Foreign portfolio participation on the Nigerian Exchange Limited recorded a significant recovery in March 2026, with total foreign transactions increasing by 107.74 per cent to reach N288.82bn.

According to the latest Domestic and Foreign Portfolio Investment report released by NGX Regulation Limited on Wednesday, total market transactions grew 13.10 per cent to N1.744tn in March, up from the N1.542tn recorded in February.

The latest report noted, “The significant jump in foreign inflows, which rose from N72.32bn in February to N181.77bn in March, suggests that international investors are increasingly finding value in Nigerian equities following recent market re-ratings and improved foreign exchange liquidity.”

Despite the surge in foreign activity, domestic investors continued to dominate the bourse, accounting for 83.44 per cent of total transactions. Total domestic value stood at N1.455tn for the month, with institutional investors outperforming retail participants by 26 per cent

Providing insight into the local market composition, the report added, “The domestic market remains the bedrock of our exchange. With institutional transactions rising to N914.23bn, it is clear that local pension funds and asset managers are maintaining a strong bullish stance on high-quality Nigerian equities, even as foreign interest returns.”

The surge in foreign inflows comes amid a period of aggressive fiscal and monetary reforms aimed at stabilising the naira and attracting foreign direct investment. Historically, foreign participation in the Nigerian capital market has been hampered by currency volatility and challenges in capital repatriation. However, the 107.74 per cent month-on-month increase indicates a potential shift in sentiment as investors respond to improved transparency in the Nigerian Autonomous Foreign Exchange Market.

Year-to-date figures show that total market transactions for the first quarter of 2026 have hit N4.148tn, representing a massive 85.87 per cent increase compared to the N2.232tn recorded during the same period in 2025. This growth reflects the broader market rally that has seen the NGX All-Share Index reach record highs over the last year.

Reflecting on the historical trend and market depth, the report added, “Over a 19-year period, domestic transactions have increased significantly by 160.83 per cent. While foreign participation has fluctuated, the long-term trajectory remains positive, reinforcing the Exchange’s position as a premier destination for both local and international capital.”

As the second quarter begins, market observers expect institutional investors to maintain their leading role, while foreign participation is projected to remain sensitive to macroeconomic indicators, particularly inflation data and subsequent Central Bank of Nigeria interest rate decisions.

The Federation Account Allocation Committee shared a total of N2.04tn as revenue for March 2026, reflecting a N150bn increase from the N1.89tn distributed in February, amid stronger statutory inflows.

The disclosure was contained in a statement issued on Wednesday by the Office of the Accountant-General of the Federation and signed by its Director of Press and Public Relations, Bawa Mokwa.

According to the statement, “a total sum of N2.036tn, being March 2026 Federation Account Revenue, has been shared to the Federal Government, States and the Local Government Councils,” at the April 2026 FAAC meeting held in Abuja.

The N2.04tn distributable revenue comprised N1.32tn from statutory revenue, N515.39bn from Value Added Tax, and N200bn as augmentation

A breakdown showed that the Federal Government received N789.16bn, representing about 38.8 per cent of the total pool, while states got N657.60bn, about 32.3 per cent, and local government councils received N468.83bn, about 23.0 per cent. Oil-producing states received N120.76bn as derivation, accounting for roughly 5.9 per cent of the total.

The communiqué noted that “total gross revenue of N2.364tn was available in the month of March 2026,” from which N81.08bn was deducted as cost of collection, while N246.87bn was recorded as transfers, refunds, and savings.

The deductions and transfers together accounted for over 13 per cent of gross inflows, highlighting the scale of statutory obligations before distribution.

From the statutory revenue component of N1.32tn, the Federal Government received N632.26bn, states got N320.69bn, and local governments received N247.24bn, while N120.76bn was shared as derivation.

Similarly, from the N515.39bn VAT pool, the Federal Government received N51.54bn, states got N283.47bn, and local governments received N180.39bn, reinforcing the growing importance of consumption taxes in subnational revenues.

From the N200bn augmentation, the Federal Government received N105.36bn, states got N53.44bn, and local governments received N41.20bn, suggesting continued fiscal adjustments to stabilise monthly allocations.

On revenue performance, the communiqué stated that “gross statutory revenue of N1.699tn was received for the month of March 2026,” rising by N137.91bn from the N1.56tn recorded in February. This increase largely drove the higher FAAC distribution, offsetting weaker VAT inflows.

However, VAT collections showed marginal weakness. The statement noted that “gross revenue of N664.425bn was available from the Value Added Tax in March 2026,” lower than the N668.450bn recorded in February by N4.025bn.

The statement added that Companies Income Tax, Capital Gains Tax, Stamp Duties, and Excise Duty increased significantly, pointing to improved non-oil tax performance.

In contrast, Petroleum Profit Tax, Hydrocarbon Tax, oil and gas royalty, import duty, and CET declined considerably, reflecting ongoing volatility in oil receipts and trade-related revenues, while VAT decreased marginally.

Moniepoint Microfinance Bank has reaffirmed its leadership in Nigeria’s agency banking space, positioning its service model as a catalyst for sector growth while committing to deepening value creation across the financial ecosystem.

Beyond service provision, the bank stated that it is cementing its identity as the technological backbone of the real economy, designed to address the specific complexities of the local commercial landscape.

Speaking on the bank’s evolving strategy, the Senior Vice President, Distribution Network Sales, Moniepoint MFB, Ezekiel Sanni, noted that agency banking must be anchored on consistent enterprise support, trust, and real economic value for agents and merchants.

He said, “Our goal is to transcend traditional transaction processing by becoming a fundamental partner in the daily growth of small businesses.

By providing the tools for inventory management and working capital alongside seamless payments, we are ensuring that financial inclusion leads to actual economic empowerment for the average Nigerian entrepreneur.”

Sanni further explained that the next phase of industry growth would be defined by the quality of service and depth of engagement rather than just reach.

“At Moniepoint MFB, we have built a model that prioritises not just access, but meaningful, routine local support for the merchants and communities we serve,” he said.

At the core of this approach is the deployment of dedicated field-based managers who provide hands-on support tailored to daily operations. Unlike conventional systems where engagement often ends after onboarding, the bank maintains continuous interaction with agents to resolve operational challenges and strengthen long-term partnerships.

By combining digital infrastructure with a physical presence, the bank has created a hybrid service model that enables faster issue resolution and mentorship in critical areas such as fraud detection and Anti-Money Laundering regulatory compliance.

“When you are close to the agent, you are in a position to go beyond providing a service to building capability,” Sanni added.

The bank’s performance metrics reinforce its position as a major merchant acquirer, reportedly powering eight out of every 10 in-person payments made across the country. The bank attributed this to reliability, fast transaction processing, and rapid settlement cycles.

The firm reiterated that agency banking remains critical infrastructure for economic participation, pledging to continue strengthening its indigenous engine to keep the real economy moving.

Crude oil supply from the Nigerian National Petroleum Company Limited’s trading arm surged in April 2026, with shipment records indicating that more than 1.03 million metric tonnes, equivalent to about 6.8 million barrels or over 1.08 billion litres, were delivered to the Dangote Oil and Gas Company Limited within the month.

An analysis of tanker vessel movements obtained by The PUNCH on Tuesday shows that the deliveries were executed through eight crude cargoes handled by NNPC Trading, reinforcing the state oil firm’s role as a major feedstock supplier to the 650,000 barrels-per-day Dangote refinery.

The shipments, sourced from key Nigerian crude streams including Anyala, Bonga, Odudu, Forcados, Qua Iboe, and Utapate, were routed through the refinery’s Single Point Mooring systems, SPM-C1 and SPM-C2.

The document shows that out of the eight cargoes, five have been fully discharged, while three others are still awaiting berthing or completion, indicating a steady pipeline of crude inflows into the refinery.

This development comes amid the refinery’s continued complaints of supply inadequacies, with a total requirement of 19 cargoes monthly, and a recent report that the country imported 55.39 million barrels in January and February 2026.

A breakdown of the deliveries showed that Sonangol Kalandula initiated the supply chain, delivering 123,000 metric tonnes of crude from Anyala. The vessel arrived on April 5, berthed on April 8, and sailed on April 9.

This was followed by Advantage Spring, which supplied 128,190 metric tonnes from Bonga, arriving on April 11 and completing discharge by April 13.

Similarly, a vessel code-named Barbarosa delivered 125,000 metric tonnes from Odudu, while Sonangol Njinga Mban transported 129,089 metric tonnes from Bonga.

Another completed shipment, handled by Nordic Tellus, brought in 139,066 metric tonnes from Forcados, completing discharge on April 17.

However, three additional cargoes remain in progress. Advantage Sun, carrying 142,327 metric tonnes from Bonga, has arrived but is yet to berth. Also pending are Advantage Spring from Utapate with 120,189 metric tonnes, and Sonangol Kalandula from Qua Iboe with 126,471 metric tonnes.

In total, the NNPC Trading cargoes account for 1,033,332 metric tonnes of crude, underscoring what industry analysts describe as a “strong and sustained supply commitment” to the Dangote refinery.

Further findings show that, beyond crude deliveries, the Dangote refinery also received multiple shipments of refined products and blending components from international markets during the period.

Among them, Seaways Lonsdale delivered 37,400 metric tonnes of blendstock gasoline from Immingham, United Kingdom, handled by Vitol, between April 18 and 19.

Another vessel, Augenstern, supplied 37,125 metric tonnes of Premium Motor Spirit from Lavera, France, discharging between April 8 and 9.

From Norway, Emma Grace brought in 37,496 metric tonnes of PMS from Mongstad, while LVM Aaron delivered 36,323 metric tonnes from Lome, Togo.

Similarly, Egret discharged 35,498 metric tonnes of naphtha from Rotterdam between April 16 and 18, providing critical feedstock for gasoline blending.

A pending shipment, Mont Blanc I, carrying 36,877 metric tonnes of blendstock gasoline from Antwerp, Belgium, is yet to berth, while Aesop is expected to deliver 130,000 metric tonnes of residue catalytic oil from Singapore later in April.

In addition to NNPC Trading volumes, other crude cargoes from international and domestic traders also supported refinery operations.

Notably, Yasa Hercules delivered 273,287 metric tonnes of crude from Corpus Christi, United States, while Front Orkla brought in 264,889 metric tonnes from Ingleside, US.

A major cargo, Navig8 Passion, supplied 496,330 metric tonnes of crude from Cameroon, highlighting regional supply integration.

Domestic contributions included Harmonic, which delivered nearly 993,240 barrels from Ugo Ocha, and Aura M, which supplied 1 million barrels from Escravos, alongside an additional 651,331 barrels of cargo from Anyala.

Operational data indicate that most vessels berthed within one to two days of arrival and departed shortly after discharge, suggesting improved efficiency at the refinery’s offshore terminals.

The Dangote refinery, located in Lekki, Lagos, is Africa’s largest single-train refinery, with a nameplate capacity of 650,000 barrels per day.

The facility is expected to significantly reduce Nigeria’s dependence on imported petroleum products by refining domestic crude and supplying petrol, diesel, aviation fuel, and other derivatives to the local market.

NNPC Limited, through its trading arm, has remained a central player in supplying crude to the refinery under evolving commercial arrangements, amid ongoing reforms in Nigeria’s downstream oil sector.

Earlier this month, Africa’s richest man and President of the Dangote Group, Aliko Dangote, revealed in a report by Bloomberg that the refinery received 10 cargoes of crude oil from the state-owned oil firm in March, compared to an average of about five cargoes monthly since late 2024.

Dangote said the shipments included six cargoes paid for in naira and four in dollars, under the crude supply arrangement between the refinery and the NNPC.

UAC of Nigeria Plc has listed its N54.03bn Series 1 bond on Nigerian Exchange Limited, underscoring the Exchange’s growing profile as a multi-asset platform and providing the company with access to long-term capital.

The seven-year senior unsecured instrument, admitted to trading on 17 April 2026, carries a fixed coupon of 17.35 per cent and was issued under UACN’s N150bn multi-instrument programme.

Priced at par with 54.03 million units at N1,000 each, the bond will mature on 15 December 2032. Similarly, investors will receive semi-annual coupon payments on 15 June and 15 December throughout the tenor. The offer closed in December 2025.

The structure features a four-year moratorium on principal repayment, after which amortisation will commence, with an option for early redemption at the issuer’s discretion.

Commenting on the listing, Vice Chairman of Highcap Securities Ltd, David Adonri, said, “What stands out is the continued ability of issuers like UAC of Nigeria Plc to access long-term funding.

This reflects both the depth of the domestic debt market and the growing relevance of NGX as a credible platform for capital raising across asset classes.”

The transaction was jointly arranged by Stanbic IBTC Capital Limited, Chapel Hill Denham Advisory Limited, Quantum Zenith Capital & Investments Limited, and FCMB Capital Markets Limited, with Chapel Hill Denham Securities Limited acting as stockbroker. Stanbic IBTC Trustees Limited served as trustee, while Africa Prudential Plc was appointed registrar.

This listing highlights NGX’s continued evolution beyond equities, strengthening its fixed income segment and further reflecting its profile as a more diversified, multi-asset marketplace.

Nigeria’s oil and gas industry may be heading toward a critical turning point, not due to declining reserves or asset divestments, but because of a growing shortage of skilled professionals needed to sustain the sector’s future growth.

This warning came from the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Oritsemeyewa Eyesan, who urged indigenous operators to urgently invest in human capital development or risk undermining the industry’s long-term viability.

She charged the Independent Petroleum Producers Group to uphold industry standards, strengthen human capital development, and promote good corporate governance.

This was disclosed in a statement issued on Tuesday by the Head of Media and Corporate Communications, Eniola Akinkuotu.

Speaking during a courtesy visit by the Independent Petroleum Producers Group, led by its Chairman, Adegbite Falade, at the Commission’s headquarters in Abuja, Eyesan said the growing dominance of local firms following the exit of international oil companies had placed greater responsibility on indigenous players.

She warned that without deliberate investment in skills and capacity, the industry could face a crisis that would affect not just individual companies but Nigeria’s global standing.

Eyesan added that the implications of weak capacity go beyond company performance, stressing that global investors assess Nigeria as a whole.

“One area I think we need to spotlight is human capital development. As the industry grows, there is a tendency toward default, and if we allow that to fester, it will hurt all of us.

“Because we are in a global market, the financiers are rating Nigeria; they are not rating companies, and if we do not bring our human capacity to par, then we will be creating a big problem for ourselves,” she said.

With divestments by international oil companies reshaping Nigeria’s upstream landscape, Eyesan described the IPPG as a “significant force” that must now uphold the highest industry standards.

She challenged the group to enforce discipline among its members and emulate the operational standards historically associated with multinational operators.

“As a pressure group, you should hold yourselves to a standard. I think that is one of the things the IOCs have done very well,” she said.

The NUPRC boss also stressed strict compliance with the Petroleum Industry Act 2021, noting that strong corporate governance and regulatory alignment are essential to sustaining investor confidence.

Reaffirming the Commission’s role as a business enabler, Eyesan assured operators of continued regulatory support in line with the economic agenda of President Bola Tinubu.

She also disclosed that the Commission had fully transitioned to a paperless system as part of broader reforms to improve efficiency and transparency.

“When I took over, we realised we needed to transform, and we set up a transformation team. We are happy to announce that on Friday, April 18, 2026, we went paperless, and everybody collaborated to make it happen,” she said.

Responding, Falade commended the NUPRC leadership, noting that the industry had begun to witness positive changes since Eyesan assumed office in December 2025.

“You have not been here for long, but the signs are very clear as to your dynamic leadership. We will not stop emphasising that because we do not take it for granted,” he said.

He also called for sustained engagement between the regulator and indigenous producers, pledging the group’s commitment to national development.

“You can always count on and trust that the Nigerian agenda is at the heart of our mandate,” Falade added.

Nigeria’s oil and gas sector is undergoing a major transition, driven by the divestment of international oil companies and the increasing role of indigenous operators. While this shift has been hailed as a step toward local content development, industry experts warn that it has also exposed a widening skills gap.

For decades, multinational firms provided technical expertise, training, and global best practices. Their gradual exit has left indigenous companies with the challenge of filling that void, often without sufficient technical manpower.

The shortage of skilled professionals, from engineers and geoscientists to project managers, could slow production growth, weaken operational efficiency, and ultimately affect Nigeria’s competitiveness in the global energy market.

Wema Bank has officially secured its future in the top tier of the nation’s financial sector, announcing on Monday that it has not only met but significantly surpassed the Central Bank of Nigeria’s new recapitalisation requirements, comfortably retaining its National Banking Licence.

The bank disclosed a Total Qualifying Capital of N264.7bn, a figure that towers over the N200bn minimum threshold mandated by the regulator for national banks. Perhaps most impressive is the speed of execution; Wema Bank finalised the process in April 2026, a full six months ahead of the CBN’s stipulated deadline.

The capital boost was driven by a two-pronged strategic fundraise. The bank successfully executed an N150bn Rights Issue between April and May 2025, which saw massive participation from existing shareholders. This was followed by an additional N50bn special placement later in 2025, solidifying a balance sheet capable of weathering global economic shocks.

Commenting on the development, the Managing Director/Chief Executive Officer of Wema Bank, Moruf Oseni, said, “The successful completion of our recapitalisation exercise is a defining moment for Wema Ban

It is a strong validation of our strategy, our performance, and the enduring confidence our shareholders and stakeholders have in our vision.”

The journey to this milestone began in March 2024, when the Central Bank of Nigeria, under Governor Olayemi Cardoso, announced a sweeping recapitalisation programme. The policy was designed to fortify the Nigerian banking industry against currency volatility and inflation while positioning banks to support the federal government’s goal of achieving a $1tn economy.

For national banks like Wema, the bar was raised from N25bn to N200bn. Wema Bank’s success is particularly noteworthy given its history; after operating as a regional player for years, it only regained its national banking licence in 2015. This latest achievement cements its status as a permanent heavyweight in the national landscape.

“We have not only met the CBN’s requirements; we have exceeded them, reinforcing our position as a national bank with the scale, strength, and stability to compete and lead,” Oseni added.

With the capital exercise concluded, Wema Bank is pivoting toward a new phase of aggressive market expansion. The beefed-up balance sheet is expected to translate into increased lending capacity for Small and Medium Enterprises, enhanced digital infrastructure, and a more robust corporate banking suite.

By utilising its digital-first approach through ALAT, the bank intends to bridge the gap between traditional banking stability and fintech-driven agility.

“This milestone strengthens our ability to compete at scale, deepen our market presence, and deliver more value to our customers across Nigeria through improved access to credit, enhanced digital banking experiences, and innovative financial solutions,” Oseni added.

Looking ahead, the bank aims to leverage its strengthened position to act as a primary catalyst for Nigeria’s broader economic growth.

“This is not just about retaining our licence; it is about building a bigger, stronger, and more impactful Wema Bank,” the MD/CEO noted.

Established in 1945, Wema Bank is Nigeria’s longest-standing indigenous commercial bank. It has evolved from a traditional retail bank into a technology leader, launching ALAT in 2017. Following its successful recapitalisation, the bank continues to operate with a National Licence, serving millions of Nigerians across the country.

Nigeria imported about 61.7 million barrels of crude oil from the United States between January 2024 and January 2026, underscoring the country’s growing rel iance on foreign feedstock to support domestic refining despite being a major oil producer.

This is despite the fact that Nigeria exported over 300 million barrels of crude in the first 10 months of 2025 and 55.39 million barrels in January and February 2026.

Data obtained from the US Energy Information Administration showed that crude exports from the United States to Nigeria surged during the period, marking a sharp reversal from nearly a decade of negligible crude trade flows between both countries.

Before 2024, American crude shipments to Nigeria were virtually non-existent. The only notable supply recorded within the period was in March 2016, when exports averaged just 19,000 barrels per day, translating to about 0.589 million barrels for the entire year.

However, the trade pattern changed significantly in 2024, coinciding with the commencement of operations at the Dangote refinery, which industry observers said has emerged as the primary buyer of US crude to supplement domestic supply constraints.

The EIA reports its data in thousands of barrels per day, meaning the daily figures must be multiplied by the number of days in each month to derive the total monthly volume.

For 2024, data available for January to June indicated that Nigeria imported a total of 15.701 million barrels from the United States within six months. In January, imports averaged 125,000 barrels per day, translating to 3.87 million barrels. February recorded 110,000 barrels per day or 3.19 million barrels, while March fell to 51,000 barrels per day, amounting to 1.58 million barrels.

Imports rose again in April to 67,000 barrels per day, representing 2.01 million barrels, before dropping to 35,000 barrels per day in May, equivalent to 1.08 million barrels. June recorded the highest inflow for the year at 132,000 barrels per day, which translated to 3.96 million barrels.

The volume increased further in 2025, which accounted for the largest share of the two-year imports. Between February and December 2025, Nigeria imported 41.06 million barrels of US crude.

According to the EIA, the year started with 111,000 barrels per day in February and climbed steadily in the following months.

Imports peaked in June 2025 at 305,000 barrels per day, the highest monthly rate in the dataset, delivering about 9.15 million barrels within 30 days. Another strong inflow was recorded in August at 201,000 barrels per day, equivalent to 6.23 million barrels.

However, the supply slowed sharply towards the end of the year. Imports dropped to 12,000 barrels per day in November, translating to just 0.36 million barrels, before slightly rising to 23,000 barrels per day or 0.71 million barrels in December.

For 2026, data available for January showed that Nigeria imported 159,000 barrels per day, amounting to 4.93 million barrels.

A breakdown of the figures showed that the combined total for 2024, 2025 and January 2026 stood at 61.685 million barrels, which rounds up to 61.7 million barrels.

The development highlights a paradox in Nigeria’s oil sector, where the country exports large volumes of crude oil but still struggles to supply enough feedstock to domestic refineries.

For decades, Nigeria relied heavily on importing refined petroleum products such as petrol and diesel due to limited refining capacity. The commissioning of the Dangote refinery in 2024 shifted the pattern, with the country now importing crude oil for local processing instead of finished fuels.

Aliko Dangote once said the imports from the United States were largely driven by the need to bridge the gap between domestic crude supply and the refinery’s operational requirements.

The Dangote facility, one of the world’s largest single-train refineries, requires substantial daily feedstock to run at optimal capacity, needing over 19 million barrels monthly.

Sources told our correspondent that the Dangote refinery imports crude from Ghana and other African countries even as the country sells crude to other countries.

Data from the Central Bank of Nigeria showed that Nigeria exported an estimated 306.7 million barrels of crude oil between January and October 2025, despite concerns over feedstock shortages faced by domestic refineries.

The figures indicated that while the country produced about 443.5 million barrels during the 10-month period, averaging roughly 1.45 million barrels per day, a significant portion of the output was shipped overseas.

Cumulatively, exports between January and October represented about 69 per cent of total production, leaving roughly 137 million barrels for domestic use.

Similarly, Nigeria exported 55.39 million barrels of crude oil in the first two months of 2026 even as the Dangote refinery continues to struggle with inadequate domestic feedstock supply.

According to CBN data, the country shipped out 31.31 million barrels in January and 24.08 million barrels in February.

In January, crude production averaged 1.46 million barrels per day with exports at 1.01 mbpd. In February, production fell to 1.31 mbpd while exports averaged 0.86 mbpd. Total crude production for the two months stood at 81.94 million barrels, meaning that 26.55 million barrels were left behind for local refineries in the first two months of 2026.

On several occasions, the Dangote refinery complained of low crude supply despite the naira-for-crude arrangement, forcing it to source feedstock from the United States and other countries, including Ghana.

Also, the Crude Oil Refiners Association of Nigeria lamented that some modular refineries under its umbrella shut down intermittently due to inadequate crude supply.