Economy
Ecobank Impresses With 29% Growth in H1 2021 Net Profit
By Dipo Olowookere
In the first half of 2021, Ecobank Transnational Incorporated (ETI) reported a 29 per cent growth in profit after tax, which stood at N62.6 billion compared with the N48.5 billion achieved in the same period of 2020.
On Monday, the financial institution released its half-year results and it was disclosed that the pre-tax profit increased by 33 per cent to N85.3 billion from N64.1 billion.
On the top line, the lender recorded gross earnings of N442.9 billion compared with N392.0 billion, with revenue of N334.9 billion as against N290.3 billion reported a year ago.
Ecobank said it had a net interest income of N184.8 billion versus N161.4 billion in H1 2020, while the non-interest revenue grew to N150.1 billion from N128.9 billion.
At the end of H1 2021, Ecobank’s total assets increased to N11.02 trillion from N10.38 trillion in December 2020, while the loans and advances to its customers fell from N3.70 trillion in H1 2020 to N3.63 trillion in H1 2021, with customer deposits in all its operating locations rising by 7.38 per cent from N7.32 trillion to N7.86 trillion and the total equity going down by 1.06 per cent to N803.18 billion from N811.75 billion.
“We saw continued and sustained resilience in our performance, which is indicative of the success of our execution momentum drive.
“As a result, we generated a return on tangible equity of 16.1 per cent versus 15.2 per cent a year ago and increased diluted EPS and tangible book value per share by 19 per cent and 6 per cent respectively. In addition, profit before tax increased 23 per cent to $210 million,” the Group CEO of Ecobank, Mr Ade Ayeyemi, stated on the results.
He further stated that, “Group revenues rose 7 per cent to $825 million, despite the challenging operating environment with the third wave of coronavirus infections threatening economic recovery.
“Our diversified pan-African business model continued to rise to the challenge. Revenues grew 13 per cent and 6 per cent in our Commercial and Consumer businesses, while our focus on growing the trade business led to increased trade assets.
“The slowly increasing business and spend activity drove a 20 per cent rise in our Payments business’s revenue to $90 million. Deposits growth was strong, with total deposits now over $19 billion, an increase of $1.0 billion in the second quarter and $2.4 billion in a year, driven by our omnichannel strategy. Though loan growth remained flat, we are focused on providing support to MSMEs for growth.”
“I am proud of the team’s hard work in driving efficiency, which continues to reflect in our cost-to-income ratio of 58.7 per cent ahead of guidance and progressing well toward our medium-term goal of approximately 55 per cent.
“In addition, credit quality continued to be exceptionally strong. As a result, our NPL ratio of 7.4 per cent is a substantial improvement from the prior year’s 9.8 per cent, as we also build reserves to insulate the balance sheet with an NPL coverage ratio of 86.7 per cent and pushing towards our near-term target of 90 per cent,” Mr Ayeyemi further stated.
“We successfully raised $350 million Tier 2 Sustainability Notes in June, the first-ever by a financial institution in sub-Saharan Africa and first to have a Basel III-compliant 10-year non-call 5 structure outside South Africa in 144A/RegS format.
“The Bond was 3.6 times oversubscribed, demonstrating strong confidence in the Ecobank Group and our commitment to the sustainability of our communities and their social needs.
“I am deeply grateful to all stakeholders and must thank our clients for continuing to put their trust in Ecobank for their diverse banking needs,” the banker further stated.
Economy
Dangote Refinery Crude Intake Hits 635,000b/d in April, Receives 21 Cargoes
By Adedapo Adesanya
Nigeria’s 650,000 barrels-per-day Dangote Refinery hit its highest-ever monthly crude intake in April 2026, taking in about 635,000 barrels per day of crude oil, according to Argus tracking data.
Deliveries in the review month rose from 565,000 barrels per day in March, bringing the refinery close to its full installed capacity.
The increase followed the completion of maintenance work on one of the refinery’s crude distillation units earlier this year.
This indicates that the Dangote Refinery is steadily ramping up operations toward full capacity after a gradual start since late 2023.
The refinery received 21 separate crude cargoes in April — a record since operations began.
All supplies came from West Africa, mainly Nigerian crude grades, with one cargo from Cameroon.
Nigerian grades delivered included Bonny Light, Escravos, Qua Iboe, Bonga, Forcados, Brass River, Amenam, and others.
Cameroon’s Ebome crude was supplied to the refinery for the first time.
April receipts comprised 160,000 barrels per day of Bonny Light, 65,000 barrels per day each of Escravos, Qua Iboe and Bonga, 50,000 barrels per day of CJ Blend, then 25,000-35,000 barrels per day each of Nigerian Utapate, EA, Jones Creek, Amenam, Forcados, Brass River, plus 25,000 barrels per day of Cameroon’s Ebome.
The strong rise in local and regional crude supply could also reduce the refinery’s dependence on imported crude grades and strengthen Nigeria’s domestic fuel production capacity.
The Argus report said that no US crude was delivered in April, despite the US West Texas Intermediate (WTI) crude previously being a major feedstock for the plant in 2025.
The refinery relied heavily on Suezmax tankers, with some vessels making multiple shuttle trips between offshore terminals and the refinery.
Average crude receipts in the first four months of 2026 climbed to 495,000 barrels per day, significantly above last year’s average of 375,000 barrels per day.
The data assessed Dangote’s April receipts at a weighted average of 35.1°API and 0.2 per cent sulphur content, compared with 37.2°API and 0.2 per cent sulphur in March. Receipts averaged 37.1°API and 0.15 per cent sulphur in January-April, compared with 36.8°API and 0.2 per cent sulphur across 2025.
The report also added receipts for May appear good as the refinery should get a cargo each of Qua Iboe and Odudu this week.
Economy
Customs Area 11 Command Seizes N2bn Containers of Illicit Items
By Bon Peters
About 17 containers containing illicit items worth over N2 billion have been seized by the Area 11 Command of the Nigeria Customs Service (NCS) in Onne, Port Harcourt, Rivers State, between January and April 2026.
In the period under review, the agency generated about N258 billion as revenue, a statement signed by the command’s acting spokesman, Mr Paul Istifanus Gimba, an Assistant Superintendent of Customs 1, disclosed on Thursday.
The Customs Area Controller for the Command, Comptroller Aliyu Mohammed Alkali, said last month, more than N77 billion was generated, noting that this reflects the command’s unwavering commitment to revenue generation, trade facilitation, and the enforcement of extant government fiscal policies.
He stated that in the second month of this month, his men intercepted an attempt to smuggle one 40-foot container declared to contain plumbing materials, with a Duty Paid Value (DPV) of N185.2 million.
According to him, upon examination, it was discovered that the perpetrators had concealed the original container number and replaced it with a fake one in an attempt to unlawfully remove the container from the port without payment of duty.
Furthermore, he hinted that in April 2026, the command intercepted six 20-foot containers carrying a total of 1,100 jerricans of Super Delicieux Vegetable Oil with a DPV of N494.0 million, in contravention of section 55 of the Nigeria Customs Service Act, 2023, which prohibited the importation of refined vegetable oils and fats in order to protect and promote local industries, particularly domestic vegetable oil producers and agro-allied businesses.
The senior customs officer highlighted other items seized by his men during the period under review, including cartons of chilli cutters, ceiling fans, and food packs.
The Comptroller reminded all mischievous importers and their agents that the command remained unwavering in its resolve to combat smuggling and all forms of illegal trade practices at the port, even as he strongly encouraged all law-abiding traders to remain compliant and resist the temptation to engage in activities that contravene the law.
Mr Alkali praised the professionalism of the officers and men of the command as well as their vigilance and dedication to duty.
He also thanked members of the press for their continued partnership and commitment to disseminating accurate and reliable information about the activities of the agency to the public.
Economy
Indonesia Buys Nigerian Crude Oil to Reduce Exposure to Hormuz Disruptions
By Adedapo Adesanya
Indonesia has imported crude oil from Nigeria as Southeast Asia’s largest economy moves to reduce its dependence on Middle Eastern supplies amid rising geopolitical tensions involving the United States, Israel, and Iran.
Indonesia’s Ministry of Energy and Mineral Resources confirmed that Nigerian crude cargoes have already arrived in the country as part of efforts to diversify supply routes away from the volatile Strait of Hormuz, a key global oil transit chokepoint that handles about 20 per cent of world oil shipments.
The development positions Nigeria as an increasingly strategic alternative supplier in the global energy market as buyers seek more stable and flexible crude sources outside the Middle East.
Nigeria, which is Africa’s largest crude producer, has always sold some of its crude grades via joint ventures with international oil companies as well as to Dangote Refinery, to boost domestic production.
Indonesia’s Director General of Oil and Gas, Mr Laode Sulaeman, said the country was prioritising crude imports from suppliers whose shipping routes do not pass through the Strait of Hormuz, which has faced heightened security concerns following the ongoing conflict involving Iran, Israel, and the United States.
Apart from Nigeria, Indonesia is also considering crude supplies from Russia and the US.
The move could strengthen Nigeria’s crude export market at a time the country is seeking to boost production levels and attract new long-term buyers for its oil grades.
Speaking in March, the chief executive of the Nigerian National Petroleum Company (NNPC) Limited, Mr Bayo Ojulari, said that Nigeria could increase oil production by about 100,000 barrels per day over the next few months to realistically help the global shortfall.
Before the latest geopolitical tensions, around 20 per cent of Indonesia’s crude imports came from the Middle East. However, the country has now accelerated plans to diversify supply sources, naming Nigeria among key replacement suppliers alongside Angola, Brazil, Russia, and the US.
The development comes as Nigeria continues to gain attention in global oil markets, with its crude grades increasingly sought after because of their relatively low sulphur content and suitability for modern refineries.
Indonesia also recently opened talks with Russia for long-term crude and liquefied petroleum gas supplies, including a proposed purchase of 150 million barrels of Russian crude scheduled for delivery from late 2026.
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