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Oando Plc returned to operating profitability in the nine months ended September 2026, supported by higher crude oil production, improved facility uptime and lower operating costs, as revenue rose 9 percent to N2.78 trillion.

The indigenous energy company recorded an operating profit of N159.7 billion, compared with an operating loss of N109.7 billion in the corresponding period of 2025, according to its unaudited financial results for the nine months ended September 2026.

Average daily production increased 14 percent to 42,985 barrels of oil equivalent per day (boepd), from 37,614 boepd a year earlier, reflecting higher output across crude oil, natural gas and natural gas liquids (NGLs).

Gross profit rose 483 percent to N174.5 billion from N29.8 billion, while facility uptime improved to 96.1 percent from 85 percent, indicating better reliability across its upstream operations.

Wale Tinubu, group chief executive of Oando, said the improved performance reflected investments in its upstream assets and operational efficiency.

‘Our performance in the first nine months of 2026 demonstrates how diligent execution under our operatorship, supported by our renewed investment drive, is delivering greater efficiency, improved reliability, lower unit costs and ultimately higher production across our expanded upstream portfolio,’ he said.

Crude oil production increased 12 percent to 12,193 barrels per day, while gas production rose 13 percent to 28,689 boepd. NGL production grew 53 percent to 2,103 barrels per day.

The company’s total exploration and production sales volumes increased 21 percent to 10.21 million barrels of oil equivalent. Crude oil liftings rose 43 percent to 3.97 million barrels, while natural gas sales increased 5 percent to 34.01 billion standard cubic feet. NGL sales climbed 90 percent to 570,000 barrels.

The improved production performance also helped lower production operating costs by 22 percent to $15.39 per barrel of oil equivalent, from $19.67 in the corresponding period of 2025.

Despite the operating recovery, Oando’s earnings remained under pressure from financing costs. The company recorded a loss before tax of N74.7 billion, compared with a profit before tax of N19.5 billion a year earlier, as net finance costs reached N235.2 billion.

Profit after tax fell 47 percent to N106.5 billion from N201.3 billion, supported by an income tax credit of N181.1 billion.

Cash generated from operations stood at N285 billion, compared with N339.2 billion used in the corresponding period of 2025. The company invested N110.7 billion in capital expenditure, mainly in drilling activities across its OMLs 60-63 assets.

Total borrowings declined to N2.16 trillion, representing a 20 percent reduction from the end of 2025, while closing cash increased to N175.9 billion from N143.8 billion a year earlier.

Oando is also advancing a seven-well drilling programme across its operated assets. The company said it had completed drilling and brought Idu 6ST and Idu 15 on stream, while workovers at Samabri 4T and Samabri 7T had been completed.

Drilling is ongoing at Idu T and Samabri A50, with the final well, Ogbainbiri, scheduled to spud in December. The programme is expected to add between 16,000 and 20,000 boepd in gross production when completed.

The company has narrowed its 2026 full-year production guidance to between 40,000 and 45,000 boepd and expects capital expenditure of $90 million to $100 million, focused on upstream development activities.

In its electric mobility business, Oando said its partnership with the Lagos Metropolitan Area Transport Authority recorded more than 212,000 passenger journeys in the first nine months of the year. The company also received 11 additional electric buses, bringing its fleet to 13, with the expanded fleet expected to enter service in the fourth quarter.

Tinubu said the company would focus on completing its drilling programme, sustaining production and strengthening its balance sheet through a planned equity raise.

Manchester City suffered consecutive Premier League defeats for the first time under Enzo Maresca after Brighton secured a 1-0 win at the Etihad Stadium on Saturday.

The defeat followed Man City’s defeat to Aston Villa last weekend, marking the club’s first run of back-to-back league defeats since August 2025.

Brighton’s victory also ended their long wait for a first-ever Premier League away win against City, achieved at the 18th attempt, and moved the Seagulls to within two points of the leaders. Third-placed Brighton strengthened their title ambitions with another significant result, having already beaten reigning champions Arsenal convincingly this season.

Fabian Hrzeler’s side also gained revenge for their League Cup exit against City on Wednesday. The Seagulls had twice taken the lead at the Etihad before losing on penalties, a result that left their manager frustrated.

This time, Brighton made their early advantage count, with Yasin Ayari slotting home in the 11th minute.

Goalkeeper Bart Verbruggen then produced an inspired performance to withstand City’s second-half pressure and preserve the visitors’ lead.

Brighton were also dangerous on the counter-attack and could have extended their advantage late on, but Jack Hinshelwood’s effort struck the side netting.

City had won their opening seven league matches as Maresca made an impressive start to the demanding task of succeeding Pep Guardiola. However, successive defeats have checked that momentum and increased the pressure on the new manager.

The result also means Arsenal can move above Manchester City and return to the top of the Premier League table if they avoid defeat against Liverpool on Sunday.

Wema Bank Plc strengthened its earnings performance in the first nine months of 2026, with profit after tax rising 72.6 percent to N219.84 billion, supported by higher interest income, increased treasury trading gains and a significant expansion in its loan portfolio.

The bank’s unaudited financial statements for the nine months ended September 2026 show that profit after tax increased from N127.40 billion in the corresponding period of 2025, while profit before tax grew 76.6 percent to N258.64 billion from N146.43 billion.

The performance reflects the benefits of its expanding balance sheet and stronger income from interest-earning assets, although rising funding costs and operating expenses indicate that sustaining earnings growth will depend on how effectively the bank manages its expanding operations.

Gross earnings increased to N673.24 billion from N462 billion, representing a 45.7 percent increase during the period.

Interest income, the bank’s largest income source, rose by 37.2 percent to N543.56 billion from N396.14 billion, driven by higher returns from loans and advances, cash balances and investment securities.

Income from loans and advances to banks and customers increased to N326.01 billion from N244.44 billion, while interest income from cash and cash equivalents surged to N91.28 billion from N8.04 billion.

However, interest expenses also increased by 35.6 percent to N217.68 billion from N160.53 billion, largely reflecting higher costs on customer deposits.

Consequently, net interest income increased by 38.3 percent to N325.88 billion from N235.61 billion, demonstrating that the bank was able to grow income from lending and investments faster than its funding costs.

Beyond traditional lending activities, Wema Bank recorded significant growth in income from financial market transactions, providing another important boost to its earnings.

Net trading income surged to N46.08 billion from N10.66 billion in the corresponding period of 2025, representing an increase of 332 percent.

Treasury bills accounted for the largest contribution, generating N40.47 billion compared with N8.29 billion a year earlier.

Income from fixed-income securities also increased to N3.24 billion from N516.23 million, while foreign exchange trading income rose to N2.37 billion from N1.86 billion.

The performance highlights the increasing contribution of treasury investments to the bank’s earnings, particularly as higher interest rates provide opportunities for financial institutions to generate returns from government securities.

Gains on financial assets measured at fair value through profit or loss also increased to N10.42 billion from N1.07 billion.

Meanwhile, net fee and commission income rose by 28.4 percent to N55.14 billion from N42.93 billion, supported by higher account maintenance and management fees.

Management fees increased to N15.42 billion from N9.82 billion, while account maintenance fees rose to N11.56 billion from N7.49 billion.

However, fees from electronic products declined sharply to N10.54 billion from N24.42 billion, a 56.8 percent contraction.

The decline suggests that growth in the bank’s overall earnings is not yet being matched by stronger income from its electronic banking channels, an area that remains important to its digital banking strategy.

Wema Bank’s balance sheet expansion was another defining feature of its nine-month performance, with total assets increasing by 46.4 percent to N7.43 trillion as of September 2026, from N5.07 trillion at the end of December 2025.

Loans and advances to customers increased by 44.5 percent to N2.51 trillion from N1.74 trillion, reflecting an expansion in the bank’s lending activities.

Gross loans reached N2.58 trillion, with term loans accounting for N2.30 trillion, while overdrafts stood at N253.50 billion.

Customer deposits increased by 17.4 percent to N3.86 trillion from N3.29 trillion, providing funding support for the expansion.

The growth in loans outpaced deposit growth, indicating that the bank is deploying a larger proportion of its balance sheet towards lending and other income-generating activities.

However, the expansion also makes credit quality an important consideration for future earnings.

The bank’s gross Stage 3 loans declined to N69.33 billion from N88.06 billion at the end of 2025, despite the significant growth in its loan portfolio.

This reduced the proportion of Stage 3 loans to approximately 2.7 percent of gross loans, compared with 4.9 percent at the end of December 2025.

Nevertheless, impairment charges on loans and advances increased to N17.03 billion from N12.40 billion, contributing to a 21.2 percent rise in total net impairment losses on financial assets to N18.54 billion.

The increase suggests that credit risk costs remain an important factor to monitor as the bank expands its lending activities.

Despite higher operating expenses, Wema Bank improved its operating efficiency during the period.

Total operating expenses, comprising personnel costs, depreciation and other operating expenses, increased by 27.7 percent to N178.38 billion from N139.73 billion.

Personnel expenses rose to N69.10 billion from N50.33 billion, while other operating expenses increased to N95.24 billion from N80.99 billion.

However, operating income grew faster, increasing by 52.7 percent to N437.02 billion from N286.16 billion.

This brought the bank’s cost-to-income ratio to approximately 40.8 percent, compared with 48.8 percent in the corresponding period of 2025, indicating improved operating leverage.

The stronger earnings also supported shareholders’ funds, with retained earnings increasing to N381.18 billion from N215.07 billion at the end of 2025.

Total shareholders’ equity rose to N790.13 billion from N620.47 billion.

The bank paid N50.15 billion in dividends during the period, compared with N21.43 billion in the whole of 2025.

However, earnings per share declined slightly to 730.63 kobo from 738.48 kobo in the corresponding period of 2025, despite the increase in profit, reflecting the impact of the bank’s expanded share base following its 2025 capital-raising activities.

The digital bank closed its last trading day on Friday at N32 per share on the Nigerian Stock Exchange,, recording a 3.2 percent gain over its previous closing price of N31. Wema began the year with a share price of N20.40 and has since gained 56.9 percent on that price valuation, ranking it 45th on the NGX in terms of year-to-date performance.

President Bola Tinubu has commended the Economic and Financial Crimes Commission (EFCC) following a letter from the Director of the United States Federal Bureau of Investigation (FBI), Kash Patel, praising the Commission’s role in apprehending and extraditing suspects involved in international sextortion crimes against minors.

The FBI had written to the EFCC Chairman Ola Olukoyede, acknowledging the Commission’s contribution to Operation Artemis, a joint investigation targeting criminal networks involved in the sexual exploitation and extortion of children, according to Bayo Onanuga, Special Adviser to the President on Information Strategy.

The operation led to the arrest and extradition of two Nigerian suspects, Adebola Festus Adekunle and Mudasiru Afeez Olawale, in August 2026.

Both are facing federal charges in the United States.

‘The successful outcome of these cases would not have been possible without your assistance and dedication to international law enforcement collaboration,’ Patel wrote.

President Tinubu described the commendation as further recognition of Nigeria’s progress in combating financial crimes and strengthening international law enforcement cooperation.

‘This is the kind of institutional performance we are determined to build across our country. I commend the EFCC Chairman and his team for their professionalism and dedication.

‘Nigeria must never become a haven for criminals who exploit innocent people, whether at home or abroad. Our law enforcement and anti-corruption institutions have my full support to pursue offenders and bring them to justice in accordance with the law,’ the President said.

The commendation comes amid growing international recognition of Nigeria’s anti-corruption and financial crime reforms, including the country’s removal from the Financial Action Task Force (FATF) grey list in October 2025 and the European Union’s high-risk financial jurisdictions list in January 2026.

President Tinubu notes that these developments reflect his administration’s commitment to strengthening financial integrity, restoring international confidence and creating a more secure environment for legitimate businesses and investment.

‘Our fight against corruption is not measured by publicity but by results. Stronger institutions, effective law enforcement and international cooperation are essential to building a Nigeria where honest enterprise can thrive, and criminals are held accountable,’ the President stated.

He therefore urged the EFCC and other law enforcement agencies to sustain their efforts, assuring them of his administration’s continued support in protecting Nigerians, combating financial crimes and strengthening the country’s standing among its international partners.

Ogbogbo Baptist Grammar School in Ogun State has received N1.5 million from MTN Nigeria after finishing second in the fourth season of the MTN Champs athletics competition, as the telecommunications company continues to support grassroots sports development among young people.

Presenting the cheque at the school, Gbenga Olalandu, MTN’s Senior Manager for Sales and Trade Development in Ogun State, said the award recognised the students’ achievement and was intended to encourage them to pursue sports alongside their education.

The company also donated sporting equipment, including javelins and jerseys, to support the school’s extracurricular activities.

‘We are here because we want to celebrate champions. MTN has embarked on an extracurricular sporting activity called MTN Champs, and the students of Baptist Grammar School were winners in that event,’ Olalandu said.

He urged the students to pursue academic excellence while developing their sporting abilities, noting that young people could build successful careers in sports without compromising their education.

‘You can still be Ronaldo or Messi and have a very good education, so we want them to combine both,’ he said.

Olalandu added that sports played an important role in building relationships, strengthening communities and bringing people together.

Oluwafemi Nasirudeen, the school’s coach, commended MTN for investing in grassroots sports, saying the initiative would motivate young athletes to improve their performance.

He also called on secondary schools across Ogun State to give students opportunities to train after school hours, noting that regular practice would help them prepare for future competitions and develop their athletic potential.

Bolanle Shebi-Omo, Vice Principal of Ogbogbo Baptist Grammar School, also thanked MTN for its support and urged the company to sustain its investment in youth development.

She said the sponsorship would encourage students to recognise opportunities for achievement beyond the classroom.

The fourth season of the MTN Champs competition involved four secondary schools across South-West Nigeria, providing students with an opportunity to showcase their athletic abilities and compete for recognition.

Nigeria’s manufacturing sector is losing access to bank credit despite the N4.65 trillion raised through the banking sector’s recapitalisation exercise, raising concerns about whether stronger lender balance sheets will translate into industrial growth.

Credit to manufacturing fell by 33.8 percent, from N8.53 trillion in December 2024 to N5.65 trillion in August 2026, while the sector’s share of total bank credit declined to 8.7 percent from 17.4 percent in December 2023.

The figures, presented by Tayo Aduloju, chief executive officer of the Nigerian Economic Summit Group (NESG), at the Chartered Institute of Bankers of Nigeria (CIBN) Fellowship Investiture Ceremony in Lagos on Saturday, highlight the disconnect between increased bank capital and financing for productive sectors of the economy.

The presentation showed that average credit to manufacturing fell by 26 percent year-on-year between January and August 2026 to N5.7 trillion, while average credit to trade and commerce rose by 49 percent to N5.9 trillion over the same period.

The shift suggests that banks are directing more financing towards trade and commerce than manufacturing, despite the latter’s importance to industrialisation, employment and export growth.

Nigeria’s banking recapitalisation exercise, launched in March 2024 and concluded in March 2026, raised N4.65 trillion in fresh capital, with 33 of 37 banks meeting the new minimum capital requirements. Domestic investors contributed 72.6 percent of the funds, while foreign investors accounted for 27.4 percent.

According to the NESG presentation, the additional capital could theoretically support between N31 trillion and N46.5 trillion in lending, depending on the applicable capital ratio. However, the estimates represent potential lending capacity rather than actual new loans.

The figures raise questions about how effectively the stronger capital base can support businesses that require long-term financing to acquire machinery, expand production and improve competitiveness.

Speaking at the event, Babajide Sanwo-Olu, governor of Lagos State, said the real measure of recapitalisation would be its impact on factories, expanding businesses, sustainable jobs and economic competitiveness.

He said manufacturers needed capital to acquire machinery, expand production and compete in international markets, while agricultural processors required financing for storage, processing and distribution.

Sanwo-Olu urged banks to develop financing models that support long-term industrial growth while maintaining prudent risk management.

He also pointed to investment opportunities around the Lekki Deep Sea Port, industrial activities along the Lekki corridor, rail and road infrastructure, and the Lagos State Electricity Law, saying stronger financial sector participation could unlock private investment, improve productivity and create jobs.

The challenge extends beyond manufacturing. The NESG presentation showed that oil and gas accounted for N18.15 trillion in bank credit as of August 2026, while finance and insurance received N11.46 trillion. Together, the two sectors accounted for approximately 46 percent of total bank credit.

Manufacturing received N5.65 trillion, representing 8.7 percent of total credit, while agriculture accounted for 6.2 percent, despite employing 33.5 percent of Nigeria’s workforce in 2025.

The presentation also highlighted Nigeria’s relatively shallow credit market, with private-sector credit standing at 13 percent of gross domestic product in 2025, compared with 38.1 percent in lower-middle-income economies.

High borrowing costs remain another obstacle to expanding industrial financing. Although the Central Bank of Nigeria reduced its monetary policy rate to 23 percent in September 2026, bank lending rates remained between 19 percent and 32.6 percent, according to the presentation.

Government borrowing is also competing with private businesses for available funds. Credit to the government rose by 63 percent year-on-year to N39.4 trillion in September 2026, compared with 16 percent growth in private-sector credit to N83.9 trillion.

Treasury bill yields of around 16 percent also provide banks with an alternative to lending to businesses, where credit risks may be higher and repayment periods longer.

The NESG argued that Nigeria’s industrial financing challenge is not simply a shortage of capital but the fragmented way existing financial institutions mobilise and deploy funds.

It called for a more coordinated financing framework involving commercial banks, pension funds, insurance companies, the Bank of Industry, the Development Bank of Nigeria and credit guarantee institutions.

The proposed framework would combine long-term funding with risk-sharing arrangements, credit guarantees, interest rebates and tax incentives to encourage investment in productive sectors.

The presentation also recommended that banks develop specialist industrial lending capabilities, provide longer-term financing and use digital cash-flow data and movable assets to assess borrowers beyond traditional land-based collateral.

It urged the CBN to improve the transmission of monetary policy rate cuts to lending rates and consider reducing cash reserve requirements as disinflation continues. Fiscal authorities were also advised to contain government borrowing that crowds out private-sector credit and fund the proposed N3 trillion allocation to the Bank of Industry.

Reliable electricity, logistics, ports and access to foreign exchange for machinery and industrial inputs were identified as additional requirements for industrial expansion.

The NESG’s proposed industrial policy targets include increasing manufacturing’s share of GDP to 15 percent by 2030 and 25 percent by 2035.

Dele Alabi, president and chairman of council of the CIBN, said the question was no longer whether banks had sufficient capital, but whether the funds would translate into new industries, expanded businesses, better infrastructure and sustainable jobs.

He said Nigeria had an opportunity to deploy the enhanced capital towards manufacturing, agriculture, infrastructure, energy, technology and other productive sectors.

Alabi also announced that the Institute would host its CIBN MSME Forum on December 1, 2026, to advance solutions for expanding access to finance and accelerating enterprise growth. The Institute is also advocating the establishment of small and medium-sized enterprise hubs across Nigeria to provide entrepreneurs with financing, business support, capacity development and market opportunities.

For the NESG, the ultimate test of recapitalisation is whether the additional capital supports production rather than remaining concentrated in safer or shorter-term lending opportunities.

The outcome, it argued, should be measured by improvements in industrial productivity, manufacturing growth, export competitiveness and job creation rather than by the amount of capital banks have raised.

Nigeria’s equity market gained N2.01 trillion in October 2026, as strong price appreciation in selected mid-cap stocks and Dangote Cement lifted market capitalisation despite declining share prices across most listed securities.

Market capitalisation on the Nigerian Exchange (NGX) rose by 1.23 percent to N165.11 trillion at the end of October from N163.10 trillion recorded in September, while the benchmark All-Share Index (ASI) advanced by 3,087.82 points to 254,299.49 points from 251,211.67 points.

However, the market’s positive performance was concentrated in a relatively small number of stocks, with 72 of the 146 securities tracked recording losses during the month. Only 28 stocks appreciated, while 46 remained unchanged.

The disparity between gainers and losers highlights the selective nature of October’s rally, as banking, insurance and consumer goods indices declined despite gains in industrial and selected large-cap counters.

Multi-Trex Integrated Foods emerged as the market’s strongest percentage gainer, doubling its share price to N0.72 from N0.36, following its resumption of trading on the NGX after almost eight years of suspension.

The company’s return to the exchange followed the submission of its outstanding financial statements, which showed a significant increase in revenue to N3.61 billion from N47.9 million in the previous year.

However, the revenue expansion came alongside a deterioration in profitability, as its loss after tax widened to N615.06 million from N423.20 million in 2025. The company reported cost of sales of N3.10 billion and operating expenses of N1.11 billion, reflecting the substantial costs associated with its operations.

Livestock Feeds and E-Tranzact International followed Multi-Trex among the month’s strongest performers, gaining 64.20 percent and 33.61 percent, respectively.

Dangote Cement ranked fourth, with its share price appreciating 33.12 percent to N1,420 from N1,066.70. The cement manufacturer’s performance was supported by stronger earnings, as its nine-month pre-tax profit increased 41.5 percent to N1.47 trillion.

The company’s market capitalisation also crossed the N20 trillion threshold during the month, reinforcing its influence on the exchange’s overall market performance.

Other notable gainers included AVA Capital, which advanced 32.74 percent to N7.50, and Honeywell Flour Mills, which rose 25.28 percent to N22.55. Learn Africa gained 19.61 percent to N9.15, while Fidelity Bank appreciated 10.85 percent to N24.

Guinea Insurance and CAP rounded out the top 10 performers, gaining 10 percent each to close at N0.77 and N110, respectively.

October’s market recovery became more pronounced towards the end of the month, with the ASI climbing from 244,956.94 points on October 22 to 254,299.49 points on October 30. This represented a gain of 9,342.55 points, or 3.81 percent, within eight trading days.

Dangote Cement was among the major contributors to the late-month momentum, rising approximately 40.6 percent from N1,010 to N1,420 over the same period.

Meanwhile, Sterling Holdco recorded a share-price increase of 891.56 percent in October, moving from N7.70 to N76.35 following a one-for-ten share reconstruction and its subsequent relisting.

Although the movement made Sterling Holdco appear to be the exchange’s strongest-performing stock based on its unadjusted share price, the increase did not translate into additional market value. Its market capitalisation remained unchanged at N527.5 billion upon relisting.

After adjusting for the share reconstruction, Sterling Holdco’s October performance represents a decline of approximately 0.84 percent, distinguishing its underlying market performance from the mechanical adjustment in its share price.

The exchange’s October performance also represented a slowdown compared with the same period in 2025, when the NGX All-Share Index appreciated by approximately 8 percent, significantly above the 1.23 percent gain recorded this year.

Geregu Power Plc’s profit before tax plunged by 79.9 percent to N7.55 billion in the nine months ended September 2026, as operational disruptions caused by failures in critical transformers sharply reduced electricity generation and revenue.

The decline from N37.46 billion recorded in the corresponding period of 2025 highlights the financial impact of equipment breakdowns at the power plant, which the company said significantly constrained its production capacity during the period.

In its unaudited financial statements, the electricity generation company reported revenue of N25.35 billion, representing an 80.7 percent decline from N131.47 billion in the same period last year.

The sharp contraction was driven by a fall in energy sales to N16.90 billion from N85.52 billion, while capacity charge revenue dropped to N8.46 billion from N45.94 billion.

Geregu Power attributed the revenue decline to the breakdown of three critical transformers immediately after the company’s handover, resulting in low-voltage winding failures, high-voltage bushing failures and other operational challenges.

According to the company, the transformer failures significantly affected production output, with the equipment essential to the plant’s operations requiring repairs.

The company disclosed that one transformer had been successfully repaired, restored and reconnected to the national grid in August, while two others remained under repair and were expected to return to the plant in November and December.

The temporary reduction in operational capacity directly affected electricity generation and revenue, although management said the disruption resulted from unforeseen equipment breakdowns rather than underlying business performance issues.

Geregu Power also disclosed an ongoing reconciliation with the Nigerian Independent System Operator (NISO) over an energy loss of 18,704.33 megawatt-hours (MWh) across August and September that was not captured by Nbet. The company said the amount would be recognised in due course.

The revenue contraction significantly weakened the company’s operating performance, with gross profit falling by 84.5 percent to N8.22 billion from N53 billion.

Cost of sales declined to N17.14 billion from N78.47 billion, reflecting lower operating activity, although the reduction was insufficient to offset the impact of weaker revenue.

Operating profit consequently fell to N12 billion from N42.23 billion in the corresponding period of 2025.

The company’s administrative expenses also increased substantially, rising to N17.08 billion from N7.34 billion, adding further pressure to earnings.

Despite the challenging operating environment, an improvement in impairment reversals provided some support to profitability. Geregu recorded an impairment reversal of N16.12 billion on financial assets, compared with an impairment loss of N4.74 billion in the prior-year period.

Finance costs declined to N9.39 billion from N10.07 billion, while finance income stood at N4.94 billion compared with N5.30 billion a year earlier.

Consequently, net finance costs narrowed to N4.46 billion from N4.77 billion.

Profit after tax declined by 76.5 percent to N5.89 billion from N25.10 billion, while earnings per share dropped to N2.36 from N10.04.

To address the operational disruptions, Geregu Power said its board had taken the bold step of ordering brand-new transformers from Siemens to guarantee uninterrupted power generation.

In a statement, the company disclosed that the agreement covers transformers for the plant’s three generating units, GT11, GT12 and GT13, and forms part of the electricity producer’s investment in maintaining and modernising critical infrastructure.

The procurement is expected to strengthen the reliability of the plant’s connection to Nigeria’s national grid by reducing the risk of transformer-related failures that could disrupt generation and electricity delivery.

‘Under the agreement, Siemens Energy will handle the design, manufacture, testing and delivery of the three transformers, while Geregu Power will participate in Factory Acceptance Testing before the equipment is shipped to Nigeria.

‘The testing process will allow the power producer to assess the equipment against agreed specifications before delivery and installation,’ the company disclosed.

According to further analysis of the financial statement, the company expects the return of the two transformers undergoing repairs to enable the full restoration of its generation capacity.

The operational challenges also affected its cash generation. Net cash used in operating activities stood at N1.67 billion in the nine months, compared with positive cash generation of N54.61 billion in the corresponding period of 2025.

The company ended September with cash and cash equivalents of N23.97 billion, compared with N28.11 billion at the end of December 2025.

Its total assets stood at N245.16 billion, while total equity declined to N42.02 billion from N58.63 billion at the end of 2025.

Geregu closed its last trading day on Friday with N825.70 per share on the Nigerian Stock Exchange. Geregu Power began the year with a share price of N1,141.50 but has since lost 27.7 percent off that price valuation, ranking it 119th on the NGX in terms of year-to-date performance.