Officials of the Dangote Petroleum Refinery are unaware of claims that seven crude cargoes have been allocated to it in May by the Nigerian National Petroleum Company Limited, The PUNCH reports.

Senior officials at the refinery told our correspondent that, although talks were ongoing with the NNPC, they could not confirm an increase in the refinery’s monthly crude allocation from five to seven cargoes.

There were reports that the NNPC had increased crude oil supply to the Dangote refinery, allocating seven cargoes for May loading to boost domestic fuel production.

Two trader sources had told Reuters on Tuesday that the latest allocation marked an increase from the five cargoes the refinery had been receiving in previous months.

But speaking exclusively with our correspondent on Thursday, officials of the Dangote Group, who requested anonymity due to a lack of authorisation, said they had not yet been informed of the decision.

According to them, the refinery is expected to receive six cargoes of crude in May, contrary to reports that seven cargoes were allocated for next month.

“Our May allocation is about 6.15 million barrels. The report of seven cargoes’ allocation is not clear yet,” one of the officials stated.

It was reiterated that the 650,000-barrel-per-day facility needs over 19 cargoes of crude monthly, but it only struggles to get five cargoes. A cargo contains about one million barrels.

“Our monthly requirement is 19.77 million barrels. A cargo is one million barrels. In October, we got 4.55 million; we got 6.45 million in November; 4.30 million in December; 5.65 million barrels in January; and 4.66 million barrels in February. March is around six million.

“Our May allocation is about 6.15 million barrels, not up to 7 million,” another official told The PUNCH, appealing to the government to allocate more crude to the refinery.

Earlier, the Dangote refinery had lamented that it was not getting enough crude locally for its operations. As the Iran-US war continues to disrupt global oil supply, the Dangote refinery has effected multiple fuel price increases, raising petrol pump prices above N1,200 per litre.

Defending these price hikes, the Dangote refinery said in a statement that local crude producers were refusing to supply feedstock to its facility, forcing it to rely more on imported crude.

According to the company, the refinery also received just five cargoes every month from the national oil company instead of 13 cargoes, adding that the cargoes were paid for at international market prices.

“While we receive about five cargoes a month from NNPC, which we pay for in naira, these cargoes are priced at international market prices plus premium and fall short of the 13 cargoes which we require to support sales into Nigeria.

Skyway Aviation Handling Company Plc delivered a robust financial performance for the year ended December 31, 2025, with profit after tax more than doubling to N11.73 billion, underscoring strong operational momentum and improved efficiency across its business lines.

The company’s audited results show revenue rose significantly by 54 per cent to N44.46 billion in 2025, up from N28.94 billion recorded in 2024. The growth was driven largely by increased demand for passenger and cargo handling services, alongside improved contributions from ancillary and Value Chain operations.

Costs of sales also climbed during the period, rising to N18.98 billion from N12.56 billion in the prior year. However, the increase was outpaced by revenue growth, resulting in gross profit expanding to N25.48 billion from N16.38 billion in 2024.

Operating performance remained strong, with profit from Operations nearly doubling to N14.62 billion compared with N6.53 billion recorded a year earlier. This was achieved despite higher administrative expenses, which rose to N11.24 billion from N10.05 billion, reflecting inflationary pressures, increase in utility and increased personnel costs.

After accounting for a tax expense of N2.55 billion, profit after tax stood at N11.73 billion, representing a 142 per cent increase from N4.83 billion in the previous year.

Total comprehensive income for the year came in at N11.42 billion, compared with N6.89 billion in 2024, reflecting a foreign exchange loss of N314.5 million during the period, in contrast to a gain recorded in the prior year.

The company’s balance sheet remained solid, with total assets increasing to N56.58 billion as at December 31, 2025, from N41.78 billion in 2024. The growth was largely driven by a significant rise in property, plant and equipment, which climbed to N24.61 billion from N16.03 billion, indicating continued investment in operational capacity.

Shareholders’ equity also strengthened, rising to N39.87 billion from N29.27 billion, supported by retained earnings growth to N21.74 billion.

Cash flow generation improved markedly, with net cash inflow from operating activities rising to N13.47 billion from N5.01 billion in the previous year. The company ended the year with cash and cash equivalents of N5.70 billion, up from N3.03 billion in 2024.

Despite increased capital expenditure of over N11 billion on fixed assets, Skyway maintained positive financing cash flow, supported by additional borrowings during the year.

Earnings per share rose to 867 kobo from 357 kobo in 2024, reflecting the strong profitability performance and enhanced shareholder value.

The company, however, declared a final dividend of N1.6 billion to its shareholders for the year under review.

Overall, Skyway Aviation Handling Company’s 2025 results highlight strong revenue expansion, good operational efficiency, and sustained investment in infrastructure, positioning the firm for continued growth amid rising demand in Nigeria’s aviation services sector.
Speaking on the Company’s financial performance, the Managing Director/CEO stated that the results reflect the strength of SAHCO’s strategic direction, the resilience of its business model, and the unwavering commitment of its workforce. She noted that despite a challenging operating environment marked by inflationary pressures and rising costs, the Company sustained strong margins and nearly doubled its operating profit.

Dr. Barr Taiwo Afolabi (CON), Chairman of Skyway Aviation Handling Company PLC commenting on the financial report, emphasized that sustained investments in modern equipment and infrastructure have been instrumental in driving operational efficiency, enhancing service delivery, and positioning SAHCO for long-term growth.

The Nigerian National Petroleum Company Limited has marked a major milestone with the lifting of 950,000 barrels of Cawthorne blend crude into the global market through the ultramodern FSO Cawthorne vessel, Nigeria’s first new crude oil terminal in 50 years.

According to a statement by Sahara Group, the development confirms reports on the exportation of a new light sweet crude called Cawthorne under the Bayo Ojulari-led NNPC.

According to Sahara Group, over the weekend, the first shipment of 950,000 barrels from FSO Cawthorne was initiated following its licensing and gazetting by the Nigerian Upstream Petroleum Regulatory Commission.

It was stated that FSO Cawthorne serves as a critical offshore production support asset, providing storage and offtake capabilities for crude produced from OML 18 and nearby producing assets.

Reacting to the development, Sahara Group, a global energy and infrastructure conglomerate, reiterated the strategic role of FSO Cawthorne in strengthening Nigeria’s energy security through its reliable production, storage and evacuation infrastructure.

Sahara Group also said it recognised the advanced technologies deployed on FSO Cawthorne, noting that the facility incorporates cutting-edge systems supported by AI-enabled monitoring and robust QHSE frameworks, enhancing operational efficiency, asset integrity, safety performance and environmental stewardship.

Sahara commended NNPCL for its leadership of OML 18, where Sahara Group is a joint operator and joint venture partner, noting that the company’s collaborative approach continues to drive continuous improvement and value delivery across Nigeria’s upstream sector.

The Head of Commercial and Planning at Asharami Energy, a Sahara Group upstream company, Dr Tosin Etomi, said the crude lifting from FSO Cawthorne represents a defining moment for the asset, the OML 18 partnership and the wider oil and gas sector.

“The successful commencement of crude lifting from FSO Cawthorne is a significant milestone for the OML 18 partnership and a strong demonstration of what can be achieved through shared vision, technical discipline and committed collaboration,” Etomi said.

Etomi noted that the milestone aligns with Sahara Group’s broader upstream strategy, which is focused on building a resilient, scalable and responsible production portfolio anchored on strong partnerships, asset optimisation and long-term value creation.

“The transition of FSO Cawthorne into active export is consistent with our upstream growth strategy, prioritising operational excellence, indigenous participation and infrastructure capable of sustainably supporting Nigeria’s production ambitions,” he said.

He noted that Sahara Group’s upstream portfolio includes a growing oilfield services division, which is redefining innovation, efficiency and sustainability in the sector.

“Our expanding oilfield services capabilities are integral to our upstream vision, enabling smarter operations, improved efficiencies and responsible resource development,” Etomi said.

He added: “Sustainable social impact interventions and community participation have been key drivers of our upstream success, and we remain committed to aligning our operations with the highest global environmental, social and governance standards.”

The Central Bank of Nigeria on Wednesday said domestic investors accounted for the bulk of funds raised under its banking sector recapitalisation programme, contributing 72.55 per cent of the N4.65tn total capital secured by lenders.

The apex bank disclosed this in a statement marking the conclusion of the exercise, which began in March 2024 and saw 33 banks meet the new minimum capital requirements.

The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.

According to the CBN, Nigerian investors provided about N3.37tn of the total capital raised, underscoring strong domestic confidence in the banking sector, while foreign investors accounted for the remaining 27.45 per cent.

“Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy,” the statement said.

Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”

The bank confirmed that 33 lenders had met the revised capital thresholds, while a few others were still undergoing regulatory and judicial processes.

“The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme,” it stated.

“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.

“All banks remain fully operational, ensuring continued access to banking services for customers.”

The regulator stressed that the recapitalisation exercise was completed without disrupting banking operations nationwide, noting that key prudential indicators, particularly capital adequacy ratios, had improved and remained above global Basel benchmarks.

Minimum capital adequacy ratios were pegged at 10 per cent for regional and national banks and 15 per cent for banks with international licences.

The CBN added that the exercise coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall system stability.

To sustain the gains, the apex bank said it had strengthened its risk-based supervision framework, including periodic stress tests and requirements for adequate capital buffers.

It added that supervisory and prudential guidelines would be reviewed regularly to improve governance, risk management, and resilience across the sector.

“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement added.

Meanwhile, data from the National Bureau of Statistics showed that foreign capital inflows into the banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025 from $7.00bn in 2024, reflecting strong investor interest during the recapitalisation drive.

However, the Centre for the Promotion of Private Enterprise has cautioned that despite the strengthened banking system, credit to small businesses remains weak, warning that the benefits of the reforms are yet to fully impact the real economy.

Oil prices slumped on Wednesday amid reports that the United States would be “out of Iran pretty quickly” and could return for “spot hits” if needed.

President Donald Trump told Reuters on Wednesday about the planned withdrawal of troops from Iran to end a war that started on February 28.

According to Reuters, Trump and his top officials have offered a variety of timelines for ending the war. He said on Tuesday that the US could end its military campaign against Iran within two to three weeks. In the Reuters interview, he declined to provide a precise timeline.

“I can’t tell you exactly … we’re going to be out pretty quickly,” he said, adding that once a US exit is achieved, “we’ll come back to do spot hits” on Iranian targets as needed.

Following the report, Brent crude fell from about $115 on Tuesday to $101 on Wednesday evening. WTI traded at $99.32 at the same time. According to oilprice.com, oil prices eased in Wednesday’s session on hopes of a quick de-escalation of the conflict.

Brent crude for May delivery was down 1.9 per cent.

However, oil prices remained more than 40 per cent above late February levels when the war broke out.

It remains uncertain whether the region will return to its pre-crisis state any time soon, as tensions are still very high. Iran’s Islamic Revolutionary Guard Corps (IRGC) has issued a direct threat to target 18 American technology and industrial companies in the Middle East, including Microsoft, Google, Intel, Tesla, IBM, Apple, and Boeing.

The IRGC has labelled these firms as “legitimate targets,” alleging they are “spy companies” involved in designing and tracking targets for US and Israeli military operations.

Meanwhile, as the war continues to disrupt traffic through the Strait of Hormuz, Brazilian state-run oil firm Petrobras hiked jet fuel prices by about 55 per cent on Wednesday, according to data on the company’s website.

Petrobras, the largest oil producer in Brazil and responsible for most refining activity, adjusts jet fuel prices at the beginning of each month based on factors such as international oil prices and foreign exchange rates.

In Nigeria, the Dangote Refinery is shipping aviation fuel and diesel to other countries due to escalating tensions in the Middle East. The refinery assured Nigerians that its fuel export would not affect the domestic supply of petroleum products.

Guaranty Trust Holding Company Plc has reported a profit before tax of N1.23tn for the financial year ended December 31, 2025, driven by strong growth in its core earnings despite a decline in profit after tax.

The Group disclosed this in its audited consolidated and separate financial statements released to the Nigerian Exchange Group and the London Stock Exchange.

According to the results, interest income and fee income rose year-on-year by 23.2 per cent and 25.9 per cent, respectively, supporting the Group’s earnings performance. The outcome builds on the momentum recorded in 2024, when GTCO posted a record profit before tax of N1.27tn, boosted by N517.5bn in fair value gains that did not recur in 2025.

Profit after tax for the 2025 financial year stood at N865.75bn, compared to N1.02tn recorded in 2024. The decline was attributed to recent fiscal policy changes affecting the taxation of investment securities, particularly the introduction of withholding tax on short-term instruments.

Despite this, the Group noted that its underlying earnings remained strong, supported by sustained growth in core operating income. GTCO also reported a robust balance sheet position, with total assets rising to N17.8tn and shareholders’ funds closing at N3.4tn at the end of the period.

Key prudential ratios showed improvement, with the Capital Adequacy Ratio remaining strong at 43.8 per cent. Asset quality also improved, as IFRS 9 Stage 3 loans declined to 3.4 per cent at the bank level and 5.0 per cent at the Group level, compared to 3.5 per cent and 5.2 per cent, respectively, in December 2024.

The Group’s cost of risk improved significantly to 2.2 per cent from 4.9 per cent in the previous year, reflecting better risk management and loan performance.

Loan growth remained steady, with the Group’s net loan book increasing by 12.4 per cent from N2.79tn in December 2024 to N3.13tn in December 2025. Deposit liabilities also grew by 23.8 per cent, rising from N10.40tn to N12.87tn within the same period.

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Segun Agbaje, said the performance highlighted the resilience of the Group’s earnings base.

“Our 2025 result underscores the resilience and depth of our earnings capacity. Following a record 2024, which included significant fair value gains, our focus has been on strengthening the sustainability of our earnings by driving growth across our core banking and ecosystem businesses,” he said.

Agbaje noted that the strength of the Group’s underlying earnings, despite a stronger naira and tighter regulatory conditions, reflected the quality of its franchise and disciplined execution of its strategy.

“The strength of our underlying earnings, despite a stronger naira and tighter regulatory parameters, reflects the quality of our franchise and the discipline with which we execute our strategy. Importantly, this strong core earnings performance underpins our capacity to sustain and grow shareholder returns,” he added.

He also highlighted the Group’s dividend payout, describing it as a reflection of both current profitability and confidence in long-term earnings prospects. “Our record dividend payout this year is not only a reflection of our current profitability but also of our confidence in the Group’s long-term earnings potential,” Agbaje said.

Looking ahead, he stated that the Group would continue to focus on expanding its ecosystem, driving innovation, and delivering consistent returns. “Looking ahead, we remain focused on scaling our ecosystem, driving innovation across our financial services platform, and delivering consistent, high-quality earnings that support superior value creation for our shareholders,” he said.

GTCO maintained strong performance across key financial metrics, recording a post-tax return on equity of 28.3 per cent and a post-tax return on assets of 5.3 per cent. Its cost-to-income ratio stood at 27.9 per cent, reflecting operational efficiency.

The Group, which operates across Africa and the United Kingdom, provides a range of banking and non-banking services, including payments, funds management, and pension administration, and continues to position itself for long-term growth across its markets.

The Nigerian National Petroleum Company Limited has increased crude oil supply to the Dangote Petroleum Refinery and Petrochemicals, allocating seven cargoes for May loading in a move aimed at boosting domestic fuel production.

Two trader sources told Reuters on Tuesday that the latest allocation marks an increase from the five cargoes the refinery had been receiving in previous months. However, this means the refinery will continue to receive five cargoes in April.

The development comes amid mounting pressure on fuel supply and rising petrol prices across Nigeria, as the refinery struggles to secure sufficient crude locally.

The report read, “The Nigerian National Petroleum Company is allocating seven crude cargoes for May loading to Nigeria’s Dangote refinery, up from the five it received in previous months, two trade sources told Reuters.

“Fuel prices in Nigeria have reached record highs, and Dangote has previously said the company could source only about five crude cargoes a month locally, far short of the 13–15 it requires, forcing it to import the rest at prices dictated by the impact of war in the Middle East.”

Officials of the national oil company and the refinery did not respond to requests for comments as of the time of filing this report.

The development aligns with earlier reports by The PUNCH that the Federal Government, through the NNPC, was working to increase crude supply to the Dangote refinery under ongoing arrangements aimed at strengthening local refining capacity.

Multiple industry sources and officials from both NNPC and the Dangote refinery told our correspondent exclusively in early March that the national oil company is leveraging its global crude trading network to source third-party supply for the Dangote refinery at competitive international market rates.

“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 a lack of authorisation to speak on the matter, said.

The official further explained, “As the national oil company entrusted with safeguarding Nigeria’s energy security, NNPC Limited remains fully committed to supporting domestic refining, including the Dangote Petroleum Refinery. Within the framework of our existing agreements, we continue to facilitate crude supply to DRP in the face of temporary availability constraints.”

Despite the increase, the 650,000-barrels-per-day refinery still faces a significant shortfall in crude supply. The facility requires between 13 and 15 cargoes monthly to operate at optimal capacity, but has continued to receive far less from domestic sources.

This has forced the refinery to rely on imported crude, exposing it to volatile global prices driven by geopolitical tensions, particularly conflicts in the Middle East. The refinery had earlier warned that limited domestic supply was constraining its operations and increasing costs.

Nigeria’s fuel prices have climbed to record levels in recent months, driven by supply constraints and high import costs. Although the Dangote refinery has ramped up petrol supply to the domestic market, it is currently meeting just over two-thirds of the country’s estimated daily demand of 60 million litres.

In response to rising costs, the refinery recently increased petrol depot prices by about 13 per cent, further adding to price pressures in the downstream sector.

FCMB Capital Markets Limited, the investment banking division of FCMB Group Plc, has officially been crowned the leader of the FMDQ Securities Exchange Limited’s Fixed Income Primary Markets Sponsors’ League Table for the full year 2025.

The firm cemented its dominance by raising a staggering N1.53tn in corporate debt capital, outperforming 47 other active institutions throughout the fiscal year ending 31 December 2025.

According to the official FMDQ report, the firm’s performance was driven by a strong showing in both the bond and commercial paper markets. FCMB Capital Markets secured the top spot in bond listings, accounting for 11.66 per cent of the total market volume. It also commanded the highest share of commercial paper quotations, capturing 7.68 per cent of the segment.

Reflecting on this market-leading position, the Executive Director, Coverage and Investment Banking at FCMB Group Plc, Femi Badeji, stated, “Our ranking reflects the confidence issuers place in our ability to structure and execute capital market transactions. Mobilising more than N1tn in a single year demonstrates the depth of demand for capital market funding and the role we play in connecting issuers with long-term investors.”

The achievement highlights the firm’s pivotal role in Nigeria’s financial ecosystem, particularly in supporting sectors ranging from oil and gas and telecommunications to power and infrastructure. This recent success follows the firm’s recognition as “Corporate Bond House of the Year” by the Association of Issuing Houses of Nigeria earlier in 2025.

The Chief Executive Officer of FCMB Capital Markets Limited, Ikechukwu Omeruah, emphasised the firm’s ongoing dedication to its clientele, saying, “Achieving this position reflects the work of our team and the trust of our clients. We remain committed to structuring financing solutions that enable businesses to raise capital efficiently while contributing to the continued development of Nigeria’s fixed-income market.”

As the firm continues to provide expert advisory on debt, equity, and mergers and acquisitions, its 2025 performance stands as a benchmark for investment banking excellence within the Nigerian capital market.