By Adedapo Adesanya

Nigeria’s oil revenue reportedly surged above its 2026 benchmark by an estimated N5.13 trillion in March and April as global crude prices spiked amid Middle East tensions, but only a fraction of the windfall is reaching government coffers.

Since the war started, oil prices have continued to soar, selling for above $120 at some point. The 2026 budget is anchored on daily oil production of 1.8 million barrels per day, a benchmark oil price of $64.85 per barrel and an exchange rate of N1,400 to the Dollar.

The revenue surge followed a sharp rally in the global oil market after tensions between the United States and Iran disrupted supply expectations and drove crude prices far above Nigeria’s budget benchmark of $64.85 per barrel.

The calculation puts Nigeria’s expected daily oil revenue at about N163.42 billion.

However, actual earnings in March and April came in far above that level as global prices climbed, offsetting weaker production and delivering a strong fiscal boost to the federal government.

This does not translate to the entirety entering the country’s purse, because a large share of Nigeria’s crude is produced under Production Sharing Contracts (PSCs) and Joint Ventures (JVs) with international oil companies. Cost recovery and profit-sharing formulas mean only a fraction of incremental price gains accrues to the state after operators deduct capital and operating expenditures.

Beyond these, structural inefficiencies further limit actual inflows. Oil theft, pipeline vandalism, and persistent underproduction reduce the volume of crude available for sale, weakening revenue performance despite favourable prices. Additionally, before funds are distributed, multiple deductions, including operational costs, debt servicing obligations tied to oil-backed loans, and other statutory charges, are applied, shrinking what eventually reaches the Federation Account.

Nigeria also has to contend with exchange rate dynamics as Dollar-denominated earnings are subject to conversion challenges, further diluting the real fiscal impact in Naira terms.

Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that March crude production averaged 1.55 million barrels per day, below budget, but stronger oil prices lifted average daily revenue to about N201.8 billion, creating an estimated surplus of N1.19 trillion for the month.

In April, production improved to about 1.7 million barrels per day, while average crude prices climbed further, pushing daily revenue to about N294.84 billion and generating an additional N3.94 trillion above budget expectations.

Combined, both months delivered a revenue upside of N5.13 trillion, with the bulk of the gain driven by higher crude prices rather than stronger production performance.

The sharp rise in earnings has given the government short-term fiscal relief, but it has also exposed the economy’s continued dependence on external oil market shocks, where gains in public revenue often come with direct pressure on domestic energy costs.

That pressure is already showing in the downstream market, with refined fuel prices rising sharply as crude costs climbed. Gantry prices at Dangote Refinery rose to about N1,275 per litre, while petrol retail prices increased to between N1,310 and N1,400 per litre in several parts of the country.

The development has renewed concerns over inflation, transport costs and household spending, as higher crude prices continue to boost government earnings while increasing the cost of living for consumers.

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange decreased by 1.16 per cent in the 18th trading week of 2026, with the Unlisted Securities Index down by 46.81 points to 4,005.78 points from the preceding week’s 4.052.58 points.

In the same vein, the market capitalisation went down by N28.01 billion in the four-day trading week to N2.396 trillion from the N2.424 trillion it ended a week earlier.

Last week, the total volume of transactions slumped by 87.7 per cent to 2.8 million units from 22.8 million units, just as the total value of trades declined by 32.3 per cent to N86.5 million from the previous week’s N127.7 million. The transactions were executed in the week in 140 deals across 16 stocks.

The most traded stock by value was Central Securities Clearing System (CSCS) Plc with N39.5 million, followed by Friesland Campina Wamco Plc with N37.2 million, Geo-Fluids Plc at N4.8 million, MRS Oil Plc at N1.9 million, and NASD Plc at N1.2 million.

In terms of volume, Geo-Fluids Plc led the activity chart with 1.63 million units, trailed by CSCS Plc with 0.524 million units, Friesland Campina Wamco Nigeria Plc traded 0.385 million units, Food Concepts Plc quoted 0.157 million units, and NASD Plc exchanged 0.036 million units.

Last week, there were six price decliners and two price advancers, led by Nitrox Industrial Gases Plc, which gained N2.43 to sell at N27 per unit versus the previous week’s N24.57 per unit, and UBN Property Plc, which grew by 20 Kobo to N2.23 per share versus N2.03 per share.

Conversely, MRS Oil Plc lost N17.65 to trade at N178.10 per unit versus N195.75 per unit, Friesland Campina Wamco Nigeria Plc slipped by N9.31 to N90.24 per share from N99.55 per share, NASD Plc dipped by N3.80 to N34.70 per unit from N38.50 per unit, Lagos Building Investment Company (LBIC) Plc went down by 53 Kobo to N3.47 per share from N4.00 per share, CSCS Plc declined by 24 Kobo to N76.02 per unit from N76.26 per unit, and Food Concepts Plc slid by 3 Kobo to N2.67 per share from N2.7- per share.

By Aduragbemi Omiyale

Coinage Fund Management Limited has been permitted to operate as a fund or portfolio manager in Nigeria.

The operating licence was handed over to the Africa-focused investment management firm by the Securities and Exchange Commission (SEC) after meeting the requirements.

This not only reinforces Coinage Fund’s credibility but also signals its readiness to partner with individuals and institutions seeking structured pathways to wealth creation in an increasingly complex financial landscape.

With this regulatory green light, Coinage Fund is now fully licensed to deliver tailored investment and portfolio management solutions to a broad spectrum of clients, including high-net-worth individuals, mass affluent investors, emerging investors, institutions, and corporate organisations.

A statement from the firm said this milestone marks a significant step in its mission to democratise access to professional wealth management and reshape the future of investment advisory across Nigeria and the broader African market.

At the core of Coinage Fund’s proposition is a forward-looking investment philosophy that blends disciplined asset management, technology-enabled insights, and a deep commitment to client outcomes.

The organisation enters the market at a time when the need for structured, professional investment management has never been more critical. Across Nigeria, a significant portion of individual and institutional capital remains underutilised or inefficiently allocated—often due to limited access to credible expertise and trusted advisory platforms.

“Too many individuals and businesses leave capital idle or poorly managed due to limited access to the right expertise. We are here to change that,” the chairman of the company’s board, Mr Victor Gbenga Afolabi, commented.

The chief executive, Mr Biodun Oke, described the approval as both a validation of the firm’s strategic direction and a launchpad for its long-term ambitions.

“At Coinage Fund Management Ltd, we are building Nigeria’s next generation of wealth and retirement future. We are committed to helping our clients achieve financial security, retirement readiness and sustainable wealth creation through ethical management practices, informed decision-making and a long-term investment philosophy.”

Coinage Fund distinguishes itself through a combination of robust governance structures, strict regulatory compliance, and a client-first operating model. Backed by a team with over 50 years of combined industry experience, the firm leverages intelligent, technology-driven investment strategies to deliver consistent, risk-adjusted returns.

Beyond portfolio performance, the company is also advancing a broader agenda—building a financially literate and empowered investor base. Through continuous investor education, thought leadership, and advisory services, Coinage Fund aims to cultivate a new generation of “financially fit” individuals equipped to achieve long-term financial independence.