Business

Nine Nigerian Banks Earn N4.85 Trillion On Loan Charges

Published

8 months ago

January 2, 2025

Nigerian banks collectively earned N4.85 trillion in interest income on loans and advances to customers in the first nine months of 2024, according to DAILY POST.

This is according to separate financial records of the nine banks, including Access Holdings, Zenith Bank, First Bank Holdings, Guarantee Trust Holdings, Fidelity Bank, First City Monument Bank Group, Stanbic IBTC Holdings, Wema, and Sterling Bank.

The figure marked a growth of 114.95 percent compared to N2.26 trillion recorded in the same period of 2023.

Individual bank analysis showed that Access Holdings led the industry with N1.13 trillion in interest income as of September 2024, up from N458.41 billion in the corresponding period of 2023. The 146.4 percent surge reflects the bank’s lending strategy and expansion of its loan portfolio.

Zenith Bank followed closely, reporting an interest income of N1.07 trillion, more than doubling its N408.66 billion figure from the previous year, representing an increase of 161.8 percent.

FBN Holdings earned N915.35 billion in interest income year-to-date in 2024, a 128.1 percent increase from N401.33 billion recorded in the same period of 2023.

Fidelity Bank recorded an interest income of N450.00bn, up from N260.51bn in 2023. The 72.7 percent growth reflects the bank’s efforts to deepen its presence in the corporate and retail lending markets.

Guarantee Trust Holding Company reported an interest income of N392.33bn, an 84.8 percent rise from N212.30bn in the prior year.

FCMB Group generated N317.53bn in interest income, up from N183.55bn in 2023. This 73 percent increase is attributed to its targeted approach to scaling its credit portfolio to meet customer needs.

Stanbic IBTC Holdings recorded N283.95bn in interest income as of September 2024, representing a growth of 81.7 percent from N156.24bn in the same period of the previous year.

Wema Bank posted an interest income of N149.28bn, an increase of 76.8 percent from N84.42bn in 2023.

Sterling Bank recorded N139.86 billion in interest income, up from N90.45 billion in the same period of 2023. This 54.6 percent growth reflects the bank’s focused efforts to grow its credit portfolio despite economic challenges.

Business

NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment

Published

1 day ago

August 14, 2025

Editor

The Nigerian National Petroleum Company Limited has reduced its premium motor spirit pump price on Thursday, according to DAILY POST.

It was confirmed that NNPCL retail outlets in the Federal Capital Territory, Abuja, have reduced their pump price to N890 per litre from N945.

This new fuel price has been reflected in NNPCL retail outlets such as mega station Danziyal Plaza, Central Area, Wuse Zone 4, Wuse Zone 6, and other of its filling stations in the nation’s capital.

The latest downward review of fuel price in NNPCL outlets represents an N55 reduction in fuel pump price.

“It was reduced to N890 per litre this afternoon, down from N945,” an NNPCL fuel attendant told DAILY POST anonymously on Thursday.

This comes a Nigerian filling station, MRS Empire Energy, on Thursday adjusted their fuel pump price to N885 and N946 per litre, down from N910 and N955 per litre.

The latest fuel price reduction trend is unconnected to Dangote Refinery’s ex-depot petrol price adjustment by N30 to N820 per litre from N850 and the price of crude oil in the international market.

Business

Dangote Refinery Reduces Fuel Price

Published

3 days ago

August 12, 2025

Editor

Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit, PMS, commonly known as petrol, by N30, from N850 to N820 per litre, effective from August 12, 2025.

This was disclosed in a statement by the company’s spokesman, Anthony Chijiena, on Tuesday.

The 650,000-barrel-per-day plant said the move is part of its unwavering commitment to national development, assuring the public of a consistent and uninterrupted supply of petroleum products.

Business

Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US

Published

4 days ago

August 11, 2025

Editor

India Refineries have abandoned Russian crude for Nigerian crude, while domestic refiner Dangote Refinery relies heavily on West Texas Intermediate crude from the United States of America.

This followed a recent sanction threat by US president Donald Trump on India over continued patronage of Russian crude.

According to Reuters, industry sources said that Indian Oil Corporation recently bought one million barrels of Nigeria’s Agbami crude for September 2025 delivery in a tender awarded to global trader Trafigura.

Also included are one million barrels of Angola Girassol, one million barrels of US Mars, three million barrels of Abu Dhabi Murban, and two million barrels of Nigerian oil, according to Reuters.

The report noted that the purchase is part of a broader sourcing spree that has seen Indian refiners secure millions of barrels from non-Russian sources post July 2025.

Meanwhile, Indian refiners secured purchases of Nigerian crude grades; the $20bn Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, is relying on around 60 percent on US and other imoorts to feed its processing units.

Data showed that the refinery imported an average of 10 million barrels in July 2025, saying it was increasingly relying on the US for its feedstock despite the naira-for-crude deal with the Federal Government, which kicked off in October last year.

According to Reuters, the Indian Oil Corp and Bharat Petroleum have bought a million barrels of non-Russian crude billed for delivery in September and October after the US pressured India to halt purchases from Russia.

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Indian state refiners had been largely absent from the Nigerian crude market spotlight since 2022; they have in the past concentrated on Russian crude amid the Russian-Ukrainian war. However, the Indian refiners paused Russian purchases in late July 2025 after pressure from US President Donald Trump.

On the part of Dangote Refinery, data from commodities analytics firm Kpler showed that in July, US barrels accounted for about 60 percent of Dangote’s 590,000 barrels per day of crude intake, with Nigerian grades making up the remaining 40 percent.

In July, the Dangote refinery’s crude imports surged to a record 590 kbd—driven largely by US barrels overtaking Nigerian supply for the first time—amid ongoing domestic sourcing challenges, Kpler reports.

“While WTI has held a significant share in Dangote’s import slate since March, this is the first time US crude has overtaken Nigerian supply—a shift driven by several factors,” Kpler stated.