Business
Sterling Financial Holdings Rebounds With 102% Profit Surge

Sterling Financial Holdings Company Plc has announced its audited full-year results for the financial year ended December 31, 2024, delivering a performance marked by strong earnings growth, robust balance sheet expansion, and a return to dividend payout.
The Group reported a profit after tax (PAT) of ₦43.68 billion, representing a 102% year-on-year (YoY) increase from the ₦21.58 billion recorded in 2023. Earnings per share more than doubled to 151 Kobo, reflecting the Group’s strategic resilience and consistent delivery on shareholder value.
Gross earnings rose to ₦337.19 billion, up from ₦221.77 billion in 2023, driven by higher interest income, enhanced non-interest revenue, and prudent cost control. Across its subsidiaries, customer deposits grew by 36.7% to ₦2.52 trillion, providing the Group with ample liquidity to support the scale of its lending activities. Despite this expansion, the quality of assets improved, as impairment charges on loans fell by 12.6% to ₦10.78 billion.
Sterling was also ranked among the most actively traded stocks on the Nigerian Exchange (NGX) between March and June 2025, reflecting sustained investor confidence in the Group’s long-term strategy and performance outlook.
Commenting on the results, Yemi Odubiyi, Group Chief Executive of Sterling Financial Holdings Company Plc, affirmed that the Group’s performance reflects the successful execution of its long-term strategy, particularly in sectors critical to Nigeria’s economic resilience, and underscores its commitment to delivering value for shareholders while deepening support for sustainable development.
“Our 2024 performance reflects the depth of our commitment to purposeful growth. By deliberately channeling capital into sectors that drive real economic value like agriculture, trade, healthcare, and renewable energy, we are not only achieving strong financial outcomes but also delivering lasting impact. The significant growth in our assets, loan book, and earnings is a testament to the trust we’ve earned from our customers and partners. As a Group, we are proud to see our subsidiaries gain momentum, our sustainability initiatives come to life, even as we continue evolving into a more agile and inclusive financial ecosystem.”Green job opportunities
“We remain focused on delivering innovation-led banking, strengthening our core, and deepening our contribution to the communities and markets we serve,” he stated.
SFHC’s commitment to growing diversified income streams also paid off. Net interest income climbed by 62% to ₦134.81 billion, while fee and commission income rose to ₦44.30 billion. Net fees and commissions increased by 30% to ₦33.93 billion in 2024, supported by higher transaction volumes, trade-related income, and digital banking fees. This growth provided a steady cushion against interest rate volatility and further diversified the Group’s earnings streams. The result was a stronger overall return on equity and a notable improvement in the Group’s cost-to-income ratio, reinforcing the operational efficiency gains achieved over the year.
Beyond financial performance, the Group demonstrated a deepened commitment to impact through its investments in renewable energy, healthcare, and community development. In 2024, SFHC partnered with the Lagos State Government to launch the Ilera Eko healthcare booths, delivering affordable, community-based medical services.
The project integrated basic care with financial inclusion, offering underserved populations a chance to access both health services and entry-level banking. Similarly, the Group ramped up its financing of solar power systems and mini-grid solutions, helping households and small businesses transition to sustainable energy while reducing reliance on fossil fuels.
Throughout the year, SFHC also engaged in numerous education and entrepreneurship programmes through the Sterling One Foundation, its social impact vehicle. These initiatives provided financial literacy, business support, and capacity development for thousands of young Nigerians, with a special focus on empowering women and youth in underserved communities. These efforts earned the Group recognition from institutions such as the IFC and Nigerian Exchange for excellence in corporate governance and social responsibility.
In line with its commitment to delivering shareholder value, SFHC has proposed a dividend of 18 Kobo per share for the 2024 financial year. The proposed dividend, subject to shareholder approval at the upcoming Annual General Meeting, emphasises the Group’s disciplined capital management approach and its intention to balance growth investments with direct returns to shareholders.
Leadership.ng
Business
After Petrol, Dangote Refinery Slashes Cooking Gas Price Lowest In Nigeria [Price Per State Emerges]

Africa’s largest refinery, Dangote Refinery, has slashed the price of liquified natural gas (LPG), also known as cooking gas to the lowest in 2025, a few hours after cutting petrol rate, a move that has sent joy to Nigerian households.
This move came barely 24 hours after the refinery reduced its petrol prices to N820 per litre from N854.
Checks showed Dangote Refinery lowered the cooking gas price, easing hardship for Nigerians.
Checks by Legit on petroleumpriceng’s price data show that the refinery slashed the LPG price to N740 per kg, the lowest among depot operators and cheapest in Nigeria.
The latest price is also the cheapest the refinery has sold cooking gas in 2025 after rates jumped above N1,000 per kilogramme.
Experts have hailed the move as exemplary, urging other operators to follow suit. They also attributed the latest price cut to the declining crude oil prices in the international market.
Where it’s cheapest and costliest
Oyo, Plateau, and Yobe currently offer the lowest 5kg refill costs at ₦7,100, ₦7,200, and ₦7,600, respectively. For the 12.5kg size, Yobe leads with ₦19,000, followed by Niger (₦19,242.48) and Jigawa (₦20,025.94).
At the other extreme, the South-South zone records the highest average: ₦8,871.63 for a 5kg cylinder and ₦22,179.08 for a 12.5kg refill. In contrast, the South-West pays the least regionally—₦7,960.42 and ₦20,402.42, respectively.
A reversal of fortune for Nigerians
This development came after Legit.ng reported that cooking gas prices are on the rise again.
For the fifth straight month, cooking gas prices in Nigeria have risen, tightening the squeeze on household budgets.
According to fresh data from the National Bureau of Statistics (NBS), refilling a 5kg cylinder now costs ₦8,323.95—up 1.92% from May’s ₦8,167.43 and a hefty 19.49% more than in June 2024.
The pain is sharper for larger households. A 12.5kg cylinder refill now costs an average of ₦21,010.56, marking a 1.46% rise from May and a staggering 33.52% jump compared to last year’s ₦15,736.27.
Crude oil prices slump
“International crude oil price is a great factor in setting petroleum product prices globally,” energy analyst and Team Lead at Platforms Africa, Adeola Yusuf, said.
According to him, falling crude prices mean falling petroleum product prices, and vice versa. Findings show that Brent Crude slumped 0.66% on Wednesday, August 13, 2025, to sell at $65.46 per barrel.
WTI fell 0.75% to sell for $62.35 per barrel, while Murban Crude sold for $67.52 per barrel, recording a 0.89% decline.
Why the surge won’t stop
Despite being Africa’s largest oil producer, Nigeria imports much of its cooking gas.
This dependence makes local prices vulnerable to swings in the global market. Disruptions in supply chains, increased global demand, and geopolitical tensions have driven up costs worldwide.
The naira’s persistent weakness worsens the situation, as importers pay more to secure foreign exchange, passing the burden to consumers.
Business
Fuel Scarcity: Petrol Price Rises Above N1,500 As Marketers Shut Filling Stations To Support Strike

A litre of petrol is selling for as high as N1,700 as fuel scarcity has hit residents of Benue state following the petrol tankers’ protest over unfulfilled compensation
Several filling stations are closed, and black market operators have taken advantage of the situation to hike prices
The sudden shutdown has sent petrol prices skyrocketing to hit new levels as black market operators have taken advantage of the situation.
The state governor has pleaded with the petrol tankers to suspend their strike and return to work.
Petrol Tanker Drivers (PTD) branch of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) is currently on a 3-day warning strike in Benue state.
In solidarity, petrol station owners in the state shut their doors.
The sudden shutdown has sent petrol prices skyrocketing to hit new levels as black market operators have taken advantage of the situation.
Vanguard reports that desperate motorists and commercial motorcycle operators who have been left stranded are resorting to black market operators who are selling petrol for as high as N1,700 perlitre.
Prices vary depending on the location within the town, with some areas seeing prices at N1,600.
The price is a massive N775 difference when compared to N945 it was sold before the showdown.
According to a member of the Independent Petroleum Marketers Association of Nigeria (IPMAN) in Benue State, who was quoted in the report said the strike action was taken following unresolved grievances.
“A few years ago, youths attacked a etrol-laden truck on the Makurdi-Aliade road and siphoned its contents. Promises of ompensation by the former administration were never fulfilled.”
He added that efforts by NUPENG and IPMAN to engage the current administration for redress reportedly met with resistance, prompting the decision for a warning strike.
All fuel station managers were instructed to cease operations during this period. “Heavy penalties of up to N500,000 were threatened for non-compliance, leaving no stations perational.”
Meanwhile, the Benue State Government has urged NUPENG to call off the strike, noting that the strike was uncalled for.
Deborah Aber, the Secretary to the State Government (SSG), stated that the government received a letter from NUPENG requesting payment of over N40 million as compensation for the vandalised PMS tank in 2022.
“In the letter, they were asking for payment for their 45,000 litres of PMS they lost through the activities of vandals in 2022 at Aliade.
“We needed to sit down and look at the whole scenario and how it played out. To us, it seemed like a straightforward case of theft and vandalism, with no government involvement.
“We have held several meetings with them. Surprisingly, we woke up today to find that the stations were locked. The government too is surprised because we are still. t the discussion at table.
“When we received the letter, we wrote to the police and DSS to furnish us with what happened that time.
In the letter they were claiming payment of over N40m for the loss of their goods in 2022.”
NNPC increase petrol prices
The new price follows changes announced by petrol importers and the Dangote Refinery amid the global oil price increase
NNPC Limited retail outlets are now selling nigher rate than the rate offered by Dangote refinery partners.
Business
What God Showed Me About NNPC GMG Ojulari -Primate Ayodele Reveals

Spiritual leader and founder of INRI Evangelical Spiritual Church, Primate Elijah Ayodele, has sounded an alarm over impending challenges for a top executive at the Nigerian National Petroleum Company (NNPC), warning that powerful cabals are working behind the scenes to frustrate and destabilize him.
In a recent video prophetic message from 00:02:07, Ayodele revealed that the General Managing Director (GMG) of NNPC is facing spiritual and political sabotage that could lead to serious complications in the months ahead.
“NNPC GMG—the problem has just started,” the cleric declared. “They want to frustrate him. Frustrate him. Because there are cabals that have tied his life.”
Ayodele explained that these internal forces are not just opposing the GMG’s reforms or leadership style, but are spiritually plotting to discredit and dismantle his influence. According to the prophet, these groups are determined to undermine the GMG’s success and force him into conflict and confusion within the organization.
“If he’s not careful, they will create commotion for him,” Ayodele warned. “They are not just fighting his position; they are fighting his peace and his purpose.”
The renowned prophet called on the GMG to be prayerful and spiritually alert, urging him not to rely solely on political loyalty or official power to withstand the coming storm. He emphasized that the battle was more spiritual than administrative.
“This is a time to seek divine protection and guidance,” Ayodele advised. “Those around him are not all loyal. Some are pretending while planning his fall.”
Ayodele’s message adds to growing concerns about internal politics and power struggles within Nigeria’s oil and gas sector, especially as the government pushes for reforms, transparency, and accountability at the NNPC.
Though the cleric did not mention a specific name, his warning has sparked speculation about tensions within the corporation and what steps leadership must take to avoid disruption.
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