CBN Makes Profit in 2024 Following a N1.2 Trillion Loss in 2023

Sunday 11th May 2025

I hope you are having an amazing Sunday! Welcome back to the ONLY newsletter that gives readers a weekly recap of the major events in the Nigerian Business World.

Following a massive loss of N1.15 trillion the previous year, the Central Bank of Nigeria turned a profit in 2024, posting a surplus of N38.8 billion, according to its most recent financial statements.

The statements indicate that revaluation gains—profits generated when the value of assets such as bonds or foreign reserves increased—and an increase in income from financial investments were the primary drivers of the profit.

In 2024, the CBN made N1.89 trillion from these gains, as opposed to N28 billion the year before. Additionally, it reported N12.9 trillion in other revenue, more than three times its 2023 earnings.

Nevertheless, the bank kept reporting massive losses on derivatives, which are financial contracts. These sophisticated instruments are frequently employed to control risk, but if market conditions change, they could result in significant losses.

The CBN lost over twice as much money on these contracts in 2024 (N13.88 trillion) as in 2023 (N6.25 trillion). The summary report does not explain the causes of the losses.

The CBN recorded N38.8 billion in profit after taxes, a turnover of the N1.27 trillion loss reported the previous year.

Exxon Mobil to Invest N1.5 Billion in Nigeria’s Deepwater Oil Fields

Late Tuesday, ExxonMobil announced that it has confirmed plans to invest $1.5 billion over the next two years, beginning in the second quarter of 2025, in deepwater exploration and development in Nigeria.

The investment goal is to revitalise production in the deepwater oil field in the United States. Implementation will begin between Q2 of 2025 and 2027.

During a courtesy call with Gbenga Komolafe, the Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Shane Harris, the Managing Director of ExxonMobil in Nigeria, disclosed this information.

In late Q3 2025, the business proposed a Final Investment Decision (FID), pending approval of the final Field Development Plan and internal and partner funding.

According to the company, this is on top of investments aimed at the quick development of the deepwater oil fields in Owowo and Erha, among other places.

Harris explains that the planned capital deployment reflects ExxonMobil's commitment to playing a key role in the sector's expansion and its faith in Nigeria's upstream potential.

Oando Trading Lifts Nigeria’s Newest Crude Blend for Export

On Friday, 9th May 2025, Nigeria's newest crude oil blend, Obodo, was purchased and lifted by Oando Trading, a division of Oando Plc.

A brief video shared on the X handle of Oando Plc Group Chief Executive Wale Tinubu disclosed that this momentous occasion represents a significant advancement in the nation's endeavours to broaden its oil portfolio and boost production capacity.

It stated that, under the direction of Century Ports and Terminals, the Atlantic Spirit tanker from Oando's fleet completed the first export of the Obodo blend abroad.

Oando Trading Limited, an oil trading company, serves customers in the West African and coastal markets throughout Africa and abroad.

Nigeria expanded its oil portfolio in April 2025 by introducing its newest crude oil blend.

Under a production-sharing agreement with the Nigerian National Petroleum Company Limited (NNPC Ltd), Continental Oil and Gas manages the onshore OML 150 block, from which the blend obodo, a medium-sweet grade, is extracted.

Court Dismisses MultiChoice Suit Against FCCPC Over Price Hike Investigation

MultiChoice Nigeria Limited filed a lawsuit to prevent the Federal Competition and Consumer Protection Commission (FCCPC) from investigating recent increases in subscription costs for DStv and GOtv services. However, the Federal High Court in Abuja dismissed it.

In a statement signed by Ondaje Ijagwu, Director of Corporate Affairs, the commission announced this Thursday.

Hon Justice James Omotosho dismissed the case and explained it was an abuse of the legal system. The Learned Judge asserted the suit was improper because the same parties are already involved in a similar case that is pending in another court, the suit was improper.

The court's decision makes it possible for the FCCPC to investigate the pay-TV company's pricing policies.

When MultiChoice declared on February 24 that it would increase the cost of DStv and GOtv subscriptions starting on March 1, the problem began. A year after a comparable increase, the action sparked public outrage from Nigerians who had repeatedly protested the hike, prompting the FCCPC to intervene.

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Thank you for reading! Stay tuned next week to be updated with the latest major events from the Nigerian commercial sector.