how we can begin to use locally made inputs to replace imported ones.”

He maintained that boosting exports could help businesses earn foreign exchange and cushion the impact of inflation. “We can target doing more exports, and that is by becoming export-ready with our business. When there is inflation like this, it puts our products and services in a competitive position in the global markets. Our products are cheaper, so it makes it possible for us to sell more,” Egbesola added.

He further highlighted the need for alternative energy sources to reduce dependence on expensive fuel, stating, “Energy is one thing that is taking away a bulk sum of our profits. Sometimes up to 40 per cent of our profit margin is taken away by energy costs. So we can also begin to look at an alternative source of energy to power our businesses.”

The ASBON president also called for diversified funding options and government support through low-interest intervention funds. Egbesola said, “It is important for us to begin to look at other sources of funding beyond the commercial bank. The government too should release more intervention funds at a single-digit interest rate to help alleviate this time.”

On the broader oil market outlook, the Chairman of the Oil Producers Trade Sector of the Lagos Chamber of Commerce and Industry warned that Nigeria could face serious economic consequences if tensions in the Middle East disrupt crude shipments through the Strait of Hormuz and push global oil prices to $200 per barrel.

Speaking on behalf of Collins Ogbu, the sector’s chairman, the outgoing Managing Director of 11PLC, Adetunji Oyebanji, said Nigeria must urgently attract more investors into oil exploration and production to increase output and achieve its target of surpassing two million barrels per day.

His warning follows reports that Iran threatened to block oil shipments through the strategic Strait of Hormuz, a key route for global crude exports.

According to Iran’s Khatam al-Anbiya military command spokesperson, Ebrahim Zolfaqari, “We will never allow even a single litre of oil to pass through the Strait of Hormuz for the benefit of the US, the Zionists, and their partners.”

Oyebanji said a spike in global oil prices would directly affect Nigeria despite the presence of local refining capacity. “We all have to understand that one of the problems Nigeria has always had is that we always feel we are an island. We are not affected by what is happening in the global economy, and that is not the case. Everybody is affected, more so we are a monoproduct country,” Oyebanji said.

He explained that the country’s heavy reliance on crude oil revenues means any price shock in the international market will inevitably impact the local economy.

“So once crude goes to $200, by definition, even what it produces locally is going to go up. At the end of the day, if petrol or crude goes to $200, it is going to affect the price at the pump in Nigeria,” Oyebanji noted.

The energy executive also questioned claims that domestic refining alone would shield Nigeria from global price volatility. “Even when refining locally, it does not shield us from what is happening with international crude prices. If it is 100 barrels we have to sell, let us sell it in dollars and maximise dollar revenue for the country,” Oyebanji remarked.

He warned that Nigeria’s crude production should already be far higher than current levels if sufficient investments had been made in exploration.

“Nigeria today should even have been at four million barrels. But to achieve that, you have to invest in exploration and production, and the people that have the financial muscle are the international oil companies,” Oyebanji said.

He added that Nigeria must improve security, attract large-scale investment, and implement policies that encourage exploration if the country hopes to increase output and cross the two-million-barrel production threshold.

MTN Nigeria has reported a staggering N1.1tn profit for the 2025 financial year. This turnaround marks a significant departure from the fiscal headwinds of 2024, signalling a robust resurgence in the country’s digital economy.

Speaking on Channels Television on Tuesday, the Chief Financial Officer of MTN Nigeria, Modupe Kadri, broke down the numbers that defined the company’s “impressive” performance. He revealed that the firm achieved a 22.9 per cent increase in service revenue, reaching N392.2bn, fuelled by a surge in third-quarter activity.

The recovery was not a matter of chance but the result of aggressive capital expenditure. Kadri disclosed that the company’s investment in the sector has reached unprecedented levels. “We spent about N1tn in 2025, significantly higher than our 2024 investment levels. We will continue now that we have a business case to make this investment,” he explained.

Despite the massive profit and the deployment of over 2,850 new network sites, the CFO offered a grounded perspective on when consumers will feel the full impact of these billions. He addressed the recurring question of whether increased income immediately equates to better service quality. “The telecommunications industry is capital-intensive. Even when the capital is available, improvements in network infrastructure take time to materialise. We are not out of the woods yet, but the impact of such investments will be fully realised in time,” he said.

Looking towards the future, MTN is shifting its focus toward the “unconnected” segments of the Nigerian population. With the industry’s total investment exceeding $1bn, the company is eyeing a 70 per cent broadband penetration rate through a mixture of traditional and frontier technologies. “There is a growing need to expand connectivity as Nigeria’s population increases. Areas previously classified as rural require improved population coverage. Our goal is to exceed 2025 investment levels with the Bridge Project and a ‘satellite revolution’ aimed at closing the rural connectivity gap,” he added.

Kadri concluded that while private investment remains a pillar of their growth, much of this massive expansion is currently funded by the company’s own operating cash flow.

Telecommunications companies expect to benefit from a $1bn artificial intelligence fund announced by the United Arab Emirates to bolster digital infrastructure across Africa, with Nigeria a central focus.

Industry executives say the initiative could speed broadband rollout, encourage artificial intelligence adoption, and draw more private investment into the country’s rapidly expanding digital economy.

“The growing partnership between Nigeria and the UAE is a very welcome development, especially as it is beginning to extend into technology and the digital economy,” President of the Association of Telecommunications Companies of Nigeria, Tony Izuagbe Emoekpere, told The PUNCH.

“Nigeria’s digital space is expanding very quickly, and partnerships like this can help accelerate investments in areas such as broadband networks, data centres, cloud services, and even emerging technologies like artificial intelligence

UAE Assistant Minister of Foreign Affairs for International Development, Sultan Al Shamsi, highlighted the initiative in a statement, stating, “Our $1bn AI for development Initiative, designed to strengthen digital infrastructure across Africa, with Nigeria as a key partner, underscores our commitment to building long-term, future-ready cooperation. We see Nigeria not only as a major economy, but as a country positioned to lead in shaping Africa’s next phase of growth.”

The announcement comes against the backdrop of growing UAE–Nigeria economic ties. Non-oil trade between the two countries reached $4.3bn in 2024 and approximately $3.1bn during the first nine months of 2025, reflecting expanding commercial activity in logistics, agriculture, and digital services.

Emoekpere explained why Nigeria is an attractive destination for technology and telecom investment. “We have a very large population, and a significant portion of that population is young and increasingly comfortable with technology.

“Smartphone usage is rising, and people are consuming more data every year as they rely more on digital services for business, communication, education, entertainment, and financial services. This growing demand naturally creates strong opportunities for investment in telecom and digital infrastructure,” he said.

He added that the AI initiative presents opportunities to strengthen critical infrastructure.

“Nigeria still needs significant investment in broadband networks, fibre infrastructure, data centres, and other technologies that support the digital economy. Partnerships with countries like the UAE can bring in the capital, expertise, and technology needed to strengthen Nigeria’s connectivity ecosystem,” Emoekpere said.

Al Shamsi further explained the UAE’s investment in the “AI for Development” initiative, noting that “Nigeria is among the priority countries under the ‘AI for Development’ initiative due to its population and economic weight, its pivotal role in West Africa, and its clear ambitions in the digital economy.

“The initiative does not follow a rigid country-by-country distribution; funding is allocated flexibly according to national project readiness and Nigerian government priorities. The sectors expected to benefit first include government services and digital transformation, fintech and financial inclusion, digital health, smart agriculture, public data systems, and digital infrastructure, ensuring a direct impact on citizens’ lives and economic growth.”

He further noted that “all projects are implemented in partnership with national government entities and in accordance with local legal and regulatory frameworks in Nigeria, including data protection and privacy laws.”

According to Al Shamsi, “the initiative emphasises building local capacity in data management and model development, rather than merely using local data for external solutions. Supported projects are required to contribute to knowledge transfer and develop systems that can be operated and advanced locally over the long term.”

The growing crisis in the Middle East is tightening the noose around Africa’s fuel supply chain, with many countries now running on just weeks of refined petroleum products as key import routes come under severe strain.

This follows escalating tensions linked to the Iran war, which has significantly disrupted shipments through the Strait of Hormuz, a critical artery for global energy flows.

According to the International Energy Agency, about 600,000 barrels per day of petroleum products typically destined for Africa from the Middle East are now at risk, as tanker traffic through the corridor slows to a trickle.

The development has forced governments across the continent to urgently seek alternative supply sources, amid fears that wealthier nations could outbid African buyers in an increasingly tight global market.

A report by Bloomberg noted that the unfolding disruption is exposing long-standing structural weaknesses in Africa’s energy system, particularly the continent’s heavy dependence on imported refined products due to years of refinery closures and underinvestment.

Data from energy analytics firm Kpler also paints a stark picture of the disruption, noting that petroleum product loadings fell sharply from 580,000 metric tonnes in January to 183,000 metric tonnes in February, representing a steep decline of 397,000 metric tonnes, or 68.4 per cent.

The situation worsened in March, as volumes plunged further to zero, marking a complete 100 per cent drop from February levels.

Overall, the region lost the entire 580,000 metric tonnes recorded at the start of the quarter, underscoring a total supply breakdown within just three months and reflecting the severity of disruptions in global fuel trade flows.

Industry tracking also showed that several cargoes originally destined for Europe and Africa have been rerouted to Asia, where demand has surged amid the crisis.

One such vessel, the Brest, initially bound for Rotterdam after loading in India, abruptly changed course near East Africa and diverted towards Indonesia, highlighting the shifting dynamics in global fuel trade.

The ripple effects are already being felt across Africa, particularly in East and Southern regions, where dependence on Middle Eastern fuel imports is highest.

“We are looking everywhere for supply options,” Director-General at South Africa’s Department of Mineral Resources, Jacob Mbele, said in an interview.

“We are comfortable that in the coming weeks or so, we are safe, but the situation is fluid; it changes every day,” he added.

The report warned that securing fuel cargoes will become increasingly difficult for African countries, many of which operate with limited foreign exchange reserves and weak bargaining power.

The crisis is further compounded by the continent’s declining refining capacity. Despite accounting for about seven per cent of global crude oil production, Africa has lost roughly a third of its refining capacity over the past two decades.

This has left many economies heavily reliant on imports from the Middle East, a dependence now proving costly.

In East Africa, countries such as Kenya, which consume about 100,000 barrels of fuel daily and import all its requirements, are particularly vulnerable. The country maintains just 21 days of fuel stock, leaving little margin for disruption.

Chairman of the Petroleum Outlets Association of Kenya, Martin Chomba, said the situation is already biting.

“The biggest suppliers are rationing product, and some distributors are experiencing stock-outs in rural areas,” he said.

Similarly, Ethiopia has urged citizens to cut down on fuel consumption as the government prioritises essential services.

Prime Minister Abiy Ahmed said in a public statement that fuel use must now be directed towards “basic and essential needs,” reflecting the growing strain on supply.

Nigeria recorded crude oil imports worth $3.74bn linked to operations of the Dangote Petroleum Refinery in 2025, highlighting a major shift in the country’s oil trade structure despite its status as a crude producer.

This was disclosed in the Central Bank of Nigeria’s Balance of Payments report, which showed that “Crude oil imports of $3.74bn by Dangote Refinery” contributed to movements in the country’s current account position.

The report noted that Nigeria posted a current account surplus of $14.04bn in 2025, lower than the $19.03bn recorded in 2024 but significantly higher than $6.42bn in 2023.

The decline from 2024 was driven partly by structural changes in oil trade flows, including crude imports for domestic refining. Data in the report showed that crude oil exports dropped from $36.85bn in 2024 to $31.54bn in 2025, representing a 14.41 per cent decline, further shaping the external balance.

At the same time, the goods account remained in surplus at $14.51bn in 2025, rising from $13.17bn in 2024, supported largely by activities linked to the Dangote refinery and improved export performance in other segments.

The CBN stated that the stronger goods balance was driven by “significant export of refined petroleum products worth $5.85bn by Dangote Refinery,” alongside increased gas exports to other economies.

The report added that the refinery’s operations also reduced Nigeria’s reliance on imported fuel, noting that “availability of refined petroleum products from Dangote Refinery also led to a substantial decline in fuel imports.”

Specifically, refined petroleum product imports fell sharply to $10.00bn in 2025 from $14.06bn in 2024, representing a 28.88 per cent decline, while total oil-related imports also eased.

However, this was offset by a rise in non-oil imports, which increased from $25.74bn to $29.24bn, up 13.60 per cent year-on-year, reflecting sustained demand for foreign goods.

Further pressure on the current account came from higher external payments. Net outflows for services rose from $13.36bn in 2024 to $14.58bn in 2025, driven by increased spending on transport, travel, insurance, and other services.

Similarly, net outflows in the primary income account surged by 60.88 per cent to $9.09bn, largely due to higher dividend and interest payments to foreign investors.

In contrast, secondary income inflows declined slightly from $24.88bn in 2024 to $23.20bn in 2025, as official development assistance and personal transfers weakened, although remittances remained a key source of inflow.

On the financial account side, Nigeria recorded a reversal, posting a net borrowing position of $1.69bn in 2025 compared to a net lending position of $9.65bn in 2024.

Portfolio investment inflows fell sharply by 48.3 per cent to $8.04bn, while foreign direct investment inflows rose to $4.01bn from $1.61bn in the previous year, indicating a gradual shift towards longer-term capital.

The report also showed increased investment outflows by Nigerians abroad, with direct and portfolio investment assets rising significantly during the year.

Despite pressures across components, Nigeria’s overall balance of payments remained positive at $4.23bn in 2025, though lower than the $6.83bn surplus recorded in 2024.

External reserves rose to $45.75bn at the end of December 2025, reflecting a 13.83 per cent increase compared to 2024 levels, supported by inflows and improved external buffers.

The PUNCH earlier reported that despite its status as Africa’s largest crude oil producer, Nigeria imported crude oil worth a staggering N5.734tn between January and December 2025 as domestic refineries grappled with persistent feedstock shortages, exposing a deepening supply paradox in the country’s oil sector.

This comes despite the Federal Government’s much-publicised naira-for-crude policy designed to prioritise local supply.

Energy analysts earlier faulted the implementation of the Federal Government’s naira-for-crude policy, arguing that it has failed to significantly improve domestic crude supply or reduce fuel prices.

The Chief Executive Officer of Petroleumprice.ng, Jeremiah Olatide, said the policy has delivered little impact since its introduction in 2024, as most refineries continue to rely heavily on imported crude.

He said, “For me, the naira-for-crude policy that was initiated in 2024 has not yielded any reasonable output because the Dangote refinery still sources about 65 to 70 per cent of its feedstock from abroad, while about 95 per cent of modular refineries also source their crude outside the naira-for-crude initiative.

“So, the initiative, for me, is not effective, and that is why we are still seeing a large inflow and importation of crude oil in 2025. In turn, prices at the depot and pump have not been different from when we were fully importing refined products.”

He noted that while the coming on stream of large-scale refining capacity has improved product availability, it has not translated into price relief for consumers.

“The only difference now is that we no longer have supply fears; there is availability of products. But in terms of pricing, I would say the naira-for-crude policy has not translated into lower prices at the depot or pump,” he added.

Jeremiah attributed this to the continued reliance on international pricing benchmarks, even for locally supplied crude.

Transnational Corporation Plc has signalled a new era of dominance in the African investment landscape, announcing a historic combined market capitalisation of N4.87tn ($3.57bn) as of 16 March 2026.

The conglomerate, which has become a bellwether for the Nigerian Exchange, accompanied this valuation milestone with a commitment to reward its 311,000 shareholders with record-breaking dividend payouts following its best financial performance in history.

The Group’s full-year 2025 results revealed a powerhouse in ascent, with revenue surging 33 per cent to N544.41bn and profit before tax climbing to N179.50bn. These figures underscore the successful execution of a multi-sector strategy spanning power, hospitality, and energy.

Speaking during the 2025 Investors’ Call, the President and Group Chief Executive Officer of Transcorp Plc, Owen Omogiafo, emphasised that the Group’s success is a result of disciplined execution in a volatile environment.

“Transcorp achieved its best financial performance in history in FY 2025, driven by strong execution across power and hospitality.

Despite sector-wide challenges, including gas constraints and inflation, we are well-positioned for sustained expansion and long-term value creation,” she said.

The Group’s “homegrown” strategy has proven particularly effective in its hospitality business, where Transcorp Hotels Plc has insulated itself from global travel disruptions by stimulating domestic consumption and implementing an import substitution strategy for its supply chain.

At the heart of the Group’s valuation surge is its massive footprint in the power sector. Through Transcorp Power Plc and Transafam Power Limited, the Group now controls approximately 2,000 MW of installed capacity, representing 15 per cent of Nigeria’s total grid capacity.

Addressing the critical issue of gas supply and infrastructure, the Managing Director and Chief Executive Officer of Transcorp Power Plc, Peter Ikenga, noted, “We do recognise the value of ensuring consistent, reliable, and stable power generation. We have diversified our sources of gas and multiple pipelines to ensure we are robust. Even with vandalism challenges, we worked quickly to restore operations; we are back and delivering much-needed power to the grid.”

Beyond traditional thermal power, Transcorp is pivoting toward a sustainable future. The Group recently emerged as the successful bidder for a 30 MW interconnected solar-powered mini-grid project in the Federal Capital Territory, a move supported by the World Bank and the Rural Electrification Agency.

The Managing Director and Chief Executive Officer of Transcorp Energy Limited, Christopher Ezeafulukwe, highlighted the significance of this transition. “This is the most oven-fresh news to come out of the renewable energy space in Nigeria. We are taking what we know how to do best, winning assets and turning them around, and applying them to solar. When Transcorp says it is an integrated energy group, we are bringing that to fulfilment,” he stated.

The investors’ call concluded on a high note for shareholders. Despite holding significant receivables from the national power sector, the Group’s leadership assured investors that liquidity remains strong and that impairment write-backs are expected as government settlement tranches proceed.

Reflecting on the Group’s 48.7 per cent compound annual growth rate over the last five years, Ms Omogiafo reiterated the board’s intention to share the spoils of success. “We have proposed a dividend that is higher than what we gave before. We want to reassure you of our commitment to the vision. We are keen to fix power in our country, and power must be fixed. To our long-term investors: the sky is not even our limit,” she added.

With the upcoming Annual General Meetings for Transcorp Plc and Transcorp Power Plc, the market anticipates a formal ratification of these record dividends, further cementing Transcorp’s status as Nigeria’s premier diversified conglomerate.