Business
132 Firms Bid for NNPC Crude-for-Product Swap Contracts
The Nigerian National Petroleum Corporation announced on Thursday that 132 firms had submitted bids for the 2019 crude oil-for-product swap programme, called the direct sale of crude oil and direct purchase of petroleum products scheme.
Under the DSDP scheme, selected overseas refiners, trading companies and indigenous companies are allocated crude supplies in exchange for the delivery of an equal value of petrol and other refined products to the NNPC.
The corporation said it had saved $2.2bn through the scheme since its inception.
It also announced the inauguration of the Asa North/Ohaji South Gas Processing Company, a partnership between the NNPC and Seplat Petroleum Development, adding that the company would deliver 300 million standard cubic feet of gas per day to the domestic market.
In his address at the bid opening ceremony for the 2019 DSDP in Abuja, the Group Managing Director, NNPC, Dr Maikanti Baru, noted that the initiative was introduced in 2016.
Baru said, “The third public bid opening ceremony for the DSDP tenders is fully in line and in demonstration of President Muhammadu Buhari’s transparency and anti-corruption initiatives, which the NNPC has imbibed and championed relentlessly.
“The DSDP scheme was introduced in 2016 with efficient and cost-effective systems and processes to plug the value-eroding loopholes of the January 2015 OPA (Offshore Processing Agreement) contracts.”
He added that from the inception of the scheme in April 2016 to March 2019, 29.5 million metric tonnes (39.6 billion litres) of petroleum products had been supplied, representing over 90 per cent of the national requirement.
“The scheme prides itself with a competitive pricing framework lower than the PPPRA (Petroleum Products Pricing Regulatory Agency) benchmark, which over the years has ensured a significant reduction in product demurrage cost in the range of 84 per cent and cost savings of about $2.2bn,” Baru added.
On the gas processing company, the NNPC stated that the project, which it described as an integral part of its seven critical gas development project, was designed to bridge the estimated 3.4 billion scfd shortfall that could arise.
According to the corporation, gas demand is expected to increase to about 7bcf/d by 2020.
Baru urged board members of the company to sustain the momentum and ensure timely delivery of the project not just within budget but below the budget, without compromising the industry best practices of zero incidences.
He said, “We believe that a private sector driven project should deliver much faster, hence we came up with a structure outside the existing joint venture with the intent of getting the appropriate entities to participate in the project.’’
The NNPC boss emphasised that the corporation was fully committed to the initiative and would do everything possible to keep the dream alive and ensure smooth delivery of the project.
The Punch
Zenith Bank Plc has announced its audited financial results for the year ended 31 December 2025, reporting a profit before tax of N1.26tn. This performance follows a high base of N1.33tn recorded in the 2024 financial year.
Despite the slight moderation in pre-tax earnings, the group’s profit after tax rose marginally to N1.04tn in 2025, up from N1.03tn in the previous year. This bottom-line growth was largely supported by a reduction in tax expenses, which declined from N293.96bn in 2024 to N222.82bn in the period under review.
The bank’s top-line performance remained resilient as gross earnings increased to N4.19tn from N3.97tn, reflecting sustained growth in core revenue streams. However, total comprehensive income faced downward pressure, contracting to N1.11tn from N1.52tn in 2024. This shift was primarily driven by a foreign exchange translation loss of N82.13bn, a sharp reversal from the N220.29bn gain recognised in the preceding year.
Furthermore, fair value gains on equity instruments moderated significantly to N7.38bn, compared to N151.01bn in 2024.
Earnings per share settled at N25.32 for the 2025 financial year, down from N32.87 in 2024. Notwithstanding the volatility in comprehensive income, Zenith Bank’s balance sheet continued its upward trajectory with total assets rising to N31.46tn, compared to N29.96tn in the previous year. The bank also strengthened its internal capital generation, with retained earnings growing to N2.81tn and other reserves increasing to N1.50tn.
Consequently, total shareholders’ equity climbed to N4.92tn, representing a robust increase from the N4.03tn recorded at the end of 2024.
The board has proposed a final dividend of N8.75 per share, more than doubling the N4.00 final dividend paid in 2024. When combined with the interim dividend of N1.25 per share, the total dividend for the 2025 financial year reaches N10.00 per share.
This dividend proposal, filed with the Nigerian Exchange Limited on Tuesday, underscores the bank’s liquidity strength and its ability to deliver returns despite a challenging macroeconomic landscape characterised by fluctuating exchange rates and shifting equity valuations.
FirstBank, West Africa’s premier financial institution and the leading financial inclusion service provider, has announced its strategic sponsorship of the second edition of ChessMasters, Africa’s largest school chess tournament. The announcement was made at the official press conference of the tournament held on 16 March 2026 at Eko Hotels and Suites, Lagos.
ChessMasters is an annual chess tournament designed to equip the next generation with critical thinking, problem-solving, and leadership skills. The competition targets children in primary school aged between 6 and 11 years old. Organised by Eko Hotels and Suites & KEY Academy , ChessMasters was created to provide thousands of children across Nigeria with opportunities to develop modern educational skills, bringing schools together on a national stage.
Speaking at the press conference, Olayinka Ijabiyi, Acting Group Head, Marketing & Corporate Communications at FirstBank, said, “Our sponsorship of ChessMasters 2026 reflects our commitment to building talents and communities, driving inclusion, and deepening engagement through our First@Sports initiative, a platform that celebrates talent and promotes social impact through sports. With over a century of supporting legacy sports in Nigeria, we are proud of our enduring partnerships – 105 years with the Georgian Cup, 65 years with the Lagos Amateur Golf Championship and 35 years with the Dala Hard Court Tennis Championship.”
Ijabiyi further highlighted how the sponsorship aligns with FirstBank’s sustainability pillars of Education, Health, and Welfare. “We recognise the potential of chess to help school-age children challenge themselves, think critically, and compete at the highest level, hence we see the tournament as a launchpad for a pan-African movement leveraging chess as a tool for education, empowerment, and leadership development. We are utilising this platform as another avenue to promote social impact and drive positive change in the community.”
Caline Chagoury Moudabar, Director and Co- Founder of ChessMasters and her partner Damilola Okonkwo of Key Academy, expressed appreciation for FirstBank’s support, noting that the partnership will help scale the impact of ChessMasters and inspire more schools to participate. “We are happy to welcome FirstBank on board. This collaboration will boost chess development in Nigeria and promote critical thinking among young minds. With support from partners like FirstBank, we are opening the doors of participation to more children and more schools in this year’s edition.”
Prince Adeyinka Adewole, Vice President of the Nigeria Chess Federation, commended the initiative, emphasising its role in nurturing future chess talents. “Chess connects people, ideas, and opportunities. It teaches children to be analytical, patient, and manage their time and resources effectively. Chess also improves concentration and has been particularly beneficial for children with autism.”
Business
Wema Bank Releases Full Year 2025 Audited Financial Results, Announces ₦1.25 Dividend, Others
Wema Bank, Nigeria’s oldest indigenous bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT, has released its FY 2025 Audited Financial Results, achieving record-breaking growth and unparalleled performance across several key metrics.
Key figures include the doubling of the Bank’s Profit Before Tax (PBT) from ₦102.5bn in FY 2024 to ₦221.9bn, an impressive 116.4% increase. Profit After Tax (PAT) also surged by 125.4% from FY 2024’s ₦86.2bn to ₦194.5bn. Total assets also reached the 5 trillion mark, with the attainment of ₦5.07tn, a 41.5% increase from FY 2024’s ₦3.59tn, reflecting a growingly resilient balance sheet. Gross earnings increased by 52.8% to ₦660.6 billion from ₦432.3 billion in FY 2024, a feat driven largely by a 62.7% growth in interest income, reflecting improved yields on earning assets and growth in the loan book.
Customer deposits grew by 30.3% to ₦3.29 trillion from ₦2.52 trillion in FY 2024, demonstrating sustained customer confidence. This growth in deposits provided stable funding for asset growth while supporting liquidity and balance sheet resilience. Net interest income more than doubled, rising by 103.9% to ₦361.0 billion, supported by improved asset pricing and balance sheet expansion. Non-interest income also grew modestly by 8.3% to ₦85.3 billion. Net loans and advances increased by 44.7% to ₦1.74 trillion, up from ₦1.20 trillion in FY 2024, thus reflecting Wema Bank’s continued support for key sectors of the economy while maintaining a disciplined risk management approach. Overall, Wema Bank is set to pay dividend per share of N1.25.
Commenting on the remarkable performance, Wema Bank’s Managing Director/Chief Executive Officer, Moruf Oseni, reiterated the Bank’s unwavering commitment to sustaining its impressive growth momentum and delivering superior value to all stakeholders. According to him, “Wema Bank has delivered one of the strongest growth trajectories in its history. From a Profit Before Tax of ₦14.75 billion three years ago, we grew to ₦43.59 billion in 2023 and reached ₦102 billion in 2024. In 2025, we have taken an even bolder step forward, recording a Profit Before Tax of ₦221 billion. Our Total Assets, which hit the ₦1tn mark in 2021, surpassed ₦3tn in 2024, standing at a staggering ₦5tn as of FY2025. This overall performance not only speaks strongly of Wema Bank’s exceptional financial strength and capacity for sustained growth, but also reflects disciplined execution, a resilient business model, and the unwavering commitment of our people”.
“As of September 2025, Wema Bank successfully surpassed the ₦200bn recapitalisation minimum threshold for commercial banks with national authorisation. Our FY2025 Financial Results only corroborate what has become abundantly clear—Wema Bank is here not just to stay, but to lead the future of banking in Africa. Our 80th anniversary celebration in 2025 marked a fitting commemoration of our 80 years of impact in the finance industry and beyond. With the launch of ‘ALAT: The Evolution’, the upgraded version of our pioneering fully digital bank, ALAT, we not just redefining the digital banking experience with enhanced intelligence, personalisation and flexibility; we ushering Africa into a future filled with profound possibilities”, Oseni concluded.
Wema Bank is a leading financial services entity with banking operations across Nigeria and the globe, through its trailblazing innovative solution, Africa’s first fully digital bank, ALAT. From surpassing the recapitalisation benchmark set by the Central Bank of Nigeria (CBN) to maintaining an unparalleled growth trajectory over the past 5 years, Wema Bank has proven itself stronger than ever—numbers perpetually skyrocketing.
The Bank’s position as leading innovative bank further proves that it is not only able to meet the prevalent needs of its customers but also equipped to anticipate and meet evolving needs as digital banking continues to reshape the finance industry.
