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.

The President of the Dangote Group, Aliko Dangote, has announced that the expansion of the Dangote Petroleum Refinery to a production capacity of 1.4 million barrels per day will generate employment for no fewer than 95,000 skilled workers at peak construction.

According to a statement by the firm, Dangote disclosed this on Saturday in Lagos during his induction as an honorary fellow of the Nigerian Academy of Engineering, describing the project as a major milestone in Nigeria’s industrial transformation.

According to him, the expansion underscores the group’s continued commitment to engineering excellence, job creation, and sustainable economic growth.

“This award is particularly meaningful because it recognises what we are doing in the industry, especially our commitment to employing engineers and skilled professionals. At the peak of construction for this expansion, we expect to have about 95,000 skilled workers on site, and we will continue to grow,” Dangote said.

Upon completion, Dangote said the expanded refinery will surpass the Jamnagar refinery in India to become the largest refinery in the world, significantly strengthening Nigeria’s refining capacity.

Dangote noted that the project would rely heavily on Nigerian expertise, creating substantial opportunities for engineers, technicians, artisans, and other skilled professionals. He added that the expansion reflects the group’s long-term vision for industrialisation in Nigeria and across Africa.

Beyond employment generation, the refinery said the expansion is expected to stimulate local manufacturing, enhance technology transfer, and deepen Nigeria’s oil and gas value chain.

It will also improve fuel security, reduce dependence on imported petroleum products, and deliver significant foreign exchange savings for the Nigerian economy.

“The scale of this expansion reflects our confidence in Nigerian capacity and our belief that Africa has the ability to build world-class infrastructure that meets global standards,” Dangote stated.

In his remarks, the President of the Nigerian Academy of Engineering, Prof Rahamon Bello, described the honour as well-deserved, noting that Dangote’s impact transcends physical infrastructure.

“What makes this recognition fitting is not only what has been built but also what has been inspired. Alhaji Aliko Dangote’s journey continues to motivate a new generation of engineers, entrepreneurs, and innovators to think boldly, act decisively, and believe in the immense possibilities within our continent,” Bello said.

From the current 650,000 bpd, Dangote plans to scale up the refinery in three years.

 

Africa’s Global Bank, United Bank for Africa (UBA) Plc has announced its audited financial results for the year ended December 31, 2025, recording total assets growth of 9.4 per cent to N33.2 trillion up from N30.3 trillion at the end of 2024, alongside an 11.8 per cent increase in customer deposits from N24.3 trillion in 2024 to N27.2 trillion.

 

The results released to the Nigerian Exchange Limited on Friday, showed that the Group also delivered strong gross earnings of N3.09 trillion from N3.19 trillion recorded the previous year. Although recording a slight drop in gross earnings, the performance was still strengthened by resilient core business fundamentals and a diversified Pan-African footprint, even as the year reflected a strategic repositioning of its balance sheet for sustainable long-term growth.

 

Overall, the bank’s 2025 performance was impacted by prudent and forward-looking risk management decisions, including loan loss provisions of N331 billion and fair value changes on derivatives amounting to N278 billion.

 

These changes which are largely non-recurrent in nature, weighed on profitability but are not expected to recur at similar magnitudes in future periods.

 

Despite this, the Group maintained strong underlying performance, with operating profit exceeding N1 trillion before these exceptional items, highlighting the resilience of its core banking operations.

 

A critical look at the performance showed that UBA’s capital position remained robust, with shareholders’ funds rising to N4.25 trillion in 2025; up from N3.42 trillion the previous year, with share capital and premium hitting N505 billion following a very successful rights issue.

 

The Group’s capital adequacy ratio of 23.2 percent provides a solid foundation to support future growth, just as the Bank has also strengthened its recovery efforts, with a fortified recovery team aggressively pursuing delinquent exposures, ensuring that recoveries will positively impact earnings from full year 2026 and beyond.

 

Operating in 20 African countries and in the US, UK, France and UAE, the Group’s Pan-African operations continue to be a major growth driver, contributing over 50 per cent of total assets, revenue, and profit. Notably, West Africa operations recorded a 53 per cent profit growth, while East and Southern Africa delivered a 61 per cent increase, reinforcing the strength and scalability of UBA’s diversified business model across the continent.

 

Commenting on the results, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, said, the bank continues to demonstrate the true strength of its Pan-African diversified model, despite the moderation in bottom-line performance compared to the prior year’s highs, as core business engines, especially in the subsidiaries outside Nigeria delivered double-digit growth.

 

“The 2025 financial year was defined by UBA’s proactive approach to the Central Bank of Nigeria’s (CBN) new recapitalization requirements. The Group successfully concluded capital raising programme, which was oversubscribed, reflecting strong investor confidence in UBA’s long-term growth strategy. A total of N395 billion additional capital was raised, enhancing our capacity to support our footprints, and expanding lending to key sectors.”

 

Continuing the GMD said, “We have also made significant investments in innovation, technology and resources to drive our payment and digital offerings; this will help scale digital-led income streams across our markets.”

 

In his forecast for the 2026 financial year, Alawuba stated, “Looking ahead, UBA is well-positioned to accelerate growth, with plans to strategically expand its risk asset base across key sectors as macroeconomic conditions improve. With expectations of over N1 trillion in additional growth in the near term, the Group remains committed to driving sustainable earnings, deepening financial inclusion, and delivering superior value to shareholders across all its markets.”

 

On his part, UBA’s Executive Director, Finance & Risk Management, Ugo Nwaghodoh, said the 2025 financial year marked a deliberate strengthening of the balance sheet and a shift toward more sustainable, higher-quality earnings in a normalizing macroeconomic environment.

 

“We believe that proactively recognizing potential credit losses positions us well to navigate uncertainties and support sustainable performance in future periods. The reversal of prior-year derivative gains and foreign exchange-related losses of N282.5 billion drove a decline in non-interest income; these will not recur in this magnitude and should result in future earnings upside,” he explained.

 

According to him, despite the impact of these changes on profitability, the bank’s core business fundamentals as well as its capital and liquidity positions remain strong, with shareholders’ funds now at N4.25trillion and capital adequacy ratio at 23.2 per cent, having exited the CBN forbearance regime in 2025.

 

“With deliberate steps we have taken to reposition our Nigerian operations, we are well placed to cautiously drive risk asset growth in line with improving macroeconomic conditions. The bank is also intensifying recovery efforts on the provisioned loans, creating a clear pathway for earnings upside,” Nwaghodoh explained.

 

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.

The Nigerian Communications Commission has unveiled a national strategy to accelerate the adoption of Internet Protocol version 6, setting out clear targets for government agencies, telecommunications operators, and private sector players as it seeks to close a widening gap with global peers and strengthen its digital infrastructure.

The roadmap, launched on Thursday at the inauguration of the Nigeria IPv6 Council in Lagos by the NCC, aims to lift the country’s IPv6 adoption rate from roughly 5 per cent today to levels comparable with leading African economies within the next three years and to about 30 per cent by 2030.

Speaking at the event, the Executive Vice Chairman of the regulator, Aminu Maida, framed the transition as critical to Nigeria’s economic competitiveness and digital sovereignty, warning that continued reliance on the legacy IPv4 system risks constraining growth in next-generation technologies.

“IPv6 is no longer optional; it is a strategic necessity for national competitiveness, security, and economic sovereignty,” the executive said, noting that global IPv4 address reserves have been exhausted while demand for connectivity continues to surge, driven by 5G, cloud computing, artificial intelligence, and the Internet of Things.

Under the strategy, at least 20 per cent of government networks are expected to become IPv6-compliant by 2027, while a minimum of 25 per cent of telecom operators are to actively deploy the protocol. Nationwide adoption is projected to reach approximately 30 per cent by the end of the decade.

The newly inaugurated council, which operates as Nigeria’s chapter of the global IPv6 Forum, has been tasked with coordinating implementation across sectors, including developing monitoring frameworks, issuing annual progress reports, and advising on policy incentives to accelerate uptake.

It will also work with the African Network Information Centre to deepen technical capacity as part of broader efforts to address a persistent skills gap in network engineering.

Industry stakeholders say the targets are ambitious but achievable, provided there is sustained coordination between regulators, operators, and enterprise users.

Data presented at the launch show Nigeria lagging behind global benchmarks, with IPv6 adoption at about 5 per cent, compared with a global average exceeding 40 per cent and an African average of around 6 per cent.

This is despite the country having more than 200 Autonomous System Numbers and over 100 networks that have already secured IPv6 address allocations. Only a fraction, however, are actively deploying the protocol or assigning IPv6 addresses to end users.

According to the Chief Executive Officer of the Internet Exchange Point of Nigeria, one of the key bottlenecks is the continued functionality of IPv4, which reduces the urgency for migration among operators.

“Because IPv4 still works, many organisations are not under immediate pressure to transition,” he said. “The shift requires investment in infrastructure, training, and awareness, and many are unsure of the immediate commercial returns.”

weakens demand, as most consumers are indifferent to the underlying internet protocol as long as connectivity is maintained.

Stakeholders at the event point to broader structural challenges, including funding constraints and a shortage of skilled professionals, as barriers to faster adoption. While Nigeria has trained a number of engineers in IPv6 deployment through public and private initiatives, many have emigrated, creating a recurring talent deficit.

The council plans to train at least 50 additional professionals by October this year as part of its initial capacity-building efforts, with a longer-term goal of establishing a nationwide pipeline of certified engineers.

Funding remains another constraint. Much of the council’s current work is being supported through contributions from stakeholders, raising questions about the sustainability of large-scale implementation without dedicated financing mechanisms.

The strategy places significant emphasis on public sector leadership, requiring government ministries, departments, and agencies to migrate their digital infrastructure to dual-stack or IPv6-native systems.

Private sector players, including telecom operators, internet service providers, data centres, and financial institutions, are expected to follow suit by upgrading infrastructure and integrating IPv6 into procurement and network expansion plans.

The regulator is also expected to introduce incentives and standards to drive compliance, though details of these measures are yet to be fully outlined.

The transition to IPv6 is essential for scaling Nigeria’s digital economy, which is projected to generate more than $15bn in value, as well as for improving cybersecurity and enabling emerging technologies.

IPv6 offers a vastly expanded address space compared with IPv4, allowing for direct device-to-device connectivity and reducing reliance on network address translation, a workaround that can limit performance, traceability, and security.

Technology leaders warn that failure to accelerate adoption could deepen Nigeria’s technological dependence and erode its competitiveness.

“We cannot continue to rely on legacy systems while the rest of the world moves forward,” industry oracle Chris Uwaje said. “IPv6 adoption requires a national mindset shift, one that prioritises infrastructure, skills, and digital independence.”