Indigenous energy group, Oando PLC, has recorded a 164 per cent increase in Profit After Tax at the end of the third quarter, which rose to N210bn from N76bn in the same period of 2023.

This was indicated in a statement from the firm on Thursday, following the release of its unaudited results for the nine months ended September 30, 2025, which it filed with the Nigerian Exchange and Johannesburg Stock Exchange.

Oando’s performance was driven by stronger production volumes and operational efficiency. However, the group’s revenue declined by 20 per cent year-on-year to N2.5tn from N3.2tn in 2024, a decline which the firm primarily linked to reduced gasoline imports following the ramp-up of the Dangote Refinery.

Gross profit also slid by 42 per cent to N113bn, representing a 42 per cent decline and reflecting shifts in market dynamics and the Group’s evolving segment mix.

Commenting on the results, Group Chief Executive, Oando PLC, Wale Tinubu, stated, “In the first nine months of 2025, we consolidated the gains achieved following our acquisition of Nigerian Agip Oil Company’s assets last year. Our assumption of operatorship has been transformational, granting us the agility to act decisively and execute with precision in driving production growth and operational efficiency.”

He added that the Group achieved a 59 per cent year-on-year increase in crude oil and gas production, now averaging 38,121 boepd, underscoring the impact of the NAOC acquisition and providing clear evidence of the dawn of unlocking the tremendous value its reserves possess.

In the period under review, Oando upsized its Reserve-Based Lending facility to $375m, strengthening its financial flexibility and supporting the accelerated development of its 1 billion barrels of oil equivalent upstream portfolio. The company also renegotiated key credit facilities on more favourable terms, extending repayment periods to free up liquidity and fund its ongoing drilling programme.

The indigenous energy giant said group production averaged 38,121 barrels of oil equivalent per day (boepd), up 59 per cent year-on-year, in line with its full-year guidance. The performance was driven by the consolidation of its NAOC joint venture interest and improved asset uptime across its operated portfolio.

Oando added that the revamp of its NGL processing plant played a key role in the improved performance, delivering 82 per cent operational uptime and boosting recovery and reliability across production assets. The company also completed the Obiafu-44 gas-condensate well, which was brought onstream in October, and advanced surface facility upgrades to minimise downtime and enhance flow efficiency.

In a bid to expand its regional and global footprint, the company was awarded operatorship of Block KON 13 in Angola, marking its strategic entry into the Kwanza Basin and was selected as the preferred bidder for the Guaracara Refinery in Trinidad & Tobago, signalling its entry into the Caribbean downstream market.

In the downstream, Oando’s trading subsidiary lifted 21 crude cargoes (19.8 MMbbl), up from 15 cargoes (16.7 MMbbl) in the same period last year, following a deliberate strategic pause as the Division rebalanced its portfolio towards higher-margin crude and gas trading opportunities.

In its clean energy division, the company advanced its electric mobility, solar, and recycling initiatives, progressing development of a 1.2GW solar PV assembly plant, completing a techno-economic study for a 6MW geothermal pilot, and securing land for a 2,750-ton-per-month PET recycling facility.

During the review period, Mrs Folashade Ibidapo-Obe was appointed Chief Compliance Officer and Company Secretary, strengthening Oando’s governance and compliance framework. The company also completed the first tranche of its 1.28 billion-share distribution programme, delivering a 5.33 per cent dividend yield to shareholders, its first direct payout in years, as part of a broader plan to restore sustainable shareholder returns.

Looking ahead, Oando maintains its full-year production guidance of circa 40,000 boepd, with capital expenditure projected at $120–130 m, focused on drilling, infrastructure optimisation, and ESG projects.

Access Holdings PLC (“the Group” or “the Company”) today announced its nine-month ended September 30, 2025 (“Q3 2025”) results, recording gross earnings of ₦3.9trillion, which represented a rise by 14.1% year-on-year over ₦3.4trillion as at Q3 2024.

This performance was driven by sustained growth in both interest and fees and commission, reflecting the strength of the Group’s diversified earnings base and improved performance from core operations across its banking and non-banking businesses.

Maintaining the same momentum, gross earnings rose by 56.2% quarter-on-quarter from ₦2.5trillion as at Half Year (H1) 2025.

Interest income rose by 21.1% year-on-year to ₦2.9 trillion in Q3 2025, compared to ₦2.4 trillion in Q3 2024. Net interest income also increased by 48.9% to ₦1.3 trillion from ₦845 billion in the same period. This performance was driven by loan book expansion, reflecting our disciplined risk management approach and a strategic focus towards higher-yielding, quality assets to strengthen portfolio returns.

On a quarter-on-quarter basis, interest income and net interest income grew by 42.1% and 27.8%, respectively, from ₦2.0 trillion and ₦984 billion in H1 2025.

There was 44.3% growth in net fee and commission to N476billion in Q3 2025 from N330billion in Q3 2024, reflecting higher transaction volumes and increased customer activity across digital and payment channels across both periods.

On a quarter-on-quarter basis, net fee and commission income also increased by 100.8% from N237billion in H1 2025.

While total non-interest income declined marginally by 8.1% to ₦872 billion in Q3 2025 from ₦984trillion in Q3 2024, the Group’s growth momentum from core operations continues to support overall earnings trajectory.

Operating income rose 18.8% to ₦2.13 trillion in Q3 2025 from ₦1.8trillion in Q3 2024.

Impairment on loans increased by 141.5% to N350billion as of Q3 2025 from N145billion in Q3 2024.

Operating expenses increased marginally by 6.7% in Q3 2025 to N1.2trillion from N1.1trillion in Q3 2024. The cost-to-income ratio (CIR) improved to 54.6% in Q3 2025 from 60.8% as at Q3 2024, as revenue growth outpaced operating expenses. We expect cost-to-income ratio to stay moderated from ongoing efficiency initiatives, cost optimization measures, and stronger revenue across the Group.

Profit before tax (PBT) increased by 10.4% to N616billion in Q3 2025 from N558billion in Q3 2024. Profit after tax moderated to N447billion in Q3 2025 from N458billion in Q3 2024.

Compared to H1 2025 performance, profitability demonstrated resilience, as profit before tax (PBT) increased by 91.9% from N321billion in H1 2025 YTD to N616billion in Q3 2025. Profit after tax (PAT) also showed improvement in the period with a 107.9% increase to N447billion in Q3 2025 from N215 billion as at H1 2025 YTD.

The Group’s balance sheet increased with total assets growing by 25.8% to N52.0trillion in Q3 2025 from N41.5trillion in FY 2024. The growth in balance sheet was supported by customer deposits, which grew by 47.0% to N33.1trillion in Q3 2025 from N22.5trillion in FY 2024. Loans and advances increased by 19.7% to N15.6trillion in Q3 2025 from N13.0trillion in Q3 2024. The Group is positioned to unlock revenue synergies, enhance cross-border collaboration, and drive sustainable earnings growth.

The Group’s strong performance was largely driven by its non-Nigerian subsidiaries, which together contributed over 50% of consolidated results. These subsidiaries continued to deliver strong growth across key metrics, reflecting the benefits of diversification and deepening franchise strength across our African markets. In comparison, the Nigerian operations experienced underperformance during the period, attributable to changing macroeconomic conditions, inflationary pressures, and continued regulatory adjustments. Despite these headwinds, the Group’s diversified structure continued to provide stability and resilience.

The return on average equity (ROAE) stood at 15.4% in Q3 2025, down from 22.2% in Q3 2024, while return on average assets (ROAA) also moderated to 1.3% in Q3 2025 from 1.8% in Q3 2024. The cost-to-income ratio (CIR) improved to 54.6% in Q3 2025 from 60.8% as at Q3 2024.

Looking ahead, Access Holdings will continue to strengthen our franchise across all our markets and businesses, deepen operational resilience, and create sustainable value for all our stakeholders.

A new economic review by Quartus Economics has urged the Central Bank of Nigeria to introduce higher-value currency notes such as N10,000 and N20,000 bills to restore the naira’s portability and reduce the rising cost of cash transactions.

The report, titled “Is Africa’s Eagle Stuck or Soaring Back to Life?”, warned that the naira’s continued depreciation had rendered the N1,000 note, the country’s highest denomination, practically obsolete in terms of purchasing power.

“To make the naira portable again, Nigeria can introduce higher-value bills, e.g., N10,000 or N20,000 notes, or redenominate the currency entirely,” the report stated.

According to the analysts, a N5,000 note that would have been introduced in 2012 would now be equivalent to a single N50,000 note today, reflecting the 94 per cent decline in the naira’s real value over the last two decades.

It added that the notion that introducing higher-value notes could worsen inflation was a “myth unsupported by evidence,” explaining that inflation is driven by cost-push and demand-pull factors, not by currency denomination.

“Inflation is cost-push or demand-pull. Neither is related to currency denomination. Instead, countries introduce higher notes to maintain portability after an era of currency depreciation.

“Countries introduce higher-value notes to maintain portability after a period of significant currency depreciation, not to trigger inflation,” the report clarified.

When the N1,000 note was introduced in 2005, it was equivalent to nearly $7 at the official exchange rate. Today, it is worth less than 60 US cents, underscoring the naira’s sharp erosion in value.

Quartus Economics noted that this depreciation has made everyday transactions burdensome, particularly in the informal sector, where cash remains dominant. Traders, artisans, and rural consumers now carry large volumes of cash for transactions that could easily be done with a few higher-value notes.

The report also pointed out that the cost of printing, transporting, and securing lower-value notes had become prohibitive for the CBN.

“Outside the formal sector and the urban elite, the naira’s heavy weight is a drag on the economy and slows down growth. Besides, the cost of printing and transporting today’s low-value notes is prohibitive,” the report said.

It argued that the introduction of N10,000 and N20,000 notes, or a broader redenomination exercise, would improve transaction efficiency, reduce printing costs, and align Nigeria’s currency structure with that of other emerging economies.

The PUNCH recalls that the CBN once proposed introducing a N5,000 note in 2012 under the then Governor, Sanusi Lamido Sanusi, but the plan was dropped after public opposition.

Quartus Economics now argues that the same policy logic remains valid more than a decade later, given the naira’s steep decline.

The firm said the proposed measure was not about “printing more money”, but about modernising the naira’s denominations to reflect current economic realities and make transactions more practical.

According to the report, the 94 per cent fall in the naira’s value was calculated using the cost of two essential items, a kilogramme of imported rice and a one-way flight ticket from Lagos to Abuja.

From about N150 per kilogram of rice in 2005, the price now averages N2,500, while the cost of a local flight has risen from N12,000 to more than N150,000.

The Nigerian Exchange Group has recorded a 37.7 per cent growth in market capitalisation, rising to N141.75tn as of September 2025 from N102.94tn in the same period of 2024.

This performance reflects growing investor confidence and the Group’s continued focus on innovation, technology, and sustainability under the leadership of its Group Managing Director and Chief Executive Officer, Temi Popoola, who said the growth demonstrates that the strength of Nigeria’s capital markets cannot be separated from the strength of the communities they serve.

“For us at NGX Group, building strong capital markets goes hand in hand with building strong communities, because inclusive growth and social well-being are the true foundations of a resilient economy,” he said.

In line with this vision, NGX Group has deepened its commitment to social impact through its flagship initiative, Project BLOOM (Bringing Life to Our Overlooked Minors). The programme, implemented in partnership with the Lagos State Government and the Health Emergency Initiative, has reached over 200 children and 180 caregivers in underserved communities like Ajegunle and Yaba, providing therapeutic food, medical care, and nutrition education.

The Group also continues to drive market inclusivity through digital innovation. Its e-offering platform, NGX Invest, has enabled corporates to raise over N2tn in capital, making public offers and rights issues more accessible to retail investors nationwide.

Beyond social and digital transformation, NGX Group has advanced its sustainability agenda through the Nzero initiative, which helps listed companies measure, report, and reduce carbon emissions in line with global sustainability standards.

Popoola noted that the Group’s focus on environmental, social, and governance principles has strengthened market transparency and long-term investor confidence.

He said, “Our vision is to create markets that thrive in harmony with society and the environment. We are judged not just by the wealth we help create but by how widely that wealth is shared and how sustainably it is generated.”

The NGX boss added that through initiatives like Project BLOOM and NGX Invest, the Group aims to bridge the gap between market performance and social development, reinforcing its position as both a driver of capital formation and a catalyst for community transformation.

Manufacturers Association of Nigeria has stated that credit to the manufacturing sector decreased by 9.5 per cent to N7.72tn as of March 2025, down from N8.53tn in December 2024, amid a fragile recovery that requires urgent policy intervention to sustain.

The association, which released its findings in the Third Quarter 2025 Manufacturers CEO’s Confidence Index report in Lagos on Tuesday, said the decline in credit, high energy costs, and foreign exchange liquidity constraints continued to weigh on the performance of the real sector despite modest gains in output and business confidence.

Director General of MAN, Segun Ajayi-Kadir, said the sector’s resilience remained fragile as key constraints persisted. “High lending rates averaging 36.6 per cent, declining credit access of N7.72tn, and rising unsold inventories of N1.04tn continue to limit manufacturing performance,” he said.

Ajayi-Kadir stated that though capacity utilisation improved to 61.3 per cent in the first half of 2025, from 57.6 per cent in the second half of 2024, the gains were modest and could easily be eroded without decisive policy action.

“Our data show that the manufacturing sector is beginning to find its footing after a long period of turbulence. However, this recovery is fragile and could easily falter if we do not receive deliberate, industry-friendly interventions,” he said.

He urged the Federal Government to prioritise measures that would reduce energy costs, strengthen foreign exchange liquidity, and expand access to affordable credit to accelerate industrial growth.

According to MAN, manufacturing value added fell sharply to $25.36bn in 2024 from $55.9bn in 2023, as competitiveness weakened under soaring exchange rates, inflation, and interest rates. The association said manufactured exports rose to N803.8bn in Q2 2025, up from N294.4bn in Q1, showing some resilience despite macroeconomic headwinds.

The report also indicated that 18,935 jobs were lost in the first half of 2025, compared to 10,891 in the second half of 2024, as firms grappled with high input costs and foreign exchange scarcity.

MAN further noted that while the Manufacturers CEO’s Confidence Index recorded a modest rise from 50.3 points in Q2 2025 to 50.7 points in Q3 2025, the improvement was not enough to lift overall business conditions above the 50-point neutral threshold.

Ajayi-Kadir said, “The 0.4-point uptick in the MCCI is significant because it marks the second consecutive quarterly rise, signalling a cautiously improving perception among manufacturers. However, all current indices remain below 50 points, showing that the underlying challenges persist.”

He attributed the slight improvement to “a continuous disinflation trend and a more stable exchange rate”, but warned that high energy costs and disruptions in gas supply had constrained output in several subsectors.

MAN President, Francis Meshioye, in his remarks, described the modest rebound as evidence of “a gradual recovery”, but said the sector still faced “binding constraints” that must be addressed urgently.

Meshioye said, “The manufacturing sector is gradually inching towards recovery, as seen in the consistent increase in the index in Q2 and Q3. However, the top five manufacturing challenges outlined in the report demand urgent government attention to sustain this trend.”

He stressed the need for a private sector–driven industrial policy anchored on the proposed Nigeria First Policy and the forthcoming National Industrial Policy, to ensure alignment between policy intent and industrial realities.

The MAN chief also called on the Central Bank of Nigeria to deepen its recent rate cut, saying, “The time has come for the apex bank to introduce a bolder reduction that can meaningfully lower the cost of credit and stimulate real sector investment. Growth cannot thrive where capital remains prohibitively expensive.”

The association identified key improvements across six groups: Plastics & Rubber, Electrical & Electronics, Food & Beverages, Chemical & Pharmaceuticals, Textile & Footwear, and Basic Metal & Steel. These groups benefited from local raw material sourcing, stable polypropylene supply, fibre optic expansion, and easing foreign exchange pressure.

However, four other groups recorded declines due to high energy costs, gas supply disruptions, illegal logging, limited government patronage, and the influx of imported products.

Ajayi-Kadir concluded that sustaining the sector’s fragile rebound would require coordinated fiscal and monetary actions.

“Currency stability is more than a macroeconomic metric; it is a reflection of national resolve,” he said. “To secure the gains of stabilisation and accelerate prosperity, Nigeria must make manufacturing the nucleus of its growth strategy.”

Director of MAN Research and Economic Policy Division, Dr Oluwasegun Osidipe, presented the MAN Think Tank report alongside the MCCI. He urged the government to fast-track the implementation of industrial policies, tighten pipeline security to boost oil output, expand local refining capacity, and ensure disciplined tax enforcement ahead of the January 2026 tax reforms.

BUA Cement Plc has reported a profit after tax of N289.9bn for the nine months ended September 30, 2025, representing a 492 per cent increase from the N48.97bn recorded in the same period of 2024.

The unaudited financial statements of the cement manufacturer filed with the Nigerian Exchange Limited on Tuesday showed that the performance was driven by higher revenue and significant foreign exchange gains.

Revenue for the period rose 47 per cent to N858.73bn from N583.41bn in the corresponding period of 2024. The company’s gross profit also surged to N429.26bn from N180.81bn, reflecting an operational performance despite higher distribution expenses.

Further analysis of the result revealed that finance costs increased to N56.09bn from N32.03bn in the same period last year due to higher borrowing costs. However, the impact was cushioned by net exchange gains of N21.63bn, compared to a loss of N57.44bn a year earlier.

Profit before tax stood at N338.57bn, up from N61.75bn in 2024, while earnings per share jumped to 855.93 kobo from 144.61 kobo.

On the balance sheet side, BUA Cement’s total assets rose to N1.63tn in the period under review, compared to N1.57tn recorded as of December 2024, driven largely by growth in cash reserves and inventories. Retained earnings also increased significantly to N396.13bn from N175.70bn, underscoring the company’s strong profitability.

The PUNCH reported that BUA Cement Plc has reported a significant improvement in its financial performance for the half year ended June 30, 2025, with group revenue rising 59 per cent to N580.3bn from N363.9bn posted in the corresponding period of 2024.