African markets and business updates

By Udeme Akpan, Energy Editor & Ediri Ejor Crude oil prices including Nigeria’s Bonny Light has dropped significantly to $98 per barrel amid growing speculation that the US-Iran war — a major factor driving the current market instability — may soon come to an end. But contrary to expectations pump prices in Nigeria remained high as marketers who had responded swiftly with price mark up earlier in the week following upswing in crude oil price refused to revert to previous price. Crude oil prices began declining after President Donald Trump stated that efforts were ongoing to end the US-Iran conflict, fueling optimism across the global oil market. The decline marks the lowest level in the past three weeks after prices had hovered between $110 and $120 per barrel at the height of tensions between the United States and Iran. According to Reuters: “Oil prices fell 3% on Thursday, bouncing off session lows in volatile trade but staying down about 3%, keeping Brent below $100 a barrel on hopes that a U.S.-Iran peace deal could bring a gradual reopening of the Strait of Hormuz. “Brent crude futures were down $3.21, or 3.17%, at $98.06 a barrel at 11:21 a.m. ET (1521 GMT). U.S. West Texas Intermediate declined $3.15, or around 3.31%, at $91.93. “Trading was volatile, with both benchmarks trading in a range of up 1% to down 5.5% from the previous close. Both benchmarks slumped more than 7% on Wednesday, hitting two-week lows on optimism over a possible end to the Middle East conflict.” Market operators resist adjustment. Checks by Vanguard indicated that depot owners have continued to sell the product at N1,285 per litre. Depots selling at N1,285 per litre include A.A. Rano, African Terminal, Aiteo, Ascon and Bono, while some others sell at even higher prices. At filling stations, checks showed that MRS sold petrol at N1,332 per litre in Lagos and its environs, while many others — especially independent marketers — retailed the product at N1,342 per litre and above depending on location. The bottom range in few other fuel stations run by major marketers were selling at between N1,320 and N1,325 in Lagos. The checks further showed mounting pressure on midstream and downstream operators to respond to developments in the global oil market. The Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, confirmed the pressure on domestic market operators, saying: “There is a mismatch. Depot prices are not reacting to the continuous fall in crude oil prices, and this could be traced to limited supply of refined products across different petroleum depots in Nigeria. “This is the result of having a few dominant suppliers. Prices are determined by some of the market leaders and not international benchmarks.” Similarly, the National President of the Oil and Gas Services Providers Association of Nigeria, OGSPAN, Mazi Colman Obasi, said: “Since we have a deregulated market where prices are determined by market forces, we should expect domestic prices to adjust in the coming days or weeks if the current global oil market conditions remain unchanged.” The post Oil price drops, marketers keep pump price high appeared first on Vanguard News.

Riyadh aims to reposition itself in Bangui

Officials discussed resources investments as Washington tries to break China’s control of critical minerals production

Director Ben Wheatley references classics in film about a sheriff in a small town Ulysses, a mild but disillusioned police officer, arrives in icy Minnesota to start an eight-week stint as substitute sheriff in the surprisingly prosperous small town of Normal. The previous sheriff has died in mysterious circumstances. As he recovers from a traumatic episode in his own career, his aim is to serve out his time as quietly and uneventfully as possible and then leave the town pretty much as he found it. Unsurprisingly, events swiftly take a very different, not to mention ultra-violent, turn. The snowbound setting,

Artworks from ‘Atlas of Uncertainty’ depict life in Joburg, Nairobi and Accra In my previous column, I wrote about artworks from the exhibition “Atlas of Uncertainty: Transforming African Cityscapes”, which depict aspects of life in Johannesburg. But Joburg is only one of three urban hubs that are the focal points in this project; its counterparts are Nairobi and Accra, the capitals of Kenya and Ghana, respectively. In South Africa, conversations about key issues affecting people across the continent tend to be infected by a dangerous combination of parochialism and exceptionalism — the small-minded notion

FirstHoldCo Plc delivered a masterclass performance in its first-quarter 2026 financials, recording a 100 year-on-year profit before tax (PBT) growth. Profit before tax (PBT) jumped to -321.12 billion from -186.48 billion in the corresponding period of 2025, supported by steady interest-earning capacity and robust fee income generation. The first quarter of 2026 marked a definitive pivot for First HoldCo Plc, as the parent entity of Nigeria’s oldest commercial bank re-established itself as a financial powerhouse. Emerging from a period of aggressive balance sheet restructuring characterized by massive legacy debt write-offs in late 2025, the group’s Q1 2026 performance represents a ‘phoenix-like’ strategic reset. Post its 2025 balance-sheet cleanup. First HoldCo’s Q1 2026 results also established the Group as the second-largest Nigerian lender by absolute profit before tax, trailing only Zenith Bank. In Q1 2026, Zenith Bank reported PBT of N360.91 billion, FirstHoldCo N321.12 billion, GTCO N302.89 billion, Access Holdings N272.2 billion and UBA N160.65 billion. This renaissance is not merely a product of the high-interest-rate environment currently prevailing in Nigeria, where the Central Bank of Nigeria (CBN) has maintained its hawkish stance with a 26.5% Monetary Policy Rate (MPR) to anchor inflation. Rather, it is the result of a deliberate “kitchen-sinking” of bad assets in the 2025 financial year, which saw the Group take a historic N826.3 billion impairment charge to resolve historical asset quality concerns once and for all. This strategic “cleansing” has liberated the balance sheet to capture the full upside of the current lending cycle, allowing FirstHoldCo to lead the market in the most critical measures of shareholder value creation. The Profitability Outperformer: Return on Equity Leadership FirstHoldCo’s standout metric for the first quarter of 2026 is its Return on Equity (ROE). This parameter servesas the ultimate barometer for management’s ability to generate earnings from the capital entrusted to them by shareholders. For Q1 2026, FirstHoldCo delivered a post-tax ROE of 31.6%, effectively eclipsing the entire FUGAZ group. This represents a staggering turnaround from the 4.6% recorded in December 2025, which was heavily weighed down by the balance sheet reset. The leadership in ROE is particularly noteworthy given the simultaneous recapitalization efforts across the industry, which naturally exerts downward pressure on ROE and indicates that FirstHoldCo’s earnings power is scaling faster than its capital dilution. *The Revenue Engine: Optimized Asset Mix*   FirstHoldCo’s outperformance is structurally rooted in its superior asset yield, particularly within its loan book. Unlike some peers who have historically relied on the “carry trade” of government securities, FirstHoldCo has aggressively pivoted toward private sector credit. In Q1 2026, the group generated ¦ 465.6 billion in interest income from loans and advances to customers, representing a 27.8% increase from the prior year. This growth in customer loan income is significantly higher than that of its closest rivals. FirstHoldCo is finding higher-quality lending opportunities in a tight liquidity environment. *Operational Resilience*   FirstHoldCo’s Cost-to-Income Ratio (CIR) improved remarkably from 53.8% in late 2025 to 45.2% in Q1 2026. While it still trails GTCO (the industry efficiency benchmark at 30.9%) and Zenith (43.5%), it has significantly outperformed Access Corp (55.8%) and UBA (61.2%). The improvement in FirstHoldCo’s ratio is even more impressive when considering that its total operating expenses rose 21.3% year-on-year to ¦ 297.6 billion. The key to this outperformance is “positive operating leverage”—the group’s net earnings grew by 40.2%, effectively “outrunning” its expense growth. *Recovery and Credit Quality*   The most profound turnaround in FirstHoldCo’s financial profile is found in its “Other Non-Interest Income,” specifically the “Recoveries” line item. In Q1 2025, the group reported a modest ¦ 1 billion in loan recoveries; by Q1 2026, this figure surged by 1570% to ¦ 19 billion. This outperformance in debt recovery is a direct consequence of the 2025 balance sheet reset. Having aggressively written off legacy non-performing loans (NPLs), the bank’s specialized recovery units are now clawing back value from these assets, which flows directly to the bottom line as non-interest income. *Balance Sheet Dynamics: Liquidity and Funding*   FirstHoldCo’s balance sheet reflects a bank that is both liquid and well-positioned for the “normalization” phase of the economy. Total assets stood at ¦ 26.8 trillion in March 2026, a slight 1.4% decline from December 2025, primarily due to the strategic balance sheet management .   *FirstHoldCo Resets and Positions for Growth in 2026 and Beyond*   By taking the painful but necessary steps to reset its balance sheet in 2025, FirstHoldCo Plc has entered 2026 as a leaner, more profitable, and more efficient competitor.   Its leadership in ROE and PBT growth is not an accident of the market but a direct result of management’s focus on high-yield customer lending and aggressive asset recovery, making it the industry’s most efficient engine for creating shareholder value. As the benefits of the group recapitalization takes hold and the market digests its Q1 results, the current valuation gap between FirstHoldCo and other tier-one rivals like Zenith and GTCO is expected to narrow. The post FirstHoldCo Profit Rockets 72.2% in Q1 appeared first on Vanguard News.

The Financial Reporting Council of Nigeria (FRC) has unveiled a range of incentives aimed at boosting the country’s actuarial workforce, as it moves to address what it described as a critical shortage of certified professionals. Speaking at Lagos State University of Science and Technology (LASUSTECH), Ikorodu, Former Head of Directorate of Audit Practice Standards, FRC, Mr. Mufutau Olasunkunmi, said: “The most endangered profession in Nigeria is the actuarial profession because out of about 240 million Nigerians, we have only 28 actuaries.” He added: “The shortage is so acute that when regulators advertise for actuarial roles, they don’t even get applications. We have to go to Kenya, South Africa, England and beyond to scout for actuaries.” To reverse the trend, Olasunkunmi said the FRC has introduced financial and academic support schemes for students. “Write the examination. If you pass today, the FRC will give you your money. As of this year, we are paying for about 17 students. Once you pass, bring your result, we will refund you,” he said. He further disclosed: “We are putting structures in place to help you prepare, including bringing in professionals from India and other countries to teach you online. We are also introducing scholarships for the best students and graduates, and even training your lecturers.” Also speaking, Head of Department of Insurance and Actuarial Science, LASUSTECH, Associate Professor Kudirat Banjo, said: “In a rapidly evolving world characterised by uncertainty and emerging risks, the ability to quantify and manage risk has never been more critical.” The post FRC unveils incentives to grow actuarial workforce appeared first on Vanguard News.

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has called on the Federal Government (FG) and the Nigerian National Petroleum Company Limited (NNPCL) to ensure that the newly signed partnership with Chinese firms for the rehabilitation of the Warri and Port Harcourt petrol refineries delivers concrete results, saying Nigerians are tired of repeated promises without visible progress. The President of NUPENG, Salmon Oladiti, made the call while reacting to the agreement aimed at reviving the nation’s struggling refineries, describing the initiative as a critical step toward repositioning Nigeria’s oil and gas sector. Oladiti commended FG on the partnership, noting that the continued failure of local refineries have inflicted severe economic hardship on Nigerians despite the country’s position as one of Africa’s leading crude oil producers. According to him, the failure of the refining sector over the years has contributed significantly to rising fuel prices, pressure on foreign exchange, inflation, unemployment, and the nation’s overdependence on imported petroleum products. He lamented that Nigerian workers and ordinary citizens have continued to bear the burden of unstable fuel supply, soaring transportation costs, and worsening living conditions caused by the country’s inability to sustain local refining capacity. Oladiti said the agreement with the Chinese firms offers an opportunity to restore public confidence in Nigeria’s refining industry, create employment opportunities, stimulate industrial growth, strengthen energy security, and reduce the economic pressure associated with fuel importation. He warned, however, that Nigerians would no longer tolerate another round of failed refinery rehabilitation projects after huge public funds had been spent previously without meaningful results. “Nigerians are tired of repeated refinery rehabilitation promises and projects that consumed huge public resources without delivering lasting results,” Oladiti stated. He therefore urged all stakeholders involved in the agreement to ensure transparency, accountability, professionalism, and timely execution of the refinery rehabilitation projects. The Warri and Port Harcourt refineries have remained largely inactive for years despite several turnaround maintenance efforts. The post REFINERIES: NUPENG demands results over FG, China partnership appeared first on Vanguard News.

H.E. Dr. Muhammad Al Jasser, Chairman of the Islamic Development Bank (IsDB) Group, accompanied by H.E. Mr. Mikayil Jabbarov, Minister of Economy and IsDB Governor for the Republic of Azerbaijan, and H.E. Mr. Emin Amrullayev, Minister of Science and Education of the Republic of Azerbaijan, visited the Garabagh region as part of his official mission to the Republic of Azerbaijan, where they witnessed ongoing efforts aimed at advancing economic development, education, and community infrastructure across the region. The visit marked Dr. Al Jasser’s second visit to the Garabagh region, following his first visit in 2023, and provided an opportunity to witness firsthand the significant reconstruct

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