Business
Nine Nigerian Banks Earn N4.85 Trillion On Loan Charges
Published
6 months agoon
By
Editor
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.
READ ALSO: Naira Appreciates Against Dollar, Ends 2024 On Positive Note
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.
READ ALSO: Naira Depreciates By 41% Against Dollar Despite CBN Interventions In 2024
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.
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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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