The Dangote Petroleum Refinery is set to supply aviation fuel directly to airlines in Nigeria at N1,820 per litre, as the Lagos Chamber of Commerce and Industry has urged the Federal Government to help facilitate measures to lower airlines’ operating costs and prevent a sectoral collapse.

A senior official of the Dangote Group confirmed the move by the $20bn Lekki-based refinery exclusively to our correspondent on Sunday, stating that Dangote supplies over 90 per cent of the country’s aviation fuel needs.

The refinery has already commenced direct Jet A-1 supply to Ethiopian Airlines, according to its Managing Director, David Bird.

The official, who spoke to one of our correspondents in confidence due to the lack of authorisation to speak on the matter, said airlines and other interested buyers could approach the refinery to lift jet fuel at the new price.

“Anyone, including local airlines, can buy their requirements from our petroleum refinery,” the official said when asked if the Dangote refinery would supply jet fuel directly to local airlines.

The official confirmed that “N1,820 is the price at which we are selling at our loading bay,” adding that the refinery cannot be subsidising airlines in the face of high oil prices. The source confirmed that Dangote had been subsidising the prices of petrol and diesel, but aviation fuel would be sold at the competitive market price.

Dangote’s direct sale to airlines is coming at a time when the Airline Operators of Nigeria are accusing the Major Energies Marketers Association of Nigeria of overpricing.

Another reliable source in the organisation told The PUNCH that the refinery would now publish prices for the sake of transparency. “Yes, as of today, Sunday, our jet fuel is N1,820 a litre. Note that this price is not stable.

It changes because of the volatility in the global market.

“The US-Iran war has dealt a heavy blow to everybody, and we are not insulated from the global shock. Henceforth, we will be publishing the prices so that both the airlines and the marketers will know what is happening in the market. I think transparency is now important,” the source said.

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 less than $70 per barrel on February 28, Brent, the global benchmark for crude, jumped above $120 on Thursday before it dropped to $108 over the weekend.

Consequently, Dangote raised its petrol gantry price from N774 in February to N1,275 as of the time of filing this report. The oil price hike also affected diesel and aviation fuel.

In the aviation sector, airlines threatened to shut down due to an over 350 per cent rise in Jet A-1 prices until the government intervened last week. The Vice President of the Airline Operators of Nigeria, Allen Onyema, had recently disclosed that aviation fuel 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.

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 had risen significantly from the initial N900/litre as of 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.

Last Monday, the Nigerian Midstream and Downstream Petroleum Regulatory Authority recommended that the price of aviation fuel should range between N1,760 and N1,988 per litre in Lagos and N1,809 and N2,037 per litre in Abuja.

Access Holdings Plc’s audited financial results for the year ended 31 December 2025 revealed a fortress-like balance sheet, with shareholders’ funds climbing 15 per cent to N4.33tn, signalling a definitive shift in its corporate evolution, moving away from a decade of aggressive expansion towards a model centred on “value over scale”.

The Group’s Profit Before Tax crossed the N1tn threshold for the first time, settling at N1.01tn. This 16.2 per cent increase from the previous year highlights a resilient performance despite a transitional and often volatile global operating environment.

While the banking subsidiary remains the primary engine, contributing 97 per cent of total revenue, the 2025 results highlight a significant deepening of the Group’s ecosystem. Net fees and commission income surged 40.9 per cent to N585.1bn, a testament to the success of its non-banking verticals.

The Group also demonstrated sharper operational teeth, successfully driving down its cost-to-income ratio from 56.7 per cent in 2024 to 51.7 per cent in 2025.

The leadership team and the report itself offer a clear narrative of an institution transitioning from “growth at all costs” to “disciplined value creation”.

Commenting on the results, Group Managing Director/CEO of Access Holdings, Innocent Ike, said, “We have now entered a more deliberate optimisation phase, with a stronger emphasis on returns on capital, earnings quality, and long-term value creation. Our 2025 performance reflects both the resilience of the Access franchise and the strength of the institution we have built over time.”

“This growth highlights not only the scale of the Group’s operations but also the deepening trust of customers, counterparties, and investors. Total assets increased 24.3 per cent to N51.57tn, while customer deposits grew 53.4 per cent to N34.56tn,” an official statement, Access Holdings 2025 Audited Report, stated.

It further read, “Africa remains one of the most compelling long-term growth frontiers globally. Our role is not only to participate in that growth but also to help shape and finance it. At Access Holdings, we have built an institution designed to endure, anchored on strong governance, disciplined execution, and a clear strategic direction. Our focus remains on delivering consistent, high-quality, risk-adjusted returns while building a financial institution that will stand the test of time.”

The Group’s performance was bolstered by an improving Nigerian economy. With national GDP growth strengthening to 3.9 per cent and foreign exchange reserves rising above $45bn, the environment provided a fertile ground for credit expansion and capital market activity. This was mirrored in the NGX All Share Index, which gained over 51 per cent during the period.

As Access Holdings looks towards the 2026 fiscal year, the mandate is clear: maintain the N1tn momentum while ensuring that every naira of capital deployed returns maximum value to the shareholders who have now built a N4.33tn equity base.

Foremost underwriting firm, Guinea Insurance Plc has announced its unaudited financial results for the period ended 31 March 2026, reflecting a resilient top line performance, a strengthened asset base, and a deliberate strategic response to industry wide claims pressure.

 

Net Expenses on Reinsurance Contracts stood at ₦109.3 million, representing a decline of approximately 162.6% from ₦174.7 million recorded in March 2025. This movement reflects a more conservative risk transfer approach, as the Company strengthened its reinsurance cover to mitigate exposure to emerging risks and high value claims within the market.

 

Insurance Service Expenses rose significantly by about 803% to ₦850.1 million, compared to ₦94.1 million in March 2025. This sharp increase was largely driven by the settlement of a cluster of high value industry claims, which the Company honoured promptly and responsibly. These claims, arising from unforeseen risk events, placed considerable pressure on earnings, affecting both top line efficiency and bottom line performance, and resulting in a loss for the period. Total Assets grew by 6.9 per cent to ₦7.75 billion, supported by strong investment performance. Investment Properties increased by 29.5 per cent to ₦1.11 billion, driven by favourable revaluations and portfolio optimisation.

 

Ademola Abidogun, Managing Director/Chief Executive Officer, Guinea Insurance PLC commented: “While the period under review reflects a temporary setback in profitability, it is important to emphasise that the fundamentals of our business remain sound. The claims experience recorded is reflective of broader industry trends rather than isolated to Guinea Insurance. We made a conscious decision to settle all valid claims promptly, reinforcing our commitment to trust, reliability, and customer confidence. We are confident that our strengthened risk management framework, disciplined underwriting approach, and enhanced reinsurance programme will position the Company for a strong rebound in subsequent quarters. Our focus remains on delivering sustainable value to shareholders while upholding our promise to policyholders.”

 

Looking ahead, the Company remains cautiously optimistic. Management has initiated targeted recovery measures, including tighter cost management, portfolio rebalancing, and a renewed focus on profitable business segments. These actions are expected to restore earnings momentum and reinforce the Company’s competitive position within the Nigerian insurance market.

Oil major Exxon Mobil Corp. has reported first-quarter 2026 earnings of $4.2 billion.

According to the results earnings totaled $4.9 billion excluding identified items, and $8.8 billion when also excluding unfavorable estimated timing effects.

First-quarter earnings declined from $7.7 billion in the same period of 2025. However, earnings excluding identified items and timing effects were up from $7.6 billion a year earlier.

Unfavorable estimated timing effects totaled $3.9 billion, reflecting the mismatch between the valuation of financial derivatives and the associated physical transactions, resulting in a timing difference in earnings that unwinds in subsequent periods. Identified items of $0.7 billion were attributed to losses on settled financial hedges that were not offset by the associated physical shipments due to Middle East supply disruptions.

Cash flow from operations was $8.7 billion, or $13.8 billion excluding margin postings, which primarily fluctuate with the fair value of underlying derivatives. Free cash flow totaled $2.7 billion.

Shareholder distributions reached $9.2 billion, including $4.3 billion in dividends and $4.9 billion in share repurchases, in line with plans to repurchase $20 billion of shares in 2026, assuming reasonable market conditions.

Exxon’s cash capital expenditures totaled $6.2 billion for the quarter, consistent with the company’s full-year guidance of $27-29 billion.

The Company’s Chairman and chief executive officer Darren Woods emphasized the company’s underlying performance, stating that results excluding timing effects reflect the strength of the company’s advantaged portfolio.

During the earnings call, Woods said markets have not yet fully reflected the impact of Middle East supply disruptions, as inventories and strategic reserves have temporarily offset losses. He said even if the Strait reopens, it could take 1-2 months for flows to normalize, with additional demand from inventory rebuilding likely to support prices.

He added that ExxonMobil expects most curtailed production capacity to return relatively quickly once conditions stabilize, although some damage will take longer to repair. In Qatar, two affected LNG production lines could take 3-5 years to fully restore, potentially impacting about 3% of the company’s global output.

Operationally, Exxon reported net production of 4.6 MMboe/d during the quarter, compared with 4.55 MMboe/d a year earlier and nearly 5 MMboe/d in the fourth quarter, with the sequential decline largely reflecting disruptions tied to the Strait of Hormuz. Guyana set a new quarterly oil production record of more than 900,000 b/d.

Middle East assets represent about 20 per cent of ExxonMobil’s global oil-equivalent production, but a smaller share of upstream earnings. According to a recent filing with the US Securities and Exchange Commission (SEC), certain assets in Qatar and the UAE in which the company holds ownership interests experienced production disruptions beginning in March.

Meantime, the Golden Pass LNG project reached a milestone at the end of March with first production from Train 1 at its Sabine Pass terminal, followed by its first LNG export cargo loading and departure in April.

Access Holdings has demonstrated significant growth as its earnings at the end of 2025 shows strong results surpassing market expectations and forecasts.

Its Profit Before Tax (PAT) crossed the ₦1 trillion mark for the first time, rising to ₦1.01 trillion, a 16.2 per cent increase compared to the previous year as contained in its audited results for the financial year ended December 31, 2025.

This which marks a significant turning point in its corporate journey as it shifts from a growth model defined by scale to one increasingly anchored on value creation, efficiency, and earnings quality.

The Group delivered a resilient performance during the year, navigating a transitional operating environment while demonstrating the strength of its franchise and the robustness of the governance structures it has built over time.

This milestone underscores the Group’s steady progression toward becoming a high-performing and resilient financial institution.

Net interest income rose to ₦1.36 trillion, while net fees and commission income recorded a particularly strong growth of 40.9 per cent to ₦585.1 billion, reflecting increasing diversification in revenue streams. Overall operating income after impairment grew by 23.9 per cent to ₦3.17 trillion. At the same time, the Group improved its cost discipline, with its cost-to-income ratio declining to 51.7 per cent from 56.7 per cent in 2024. Returns also remained solid, with return on average equity at 18.4 per cent and return on average assets at 1.6 per cent, reinforcing the quality of earnings delivered during the year.

Commenting on the results, Group Managing Director/Chief Executive Officer, Innocent C. Ike, said: “Our 2025 performance reflects both the resilience of the Access franchise and the strength of the institution we have built over time. Despite a dynamic operating environment, we delivered strong earnings supported by diversified income streams, disciplined execution, and a continued focus on balance sheet optimisation.”

“We have now entered a more deliberate optimisation phase, with a stronger emphasis on returns on capital, earnings quality, and long-term value creation,” he added.

The balance sheet also recorded significant expansion, driven by strong deposit mobilisation and sustained customer confidence. Total assets increased by 24.3 per cent to ₦51.57 trillion, while customer deposits grew by 53.4 per cent to ₦34.56 trillion. Shareholders’ funds rose by 15 per cent to ₦4.33 trillion, reflecting both retained earnings and continued investor confidence in the institution. This growth highlights not only the scale of the Group’s operations but also the deepening trust of customers, counterparties, and investors.

The operating environment during the year showed signs of gradual improvement, which supported performance. Nigeria’s economic growth strengthened to about 3.9 per cent, inflation moderated from elevated 2024 levels, and foreign exchange reserves rose above $45 billion. The NGX All Share Index gained over 51 per cent during the year, reflecting renewed investor confidence and stronger capital market activity. These developments contributed to improved capital flows and a more supportive backdrop for financial institutions.

While banking remains the core earnings driver, contributing about 97 per cent of total revenue, the Group continues to make measured progress in diversifying its income base. Its investment management and insurance businesses, including Access ARM Pensions and Access Insurance Brokers, provide stable and recurring income streams, while technology-led platforms such as Oxygen X Finance and Hydrogen Payment Services are strengthening its position in the digital financial services landscape.

The Group’s strategic direction is now increasingly defined by a shift from scale to value. Having built scale across markets and segments, management is focusing more deliberately on improving returns on capital, enhancing earnings quality and deepening cost discipline. This transition reflects a clear objective to build a more valuable institution capable of delivering consistent and resilient returns over the long term.

Looking ahead, Access Holdings expects macroeconomic conditions to continue stabilising, creating opportunities for credit expansion, increased transaction volumes, and higher levels of activity across the financial system. The Group intends to maintain its focus on disciplined execution, improved capital efficiency, and sustainable growth across its diversified platform.

Ike noted: “Africa remains one of the most compelling long-term growth frontiers globally. Our role is not only to participate in that growth, but to help shape and finance it.

“At Access Holdings, we have built an institution designed to endure, anchored on strong governance, disciplined execution, and a clear strategic direction. Our focus remains on delivering consistent, high-quality, risk-adjusted returns while building a financial institution that will stand the test of time.”

Investors gained N3.26tn at the close of trading on Thursday as the Nigerian equities market extended its bullish run, driven by sustained buying interest in large-cap and consumer-linked stocks.

Market capitalisation, which represents the total value of listed shares, opened the session at N152.728tn and rose significantly to close at N155.994tn, reflecting a robust renewal of investor appetite. This upward momentum was further mirrored in the All-Share Index, which advanced from an opening of 237,205.59 to close at 242,277.81.

The day’s performance was characterised by positive market breadth, with 46 gainers emerging against 40 losers, highlighting the dominance of the bulls across several key sectors.

Leading the pack of gainers were major blue-chip companies, including CAP, FTN Cocoa, UACN, Unilever, and Seplat, all of which appreciated by the maximum daily limit of 10.00 per cent. Specifically, Seplat recorded a massive rally to close at N11,495.00, while Unilever and UACN climbed to N137.50 and N181.50, respectively.

Conversely, the market recorded some laggards led by Alex, which declined by 9.95 per cent to close at N9.50, followed by Royal Exchange and Legend Identity, which shed 9.93 per cent and 9.32 per cent, respectively.

Other stocks, such as Austin Laz and Neimeth, also featured on the losers’ chart as some investors engaged in profit-taking to moderate the general market advance.

Meanwhile, heavyweight counters like Dangote Cement, Julius Berger, and Custodian Investment remained flat, closing the session with no price change.

Investor sentiment remained broadly positive throughout the day as market participants strategically positioned themselves ahead of upcoming corporate disclosures and anticipated macroeconomic shifts.

The strong demand for select large-cap stocks suggests a high level of confidence in the market’s near-term trajectory. Financial analysts noted that the current surge in valuation is a testament to the resilience of the market, which continues to provide significant returns for investors despite selective selling in mid-cap categories.

The Nigerian National Petroleum Company Limited has completed the long-anticipated River Niger crossing of the Obiafu-Obrikom-Oben gas pipeline, unlocking a key segment of the country’s gas transmission network and paving the way for increased supply to power plants and industries.

The feat, delivered by the NNPC Gas Infrastructure Company, a subsidiary of NNPC Ltd, involved drilling approximately two kilometres beneath the River Niger using advanced horizontal directional drilling technology, a method reserved for complex engineering terrains.

Announcing the development in a statement on Thursday, the Chief Corporate Communications Officer of NNPC Ltd, Andy Odeh, said the milestone effectively activates the full capacity of the 130-kilometre OB3 pipeline, which is designed to transport up to two billion standard cubic feet of gas per day.

The statement read, “The NNPC Gas Infrastructure Company, a wholly owned subsidiary of NNPC Limited, has successfully completed the River Niger Crossing of the 130-kilometre Obiafu-Obrikom-Oben Gas Pipeline, marking a major milestone in the expansion of Nigeria’s national gas transmission network.

“The successful crossing unlocks the full potential of the OB3 Pipeline, a strategic infrastructure designed to transport up to 2 billion standard cubic feet of gas per day, significantly strengthening energy availability, enhancing supply reliability, and accelerating national economic development.”

The firm noted that the completion would, in the near term, unlock over 500 million standard cubic feet of additional gas supply for the domestic market, with implications for electricity generation, manufacturing, and exports.

The Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, described the crossing as a turning point for Nigeria’s gas infrastructure drive.

He said, “The completion of the OB3 River Niger Crossing is a defining milestone for Nigeria’s gas infrastructure and a clear demonstration of what disciplined execution and sustained commitment to excellence can deliver.

“By successfully traversing one of the most technically challenging sections of the project, we have unlocked a critical link that will enhance gas supply reliability, deepen domestic utilisation, and support power generation and industrial growth across the country.”

Ojulari explained that the achievement was built on recent engineering successes, particularly the earlier River Niger crossing on the Ajaokuta-Kaduna-Kano pipeline project, completed in 2025.

“This achievement is not incidental. It is the result of deliberately leveraging and upscaling our AKK engineering and execution excellence through rigorous project governance, innovative engineering solutions, adaptive problem-solving, and the unwavering commitment of our teams and PCE Nig. Limited,” he said.

He added, “The OB3 Pipeline is central to our ambition of building an integrated and resilient gas network that underpins Nigeria’s energy security and economic development. I commend everyone involved for their doggedness and for staying the course to deliver this strategic national asset.”

The NNPC boss also linked the development to the Federal Government’s broader energy targets, including plans to raise crude oil production to three million barrels per day and gas output to 12 billion standard cubic feet per day by 2030.

According to him, “The successful River Niger Crossing ensures that Nigeria’s gas-producing regions are now physically interconnected with the rest of the country, a critical requirement for achieving our long-term production and supply aspirations.”

He further acknowledged the role of the Federal Government and other stakeholders in delivering the project. “We sincerely appreciate the continued support of the Federal Government under the leadership of President Bola Ahmed Tinubu, whose Gas-to-Prosperity agenda and commitment to a conducive business environment have been instrumental in making this achievement possible.

“NNPC Limited could also not have achieved this feat without the trust and guidance of its Board of Directors,” he added.

Ojulari reaffirmed the company’s commitment to expanding energy access and economic growth. “At NNPC Limited, we remain fully committed to translating Nigeria’s oil and gas resources into a better standard of living for all citizens. We will continue to collaborate with our partners to deliver projects that expand energy availability, stimulate industrialisation, and improve the overall well-being of Nigerians,” he said.

He also commended host communities, project contractors, and staff of the gas infrastructure company for their persistence in overcoming technical and environmental challenges.

The OB3 pipeline is regarded as a backbone project in Nigeria’s gas master plan, linking eastern gas fields to western demand centres and further connecting to the northern corridor through the AKK pipeline.

For years, the OB3 pipeline faced delays, particularly at the River Niger crossing, widely considered the most difficult segment due to geological and environmental constraints in the Niger Delta region.

The inability to complete the crossing had limited gas flow between eastern supply hubs and western industrial markets, contributing to supply bottlenecks and underutilisation of installed power generation capacity.

After months of blackouts, President Bola Tinubu has begun a fresh restructuring of Nigeria’s power sector with the nomination of a new minister of power and the appointment of a special adviser to head a presidential task force on sector reforms.

In a move aimed at accelerating reforms in the electricity value chain, the President nominated Mr Joseph Tegbe as Minister of Power, subject to Senate confirmation, while also appointing a former power minister, Mr Lanre Babalola, as Special Adviser on Power and Chairman of the Presidential Task Force on Power Sector Reset and Restoration.

The developments were contained in separate State House press releases issued on Wednesday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.

According to the presidency, Tegbe’s nomination follows the resignation of the former Minister of Power, Adebayo Adelabu, who stepped down to pursue his governorship ambition in Oyo State.

Tegbe, another indigene of Oyo State, is described by the presidency as a fiscal and economic reform expert with more than 35 years of experience across both the public and private sectors.

He was said to have previously served as senior partner and head of advisory services at KPMG Africa, where he led assignments in fiscal policy reform, governance restructuring, institutional transformation, and investment advisory.

 

He has also worked closely with government institutions and private sector operators on regulatory frameworks and strategic reforms.

At present, he serves as Director-General and Global Liaison for the Nigeria-China Strategic Partnership, where he coordinates bilateral development cooperation between Nigeria and China, particularly in line with the Forum on China-Africa Cooperation objectives.

The presidency also noted that Tegbe has had significant engagement within the power sector, especially in areas relating to regulatory and institutional reforms involving agencies such as the Nigerian Electricity Regulatory Commission and the Nigerian Bulk Electricity Trading Company.

His nomination, according to the statement, is expected to strengthen ongoing efforts to stabilise the national grid, improve sector efficiency, and attract long-term investment into the electricity value chain.

“The President expects the Minister-Designate, upon confirmation, to bring his extensive expertise to bear to advance critical reforms and deliver improved outcomes for Nigerians in the power sector,” Onanuga stated.

In a separate development, Tinubu appointed Babalola as his Special Adviser on Power and Chairman of the Presidential Task Force on Power Sector Reset and Restoration.

Babalola, a former minister of power, is returning to a sector he once supervised, with the presidency describing him as bringing deep sectoral expertise and a proven understanding of the structural and operational challenges within the electricity value chain.

“Mr Babalola, a former minister for power, brings deep sectoral expertise and a proven understanding of the structural and operational challenges within the electricity value chain. His appointment underscores the President’s determination to undertake a decisive and results-driven reset of Nigeria’s power sector,” the statement said.

The presidency also announced a redesignation within the energy governance structure, stating that the Office of the Special Adviser (Energy), currently held by Olu Verheijen, has been renamed Special Adviser (Oil & Gas) in a move aimed at clarifying roles and reducing duplication of responsibilities.

“The President has also redesignated the Office of the Special Adviser (Energy) as the Special Adviser (Oil & Gas) to clarify roles and avoid duplication of functions within the energy governance framework,” Onanuga said.

According to the statement, the newly created task force will serve as a high-level delivery platform with a direct presidential mandate to drive urgent reforms across the electricity sector.

Its responsibilities include resetting the structure of the power sector, enforcing a ‘performance before expansion’ framework, reducing technical, commercial, and collection losses, and strengthening tariff discipline and cost recovery mechanisms.

The task force is also expected to improve revenue assurance, restore grid discipline, enhance market efficiency, promote productive electricity usage across key sectors, and develop electricity growth zones aimed at boosting industrial demand.

Onanuga added that it will further focus on reducing fiscal exposure to the power sector and is expected to deliver a 90-day implementation blueprint for immediate reforms.