The debate intensified following Dangote Refinery’s legal challenge against fuel import licences issued to marketers and petroleum traders, a development many observers say has exposed deeper frustrations over decades of refinery collapse, import dependence and operational inefficiencies within Nigeria’s petroleum management system.

Across economic and energy circles, several analysts who responded to questions from The Ameh News argued that Nigerians deserve the opportunity to determine whether private-sector refining can outperform years of state-controlled fuel supply operations under NNPCL.

“Let Nigerians Compare Results” — Celestine Ukpong

Speaking with The Ameh News, economist Celestine Ukpong said the controversy reflects growing public dissatisfaction with the historical performance of Nigeria’s state-owned refining system.

According to him, the emergence of Dangote Refinery has created the first serious opportunity in decades for Nigerians to compare operational efficiency between a government-controlled fuel structure and a privately financed refining model.

“For years, Nigeria operated public refineries under monopoly-like conditions, yet the country remained dependent on imported fuel despite being a major crude oil producer,” Ukpong said.

“Billions were reportedly spent on refinery rehabilitation, maintenance and operational expenses, but Nigerians still faced recurring scarcity and unstable pricing. Many citizens now believe Dangote Refinery should be allowed to operate more freely so the public can independently assess the difference in performance.”

Ukpong noted that while concerns over monopoly risks are legitimate, Nigeria’s larger challenge has historically been inadequate refining productivity rather than excessive domestic competition.

He added that policymakers must now strike a balance between encouraging large-scale local investment and preserving a healthy competitive market environment.

Experts Say Refinery Battle Reflects Structural Shift

Other analysts who spoke with The Ameh News described the current legal dispute as a major turning point in Nigeria’s petroleum industry.

An energy consultant and downstream analyst said the battle represents a broader struggle between the old fuel import-driven market structure of the NNPCL and a new domestic refining economy emerging around large-scale private investments.

“What we are witnessing is not just a court case over import licences,” Adebayo said.

“This is a transition battle over who controls the future of Nigeria’s downstream petroleum market. Dangote Refinery is challenging a system that relied heavily on imports for decades despite Nigeria’s huge crude oil resources.”

According to him, many investors are closely monitoring how regulators and government institutions handle the dispute because it could shape confidence in Nigeria’s industrial policy direction.

“If private investors commit billions of dollars into local refining but still face policy uncertainty and import competition without clear transition frameworks, it raises questions about long-term investment security,” he added.

Questions Over NNPCL’s Historical Performance

The controversy has reopened public scrutiny over the performance of Nigeria’s state-owned refineries in Port Harcourt, Warri and Kaduna.

Despite years of government funding, turnaround maintenance programmes and rehabilitation announcements, the refineries struggled for sustained operational output while Nigeria remained heavily dependent on imported refined petroleum products.

Critics argue that consumers bear the consequences through fuel scarcity, subsidy burdens and foreign exchange pressures.

Supporters of Dangote Refinery now insist that allowing stronger domestic refining participation could significantly reduce import dependence and improve supply stability.

However, NNPCL continues to defend its position, maintaining that maintaining import flexibility remains necessary to guarantee national energy security and prevent supply disruptions during operational shutdowns or maintenance periods.

IPO Expectations Raise Stakes

The growing tensions are unfolding as Dangote Refinery prepares for a planned September Initial Public Offering expected to attract major investor interest from both local and foreign markets.

Financial analysts say the outcome of the legal battle could influence investor confidence regarding regulatory stability, competition policy and industrial investment protection in Nigeria.

The refinery, with a capacity of 650,000 barrels per day, is widely regarded as Africa’s largest single-train refinery and one of the continent’s most ambitious industrial infrastructure projects.

As legal proceedings continue, many Nigerians now view the dispute as more than a corporate disagreement.

For consumers, economists and industry stakeholders alike, the confrontation has evolved into a national debate over accountability, refinery management and the future structure of Nigeria’s energy economy.

Economists and energy experts urge Nigeria to allow Dangote Refinery to play a stronger role in fuel supply as debates intensify over NNPCL’s decades of refinery failures and fuel import dependence.

Experts including economist Celestine Ukpong say Nigerians deserve the chance to compare Dangote Refinery’s fuel supply performance against years of NNPCL refinery failures and import dependence.

The post Let Dangote Handle Fuel Supply, Nigerians Should Judge NNPCL After Years of Failure — Experts appeared first on Ameh News.

What began years ago as a revolutionary financial inclusion tool for users without internet-enabled devices is increasingly becoming a source of distrust, confusion, and public dissatisfaction within the nation’s banking and telecommunications ecosystem.

Across Nigeria, customers continue to report situations where a single USSD transaction attempt results in repeated debit alerts, delayed reversals, or outright loss of funds for hours and sometimes days.

Yet, regardless of whether the transaction succeeds or fails, subscribers often receive the now-familiar notification:

“Dear subscriber, your last USSD session was charged at N6.98.”

For many consumers, the issue is no longer simply about the deduction itself but about what they describe as a systemic lack of accountability in how those charges are applied.

Users complain that repeated transaction attempts during network failures attract repeated charges, even when no successful transfer is completed. Observers say the situation has exposed deeper concerns around the coordination between banks, telecom operators, switching platforms, and regulators overseeing Nigeria’s digital payment architecture.

At the center of the debate are the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC), whose shared regulatory oversight of USSD financial services is increasingly being questioned by stakeholders demanding stronger consumer protection mechanisms.

Economic analyst Celestine Ukpong, reacting to questions from The Ameh News, described the recurring debit disputes as a dangerous signal capable of weakening public confidence in Nigeria’s cashless policy ambitions.

According to him, digital finance systems survive largely on trust, transparency, and speed of dispute resolution.

“When subscribers repeatedly lose money through failed sessions and continue receiving charges without immediate accountability, it creates emotional distrust toward the system itself,” Ukpong said.

He warned that low-income earners and small business operators who rely heavily on USSD banking are often the most affected because they may not have the financial flexibility to absorb repeated deductions or prolonged reversal delays.

Ukpong further argued that telecom operators already possess sufficient transaction logs to distinguish between completed and failed sessions before applying charges.

“The concern is not whether telecom providers should earn service revenue. The concern is whether consumers should pay instantly for incomplete digital experiences,” he stated.

The economist called for the NCC to establish a mandatory transaction reconciliation framework requiring telecom operators to provide daily or weekly transaction return reports detailing:

Successful transactions

Failed sessions

Pending reversals

Session-based charges deducted

Refunds processed to subscribers

He noted that such a reporting structure would strengthen transparency and provide regulators with measurable accountability tools similar to the banking sector’s dispute monitoring systems.

Also reacting to The Ameh News inquiry, financial expert and chartered accountant Peter Adebayo said the recurring USSD debit complaints reveal what he termed a “credibility gap” within Nigeria’s broader digital payment ecosystem.

According to Adebayo, the current arrangement leaves customers stranded between banks and telecom operators whenever disputes arise.

“The average customer does not care which institution caused the delay. What matters to them is that money left their account instantly,” he explained.

He stressed that consumer confidence remains the foundation of every successful financial system and warned that unresolved USSD complaints could gradually discourage public adoption of digital payment channels.

Adebayo also questioned why deductions are often processed immediately once a session is initiated rather than after transaction confirmation.

“In accounting and financial control systems, reconciliation should precede final charging where service delivery is incomplete. That is what protects credibility,” he said.

The FCA noted that while the CBN has historically compelled banks to reverse excess or unauthorized charges under consumer protection directives, subscribers expect similar enforcement visibility from the NCC regarding telecom-linked transaction deductions.

According to him, the perception of unequal enforcement between banking institutions and network operators is fueling public frustration.

Industry stakeholders say the growing crisis reflects a wider structural challenge involving real-time synchronization between telecom networks, payment gateways, banks, and settlement systems.

Experts believe weak coordination across these layers contributes to transaction duplication, session failures, delayed confirmations, and disputed deductions.

For many Nigerians, however, the technical explanations offer little comfort amid worsening economic pressures where even small repeated deductions can significantly affect daily living.

Consumer rights advocates are now calling for a unified complaint resolution platform jointly supervised by the CBN and NCC to eliminate the cycle of blame-shifting between banks and telecom providers.

Analysts warn that unless stronger oversight mechanisms emerge quickly, the recurring USSD disputes could gradually undermine Nigeria’s financial inclusion progress, particularly among rural and low-income populations that depend heavily on feature-phone banking.

As Nigeria continues pushing toward a fully cashless economy, observers say regulators may need to move beyond policy announcements and focus more aggressively on transaction integrity, refund transparency, and consumer confidence restoration.

For millions of subscribers, the issue has become painfully symbolic of a system where deductions happen in seconds, but accountability often moves far slower.

Economist Celestine Ukpong and financial expert Peter Adebayo FCA have raised concerns over repeated USSD debit alerts and automatic charges in Nigeria, calling for stronger NCC and CBN oversight to restore consumer trust.

Experts warn that repeated USSD charges, failed transactions, and multiple debit alerts are damaging trust in Nigeria’s digital banking system as calls grow for NCC and CBN accountability reforms.

The post USSD Debit Chaos Shakes Trust in Nigeria’s Banking System as Experts Demand NCC-CBN Action appeared first on Ameh News.

The promotion ceremony, held at the airline’s Lagos office, brought together management officials, aviation professionals, colleagues, and members of Captain Dairo’s family in what became both a corporate milestone and a deeply personal celebration of years of dedication and career progression.

Speaking during the decoration ceremony, the Managing Director of United Nigeria Airlines, Mazi Osita Okonkwo, said the elevation followed the successful completion of all mandatory operational training, command assessments, and regulatory requirements necessary for assuming full captaincy responsibilities on the Embraer ERJ-145 aircraft.

According to him, becoming a Captain in commercial aviation represents one of the highest levels of professional trust and operational accountability in the airline industry.

He stated that the position demands technical expertise, strong leadership ability, sound decision-making capacity, emotional discipline, and a consistent commitment to passenger and crew safety.

Okonkwo noted that Captain Dairo demonstrated these qualities throughout his years of service with the airline, earning the confidence of management and regulatory evaluators.

“This achievement reflects professionalism, operational competence, discipline, and commitment to global safety standards. The responsibility attached to command requires proven capability and consistent excellence, which Captain Dairo has demonstrated over time,” he said.

The elevation of Captain Dairo also reflects the airline’s long-term strategy of building aviation manpower from within through structured training and merit-based career advancement systems.

Industry stakeholders believe such promotions are critical to strengthening Nigeria’s aviation ecosystem at a time when the sector continues to battle talent migration, rising operational costs, and increasing demand for highly trained technical personnel.

Analysts say indigenous airlines that prioritize internal capacity development are helping to reduce dependence on expatriate manpower while creating sustainable opportunities for Nigerian professionals in highly specialized aviation roles.

Captain Dairo’s progression from Senior First Officer to Captain was achieved through the airline’s internal command development pathway, which focuses on technical proficiency, simulator performance, operational evaluations, leadership assessment, and adherence to international aviation standards.

The Embraer ERJ-145 fleet, on which he will now operate as Captain, remains one of the key regional aircraft serving domestic routes across Nigeria due to its operational efficiency and suitability for regional connectivity.

For many young Nigerians aspiring to careers in aviation, the promotion serves as a symbol of possibility in an industry widely regarded as demanding, expensive, and highly competitive.

The emotional atmosphere surrounding the ceremony was further heightened by the presence of Captain Dairo’s family, who witnessed the formal decoration marking his transition from co-pilot responsibilities to full command authority.

Observers noted that such moments represent not only professional recognition but also the culmination of years of sacrifice, intensive training, and personal resilience required to attain command status in commercial aviation.

As Nigeria’s aviation industry continues to evolve amid regulatory reforms, infrastructure expansion, and increasing passenger traffic, airlines are under growing pressure to sustain global operational standards while investing in local human capital.

United Nigeria Airlines reiterated during the event that it remains committed to rewarding excellence, developing skilled aviators internally, and maintaining global best practices across all areas of flight operations.

The airline added that strengthening indigenous expertise remains central to its broader vision of contributing meaningfully to the growth and sustainability of Nigeria’s aviation sector.

With his elevation to Captain, Dairo Oluwadamilare now joins the growing cadre of Nigerian pilots entrusted with full operational command responsibilities, a milestone many in the industry describe as both professionally prestigious and nationally significant.

United Nigeria Airlines elevates Senior First Officer Dairo Oluwadamilare to Captain on its Embraer ERJ-145 fleet, reinforcing indigenous aviation capacity development and operational excellence in Nigeria.

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The Director General of the Nigerian Maritime Administration and Safety Agency, NIMASA, Dr. Dayo Mobereola has acknowledged the immense role women play in shaping the future of the maritime sector through courage, resilience, professionalism, and innovation.

Dr. Mobereola said this when he hosted several women maritime associations in commemoration of the International Day for Women in Maritime also expressed appreciation to the women associations and stakeholders for their continued contributions to the maritime industry.

Reflecting on the 2026 theme of the International Day for Women in Maritime, which is “From Policy to Practice: Advancing Gender Equality for Maritime Excellence”, the DG observed that the focus of this year’s commemoration was a deliberate shift from mere celebration to actionable implementation. According to him, “achieving sustainable growth and excellence in the maritime industry requires intentional efforts towards removing barriers that hinder women’s participation and ensuring safe, inclusive, and enabling workplaces for all”.

He reiterated that gender inclusion remains critical to unlocking the full potential of the blue economy, stressing that the industry can only attain true excellence when quality, competence, and equal opportunities are made accessible to everyone regardless of gender.

The NIMASA DG challenged the women leaders on the importance of creating pathways for mentorship, capacity building, and leadership development across all levels of the maritime sector to ensure greater female participation while creating a leadership succession pipeline.

Dr. Mobereola further renewed the Agency’s commitment to continue to advocate for policies and initiatives that promote gender equality, empower women in maritime, and foster a more inclusive and progressive maritime industry in Nigeria and beyond.

The event brought together key women-led maritime associations and stakeholders across the industry, including the Women’s International Shipping & Trading Association (WISTA) Nigeria, Women in Maritime of West and Central Africa (WIMOWCA), Women in Maritime (WIMA) Africa, Women in Logistics and Transport (WILAT), and the Female Seafarers Association of Nigeria (FESAN). The gathering served as a platform to discuss the progress, challenges, and opportunities for women within the maritime sector, while promoting greater inclusion and participation in the industry.

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As part of efforts to strengthen collaboration and improve service delivery, the Director of Public Affairs and Consumer Protection, Mr Henry Agbebire, met with members of the Airline Operators Committee (AOC) on Thursday, 21 May 2026, at the Murtala Muhammed International Airport, Lagos.

The meeting was a lively interactive session that provided both parties with the opportunity to discuss issues of mutual benefit.

Speaking during the engagement, Mr Agbebire noted that the session was specifically aimed at fostering a stronger working relationship between the Department of Protocol and Passages and airline operators.

He emphasised that FAAN, through the Directorate and in collaboration with the Ministry of Foreign Affairs, remains the legally recognised authority responsible for protocol services at the airports. He further stressed the need for a one-on-one relationship with airlines to ensure seamless coordination and the efficient provision of special protocol services.

Mr Agbebire appealed to airline operators to accord FAAN Protocol priority attention and fast-track processes at check-in counters whenever protocol arrangements are involved. He also assured stakeholders that FAAN remains open to discussions aimed at improving operational efficiency and enhancing customer experience.

During the interactive session, airline representatives raised several operational concerns, including inadequate signage, malfunctioning or insufficient lifts, staff bus challenges, and poor airport markings. They also sought greater support to improve customer experience.

Responding, the FAAN Director of Public Affairs and Consumer Protection assured stakeholders that all complaints and observations raised during the meeting would be carefully reviewed with a view to improving service delivery and operational standards across the airports.

The post FAAN ENGAGES AOC TO STRENGTHEN PROTOCOL SERVICES, IMPROVE PASSENGER EXPERIENCE appeared first on Ameh News.

Leading financial institution, Fidelity Bank Plc, has reinforced its commitment to community welfare and sustainable development with the distribution of food packs to over 1,500 residents in Surulere, Lagos state.

The outreach, executed under the Bank’s Fidelity Food Bank initiative, was carried out in partnership with the Office of the Personal Assistant to the President on Constituency Affairs and the Sodiq Abiodun Ogundare (SAO) Foundation.

Speaking during the event, Regional Bank Head, Victoria Island/Lekki, Fidelity Bank Plc, Nnamdi Edekobi, represented by the Branch Leader, Adeola Odeku Branch, Fidelity Bank Plc, Ifeyinwa Asomugha, described the initiative as a reflection of Fidelity Bank’s unwavering dedication to improving the wellbeing of its host communities.

“Today goes beyond the distribution of food items; it is about uplifting lives, creating opportunities, and strengthening our commitment to the wellbeing of families in this community.” he said.

He disclosed that since inception, the initiative has distributed more than 150,000 food packs across Nigeria’s six geopolitical zones, positively impacting hundreds of communities nationwide.

“Today’s outreach has provided over 1,500 beneficiaries with essential feeding supplies that will help address hunger, support healthy living, and improve the overall wellbeing of families. This initiative also aligns with the United Nations Sustainable Development Goal 2, which focuses on achieving Zero Hunger,” he added.

Edekobi further commended the Personal Assistant to the President on Constituency Affairs, Hon. Khadijat Kareem Omotayo for supporting the initiative and fostering impactful partnerships that benefit underserved communities.

Also speaking at the event, Hon. Khadijat Kareem Omotayo praised Fidelity Bank and the SAO Foundation for bringing meaningful support to residents of Surulere.

“I am very happy that the foundation is growing. Fidelity Bank are our people and I appreciate this collaboration that has brought this massive opportunity to our people in Surulere Constituency 1,” she stated.

She expressed optimism about sustaining future partnerships with the Bank to continue improving the lives and livelihoods of Nigerians.

It would be recalled that the bank was recently recognized as the CSR Champion of the year at the 2025 Independent Newspaper Awards for its Food Bank initiative. The outreach to Surulere continues a legacy of impact, attracting community leaders, residents, and food bank partners, many of whom described the intervention as a timely boost amid prevailing economic challenges.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

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Shortly after the announcement, members of the APC Governorship Primary Election Committee visited the Government House in Jalingo, where they formally presented the election results to the governor.

In his remarks, Kefas described his victory as a collective achievement for all members of the APC across Taraba state, stressing that the outcome reflected the strength and unity of the party.

He expressed gratitude to the leadership of the APC at all levels for their support and confidence in his leadership, while also appreciating the people of the state for their continued trust and cooperation.

The governor also commended other aspirants who participated in the primary election, noting that democracy thrives on participation and provides a platform for diverse voices to be heard.

According to him, the conclusion of the primaries signals the end of political competition within the party, urging stakeholders to embrace unity and work collectively toward the development of Taraba state.

Kefas further reaffirmed his administration’s commitment to strengthening the APC and driving policies aimed at building a more prosperous and inclusive state.

Earlier, the chairperson of the election committee said the exercise reflected the genuine will of party members, adding that the process was conducted with integrity and adherence to due process.

According to results announced by the Returning Officer, Governor Agbu Kefas polled 166,357 votes to emerge winner of the primary election, while details of his closest challenger were yet to be fully disclosed at the time of filing this report.

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The voice vote was conducted at the party’s state secretariat on Diamond Road Calabar where significant number of members converged for the affirmation.

Chairman of electoral committee, Dr MacFarlane Ejah, who is also the Secretary of the party in the state, had conducted the exercise in the presence of chairman of screening committee, Dr Minika Bassey, and other dignitaries as witnesses.

MacFarlane said the exercise complied with the rules and directives of the Independent National Electoral Commission, INEC.

“What we have just done is in consonance with the latest directives of INEC. And so we formally affirmed and unveiled Dr Effiong Efa Nyong as our flag bearer for the 2027 Governorship election in Cross River State”, he said.

Speaking about his experience, credentials and the imperative for vying for the governorship seat, the veteran broadcaster and one time chairman of the party, said the decision to run for office of governor for the second time is borne out of his passion for his people, state and strong desire to impact governance to avert the retrogression witnessed in the state.

“My decision to vie for the governorship race for the second time is borne out of passion for my people, state, deep desire to avert the steady slide into retrogression.

“I have idea where we’re coming from. Hardly will people believe that civilisation actually started from here, and high standards were set from here for others to follow when the colonial masters held sway. Education, sports, civil service were top-notch.

“They chose Calabar as centre of national administration. Before the British came, the Portuguese had also laid out their standards. And so, our forebears had sustained the standards until recently when today’s politicians allowed such to degenerate.

“The level of poverty and backwardness is shocking. And so, as a true Son, it is imperative that we must come together to lift ourselves out of this trajectory,” he said.

He also spoke about the alarming multiple and high taxations, noting that it had impoverished the people and scared away businesses and potential investors from the state.

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The defendants are Dr. Jedua Ahmed Dawud, former Executive Chairman of the council; Oliver Wubon, former Caretaker Chairman; and Joseph Danladi John, former Director of Finance.

It will be recalled that the Economic and Financial Crimes Commission (EFCC), acting on behalf of the Federal Republic of Nigeria, filed a six-count charge against the defendants in June 2020.

The charges included criminal conspiracy, criminal breach of trust by public servants, forgery, and use of false documents.

According to the prosecution, the defendants allegedly conspired in 2012 within Sardauna local government Council to commit criminal breach of trust involving funds meant for capital projects.

The prosecution alleged that Dr. Jedua Ahmed and Danladi dishonestly misappropriated N27 million allocated for capital projects on or about Oct. 4, 2012.

They were also accused of misappropriating another N35 million meant for capital projects on or about June 1, 2012.

In another count, Wubon and Danladi were alleged to have dishonestly diverted N42 million provided for capital projects sometime in 2012.

The EFCC further accused Wubon and Danladi of forging payment voucher No. 3 in the name of Alhaji Saidu Mohammed on or about Feb. 8, 2012, with intent to commit fraud.

They were also charged with knowingly using the alleged forged payment voucher as genuine.

During proceedings, defence counsel argued that the prosecution failed to establish a prima facie case against the defendants.

The defence also challenged the EFCC’s investigative report, contending that it relied heavily on statements obtained from prosecution witnesses.

Justice Agya, in his judgment, said the prosecution failed to substantiate the allegations of criminal conspiracy and fraud against the defendants.

He held that the conspiracy charge was not sustainable because the alleged offences were said to have been committed separately by the defendants.

The judge first discharged and acquitted the second and third defendants on counts five and six bordering on forgery and use of false documents.

He subsequently discharged and acquitted all three defendants on counts one to four.

Counsel to the defendants, Dr. Ibrahim Effiong, commended the court for what he described as a landmark judgment.
Counsel to the EFCC, Mr. Stephen Okemini, said he had learnt a lot from the judgment and would study it before deciding on further action.

Speaking after the judgment, Wubon expressed happiness over the court’s decision, saying it has “loosened the rope on their neck.”

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Sterling Financial Holdings Company Plc (“Sterling Financial” or “the Group”) has announced its audited financial results for the year ended December 31, 2025, alongside its unaudited results for the first quarter ended March 31, 2026, delivering strong earnings growth, balance sheet expansion, and improved capital strength across the Group.

According to a statement by Group CFO, Sterling Financial Holdings Company PLC, Adebimpe Olambiwonnu, Gross Earnings for FY2025 increased by 44.4% to ₦486.8 billion, representing the strongest performance in the Group’s modern history. Profit Before Tax rose by 89.2% to ₦86.8 billion, while Profit After Tax increased by 74.8% to ₦76.3 billion.

The Group’s balance sheet also strengthened significantly during the year. Total Assets reached ₦3.91 trillion, Customer Deposits grew to ₦2.98 trillion, and Loans and Advances closed at ₦1.41 trillion while Shareholders’ Funds expanded by 40.5% to ₦428.7 billion. Sterling Financial sustained this momentum into the first quarter of 2026, with Total Assets crossing the ₦4 trillion threshold for the first time, reaching ₦4.07 trillion.

Gross Earnings for Q1 2026 rose by 41.6% year-on-year to ₦134.8 billion, supported by a 36.8% increase in Net Interest Income to ₦64.9 billion.

Operating income reached ₦93.4 billion during the quarter, while Profit Before Tax increased by 52.8% to ₦27.9 billion and Profit After Tax rose to ₦23.4 billion.

Shareholders’ Funds strengthened further to ₦542.5 billion following the successful completion of the Group’s recapitalisation programme.

Commenting on the Group’s performance, Yemi Odubiyi, Group Managing Director of Sterling Financial Holdings Company Plc, said: “Our FY2025 and Q1 2026 results reflect continued growth across the Group’s core businesses, supported by disciplined execution, improved operating efficiency, and a strengthened capital position.

The successful completion of our recapitalisation programme positions the Group for the next phase of growth across our commercial banking, non-interest banking, and wealth-management businesses. We remain focused on sustaining growth, strengthening our balance sheet and delivering long-term value across our diversified platform.”

This period represents an important phase in Sterling Financial’s evolution, as the continued growth of Sterling Bank and The Alternative Bank, alongside the expansion of SterlingFI Wealth Management, positioned the Group to compete across multiple segments under a unified Group structure and shared strategic agenda.

The Group enters the rest of 2026 with stronger capital, expanded operating capacity and continued momentum across its banking and wealth-management businesses.

ABOUT STERLING FINANCIAL HOLDINGS COMPANY

Sterling Financial Holdings Company PLC (Sterling Financial) is a leading Nigerian financial services group committed to enriching lives through innovation and impact. It’s diversified portfolio includes Sterling Bank Limited, The Alternative Bank Limited and SterlingFI WealthManagement among other businesses.

As a holding company, Sterling provides strategic direction, governance, and shared

capabilities across its subsidiaries, enabling each to focus on its core mandate while benefiting from group-wide expertise, technology, and oversight.

With a heritage of trust built over six decades, Sterling Financial is committed to financial innovation, advancing inclusion, and shaping sustainable growth in Nigeria’s economy. The group continues to champion customer-focused solutions and socially responsible initiatives while creating long-term value for shareholders, employees and the communities it serves.

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