Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has released its audited financial results for the full year ended 31 December 2025, showing a remarkably strong performance across all key balance sheet and income metrics.

In a regulatory filing signed on Tuesday by the Group Chief Executive Officer, Jeremy Awori, and the Group Executive Director/CFO, Ayo Adepoju, the pan-African lender reported that its operating profit before impairment charges jumped by 29 per cent to reach $1.265bn. In local currency terms, this reflected a 31 per cent increase to N1.927tn.

The Group’s top-line growth remained robust throughout the period, with gross earnings by 14 per cent to $3.207bn (N4.883 tn). Revenue followed a similar upward trajectory, growing 17 per cent to $2.449bn, supported by the bank’s diversified pan-African footprint and digital expansion strategies.

Bottom-line performance was equally impressive. The Group’s profit before tax rose 21 per cent to $800.9m (N1.220tn), while profit after tax grew 20 per cent to settle at $594.1m (N904.7bn)

Ecobank’s balance sheet witnessed significant scaling during the 2025 financial year. Total assets expanded 23 per cent to hit $34.5bn, a figure that translates to N49.659tn in Naira terms. This growth was underpinned by a surge in customer confidence, as deposits from customers grew 24 per cent to $25.3bn. The bank also increased its support to the real sector, with loans and advances to customers rising 19 per cent to reach $11.8bn.

One of the most notable highlights of the report was the massive leap in shareholder wealth. Total equity surged 60 per cent to reach $2.9bn (N4.123tn), reflecting a significantly strengthened capital position and retained earnings.

The results underscore the bank’s resilience in a complex macroeconomic environment. By maintaining a sharp focus on operating efficiency, the management team, led by Awori and Adepoju, has successfully translated revenue growth into higher operating margins.

The 2025 audited report indicates that the Group is successfully navigating currency fluctuations and inflationary pressures across its various markets while maintaining a solid trajectory for sustainable growth and value creation for its shareholders.

The Nigerian Exchange maintained its upward trajectory as the overall market capitalisation crossed the N132tn threshold, bolstered by significant gains in 40 listed stocks. At the close of the trading session on Tuesday, the market capitalisation rose by N883bn to settle at N132.492tn, while the All-Share Index advanced by 1,372.52 points, or 0.67 per cent, to end at 205,831.38 points.

This bullish performance was primarily driven by price appreciation in large and medium capitalised stocks, most notably Seplat Energy, Nigerian Exchange Group, Stanbic IBTC Holdings, Lafarge Africa, and MeCure Industries.

Investor sentiment remained firmly positive as market breadth finished with 40 gainers against 21 decliners. Ecobank Transnational Incorporated and Stanbic IBTC Holdings emerged as the primary drivers of the rally, with both stocks gaining 10 per cent to close at N4.60 and N161.70, respectively.

The Nigerian Exchange Group followed closely with a 9.97 per cent appreciation to close at N168.75 per share, while Cornerstone Insurance and MeCure Industries saw their share prices rise 9.94 per cent and 9.92 per cent, respectively.

Conversely, the losers’ chart was led by Fortis Global Insurance, which shed 8.20 per cent to close at N1.12, followed by McNichols Consolidated and Academy Press, which declined 8.17 per cent and 6.96 per cent.

Liquidity in the market saw a significant boost as the total volume traded appreciated by 21.13 per cent to 569.309 million units, valued at N32.250bn across 45,777 deals. Access Holdings dominated activity by volume with 67.530 million shares worth N1.746bn, while Zenith Bank led in terms of value with 39.741 million shares exchanged for N4.50bn.

Other highly traded equities included VFD Group, Guaranty Trust Holding Company, and Lasaco Assurance. Regarding the market outlook, analysts at Futureview Group indicated that the market is expected to sustain its positive bias in the near term as investors continue to position themselves in fundamentally sound stocks, though they cautioned that intermittent profit-taking could potentially temper the upside.

Nigeria’s average daily crude production is still below the 1.5-million-barrel quota set for the country by the Organisation of the Petroleum Exporting Countries.

According to the OPEC Monthly Oil Market Report released in April, Nigeria’s crude production in March was 1.38 mbpd. While there was a 69,000 bpd increase from the 1.31 mbpd recorded in February, the figure is still 117,000 bpd below the OPEC quota.

The figures for February indicate a month-on-month decline of 146,000 barrels per day, widening the country’s shortfall from its OPEC production allocation. This is the eighth consecutive month the country has failed to meet the OPEC quota since July 2025.

It could be recalled that although Nigeria recorded a marginal improvement in January, when production rose from 1.422 mbpd in December 2025 to 1.459 mbpd, the rebound was short-lived as output fell significantly in February.

Earlier data from the Nigerian Upstream Petroleum Regulatory Commission had also shown that crude oil production weakened at the end of 2025. Production declined from 1.436 mbpd in November 2025 to 1.422 mbpd in December, before recovering slightly in January.

In 2025, Nigeria’s crude oil production fell below its OPEC quota in nine months of the year, meeting or slightly exceeding the target only in January, June, and July. Nigeria opened 2025 strongly, producing 1.54 mbpd in January, about 38,700 barrels per day above its OPEC allocation.

However, production slipped below the quota in February at 1.47 mbpd and weakened further in March to 1.40 mbpd, marking one of the widest shortfalls during the year.

Although output recovered modestly in April (1.49 mbpd) and May (1.45 mbpd), Nigeria remained below its OPEC ceiling until June, when production edged up to 1.51 mbpd, slightly exceeding the quota.

The country sustained the momentum in July with 1.51 mbpd before falling below the benchmark again in subsequent months.

Our correspondent reports that the figures recorded in the first quarter of 2026 are below the government’s budget benchmark.

Recently, the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission said oil production (crude and condensate) reached 1.8 mbpd in March.

However, an official of the commission told The PUNCH that the recovery started in mid-March after all assets on turnaround maintenance resumed operations. The official expressed optimism that crude production would meet the OPEC quota in April.

The PUNCH reports that Nigeria’s inability to meet its OPEC production quota is not only affecting its oil export earnings but also adversely impacting domestic refineries that are starved of feedstock for their operations.

Recall that The PUNCH exclusively reported on March 9, 2026, that the Federal Government, through the Nigerian National Petroleum Company Limited, had begun moves to secure crude oil supply for the Dangote Petroleum Refinery through third-party international traders in a bid to sustain domestic refining operations.

“Leveraging our global crude trading network, we are sourcing third-party crude for the refinery at prices that are competitive with prevailing international market rates,” a senior official at NNPC, who spoke in confidence due to the lack of authorisation to speak on the matter, had told The PUNCH.

The report showed that several heavyweight OPEC producers implemented sharp cuts. Saudi Arabia’s output plunged by 2.35 mbpd to 7.76 mbpd, while Iraq slashed production by 2.23 mbpd to 1.9 mbpd.

The United Arab Emirates and Kuwait also posted steep declines of 1.48 mbpd and 1.380 mbpd, respectively.

Venezuela increased production by 75,000 bpd to 1.1 mbpd, Congo added 16,000 bpd to reach 307,000 bpd, and Libya gained 15,000 bpd to 1.3 mbpd. Algeria recorded a marginal drop of 2,000 bpd.

The report noted that totals for the entire OPEC group were not available due to independent rounding and incomplete data for some members. It also clarified that Saudi Arabia’s supply to the market in March stood at 7.76 mbpd, while its actual production was 6.97 mbpd. Nothing was recorded for Gabon and the crisis-ridden Iran.

As the aviation industry continues to expand, SAHCO remains committed to driving operational excellence and contributing meaningfully to the development of Nigeria’s air transport ecosystem

As the Central Bank of Nigeria’s (CBN) recapitaliSation exercise came to an end March 31, 2026, most banks operating in the country rose to the challenge and met the requirement ahead of time.

However, Fidelity Bank’s proactive approach paid off, and it continued to demonstrate its commitment to growth and innovation. In a remarkable display of investor confidence, Fidelity Bank opened and concluded a private placement in just one day on December 31, 2025. Leading institutions, including AFREXIM Bank and its subsidiaries, invested in the bank, showcasing their faith in Fidelity’s vision and leadership.

With the CBN’s verification process complete, Fidelity Bank’s capital base now exceeds the required N500 billion threshold. This milestone positions the bank to expand its footprint, drive growth, and deliver returns to investors.

Market analysts stated that the successful completion of the private placement underscores strong investor confidence in the bank’s growth strategy, governance framework and long-term fundamentals, even amid tightening regulatory standards and evolving macroeconomic conditions.

The lender had announced to the investing public that it has surpassed the N500billion regulatory capital threshold following the successful completion of a N259billion private placement of ordinary shares.

The Company Secretary, Fidelity Bank, Ezinwa Unuigboje in a signed statement on Nigerian Exchange Limited (NGX) disclosed that the private placement, conducted with the approval of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), was opened and closed on December 31, 2025.

According to her, the proceeds from the exercise lifted Fidelity Bank’s eligible capital from N305.5billion to N564.5billion, subject to final regulatory approvals.

The latest capital raise positions the lender comfortably above the new minimum capital requirement of N500billion for commercial banks with international authorisation, as stipulated by the apex bank under its banking sector recapitalisation programme. According to the bank, the private placement was carried out pursuant to the mandate granted by shareholders at its Extraordinary General Meeting held on February 6, 2025.

At the meeting, shareholders authorised the board to issue up to 20 billion ordinary shares through a private placement as part of measures to strengthen the bank’s capital base and enhance its capacity to support economic growth. The N259billion raised through the private placement builds on earlier capital-raising efforts by the bank. Fidelity Bank had stolen the show by taking a bold step in June 2024, launching a Public Offer and Rights Issue to raise capital.

Fidelity Bank successfully raised N175.85billion via a combination of a public offer and rights issue, which had increased its eligible capital to N305.5billion at the time. That exercise left a capital shortfall of N194.5billion relative to the new regulatory benchmark, a gap now fully covered by the latest transaction. Fidelity Bank’s strategic moves have set it up for success, and the stage is set for the bank to make significant strides in the Nigerian banking sector.

Fidelity Bank noted that the strengthened capital position will enhance its balance sheet resilience, support business expansion, and enable it to play a more robust role in financing key sectors of the Nigerian economy, in line with regulatory expectations. The bank added that it remains focused on value creation for shareholders, prudent risk management and sustained profitability as it navigates the post-recapitalisation phase of the banking sector. Meanwhile, the stock price of Fidelity Bank closed trading April 10, 2026 at N19.50 per share on the NGX.

The Crude Oil Refiners Association of Nigeria has faulted claims that imported petroleum products are cheaper than locally refined fuels, arguing that price differences stem from quality disparities and not efficiency, while accusing the World Bank of failing to make a like-for-like comparison.

The association’s Publicity Secretary, Eche Idoko, who spoke in an interview with The PUNCH, said local refineries were disadvantaged by premium crude pricing and unfair benchmarking against blended imported products.

In a now-deleted report, the World Bank Group had stated that Dangote’s petrol price was higher than imported ones, asking the Federal Government to allow fuel importation. Reacting in an interview with our correspondent, Idoko maintained that the World Bank was not fair with his comparison.

According to him, petroleum products imported into Nigeria are blended and are of low quality compared to locally produced ones.

He added that many imported fuels were blended to meet minimum regulatory specifications, making them cheaper but not directly comparable to fully refined local products.

“What is the quality, what is the process of producing some of these imported products? Some of the products that have been imported are blended products that are coming from Kazakhstan and the Far Eastern European countries. They blend just to get the parameters that they need in this country. And then they bring it in.

“In terms of quality, they would not compete with the quality that we produce from our refineries here. And of course, it also dovetails with the fact that blending is cheaper than refining. So, those are factors that would make those prices cheaper,” he stated.

Idoko said any comparison must account for product specifications such as density, flash point and pour point, noting that different fuel grades attract different prices.

“The World Bank has failed to tell us what the density was, what the flash point was, what the pour point was, and all those things about these products. They should also give a comparison because not all products are the same. There are different grades of PMS. There are different grades of diesel. And as different as they are, so also are the prices. So it’s not okay to just say the price of petrol produced in Nigeria is higher than the price of imported petrol. How do you grade the two of them?” he asked.

He insisted that unless identical grades were compared, conclusions about price competitiveness would be misleading. “When you are speaking of two different grades of fuel, then you are not being fair to the local refinery. So I think those are the factors that the World Bank will have to spell out when they are doing their comparison. It has to be apple with apple and not apple with pear or apple with orange,” he said.

The CORAN spokesman also clarified that blending was not illegal but typically produced lower-grade fuels that cost less. “Blending does not mean adulterated fuel. No, not necessarily. As I said, in products, you have grades. So the higher the grade, the higher the price.

“And then when you’re looking at the grade, you’re looking at the level of emissions. So if I’m refining and my emissions are more environmentally friendly, it will definitely be more expensive because it takes a higher level of refining. But if it’s not, then it means it’s a lower grade, so the price will be lower.

“So I’m not saying blending is bad. I think that the misinformation is that, when you blend, it’s like something illegal. No, it’s not illegal. But it doesn’t give you the grade in terms of quality as the one that has gone through the full reforming process. It won’t give what the one who went through a standard catalytic reformer and reforming process will give you. The refined one will be different from what a blended product will give you,” he stated.

Among other factors contributing to the high cost of locally produced fuel, Idoko blamed a lack of enough crude supply and the sale of the crude at a premium.

“Modular refineries are still buying crude at a premium. And the Dangote refinery, even though it’s getting crude, is getting it at a premium. There are no comparative advantages. There are no discounts. Dangote and other refineries are buying from traders internationally. Now, we don’t enjoy incentives here. And then they are quoting our price at Brent. So you cannot see any comparative advantage,” he said.

His comments followed a recent report by the World Bank, which stated that imported petrol was cheaper than locally refined fuel in Nigeria.  In its Nigeria Development Update released in Abuja on Tuesday, the bank noted that the current pricing structure had created a gap between locally refined fuel and import parity prices.

It stated that imported petrol is about 12 per cent cheaper than fuel supplied by the Dangote refinery, reflecting distortions in the domestic pricing structure amid soaring global crude prices.

“The Dangote refinery—the main supplier of refined petrol after the regulator ceased issuing import licences in early 2026—raised the ex-depot price of Premium Motor Spirit to about N1,275 per litre as of March 23, 2026, compared to an estimated import-parity price of around N1,122 per litre, implying a cost differential of roughly 12 per cent,” the report said.

However, Idoko maintained that such comparisons must include fuel quality metrics before drawing conclusions, saying the analysis should not rely on “a blanket statement to say that imported products are cheaper than what we are refining here”.

In the report, the World Bank Group advised the Federal Government to allow the importation of petrol into the country, saying, “Reopen the PMS market to competition. The suspension of import licences since January 2026 has reduced competition, allowing prices to exceed import-parity levels.

“Allowing qualified marketers to resume imports would restore competition, reduce pricing distortions, and better align domestic prices with global benchmarks. Greater market contestability would also strengthen supply security by reducing reliance on a single refinery and broadening sourcing options while remaining consistent with domestic refining objectives.”

However, this came with backlashes. Nigerians across various social media platforms, forcing the World Bank to pull down the report while making clarifications that its position was not a blanket endorsement of fuel importation but part of a broader strategy tied to market reforms and consumer protection.

“In the case of Nigeria, the focus should be to provide targeted support to the most vulnerable people through their well-functioning social safety net system, and the World Bank Group stands ready to step up its existing support,” it stated.

FMDQ Securities Exchange Limited has officially approved the quotation of Daraju Industries Limited’s N4.92bn Series 1 and N17.76bn Series 2 Commercial Paper under its N50.00bn issuance programme.

The move marks a significant milestone for the Nigerian fast-moving consumer goods sector, providing a multi-billion-naira liquidity injection to one of the country’s leading manufacturers.

The approval, granted by the Exchange’s Board Listings and Markets Committee, is seen as a strategic win for Daraju Industries as it seeks to solidify its footprint in the personal and home care markets.

“This transaction highlights the continued depth of the Nigerian commercial paper market in supporting corporate liquidity requirements and reinforces the Exchange’s role as a trusted platform for efficient capital mobilisation,” stated the Group Chief Operating Officer of FMDQ Group Plc, Tumi Sekoni.

Daraju Industries, known for its diverse portfolio of household brands spanning oral hygiene and personal care, intends to deploy the net proceeds to optimise its balance sheet. The funding comes at a critical time when Nigerian manufacturers are navigating fluctuating operational costs and seeking more efficient funding structures.

The company confirmed that the N22.68bn capital raise will be utilised to bolster working capital, enhance operational efficiency, and sustain its long-term growth trajectory.

“The proceeds will be utilised to bolster Daraju Industries’ working capital requirements, optimise its funding structure, and enhance operational efficiency,” the company noted in a statement, emphasising its goal to “expand its market footprint and deliver increased value to stakeholders.”

The successful quotation was sponsored by FBNQuest Merchant Bank Limited, acting as the Registration Member, with significant support from co-sponsors including CardinalStone Partners Limited, Cordros Advisory Services Limited, and Coronation Merchant Bank Limited.

The high level of institutional involvement underscores the market’s confidence in Daraju’s credit profile and the overall transparency of the FMDQ platform.

“We remain committed to fostering a resilient and transparent market that supports sustainable growth across key sectors of the economy,” Sekoni added, noting that the Exchange’s infrastructure is designed to empower both “established industry leaders and emerging startups”.

As Africa’s first vertically integrated financial market infrastructure group, FMDQ continues to play a transformative role in Nigeria’s debt capital market. By leveraging advanced technology to provide a regulated environment for short-term funding, the Exchange is facilitating the flow of capital necessary for job creation and industrial expansion.

With this latest quotation, Daraju Industries is now positioned to leverage a more robust financial foundation, ensuring its products remain competitive in a rapidly evolving Nigerian consumer landscape.

The Lagos State Internal Revenue Service (LIRS) wishes to express its sincere appreciation to esteemed taxpayers for their continued compliance and commitment to the filing of their individual annual income tax returns.

Following the earlier extension granted to April 14, 2026, the Agency has observed a significant increase in traffic on its eTax platform as more taxpayers endeavour to meet the filing deadline.

In view of this development, and to ensure that all taxpayers are provided with adequate opportunity to successfully complete their filings, LIRS hereby announces a further extension of the deadline, now set for April 21, 2026.

This additional extension is granted in consideration of the overwhelming response and to enhance taxpayer convenience, while maintaining the integrity and accuracy of submissions.

Taxpayers are reminded that the filing of annual income tax returns remains a statutory obligation and are encouraged to take advantage of this final extension to fulfil their civic responsibility.

The Executive Chairman of LIRS, Dr. Ayodele Subair, on Friday  reiterated that all filings must be completed electronically via the LIRS eTax platform: https://etax.lirs.net, which remains the only approved channel for submission.

For further enquiries or assistance, taxpayers may visit any LIRS office or contact the Agency through its official communication channels.