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Russia-Ukraine war: Fuel scarcity may continue, More vessels avoid Black, Mediterranean seas over attacks
The ongoing war between Russia and Ukraine may further prolong the over three-week scarcity of Premium Motor Spirit, popularly called petrol, in Nigeria, as bulk of the refined products coming into the country from the warring region and its adjoining areas are likely to face some delays.
It was also gathered on Sunday that traders who supply Nigeria with refined petroleum products might pause a little due to the deficit in the supply of crude oil cargoes from the Nigerian National Petroleum Company Limited.
NNPC brings in refined petrol into Nigeria using contractors or traders through its Direct Sale Direct Purchase scheme.
Under the scheme, the oil company provides crude oil to its trading partners, who in turn supply the NNPC with refined products worth the volume of crude received from the national oil company.
But impeccable sources both at the oil firm and among traders stated on Sunday that Nigeria through the NNPC had a deficit of about 17 cargoes in its DSDP obligation due to low oil production.
This, they said, could further prolong the fuel scarcity situation being faced nationwide, except something drastic such as the complete deregulation of the downstream oil sector was implemented.
They also noted that the Russia-Ukraine war might worsen the petrol supply situation in Nigeria as products could be hindered from leaving refineries in the region on schedule.
Nigeria imports its refined petroleum products, as its refineries are currently dormant.
“What we face now could be described as a perfect storm, which is when many things go wrong at the same time. We have a fundamental problem, but that problem happens at a time that other things happened and so it aggravates everything,” an oil trader with the NNPC, who pleaded not to be named due to the sensitive nature of the matter, stated.
The source added, “Now, Russia has attacked Ukraine. What is the impact of Russia’s attack of Ukraine on Nigeria? Russia is an oil-producing country, for Ukraine, our refined products come from that part of the world, not only Western Europe.
“So, the price has gone up because our refined products come from that part of the world and disturbances such as the one happening there will impact supply one way or the other.”
On concerns around DSDP and how it would further prolong petrol scarcity, another trader stated the continued theft of crude oil had impeded NNPC’s ability to settle its crude oil supply obligations to traders on schedule.
The source said, “Nigeria is assigned about 1.7 million barrels of crude oil production per day by OPEC, but its production is between 1.3 and 1.4 million barrels daily. But that is a different thing. Now, from the about 1.3 million barrels that the country produces daily, people are stealing from it.
“They are creating holes in pipelines and the ones that they steal are used in illegal refineries in Rivers State, causing soothe and dirt in peoples’ lungs. The other ones that they steal, they put in batches and go to the high sea to sell them.
The source added, “Now the NNPC brings in products through Direct Sale Direct Purchase of crude. Now I’m telling you that the NNPC owes traders crude oil under the DSDP scheme and you know why? It owes crude oil because people are stealing the crude and they don’t have enough crude to pay.
“So the NNPC owes the traders who bring them refined products. So when they (NNPC) say give me some more, the traders will reply by saying, but you are already owing, pay us. The NNPC cannot pay because people are stealing crude.
“This tells you that the petrol scarcity problems may continue if something drastic, particularly the deregulation of the downstream sector, is not done as soon as possible.”
When contacted, the spokesperson of NNPC, Garba-Deen Muhammad, asked our correspondent to send him a text or WhatsApp message on the matter. This was sent to him but he had yet to reply the messages up till the time of filing this report.
Tanker vessels’ freight rate, insurance premium rise
Meanwhile, the cost of shipping crude oil on super-sized tankers from the United States Gulf Coast to the United Kingdom and Asia surged after attacks on vessels in the Black Sea unleashed a risk-based premium into global shipping markets.
According to Bloombergquint.com report, tanker rates for so-called Very Large Crude Carriers that can carry about two million barrels of crude from the US Gulf Coast to the Asian market jumped to about $7m on Friday from $4.4m just three days ago, according to two shipbrokers familiar with the trades.
They also said that rates for booking vessels that carry oil to the European market rose to more than $2.75m from about $1.6m they said.
The higher costs may threaten US oil exports even as Brent crude’s premium to US oil futures is the biggest it has been since the early days of the pandemic.
Shipowners were already avoiding offering their vessels to collect crude from Russia while at least three merchant ships have been reportedly hit since Russian forces began the attack on its neighbour this last week.
Insurers are either not offering to cover vessels sailing into the Black Sea or they are demanding huge premiums to do so.
Meanwhile, fresh indications have emerged that the development has extended to the African market including Nigeria.
A former President of the Nigerian Indigenous Ship-Owners Association, Aminu Umar, confirmed it was now difficult for ships to sail through the Russia-Ukraine region and its adjoining areas due to the escalating tensions, noting that the area had since been classified as a war zone.
According to him, the situation may lead to a shortage of vessels as more ships avoid the regions.
“Some steel imports come from the Black Sea. Due to insecurity and war in Ukraine which you know is in the Black Sea, it is going to be difficult for ships to go there. The insurance world has classified the area as a war zone. So, many ships cannot go there anymore. No ship is allowed to go there until things are cleared, unless the owner of the vessel decides to take the risk directly, going without following advice from his insurance firm.”
As a result of the development, the expert said the situation had led to a major increase in freight rate.
Also, he said insurance premiums had gone up.
Umar said, “There may be a shortage in the number of vessels going to the Black Sea to ferry cargoes to Nigeria. Already, freight has skyrocketed in the Black Sea and the Mediterranean Sea. These are places we get cargoes that come to Nigeria. The development is going to affect the shipping world very significantly.
“Again, some vessels are already currently blocked in the Black Sea, they can’t come out. Also, some are going to face embargos and sanctions, which means they can’t trade in cargo. Any shipping company owned by a Russian or flying the Russian flag will be involved in this sanction. Consequently, a number of the vessels trading within the Black Sea and the Mediterranean will end not being able to carry cargo either to Europe, America or any of the African countries, because Nigeria is also following the United Nations sanction.”
Specifically, he said the freight rate on tanker vessels had gone up from $10,000 per day to $30, 000 per day, a few days into the war.
He added, “As at yesterday (Saturday) for tankers that are trading within the Mediterranean and Black seas, their freight rate has increased, they were doing like $10,000 per day, and now they are doing like $30, 000 a day. So, it is almost 300 per cent increase in freight and it is still going up. The vessel that will load cargo like steel from the Black Sea will now be facing a very high freight because only a few of the vessels can go there; I am talking about tankers, I have not got an update on the general cargos. Also, When they put you on a war risk zone, it means your insurance premium doubles immediately.
Also, the President, the Nigerian Association of Master Mariners, Tajudeen Alao, noted that crude oil prices had gone over $100 per barrel, adding that the Russia-Ukraine war lead to an increase in insurance and freight.
He listed the challenges as “war risk insurance on freight, increase in commodity prices such as wheat and energy in the European market. The multiplier effect affects export to third world. There will also be the introduction of extra charges. Fewer ship owners and crew will want to go to war zones.”
On his part, a shipping expert, Emmanuel Ilori, said the situation is a wake-up call for Nigeria on the need to be self sufficient, especially in the maritime sector.
“The only thing we can say for Nigeria shipping from this development is the need for Nigeria to be self-sufficient, the need for Nigeria to build its own national fleet and be sufficient in terms of the maritime resources. All of a sudden, sanctions have been imposed on Russia. But Russia is relatively maritime self-sufficient so they will be able to handle it.”
According to him, developing capacity in the maritime sector will reduce the country’s dependency on foreign countries.
“If Nigerian is still dependent on foreign countries for its shipping, any sudden development such as a sanction may throw the country out of balance. How are we going to survive as a nation? That is why we need to be self-sufficient in terms of shipping, technology, and all that. We need to develop our maritime sector in terms of technology and infrastructure,” he noted.
Ilori further advised the country to develop the capacity to train cadets, adding that the Maritime Academy of Nigeria in Oron should be upgraded to train more people.
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ZENITH BANK NAMED AFRICA’S BEST BANK & NIGERIA’S BEST BANK AT THE 2026 EUROMONEY AWARDS FOR EXCELLENCE
Zenith Bank Plc has been named “Africa’s Best Bank” and “Nigeria’s Best Bank”, the latter for the second consecutive year, at the prestigious Euromoney Awards for Excellence 2026, clinching the biggest and most coveted national and continental awards in banking. The awards were presented to the Bank on Thursday, 16 July 2026, at The Peninsula London Hotel, London. This dual recognition is a testament to the Bank’s sustained excellence in financial performance, customer service, digital innovation, and its contribution to economic development across Nigeria and the wider African continent.
The Euromoney Awards for Excellence are among the most respected in the global financial industry, evaluating banks on criteria including strategy, profitability, risk management, digital transformation and impact on stakeholders. Victory at the awards is regarded as a mark of the highest distinction in global banking. This year’s edition attracted a record of over 770 entries from world-class financial institutions including HSBC, Morgan Stanley, Citibank, Barclays, Standard Bank and DBS Bank of Singapore.
Commenting on the awards, the Group Managing Director/CEO of Zenith Bank Plc, Dame Dr. AdaoraUmeoji, OON, said, “We are deeply honoured by theserecognitions from Euromoney. Being recognised as Africa’s Best Bank and Nigeria’s Best Bank reflects the trust of our customers, the dedication of our unicorn workforce, and our unwavering commitment to building a truly African global financial institution. These awards inspire us to do even more to deliver superior value, drive financial inclusion, and support the growth of businesses across Africa.”
The GMD commended the regulators across the various jurisdictions where the Bank has footprints for the enabling regulatory environment which has supported the Bank in achieving this feat.
She dedicated the award to the Founder of Zenith Bank Plc, Jim Ovia, CFR, thanking him for his vision and excellence which have been instrumental to the Bank’s success.
Zenith Bank has continued to deliver strong financial results while accelerating investments in technology, artificial intelligence, and digital banking solutions. In the 2025 financial year, the Bank grew gross earnings by six per cent year on year to ₦4.19 trillion and delivered profit after tax of ₦1.04 trillion, while reducing its non-performing loan ratio from 4.7 per cent to 3.8 per cent. In keeping with its dividend policy, Zenith Bank rewarded its investors with a record-breaking total dividend of N10.00 per share (totaling N410.69 billion) for the 2025 financial year. This represents a 100% increase over N5.00 per share paid in 2024. The Bank has also deepened its pan-African presence and expanded trade and transaction banking capabilities to connect businesses across key markets.
Euromoney is the leading authority for global banking and financial markets, and this latest recognition adds to Zenith Bank’s growing list of local and international accolades, and further cements its position as one of Africa’s leading financial institutions.
The Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the seventeenth consecutive year in the 2026 Top 1000 World Banks Ranking, published by The Banker and “Nigeria’s Best Bank” at the EuromoneyAwards for Excellence 2025. The Bank was also awarded Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020, 2022, and 2024; Best Bank in Nigeria from 2020 to 2022, 2024 and 2025, in the Global Finance World’s Best Banks Awards; Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023; and was listed in the World Finance Top 100 Global Companies in 2023.Further recognitions include Best Commercial Bank, Nigeria for six consecutive years from 2021 to 2026 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria in the International Banker 2023, 2024 and 2026 Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for five consecutive years from 2022 to 2026 and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.
The Bank’s commitment to excellence led to Zenith being also named the Most Valuable Banking Brand in Nigeria in The Banker’s Top 500 Banking Brands for 2020 and 2021, Bank of the Year 2023 to 2025 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and 2024 to 2025. The Bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards, Bank of the Year 2024 by ThisDay Newspaper; Bank of the Year 2024 by New Telegraph Newspaper; and Best in MSME Trade Finance, 2023 by Nairametrics. The Bank’s Hybrid Offer was also adjudged ‘Rights Issue/Public Offer of the Year’ at the Nairametrics Capital Market Choice Awards 2025.
Zenith Bank has also earned several non-financial awards, including Most Responsible Organisation in Africa, Best Company in Transparency and Reporting and Best Company in Gender Equality and Women Empowerment at the SERAS CSR Awards Africa 2024.
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GTBANK NAMED BEST OVERALL PERFORMING BANK IN NIGERIA IN THE BANKER’S TOP 1000 WORLD BANKS RANKINGS 2026
Guaranty Trust Bank Ltd (“GTBank” or the “Bank“), the flagship banking subsidiary of Guaranty Trust Holding Company Plc (“GTCO” or the “Group“), has been named the Best Overall Performing Bank in Nigeria in The Banker magazine’s Top 1000 World Banks Rankings 2026.
The recognition reaffirms GTBank’s position as one of Nigeria’s leading financial institutions and reflects the Bank’s consistent delivery of strong financial performance, operational excellence, and sustainable growth. The rankings evaluate banks globally using audited financial results, assessing institutions across financial strength, operational efficiency, risk management, liquidity, growth, and profitability.
GTBank ranked 1st Overall as best performing Bank and also ranked 1st in Efficiency and Soundness. The Bank secured 2nd place in other metrics such as Return on Risk, Liquidity, Growth, Leverage and Profitability, demonstrating exceptional performance across all major Banking metrics
Speaking on the achievement, Mrs Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Being named the Best Overall Performing Bank in Nigeria by The Banker is a recognition that means a great deal to us, not just because of the prestige of the publication, but because of what it represents; the hard work of our People, the loyalty of our Customers, and the strength we continue to draw from being part of the Group. Ranking 1st in Overall Performance, Efficiency, and Soundness reflects our disciplined approach to banking, the synergies we harness across the GTCO Group, and our relentless focus on delivering real value. We do not take this recognition for granted. It deepens our resolve to keep raising the bar, to serve our customers better every day, and to remain a Bank that consistently delivers value to all its stakeholders, and to the GTCO Group we are proud to belong.”
This recognition reinforces GTBank’s position as one of Africa’s leading Banking franchises and reflects the strength of its business model, disciplined execution, and sustained investment in innovation. It adds to the Bank’s growing portfolio of international accolades and underscores its enduring commitment to delivering exceptional customer experiences, driving sustainable growth, and creating long-term value for customers, shareholders, and the communities it serves.
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GTCO Launches Second Edition of #BeatTheDistance Initiative, Donating 3,000 Bicycles Across Six States in Nigeria
Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has announced the 2026 rollout of its social impact initiative called #BeatTheDistance.This is a nationwide intervention aimed at supporting school children in underserved communities through the provision of bicycles to ease their daily commute to school.
Marking the second edition of the initiative, GTCO will distribute 3,000 bicycles to schoolchildren across six states in Nigeria—Ebonyi, Jigawa, Benue, Oyo, Akwa Ibom, and Ekiti. The programme builds on the impact of its inaugural rollout in 2019 and underscores the Group’s commitment to improving access to education through practical, community-focused interventions.
By helping to reduce the transportation challenges faced by students who travel long distances to attend school, the initiative seeks to improve school attendance, support learning outcomes, and create opportunities for young people to pursue their education with greater ease and confidence.
Speaking on the initiative, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr Segun Agbaje, said: “Education remains one of the most powerful tools for transforming lives and creating opportunities. Through the #BeatTheDistance Initiative, we are supporting students whose determination to learn is often tested by the distance they travel each day to access education. By providing these bicycles, our goal is to create an environment where more children can achieve their full potential by reducing fatigue, improving attendance at school, and expanding learning outcomes for children of school age.
He further added: “At GTCO, we believe that meaningful impact comes from addressing real challenges within communities. #BeatTheDistance is one of the ways we are investing in the future by supporting young people and helping to create conditions that enable them to succeed. We remain committed to initiatives that promote inclusion, expand access to opportunities, and contribute to sustainable development.”
The initiative forms part of GTCO’s broader commitment to social impact and sustainable development, particularly in the areas of education, youth empowerment, and community advancement. By helping students spend less time commuting and more time learning, #BeatTheDistance continues to deliver practical support where it is needed most, empowering young people to pursue their education and unlock their full potential.
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