Nigeria’s crude oil production shrank to 1.39 million barrels per day in September 2025, marking the second consecutive month of reduced output.

However, the Nigerian Upstream Petroleum Regulatory Commission had earlier said this was caused by the disruptions caused by the labour strike during the rift between the Petroleum and Natural Gas Senior Staff Association of Nigeria and the Dangote refinery.

According to the latest Monthly Oil Market Report released on Monday by the Organisation of the Petroleum Exporting Countries, the figure represents a decline from 1.434 mbpd recorded in August and is the lowest in seven months, falling below Nigeria’s OPEC allocation of 1.5 mbpd.

OPEC stated that the production figures were “obtained through direct communication with Nigerian authorities.

The NUPRC had reported that Nigeria’s crude oil and condensate production dropped to an average of 1.581 mbpd in September 2025.

According to the commission, the total consisted of 1.39 mbpd of crude oil and 191,373 bpd of condensates.

The NUPRC attributed the decline primarily to the three-day industrial action embarked upon by PENGASSAN during the month.

The strike action led to the shutdown of several production and export facilities, disrupting output and export schedules.

The Nigerian Upstream Petroleum Regulatory Commission has disclosed that the Host Community Development Trust fund has risen to N373bn as of October 13, 2025, with 536 community development projects currently ongoing across oil-producing areas in the country.

A statement signed by the Commission’s Head of Media and Strategic Communications, Eniola Akinkuotu, on Monday, said the fund comprises N125bn and $168.9m, contributed by oil companies operating under the Petroleum Industry Act, 2021.

The HCDT, established under Section 235 of the Petroleum Industry Act, mandates oil companies, known as “settlors”, to allocate 3 per cent of their annual operating expenditure from the preceding financial year into a trust fund dedicated to the development of their host communities.

The statement read, “The Host Community Development Trust has risen to N373bn as of October 13, 2025,” the Nigerian Upstream Petroleum Regulatory Commission has said, adding that at least 536 community projects are ongoing simultaneously.

According to the PIA, each settlor must, in consultation with host communities, appoint a Board of Trustees to oversee the management of the trust, which must be registered with the Corporate Affairs Commission.

The funds, which are lodged in banks with at least a BBB credit rating, are used to finance projects in infrastructure, education, healthcare, and environmental protection, among others.

The Commission explained that while it does not have direct access to the funds, it ensures transparency and compliance through a digital monitoring system known as HostComply, which tracks project execution and disbursement in real time.

Demonstrating the practical impact of the initiative, the NUPRC last month facilitated the commissioning of over 10 completed projects and the flag-off of more than 10 new ones under the Obagi Host Community Development Trust in Rivers State, operated by TotalEnergies.

The projects were inaugurated between September 24 and 25, 2025, at Ogbogu community in Ogba/Egbema/Ndoni Local Government Area, marking what the Commission described as a defining milestone in the implementation of the PIA’s host community provisions.

Delivered projects include a two-storey classroom block comprising 18 fully furnished classrooms, the remodelling of Ogbogu Cottage Hospital with a 20-bed capacity and new diagnostic centre, and the upgrade of the Ogbogu Ultra-Modern Civic Centre.

Others include road pavements at Oboburu community, a bottled and sachet water factory in Amah community, and the installation of gas skid plants and school renovations in Erema and Akabuka communities.

According to the Commission Chief Executive, Gbenga Komolafe, represented by the Executive Commissioner, Health, Safety, Environment and Community, John Tonglagha, the projects would address basic education, healthcare, and employment challenges in the host communities.

Speaking at the ceremony, Rivers State Deputy Governor, Prof. Ngozi Odu, who represented Governor Siminalayi Fubara, praised the transparent management of HCDT funds, noting that community projects now deliver measurable results compared to past regimes.

“In previous years, funds sent to communities were not fully utilised. What we are witnessing now is accountability and impact,” she said.

Also speaking, the Chairman of the Senate Committee on Oil and Gas Host Communities, Senator Benson Agadaga, said the HCDT initiative was helping to sustain peace in the Niger Delta.

“The little peace we are seeing in the region today is because of the achievements of the PIA. Host communities now see real development and are less hostile,” he noted.

The Managing Director of TotalEnergies Upstream Companies in Nigeria, Matthieu Bouyer, said the company was proud to be among the first to implement the HCDT mandate, adding that over 500 projects across 60 communities have been identified under its development plan.

“This initiative has created more than 1,000 jobs and will impact over 30,000 people,” Bouyer said, describing the Obagi Trust as “a model of what is possible when trust and policy align.”

The Chairman of the Obagi HCDT Board of Trustees, High Chief Dike Hopeson Dike, assured stakeholders of continued cooperation, revealing that the community had already provided over 125 solar-powered boreholes, addressing 70 per cent of its water needs.

“These projects are helping our people transition from poverty to prosperity,” Dike stated.

The Host Community Development Trust is one of the PIA’s flagship provisions designed to promote inclusiveness, transparency, and peace between oil companies and their host communities.

Zenith Bank Plc, on Friday, October 10, 2025, made good on its promise as it paid a total interim
dividend of N51.3 billion to its shareholders for the Half Year (H1) 2025, at N1.25 per share. This
significant payout represents over 60% increase from the N31.4 billion paid in H1 2024,
demonstrating the bank's commitment and enhanced capacity to continually generate value for its
shareholders amidst a challenging macroeconomic environment.
The dividend payment comes on the heels of the bank's audited financial results for the half-year
ended June 30, 2025, released to the Nigerian Exchange (NGX) in September 2025, which
showcased a robust financial position and growth trajectory.
Commenting on the dividend payout, the Group Managing Director/CEO, Dame Dr. Adaora
Umeoji, OON, said, "We are pleased to have paid this significant interim dividend to our valued
shareholders. Our half-year results underscore our resilience and commitment to our stakeholders.
Based on the momentum achieved in H1, we are confident in our full-year outlook and expect to
exceed shareholders' expectations by year end."
The substantial dividend payout reflects exceptional underlying performance as the Bank recorded
a robust 20% year-on-year increase in gross earnings, rising from N2.1 trillion to N2.5 trillion in H1
2025. Interest income drove this performance with an impressive 60% growth, climbing from N1.1
trillion to N1.8 trillion. The Bank achieved this impressive increase in interest income through
strategic repricing of risk assets and effective treasury management.
The Bank's total assets also expanded to N31 trillion in June 2025, representing steady growth
from N30 trillion in December 2024, underpinned by a robust and well-structured balance sheet.
Customer confidence remained strong, with deposits growing by 7% from N22 trillion to N23 trillion
in June 2025.
Zenith Bank's shareholders can be assured of the bank's continued focus on delivering exceptional
value and growth, driven by its strong financial fundamentals and strategic initiatives.
The Bank's track record of excellent performance has continued to earn the brand numerous
awards, including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the
sixteenth consecutive year in the 2025 Top 1000 World Banks Ranking, published by The Banker
and "Nigeria's Best Bank" at the Euromoney Awards for Excellence 2025. The Bank was also
awarded Bank of the Year (Nigeria) in The Banker's Bank of the Year Awards for 2020, 2022 and
2024; Best Bank in Nigeria from 2020 to 2022, 2024 and 2025, in the Global Finance World's Best

Banks Awards; Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023; and was
listed in the World Finance Top 100 Global Companies in 2023.
Further recognitions include Best Commercial Bank, Nigeria for five consecutive years from 2021
to 2025 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria in the
International Banker 2023 and 2024 Banking Awards. Additionally, Zenith Bank has been
acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate
Governance Awards for four consecutive years from 2022 to 2025 and 'Best in Corporate
Governance' Financial Services' Africa for four consecutive years from 2020 to 2023 by the Ethical
Boardroom.
The Bank's commitment to excellence saw it being named the Most Valuable Banking Brand in
Nigeria in The Banker's Top 500 Banking Brands for 2020 and 2021, Bank of the Year 2023 to
2025 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, and Retail Bank of
the Year for three consecutive years from 2020 to 2022 and 2024 to 2025 at the BAFI Awards. The
Bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail
Banking, Nigeria, in the International Banker 2022 Banking Awards.
Zenith Bank was also named Most Responsible Organisation in Africa, Best Company in
Transparency and Reporting and Best Company in Gender Equality and Women Empowerment at
the SERAS CSR Awards Africa 2024; Bank of the Year 2024 by ThisDay Newspaper; Bank of the
Year 2024 by New Telegraph Newspaper; and Best in MSME Trade Finance, 2023 by
Nairametrics. The Bank's Hybrid Offer was also adjudged 'Rights Issue/ Public Offer of the Year' at
the Nairametrics Capital Market Choice Awards 2025.

Polaris Bank has restated its dedication to delivering exceptional customer *experience* as it successfully concluded activities marking the 2025 edition of Customer Service Week themed “Mission: Possible.”

The week-long celebration, which ran from Monday, October 6 to Friday, October 10, was filled with engaging customer appreciation activities and staff recognition initiatives across the Bank’s branches and digital channels.

Throughout the week, Polaris Bank celebrated its customers with giveaways, appreciation messages, and interactive engagements across its touchpoints, reaffirming its commitment to continuously improving service delivery. Employees were also recognised for their outstanding contributions to service excellence, underscoring the Bank’s belief that exceptional service begins with an empowered and motivated team.

Speaking at the close of the celebration, the Managing Director/CEO of Polaris Bank, Kayode Lawal, thanked customers for their loyalty and trust, describing them as the driving force behind the Bank’s commitment to excellence.

“Our customers are at the heart of everything we do. Their feedback, trust, and partnership inspire us to keep improving and delivering value every day. This week reaffirms that great service is not just a goal, it’s our way of life at Polaris Bank,” he said.

Mr. Lawal noted that the Customer Service Week provides an opportunity for reflection and renewal of the Bank’s promise to serve with consistency, empathy, and excellence.

Polaris Bank staff across the country also participated in internal learning and engagement sessions designed to enhance their customer interaction skills and promote a culture of service leadership.

The global Customer Service Week, celebrated annually in the first week of October, recognises the vital role of customer service professionals and the impact of service excellence on business growth. For Polaris Bank, this year’s celebration reinforced its belief that with dedication, innovation, and teamwork, great service is always a “Mission Possible.”

Stanbic IBTC Holdings Plc, said it supported UAC of Nigeria Plc, in its landmark acquisition of CHI Limited, delivering end-to-end financial support towards its successful completion.

Stanbic IBTC, in its capacity as Mandated Lead Arranger and Global Coordinator, partnered closely with UAC to structure a multi-product investment banking solution and financing package tailored to UAC’s objectives in executing a complex transaction.

Beyond arranging the facility, Stanbic IBTC provided a truly comprehensive solution, mobilising our full product suite, with our Global Markets team designing hedging solutions to manage FX risk, while our Escrow services structured settlement flows aligned to the transaction’s requirements.

Crucially, by leveraging the broader Standard Bank platforms, Stanbic IBTC was able to combine its pan-African expertise, cross-border counsel with deep local knowledge to successfully close one of the most significant FMCG acquisitions in Nigeria.

This support enabled UAC to complete its acquisition of a 100% equity stake in CHI Limited on 03 October 2025.

CHI Limited is one of Nigeria’s biggest food and beverage companies, with a leading position in the dairy, juices, nectars, and snacks segment of the Nigerian consumer goods segment. Its flagship brands, Hollandia (milk and yoghurt) and Chivita (fruit juice) have become household staples, supported by a nationwide distribution network and proprietary technologies.

UAC of Nigeria PLC is one of Nigeria’s oldest institutions with history dating as far back as 1879. Today, UAC is a holding company with interests organised around four key verticals – Edibles and Feed, Packaged Food and Beverages, Paints, and Quick Service Restaurants. They also own interests in a leading logistics services provider and a real estate development company. Creator of iconic brands such as Gala, Mr Bigg’s, Dulux, Grand, Supreme, UAC has shaped industries and consumer culture for over a century and remains a symbol of resilience, innovation, and leadership in Nigerian enterprise.

This acquisition enables UAC to expand its reach in the FMCG sector, accelerating entry into new product categories while consolidating its leadership position. Through the acquisition, UAC gains immediate access to CHI’s established distribution network, proprietary technologies, and a portfolio of dominant household brands in juice, dairy, and snacks. CHI’s strong brand equity, particularly in the dairy and fruit juice segments, compliments UAC’s ambition of building a powerful platform for growth and enhanced market penetration.

Speaking on the acquisition, Funke Ijaiya-Oladipo, Group Finance Director of UAC, stated: “This acquisition represents a transformative step for UAC as we expand our presence in the FMCG sector. Stanbic IBTC’s ability to provide an integrated, end-to-end financing solution, backed by the wider Standard Bank Group, was instrumental in helping us achieve this milestone through a flawless execution that gave us confidence throughout the process.”

“This transaction underscores our ability to deliver integrated solutions across advisory, structuring and execution. We are proud to have partnered with UAC on a transformative acquisition that not only advances their growth ambitions but also contributes to Nigeria’s economic development.” Oladele Sotubo, Chief Executive of Stanbic IBTC Capital Limited, remarked.