FCMB Asset Management Limited has received an upgrade to its national long-term and short-term issuer ratings from GCR Ratings, reflecting the firm’s financial performance, liquidity position and the stronger credit profile of its parent company, FCMB Group Plc.

According to a statement on Sunday, GCR upgraded the company’s national scale long-term and short-term issuer ratings to A(NG) and A1(NG) from A-(NG) and A2(NG), respectively, while maintaining a stable outlook.

The rating agency said the upgrade was supported by FCMB Asset Management’s competitive position, financial discipline, and the strengthened credit profile of FCMB Group Plc.

GCR noted that the firm’s decade-long operating track record, brand recognition, diversified product offerings and distribution network contributed to its standalone credit strength, alongside consistent earnings growth and an unleveraged balance sheet.

According to the agency, FCMB Asset Management’s competitive position is supported by “its relatively long track record, strong brand franchise, established product and geographical distribution network, and cross-selling opportunities.”

GCR added that the company ranked among the top five asset managers in Nigeria, with an estimated five per cent share of the fragmented market as of December 31, 2025.

The statement said the company’s revenue increased by 30 per cent, while operating cash flow rose by 13 per cent, allowing the business to fund its operations without debt.

It added that liquidity sources relative to uses improved to 5.0 times in December 2025 from 3.6 times a year earlier, while its EBITDA margin exceeded 58 per cent.

Commenting on the rating action, the Chief Executive Officer of FCMB Asset Management Limited, James Ilori, said, “This upgrade is an important external validation of a strategy we have pursued with discipline over many years: building an investment franchise that performs reliably, governs itself rigorously, and earns trust in every market cycle.

“It speaks to the strength of our membership of FCMB Group Plc and to a culture that holds itself to local and global standards of risk management and capital stewardship.

“As Nigeria’s asset management industry enters a new era of higher capital thresholds and rising investor expectations, we intend to lead from the front — ahead of regulatory timelines, ahead in digital transformation, and ahead in the outcomes we deliver for the clients who trust us to assist them in achieving their investment objectives.”

FCMB Asset Management manages a range of collective investment schemes, including the FCMBAM Money Market Fund, FCMBAM Debt Fund, FCMBAM Equity Fund, FCMBAM USD Bond Fund, and the FCMB-TLG Private Debt Fund. The company also provides discretionary and non-discretionary portfolio management services for high-net-worth and institutional clients.

Established in 1997, FCMB Asset Management Limited is regulated by the Securities and Exchange Commission and provides portfolio management and investment advisory services to individual and institutional investors. It is a subsidiary of FCMB Group Plc

Three top banks in Nigeria spent N118.55bn on advertising and marketing over a 15-month period covering the full year 2025 and the first quarter of 2026, as lenders intensified brand promotion amid rising competition in the country’s financial services sector.

The figure, derived from company disclosures and financial statements, comprises N95.71bn spent in 2025 and a further N22.84bn in Q1 2026, according to The PUNCH analysis of filings from United Bank for Africa Group, Guaranty Trust Holding Company, and Access Holdings.

In 2025, the combined advertising and marketing expenditure of the three lenders stood at N95.71bn, representing a 25.1 per cent decline from N127.75bn in 2024. The reduction was driven largely by UBA, which cut its advertising, promotion, and branding expenses to N56.95bn from N89.99bn in 2024, a 36.7 per cent decline.

GTCO, by contrast, increased its marketing spend to N20.02bn from N17.42bn, a 14.9 per cent rise, while Access Holdings, Nigeria’s largest banking group by customer base, with more than 60 million customers across three continents, reduced its expenditure to N18.75bn from N20.35bn, a 7.9 per cent decline.

Spending rose in the first quarter of 2026 to N22.84bn from N14.06bn in the corresponding period of 2025, representing a 62.4 per cent increase.

UBA accounted for the bulk of the quarterly spending at N15.86bn, while GTCO and Access Holdings spent N2.84bn and N4.14bn, respectively, signalling a renewed push for brand visibility and customer acquisition at the start of the year.

Across the 15-month period, UBA spent N72.81bn, representing about 61.4 per cent of the combined N118.55bn. GTCO and Access Holdings spent N22.86bn and N22.89bn, respectively, with each accounting for roughly 19 per cent.

Analysts said the mixed spending pattern suggests a recalibration of marketing budgets across tier-one lenders amid evolving macroeconomic conditions and increasing digital competition from fintech operators.

The Divisional Director, Marketing, Marketing Edge Publications, Anietie Udoh, told The PUNCH that financial institutions are increasingly deploying marketing budgets across digital platforms, sponsorships, and lifestyle-driven campaigns.

He said much of the sector’s communication strategy is now built around audience segmentation rather than broad consumer messaging. According to him, banks such as GTCO and other tier-one lenders are channeling significant resources into events, brand partnerships, and thematic campaigns, even when these are not always visible to retail customers.

He also pointed to intensifying competition from fintech firms, which have expanded their advertising presence through digital channels, influencer marketing, and mass media campaigns.

“Look at what OPay is doing now. OPay is spending heavily on communication, trying to understand what the consumer wants to hear. They are pushing that communication using influencers,” he said.

The marketing executive added that fintech operators such as OPay and Moniepoint are reshaping market dynamics, forcing traditional banks to defend market share through increased visibility and targeted campaigns.

Udoh noted that banking advertising cycles often intensify around recapitalisation programmes, public offers, and capital market activities, when institutions seek to educate and attract investors.

Across channels, banks continue to deploy a mix of traditional media, including television, newspapers, and billboards, alongside programmatic digital advertising, influencer-led campaigns, and native content distributed on platforms such as YouTube.

The sector also maintains cyclical thematic campaigns tied to seasonal and cultural occasions, including New Year, Easter, Eid, and end-of-year festivities, reinforcing year-round brand presence in a highly competitive financial ecosystem.

He said marketing spending tends to rise during periods of heightened economic or political activity, when transaction volumes and consumer engagement typically increase.

An audit by P+ Measurement Services, an independent Nigerian media intelligence and analytics firm, examined print advertising by 29 commercial banks, four telecommunications companies, and 14 insurance firms, tracking advert placements, advertising expenditure, publication choices, and the use of front-page placements.

According to the firm’s Q1 2026 Print Media Advertising and Placement Audit, banks remained the largest users of Nigeria’s print media for advertising in the first quarter of 2026. The report analysed advertising activity using data compiled from nearly 1,800 editions of daily, weekly, and monthly newspapers and magazines.

Of the 29 commercial banks covered in the study, 18 placed print advertisements, generating 1,260 advert placements with combined spending of N1.28bn.

Advertising activity was dominated by a handful of lenders. Zenith Bank accounted for 38 per cent of all advert placements, ahead of Access Bank with 14 per cent, UBA with 12 per cent, and GTBank with 10 per cent, making the four institutions the most visible print advertisers in the sector.

Among the mid-sized lenders, Polaris Bank accounted for nine per cent of advert placements, while FirstBank recorded five per cent. Stanbic IBTC Bank and Fidelity Bank each contributed four per cent, while First City Monument Bank and Wema Bank each posted a two per cent share.

Competition for premium newspaper positions was also intense. Access Bank secured the largest share of front-page advertisements at 42 per cent, followed by Zenith Bank with 37 per cent and Stanbic IBTC Bank with 21 per cent, reflecting a strong preference among leading lenders for high-impact placements.

By advertising expenditure, Zenith Bank ranked first, accounting for 39 per cent of total sector spending during the quarter. Access Bank followed with 20 per cent, while Guaranty Trust Bank accounted for 11 per cent and Polaris Bank contributed 10 per cent.

Dangote Petroleum Refinery exported about 466,000 metric tonnes of jet fuel to Europe in June, valued at an estimated N757bn, overtaking shipments from the United States and others.

This is as Nigerian jet fuel exports to the continent reached their highest level since the country became a net exporter of aviation fuel in 2024.

According to a market report by S&P Global Commodity Insights, the refinery’s exports came as the European jet fuel market turned increasingly bearish following a sharp decline in prices from the highs recorded during the Middle East conflict.

The report stated that flows of jet fuel from Nigeria to Europe rose from 232,000 metric tonnes in May to 466,000 metric tonnes in June, the highest volume exported from the country to Europe since Nigeria became a net exporter of jet fuel in 2024, when the Dangote Refinery commenced aviation fuel production.

The June export volume is equivalent to about 582.5 million litres of jet fuel. At an estimated domestic value of N1,300 per litre, the shipment is worth about N757.25bn.

On the other hand, aviation fuel exports from the United States fell sharply in the past months. The report showed that jet fuel exports from the United States to Europe declined steadily over the same period, falling from a record 818,000 metric tonnes in April to 560,000 metric tonnes in May and further to 399,000 metric tonnes in June, leaving Nigeria as a bigger supplier to Europe during the month.

Commenting on the market, a trader attributed the oversupply partly to increased shipments from Dangote and the United States. “Jet is oversupplied because of high local refinery production; refineries pushed back maintenance to make the most of the high prices.

“The US and Dangote also shipped large volumes. Now there are some flows resuming through the Suez, too, from the UAE, but let’s see how it goes,” the trader was quoted as saying.

The report noted that the European jet fuel forward curve had weakened significantly after reaching record highs during the Middle East war, as traders now anticipate an oversupplied summer market amid weaker-than-expected aviation demand.

According to Platts, part of S&P Global Commodity Insights, the Northwest Europe jet CIF cargo financial assessment for July dropped to $981.75 per metric tonne on June 30, down sharply from the all-time high of $1,694.25 per metric tonne recorded on March 30.

Similarly, the August contract declined from $1,507.50 per metric tonne on March 30 to $968.25 per metric tonne by June 30.

The report added that Europe could receive even more jet fuel supplies in the coming months as the East-West arbitrage remains attractive, encouraging exporters in the Middle East and India to ship cargoes westward.

While flows from the United Arab Emirates and Kuwait were absent in June, shipments from Saudi Arabia increased to about 106,000 metric tonnes, up from 7,000 metric tonnes in May, while exports from India rose from 129,000 metric tonnes to 197,000 metric tonnes over the same period.

Despite the current oversupply, two European jet fuel traders reportedly told Platts that market conditions would depend largely on developments in the Strait of Hormuz and the pace at which Middle Eastern refineries recover from disruptions caused by the recent conflict.

They also noted that stronger summer travel demand and refiners’ growing preference to maximise diesel production over jet fuel could gradually help rebalance the aviation fuel market.

Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority showed that the Dangote refinery exported an estimated 1.66 billion litres of refined petroleum products in April 2026.

This was during the mounting tensions in the Middle East that caused disruption to global fuel supply routes.

An analysis of the NMDPRA’s April 2026 fact sheet showed that the country exported about 513 million litres of premium motor spirit, popularly called ‘petrol’; 534 million litres of automotive gas oil, also known as diesel; and 615 million litres of aviation fuel within the month in April.

The Dangote refinery is the only major functional refinery in Nigeria that currently produces enough refined petroleum products for both local consumption and export.

Nigeria has become a net petrol exporter for the first time in decades due to rising output from the Dangote refinery. The refinery had earlier exported about 434 million litres of petrol in March after domestic production exceeded local consumption levels.

The latest figures underscore Nigeria’s gradual transition from a major importer of refined petroleum products to an export hub within Africa. It was observed that jet fuel exports may rise further with the instability caused by the Middle East crisis, which disrupted traditional supply chains serving Europe and other regions.

Shareholders of FCMB Group Plc have approved a total dividend payout of N23.08bn for the 2025 financial year following strong profit growth and improved earnings across the group’s businesses.

The approval was granted at the company’s 13th Annual General Meeting held in Lagos recently, where shareholders also endorsed all resolutions presented by the board, including the re-election of Mr Ladi Jadesimi and the ratification of Mrs Adepeju Adebajo as directors. They also elected members of the Audit Committee and authorised the directors to determine the remuneration of the external auditors.

The approval followed a year in which the financial services group recorded higher earnings despite a challenging operating environment.

FCMB Group reported a profit before tax of N202.1bn for the year ended December 31, 2025, representing an 81 per cent increase from N111.9bn recorded in the previous year. Profit after tax rose by 142 per cent to N177.3bn, while gross revenue increased by 42.5 per cent to N1.13tn. Return on equity improved to 23.2 per cent.

The group also reported growth across its major business divisions. Profit before tax in the Banking Group rose by 110 per cent, while Consumer Finance, Investment Banking and Investment Management recorded growth of 107 per cent, 90 per cent and 29 per cent, respectively. According to the company, the momentum continued into the first quarter of 2026.

Chairman of FCMB Group, Ladi Jadesimi, said the results reflected the resilience of the group’s diversified business model.

“We remain steadfast in our objective of balancing immediate shareholder returns with the need to retain sufficient capital to support long-term expansion, strengthen our competitive positioning and optimise value creation for all stakeholders,” Jadesimi said.

The Group Chief Executive, Ladi Balogun, attributed the 2025 performance to collaboration across the group’s business segments.

“2025 was a transformative year for FCMB Group – one in which we witnessed the true impact of ‘The Power of the Group’. A core driver of our performance in 2025 was the effective synergy across our business groups: Banking Group, Consumer Finance, Investment Banking, and Investment Management, each playing a distinct yet complementary role in delivering business growth,” Balogun said.

“Our focus remains firmly on deepening our digital transformation, strengthening our culture of excellence, and amplifying the collective power of our ecosystem.”

Balogun added that the completion of the group’s recapitalisation programme had positioned the organisation for its next phase of long-term growth.

Shareholder representatives commended the board and management for the company’s financial performance and dividend payment.

The National Coordinator of the Pragmatic Shareholders Association of Nigeria, Mrs Bisi Bakare, said the dividend reflected management’s commitment to delivering value to shareholders despite prevailing economic challenges.

The National Chairman of the Progressive Shareholders Association of Nigeria, Mr Boniface Okezie, said the group continued to support small businesses and women-owned enterprises, noting that FCMB provided N537.5bn in financing to small and medium-sized enterprises in 2025, including N51bn to women-owned businesses.

The Securities and Exchange Commission has admitted seven digital asset companies into its Accelerated Regulatory Incubation Programme, a framework designed to bring crypto and blockchain operators under formal oversight without immediately granting full operating licences.

The incubation model allows Nigeria’s capital market regulator to test these operators in real market conditions before deciding on full authorisation, the digital asset watchdog said on its website on Friday.

The commission revealed that the firms had been granted approval in principle, enabling them to operate within defined limits while undergoing assessment for compliance with regulatory, governance and risk management standards.

The companies admitted into the programme are Bitbarter Technologies Limited, Luno Fintech Nigeria Limited, GetEquity Limited, Koinkoin Global Network Limited, Wrapped CBDC Ltd, Trovotech Ltd and Blockvault Custodian Ltd.

The SEC said the incubation scheme forms part of its broader effort to formalise Nigeria’s fast-growing digital asset sector, which has expanded despite periods of regulatory uncertainty and previous restrictions on financial institutions’ exposure to cryptocurrencies.

Under ARIP, participating firms are allowed to operate in a supervised environment while the regulator evaluates their operations, including asset custody practices and safeguards against fraud, market abuse and operational failures.

“These entities would receive the Commission’s approval-in-principle, permitting them to operate within the defined scope of the Programme and subject to conditions stipulated by the Commission. An approval-in-principle confirms that an entity has satisfied the Commission’s admission requirements for the Programme,” the regulator said.

The commission stressed that approval-in-principle does not constitute a full licence and should not be interpreted as regulatory endorsement. Final authorisation will depend on firms meeting additional conditions during the incubation process.

The latest admissions build on the SEC’s earlier inclusion of Quidax and Busha in August 2024, signalling a continued push to establish a structured licensing pathway for digital asset service providers in Nigeria.

The regulator said it remains committed to supporting innovation that enhances efficiency, transparency, financial inclusion and sustainable growth in the capital market.

“Through initiatives such as ARIP, the SEC continues to encourage responsible technological advancement alongside investor protection guardrails and market discipline,” it said. “Members of the investing public are strongly advised to verify the regulatory status of anyone promoting investment products or services through the Commission’s official channels before engaging.”

Nigeria’s tightening of oversight in the crypto sector follows the exit of Binance from the country, a development widely seen as a turning point in enforcement actions against digital asset platforms. Authorities had previously accused Binance of contributing to pressure on the naira, allegations that intensified scrutiny of crypto trading activity and accelerated regulatory reforms.

Since then, regulators have moved to strengthen oversight through stricter registration requirements, re-registration of operators, and tighter licensing conditions aimed at bringing all market participants under formal supervision.

The Nigerian National Petroleum Company Limited has said the recently signed Memorandum of Understanding with Chinese firms for the rehabilitation and operation of the Port Harcourt and Warri refineries has entered a rigorous evaluation phase, insisting that the arrangement is aimed at creating profitable and self-sustaining refining assets.

The Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, disclosed this in a post on his official X handle on Friday, amid growing calls from petroleum marketers and operators for the Federal Government to fast-track discussions to finally restore the country’s troubled state-owned refineries to full operation.

Ojulari said reviving Nigeria’s refineries required more than simply replacing equipment and carrying out repairs. “Fixing a refinery takes more than pipes and pumps. It takes the right partners. That’s the thinking behind the MoU recently signed for the Port Harcourt and Warri refineries, now moving into a rigorous evaluation phase,” he stated.

The NNPC boss said the company was pursuing a strategic shift towards a performance-based business partnership model that would guarantee long-term sustainability rather than temporary fixes.

According to him, the new approach is “built for profitable and self-sustaining refineries.” He clarified that the memorandum signed with the prospective partners should not be mistaken for a final agreement.

“A strategic shift towards lasting results. Introducing a performance-based business partnership model, built for profitable and self-sustaining refineries. Evaluation, not commitment. The MoU is an agreement to explore working together, not a binding contract,” Ojulari said.

He explained that the prospective partners would bear the cost of carrying out the due diligence process, a move that would ensure decisions are based on commercial realities and technical assessments. “Prospective partners are covering the full cost, which keeps the process data-driven,” he added.

Beyond refining, Ojulari said the partnership discussions were also expected to unlock investments across the broader energy value chain. “The vision includes expanding the petrochemicals value chain and investing in gas-based industries, including new methanol plants. Real change isn’t announced once. It’s built through discipline applied consistently, at every stage, until it becomes how things are done,” he stated.

The comments came weeks after NNPC signed a memorandum of understanding with a consortium of Chinese companies to explore the rehabilitation and potential co-management of the Port Harcourt and Warri refineries under a new business model.

On April 30, 2026, NNPC Ltd signed a Memorandum of Understanding with two Chinese firms—Sanjiang Chemical Company Limited and Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd.

The arrangement is expected to bring in technical expertise, financing support, and operational efficiency in a bid to halt years of losses and repeated shutdowns at the facilities.

The Port Harcourt Refining Company consists of two plants with a combined installed capacity of 210,000 barrels per day, while the Warri Refining and Petrochemical Company has a nameplate capacity of 125,000 barrels per day. The facilities, alongside the 110,000-barrels-per-day Kaduna refinery, have consumed billions of dollars in rehabilitation expenses over the years but have struggled to operate sustainably.

The Federal Government approved massive rehabilitation programmes for the refineries in recent years. The Port Harcourt refinery briefly resumed operations before suffering operational setbacks, while the Warri refinery also experienced repeated shutdowns after attempts to restart production.

The latest push by NNPC also comes as petroleum marketers have intensified calls for the government to conclude negotiations with competent international partners capable of transforming the refineries into commercially viable businesses.

The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, recently urged the Federal Government and NNPC to expedite discussions with the Chinese firms, saying Nigeria could no longer afford to keep spending huge sums on refinery rehabilitation without achieving sustainable production.

According to marketers, bringing in experienced technical partners could significantly reduce Nigeria’s dependence on imported petroleum products and strengthen the country’s energy security.

Operators also believe the success of the initiative could complement supplies from the Dangote Petroleum Refinery and other modular refineries, creating a more competitive domestic refining market and reducing pressure on foreign exchange used for fuel imports.

The outcome of the ongoing evaluation process could determine whether Nigeria’s long-running efforts to revive its state-owned refineries finally yield results or become another chapter in the country’s troubled refining history.

imported a total of 40.40 million barrels of crude oil between May and June 2026, spending about $4.48bn on feedstock purchases, according to an analysis of official cargo discharge and pricing records on Friday.

The data was released by the refinery to dispel rumours that refinery pricing moves in line with daily international crude oil prices. It said crude is purchased weeks or months in advance under contracts linked to monthly average pricing rather than spot market rates.

The figures show that the refinery imported 21.47 million barrels in May 2026 at a total landed cost of $2.68bn before receiving another 18.93 million barrels in June 2026 valued at $1.80bn, reflecting a gradual easing in global crude pricing pressures.

The data further revealed that the average landed cost per barrel declined from $124.80 in May to $95.25 in June, a drop of nearly 24 per cent within a single month, driven largely by shifts in crude grades, freight conditions and global supply dynamics.

In total, the two-month period recorded 40.40 million barrels of crude imports, with significant variations in both volume and price per barrel.

The figures revealed that the refinery paid an average landed cost of $124.80 per barrel in May, compared to $95.25 per barrel in June, representing a sharp monthly decline of about $29.55 per barrel or nearly 24 per cent.

A breakdown of the cargoes shows that imports were drawn from a wide basket of crude grades and international suppliers, including West African blends such as Bonny Light, Qua Iboe, Forcados, Amenam and Escravos, as well as international streams such as El Sharara, Cabinda and Agbami, delivered through multiple trading vessels.

Further analysis of the data shows that May 2026 imports were dominated by high-priced cargoes such as El Sharara, Bonga and Qua Iboe, with several shipments exceeding $130 per barrel, pushing up the monthly average landed cost.

For instance, the El Sharara cargo on Kriti Energy cost $131.05 per barrel, while another El Sharara shipment through KRITI HERO also stood at $131.05 per barrel, reflecting the premium pricing of certain grades and freight conditions during the period.

Similarly, the Bonga cargo aboard Nordic Tellus recorded a landed cost of $134.24 per barrel, one of the highest in the month, contributing significantly to the overall import bill.

However, June 2026 data showed a clear easing in landed costs, with multiple cargoes arriving below the $95 per barrel mark, particularly from grades such as CJ Blend, Escravos, Agbami and Amenam, which helped reduce the monthly average.

The cheapest cargo in June was Amenam, delivered via Sonangol Njinga Mbande at $90.52 per barrel, while several other shipments clustered between $92 and $94 per barrel, signalling improved market conditions or freight adjustments.

A pricing breakdown indicates that the decline in June was driven largely by a combination of softer global crude benchmarks, improved shipping efficiencies, and a higher proportion of lower-cost West African grades.

The fluctuations underscore Nigeria’s continued vulnerability to external pricing dynamics, especially as domestic refining capacity remains insufficient to absorb demand.

Energy market operators note that cargo sourcing patterns, ranging from West African grades like Bonny Light, Qua Iboe and Forcados to international blends such as El Sharara and Jubilee cargoes, also reflect Nigeria’s mixed procurement strategy to meet refinery feedstock and trading requirements.

In May 2026, the refinery received 998,980 barrels of Amenam crude aboard the Barbarosa vessel at a landed cost of $120.87 per barrel, amounting to $120.75m.

A second Amenam cargo was delivered via the Sonangol Njinga Mbande, totalling 500,125 barrels at $112.99 per barrel, valued at $56.51m. Another Amenam shipment on Lord Byron 21 brought in 500,065 barrels at $114.05 per barrel, worth $57.03m.

For Qua Iboe crude, the Nordic Tellus delivered 950,891 barrels at $134.37 per barrel, valued at $127.78m, while a separate cargo on Advantage Spring supplied 950,345 barrels at $131.33 per barrel, worth $124.81m. A third Qua Iboe cargo via Sonangol Kalandula delivered 997,261 barrels at $117.98 per barrel, valued at $117.66m, while another shipment on Nordic Space brought in 996,017 barrels at $116.70 per barrel, valued at $116.24m.

Utapate crude was supplied through Lord Byron 21, with 949,774 barrels delivered at $120.27 per barrel, amounting to $114.23m.

Bonny Light crude featured prominently. A cargo of 971,016 barrels arrived on Plata South at $124.31 per barrel, valued at $120.70m, followed by another 951,611 barrels on the same vessel at $128.70 per barrel, worth $122.47m.

A third Bonny Light cargo on Lord Byron 21 delivered 949,488 barrels at $116.68 per barrel, valued at $110.79m, while another shipment via Sonangol Kalandula supplied 947,306 barrels at $115.27 per barrel, worth $109.19m. A fifth Bonny Light cargo arrived aboard Moscow Spirit with 1,030,923 barrels at $131.20 per barrel, valued at $135.26m.

Bonga crude was received via Nordic Tellus, with 1,032,151 barrels delivered at $134.24 per barrel, amounting to $138.56m. Payara crude on Advantage Serenity accounted for 1,018,733 barrels at $130.75 per barrel, valued at $133.20m, while ABO crude on Advantage Spring delivered 697,403 barrels at $131.09 per barrel, worth $91.42m.

Cawthorne crude on Sonangol Njinga Mbande supplied 948,394 barrels at $119.76 per barrel, valued at $113.58m. El Sharara crude featured twice in May. The Kriti Energy vessel delivered 1,060,626 barrels at $131.05 per barrel, valued at $139.00m, while the KRITI HERO shipment brought in 1,043,246 barrels at the same price, valued at $136.72m.

Jubilee crude arrived via Advantage Spring, with 956,001 barrels at $127.76 per barrel, valued at $122.14m. Overall, May 2026 recorded a total import volume of 21,466,614 barrels, valued at $2,679,095,365.22.

In June 2026, CJ Blend crude on the Nordic Space vessel accounted for 651,265 barrels, landed at $94.51 per barrel and valued at $61.55m. A second CJ Blend cargo on Advantage Spring delivered 650,200 barrels at $93.16 per barrel, worth $60.57m.

Escravos crude was delivered in two shipments. Advantage Spring carried 998,192 barrels at $93.75 per barrel, valued at $93.58m, while another cargo of 998,362 barrels on the same vessel arrived at $92.29 per barrel, worth $92.14m.

Forcados crude featured strongly in June. Sonangol Kalandula delivered 948,859 barrels at $96.42 per barrel, valued at $91.49m, while another cargo on the same vessel supplied 948,580 barrels at $92.92 per barrel, worth $88.14m. Additional Forcados shipments included 1,048,708 barrels on Nautilus I at $95.45 per barrel, valued at $100.10m, and 948,745 barrels on Sonangol Njinga Mbande at $93.52 per barrel, worth $88.72m.

Cabinda crude on Advantage Solo accounted for 996,349 barrels at a landed cost of $123.30 per barrel, valued at $122.85m. Agbami crude on Nordic Space delivered 1,000,160 barrels at $92.83 per barrel, valued at $92.85m.

Amenam crude featured twice via Sonangol Njinga Mbande, with 499,807 barrels and 499,666 barrels, respectively, both priced at $90.52 per barrel and valued at $45.24m and $45.23m.

Cawthorne crude on Sonangol Kalandula delivered 951,104 barrels at $91.78 per barrel, valued at $87.29m. Bonny Light shipments included 994,831 barrels on Advantage Serenity at $94.95 per barrel, worth $94.46m, and 947,376 barrels on Advantage Solo at $92.93 per barrel, worth $88.04m. Another Bonny Light cargo of 1,050,595 barrels on Ithaki Warriors was priced at $94.37 per barrel, valued at $99.14m.

EA Blend on Aristoklis delivered 997,377 barrels at $97.77 per barrel, valued at $97.51m. Qua Iboe crude on Advantage Spring and Advantage Solo accounted for 951,597 barrels and 949,839 barrels, priced at $94.59 and $92.81 per barrel, valued at $90.01m and $88.15m, respectively.

Utapate crude on Sonangol Njinga Mbande supplied 951,843 barrels at $93.21 per barrel, valued at $88.72m. Chile Prosperity delivered 948,917 barrels at $92.17 per barrel, valued at $87.46m. Overall, June 2026 recorded 18,932,372 barrels, valued at $1,803,241,176.34.

In a detailed statement explaining the pricing dynamics, the Dangote Petroleum Refinery said crude oil procurement and product pricing do not move in real time with global oil benchmarks.

It stated, “It is important to clarify that refinery pricing does not move in tandem with daily international crude oil quotations. Crude oil is procured weeks, and in some cases months, before it is processed, under commercial contracts linked primarily to monthly average pricing mechanisms rather than prevailing spot market prices.”

The refinery explained that current fuel output reflects older, higher-priced crude inventories.

“Consequently, the petroleum products currently being supplied from our refinery are being produced from crude inventories acquired at substantially higher costs than today’s market prices. The average landed cost of crude processed by the refinery was approximately US$124.80 per barrel in May and US$95.25 per barrel in June, compared with the current international benchmark of about US$71.01 per barrel.”

It further noted that its procurement structure is not tied to headline Brent prices alone. “Furthermore, refinery feedstock is not purchased at the headline ICE Brent price commonly reported in the media. Our crude is acquired on a Dated Brent plus market premium, freight and logistics cost basis, resulting in actual landed costs that differ materially from benchmark quotations.”

On pricing policy, the refinery said it deliberately absorbed cost pressures to stabilise the domestic market. “Notwithstanding these elevated feedstock costs, Dangote Petroleum Refinery did not immediately transfer the full impact of rising crude prices to the Nigerian market. Instead, the refinery absorbed a substantial portion of the increase in order to support market stability, reduce inflationary pressures, and shield consumers from the extreme volatility witnessed in global energy markets.”

It added that Nigeria currently benefits from domestic refining capacity: “Nigeria today benefits from the stabilising role of domestic refining capacity. The Dangote Petroleum Refinery currently supplies volumes sufficient to meet national demand, helping to strengthen energy security, eliminate dependence on imports, conserve foreign exchange and provide greater price stability for consumers and businesses.”

The refinery also confirmed that further price reductions are expected as lower-cost crude enters its processing cycle: “As procurement costs continue to decline and lower-priced inventories replace higher-cost crude stocks, Nigerians can expect further price moderation, provided international market conditions remain favourable.”

It said its broader objective remains unchanged: “Our objective remains unchanged: to supply high-quality, internationally compliant petroleum products at competitive prices while strengthening Nigeria’s energy security, supporting economic growth and ensuring the long-term sustainability of Africa’s largest refinery.”