Business
6 Nigerian Banks Report N3trn Profit Amid Complaints, Challenging Environment
Published
3 months agoon
By
Editor
Relief for Nigerians as banks dispense, accept old Naira notes
Six banks in the country have posted N3.41 trillion as Profit After Tax (PAT) for the year 2024 ended against the N2.1 trillion recorded in the 2023 financial year.
This is in spite of diverse transaction and service complaints, dissatisfaction among customers and the challenging economic situation of the country.
The figure represents a 62.38 per cent increase from the amount recorded during the 2023 financial year (FY).
The News Agency of Nigeria (NAN) correspondent, who monitored banks’ 2024 audited financial statements posted on the Nigerian Exchange Group (NGX) platform, reveals that all the banks recorded increase in their gross earnings.
Similarly, their Profit Before Tax (PBT) rose to N4.1 trillion in 2024, which represents 42.7 per cent increase compared to N9.61 billion recorded in the corresponding period in 2023.
The banks analysed include Zenith Bank Plc, Guaranty Trust Holding Company (GTCO) Plc, United Bank for Africa (UBA) Plc, Fidelity Bank Plc, Stanbic IBTC Holdings PLC and Wema Bank Plc.
The banks attributed the profit to equity holders, non-controlling interests, earning per share (basic and diluted).
As part of its earnings, GTCO announced a final dividend of N7.03 per share, which brought the total dividend for the 2024 financial year to N8.03 per share, against the N3.20 per share paid in 2023.
Zenith proposed a final dividend of N4.00 per share in addition to N1.00 per share interim dividend, which amounted to N5.00 per share.
UBA proposed a total dividend of N5.00 per share, while Fidelity proposed a final dividend of N2.10 per ordinary share, and Stanbic IBTC proposed a final dividend of N3.00 against N2.20 paid in N2023.
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Similarly, the banks’ donations to charitable and non-political organisations rose to N969 billion for the 2024 FY compared to their N2.6 billion contribution in 2023.
However, there were still unresolved customers’ complaints recorded by the banks.
GTCO received 941,241 complaints and resolved 935,081, leaving 7,998 complaints unresolved, while UBA received 3,210,708 complaints and resolved 2,090,122 out of them, leaving 1,120,907 unresolved for the 2024 FY.
Zenith Bank has 203,787 complaints including the ones brought forward and resolved 202,384, leaving 1,403 unresolved.
Wema Bank received 783,461 and resolved 780,063, leaving 11,372 complaints unresolved, including the number carried forward (C/F).
Reacting to these headwinds, financial experts urged the Central Bank of Nigeria (CBN) to step up its monitoring and supervisory role to ensure that banks are not over-charging customers.
Prof. Uche Uwaleke, the President, Capital Market Academics of Nigeria (CMAN), told NAN that
the CBN’s Monetary Policy Committee (MPC) enabled a number of banks to increase interest income.
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Uwaleke said that interest income made lending rates to increase without commensurate increase in savings rates.
He said that other factors which led to growth in banks’ profits exchange rate, included the depreciation of the Naira, which made banks holding foreign denominated assets to benefit.
According to him, there is the issue of the banking sector recapitalisation, which enables banks to raise some money from the capital market and invest in Information Technology (IT) infrastructure.
”It is very true that a number of banks, especially the tier 1 banks, are declaring huge profits in spite of the economic situation in the country.
“The reason is not far-fetched. If you recall, 2024 was characterised by a high interest rate environment.
”The economy is still experiencing weak growth and we see that in virtually all the sectors, particularly the risk sectors of the economy, manufacturing, agric, did not really make any meaningful growth in 2024,” he said.
He, however, noted that the services sector had powered growth, adding that the banking sector is within the services sector.
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“Now how do we really bridge this disconnect, this gap between the financial sector and the risk sector and how do we also ensure that the bank customers also begin to have a feel of the fortunes of banks, if one might put it that way?
”The CBN needs to really monitor and supervise the banks to ensure that they are not overcharging the customers.
”I know there is the recommended bank charges by the CBN for banks, but it is important for the regulator to ensure that customers don’t bear the brunt of some of the inefficiencies we see from some banks,” he said.
Uwaleke said the CBN should also advise advise banks to increase savings rates in tandem with lending rates.
”It is also the duty of the CBN to ensure that whenever the policy rate is increased, as we saw in 2024, usually banks are quick to increase lending rates, but savings rates don’t usually respond by as much.
”So the CBN needs to advise the banks on the margin between savings and the lending rates that it shouldn’t exceed a particular limit.
”So it is important that savings rates increase in tandem with lending rates each time policy rates are increased,” he suggested.
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The expert said that customers were also very important stakeholders in the banking business, hence the need for the CBN to protect them.
Mr Okechukwu Unegbu, a former President of the Chartered Institute of Bankers of Nigeria (CIBN) said that banks usually initiate all forms of charges at the expense of their customers.
Unegbu regretted that some customers were reluctant about challenging their banks in the event of some ‘illegal’ charges.
”Banks charge all sorts even illegal charges and if customers complain they won’t respond because they feel that money is not much.
”Customers are docile too, they are sleeping, they should wake up and take these banks to court for some of these illegal charges,” he said.
The customer will say for example, is it because of N50 that I’m going to court?
”It is not the N50 but the underlining principle and the banks are using this as a very good excuse to rip customers of their hard earned money.
”If you charge N50 to 1,000 customers, you can see how much it is,” he said.
Unegbu called on Bank Customers Association of Nigeria (BCAN) to rise up to their responsibility by holding banks accountable for their ‘unfair’ actions to customers.
Some bank customers who spoke to NAN alleged that there complaints to their banks on transaction failure and debits had yet to be resolved by the banks.
Mrs Catherine Itoha, a customer of GTCO, said the bank had yet to reverse over N20,000 debited from her account through various failed Point of Sale (PoS) transactions since 11 months.
Itoha urged some banks and their staff to adopt principles of fair practice in handling their customers.
”Customers are the reason why banks are in existence so, we deserve to be treated fairly.
”GTB debited me in about four different transactions that I did but up till now, they did not reverse any of these monies.
”I visited the bank, filled forms, spoke to their staff personally but still the issue was not resolved since last year,” she said.
Mr Augustine Ode, a Zenith Bank customer, appealed to the CBN to check the excesses of some banks, who were allegedly defrauding customers and posting huge profits.
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Business
JUST IN: Dangote Refinery Hikes Petrol Ex-depot Price
Published
2 weeks agoon
June 20, 2025By
Editor
Nigerians may soon pay more for petrol as the Dangote Petroleum Refinery on Friday increased its ex-depot price for Premium Motor Spirit to N880 per litre, raising fresh concerns over fuel affordability and price volatility in the downstream sector.
Checks on petroleumprice.ng, a platform tracking daily product prices, and a Pro Forma Invoice seen by The PUNCH confirmed the hike, representing a N55 increase from the previous rate of N825 per litre.
The increment would ripple across the entire fuel distribution chain, likely pushing pump prices above N900/litre in some parts of the country, especially in areas far from the distribution hubs.
The hike comes despite global crude prices falling. Brent crude dipped by 3.02% to $76.47, WTI fell to $74.93, and Murban dropped to $76.97 on Friday. The decline in benchmarks offers little relief due to persistent fears of sudden supply disruptions.
READ ALSO: JUST IN: Dangote Refinery Sashes Petrol Gantry Price
The refinery has increased its reliance on imported U.S. crude and operational costs amid exchange rate instability, which adds to its pricing pressure.
On Thursday, the President of the Dangote Group, Aliko Dangote, said his 650,000-barrel capacity refinery is “increasingly” relying on the United States for crude oil.
This came as findings showed that the Dangote Petroleum Refinery is projected to import a total of 17.65 million barrels of crude oil between April and July 2025, beginning with about 3.65 million barrels already delivered in the past two months, amid ongoing allocations under the Federal Government’s naira-for-crude policy.
Dangote informed the Technical Committee of the One-Stop Shop for the sale of crude and refined products in naira initiative that the refinery was still battling crude shortages, which had led it to resort to imports from the United States.
READ ALSO:Dangote Stops Petrol Sale In Naira, Gives Condition For Resumption
On Monday, the president of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Festus Osifo, accused oil marketers of exploiting Nigerians through inflated petrol prices, insisting that the current pump price of PMS should range between N700 and N750 per litre.
He criticised the disparity between falling global crude oil prices and the stagnant retail price of petrol in Nigeria.
“If you go online and check the PLAT cost per cubic metre of PMS, convert that to litres and then to our Naira, you will see that with crude at around $60 per barrel, petrol should be retailing between N700 and N750 per litre.”
He asserted that if Nigerians bear the brunt of higher fuel costs, they should be allowed to enjoy the benefit of low pricing.
His forecast of increased costs now appears spot on, considering the latest developments.
Marketers are already adjusting. Depot owners and fuel distributors in Lagos and other cities anticipate a domino effect, with new price bands expected to follow Dangote’s lead.
Many had held back pricing decisions since Tuesday, when the refinery halted sales and withheld fresh PFIs. The delay fueled speculation, allowing opportunistic price hikes across various depots.

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.
Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.
This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.
The local currency maintained consistent strength throughout the week, recording gains daily.
READ ALSO: Naira Appreciates Against Dollar At Foreign Exchange Market
On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.
These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.
Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.
Business
BREAKING: Again, Dangote Refinery Cuts Petrol Price
Published
1 month agoon
May 22, 2025By
Editor
The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.
The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.
Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.
READ ALSO: JUST IN: Dangote Refinery Sashes Petrol Gantry Price
Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.
A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.
In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.
“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.
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