Business
We’ve a Lot to Benefit from Dangote Petroleum Refinery on Downstream Sector – GPA
The Chief Executive Officer, National Petroleum Authority (NPA) of Ghana, Mustapha Abdul-Hamid, said the coming on stream of 650,000 barrels-per-day (bpd) Dangote Petroleum Refinery will transform the Ghanaian downstream sector through the reduction in the cost of importation of petroleum products.
Speaking at the 16th Oil Trading and Logistics Expo in Lagos with the theme: “Regulating Downstream Energy Transition in Dynamic Times”, Abdul-Hamid said the completion of Dangote Petroleum Refinery project would be a breakthrough for the West African region which has for long depended on importation of petroleum products.
According to him, Ghana is presently facing the challenge of continuous rise in the cost of petroleum products, adding that getting importers to turn their attention towards Nigeria, rather than going all the way to Netherlands for petroleum products importation, would help his country stem the tide of a continuous increase in the price of fuel.
He stated: “The Dangote Petroleum Refinery will have a huge impact on Ghana downstream sector. Right now, the Ghana’s downstream industry is completely deregulated. There is no petrol subsidy in Ghana. For a deregulated market where the importers recover their cost fully, importing from Nigeria will certainly be more cost effective and cheaper than importing from Rotterdam in the Netherlands where we get the bulk of our fuel in Ghana.
“As we all know, the price build up for a litre of fuel will include the cost of shipment, transportation, insurance and others, but if we are importing from Nigeria into Ghana, this will bring down the cost of fuel in our country. Ghanaians are very excited about the prospect of the Dangote Petroleum Refinery. Ghana had in the past built a good relationship where we get petroleum products from Nigeria at a reasonable and more affordable cost. I believe that the coming on stream of Dangote Petroleum Refinery will further strengthen the existing relationship between Nigeria and Ghana.”
Abdul-Hamid said the Ghanaian government was also developing a 60 billion-dollar petroleum hub project on 20,000 acres in the western part of the country for storage and marine facilities.
“All the above-mentioned projects will help accelerate the petroleum hub, consisting of refineries, petrochemical development of the continent’s oil and gas resources, by connecting the downstream to the upstream. It will promote cleaner fossil fuels and biofuels as the pathway to a just energy transition. Gas has been accepted as the transition fuel because gas is the least carbon emitting fossil fuel”, he added.
Speaking also at the event, Permanent Secretary, Ministry of Petroleum Resources, Nigeria, Gabriel Aduda said deregulation would increase transparency in the downstream sector of the petroleum industry. He said full deregulation would also create healthy competition among investors.
Aduda, who was represented by Mr. Augustine Okwudiafor, the Deputy Director, Downstream Department, Federal Ministry of Petroleum Resources, noted that deregulation would give business guaranty to potential investors at the stage of conceptualisation. According to him, deregulation would significantly reduce, if not eradicate completely, the diversion and smuggling of petroleum products across Nigerian boarders.
“All hands are on deck towards full deregulation of the downstream sector, as this will ensure commercialisation and liberalisation of the sector. It will also increase investment opportunities, create more jobs and promote seamless energy transition. All these measures and many more will cushion the projected impact of downstream sector deregulation on consumers and the economy at large,” he said.
He further said data was key in the Oil and Gas Industry, and that any reliable and accurate data would give investors a certain level of assurance.
“Hence, government is keen and determined to harmonise all downstream data across the relevant agencies and parastatals to eradicate data variations. Government, through the Ministry of Petroleum Resources, its agencies and Federal Ministry of Science and Technology, is considering enhanced technologies. They include Machine Learning (ML) and Artificial Intelligence (AI) to monitor and gather downstream data for effective policy formulation and investment guidance,” he said.
Aduda emphasised that oil also had a place in the energy transition space in the sense that oil could be made cleaner through the development and use of appropriate technologies. He said moving the downstream sector forward to that enviable position required collaborative efforts from all stakeholders. “I challenge you all to come along to move the downstream sector towards achieving the downstream we could all be proud of,” he added.
Sterling Bank, on Wednesday, announced the removal of account maintenance fees on all personal accounts, describing the decision as a “gift” to Nigerians in celebration of the country’s 65th Independence Day.
The decision, which follows the abolition of transfer fees on local online transactions in April 2025, was outlined in a statement shared by the bank. The bank said the policy would allow customers to keep more of their earnings, framing it as a step toward financial freedom.
“Every fee we remove is one less barrier between our customers and true financial freedom. This was the rationale behind eliminating transfer fees in April, and it is the same principle we uphold as we eliminate account maintenance fees,” Sterling Bank’s Managing Director, Abubakar Suleiman, said.
The statement highlighted that in 2024 alone, tier-1 banks in Nigeria earned over ₦650 billion from account maintenance and e-banking charges. “This decision cuts at the heart of a revenue model that has long cost Nigerian customers dearly,” the bank noted.
Obinna Ukachukwu, Sterling’s Growth Executive for Consumer and Business Banking, said the initiative was intended to strengthen long-term relationships with customers. “This initiative is about building lasting relationships that fuel sustainable growth. We put transparency and customer value first, and in doing so, we are building a foundation that serves both our customers and Sterling’s future,” he said.
Sterling Bank also framed the removal of fees as part of a broader strategy to make banking more inclusive and customer-focused. The April 2025 transfer fee abolition had already eliminated charges on all local online transactions, easing costs for individuals and small businesses. At the time, Ukachukwu described the move as a values-driven decision aimed at ensuring fair access to money.
“Access to your own money shouldn’t come with a penalty. This is more than a financial decision—it’s about redefining banking to put customers first,” Ukachukwu said.
The latest move aligns with Sterling’s positioning as a bank committed to transparency, customer value, and digital innovation, and it signals a continued effort to reshape banking practices in Nigeria.
Guaranty Trust Holding Company Plc has reported a profit before tax of N600.9 billion for the half year ended June 30, 2025.
The figure is contained in the company’s audited consolidated and separate financial statements, which were released to the Nigerian Exchange Group and the London Stock Exchange.
The group stated that the performance was driven by growth in core earnings lines, including interest income and fee income, which rose year-on-year by 31.5% and 33.0%, respectively.
It explained that the growth helped to cushion the absence of N493.01 billion in fair value gains recorded in 2024, resulting in a 40 per cent decline.
GTCO stated that its total assets stood at N16.7 trillion, while shareholders’ funds totaled N3.0 trillion during the review period.
It added that its balance sheet remained strong, diversified, and de-risked across operating jurisdictions, as well as its payments, pension, and funds management businesses.
The group disclosed that its Capital Adequacy Ratio closed at 36.2 per cent, while asset quality improved with IFRS 9 Stage 3 loans declining to 3.2 per cent.
At the group level, Stage 3 loans stood at 4.5 per cent, compared with 5.2 per cent in December 2024.
Similarly, the cost of risk improved to 1.7 per cent from 4.9 per cent recorded in December 2024.
The company stated that its net loan book increased by 20.5 per cent, from N2.79 trillion in December 2024 to N3.36 trillion in June 2025.
Deposit liabilities also increased by 16.6 per cent from N10.40 trillion to N12.13 trillion during the same period.
The board of GTCO approved an interim dividend of N1.00 per share for the half year ended June 30, 2025.
Commenting on the results, Segun Agbaje, Group Chief Executive Officer, said the half-year performance reflected business strength and progress towards building a diversified financial services ecosystem.
He said beyond last year’s extraordinary one-off gains, the group was now driving sustainable growth with recurring earnings that demonstrated the resilience and scalability of its model.
Mr Agbaje noted that continued investment in technology, particularly in core banking upgrades, was delivering stronger uptime, efficiency, and greater capacity to scale with a growing customer base.
He added that across banking, funds management, pension, and payments, GTCO was leveraging a de-risked balance sheet to reinforce its market position while maintaining strategic flexibility. According to him, this foundation positions the group to seize emerging opportunities and deliver lasting value for all stakeholders.
Mr Agbaje stressed that GTCO had continued to post some of the best metrics in Nigeria’s financial services industry in terms of key financial ratios. He said the group recorded Pre-Tax Return on Equity of 60.4 per cent, Pre-Tax Return on Assets of 10.6 per cent, Capital Adequacy Ratio of 36.2 per cent, and Cost-to-Income ratio of 30.1 per cent.
NAN
In line with its commitments of promoting sports and developmental initiatives at all levels, First Bank of Nigeria Limited is partnering the organizers of the first of its kind E1 Lagos GP an all-electric powerboat racing championship, set to hold between the 3rd and 5th of October 2025.
Disclosing this at the E1 Lagos GP Stakeholder Immersion session in Lagos recently, Olayinka Ijabiyi, the Acting Group Head, Marketing and Corporate Communication of FirstBank, reaffirmed the Bank’s commitment to supporting initiatives that engender human development across the country while cementing legacies.
“Our involvement in the E1 Lagos GP is about driving legacy and enabling the passions and aspirations that unite Nigerians. We are a bank that has been in business for over 131 years and we recognize that sports drives us as a country, which is why through our First@Sports initiative, we continue to invest in platforms that inspire and elevate our people. We have been supporting legacy sport tournaments like the Georgian Polo Cup which we have hosted for 105 years, and the Lagos Amateur Open Golf Championship for 64 years now,” Ijabiyi said.
With the event slated for the start of the fourth quarter, FirstBank is aligning its partnership with the annual DecemberIssaVybe initiative, a campaign that celebrates the vibrant spirit of Nigerians during the festive season by curating unforgettable experiences that blend culture, entertainment and lifestyle. “FirstBank is deeply woven into the fabric of society and the lives of our customers. As presenting partner, we are creating meaningful touchpoints with customers and prospects, offering them a world-class experience of relaxation and celebration that captures the true essence of Lagos during the festive season,” he added.
Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, who was also at the event, described the initiative as an event that will grow not just the sports but also showcase Lagos’s vibrant culture, dynamic people, and global relevance, while commending FirstBank for their support.
The teams owned by notable stars like Tom Brady, LeBron James, Didier Drogba, Will Smith, Marc Anthony, Steve Aoki, Rafael Nadal will compete in the Lagos leg before the 2025 season of the competition terminates in Miami in the United States.
