Zenith Bank Plc has been named Africa’s Best Bank and Nigeria’s Best Bank for the second consecutive year at the Euromoney Awards for Excellence 2026, reinforcing its position as one of the continent’s leading financial institutions.

The awards which were presented in London recognises the bank’s strong financial performance, digital innovation, customer service and contribution to economic development across Africa.

The Euromoney Awards for Excellence are regarded as one of the banking industry’s highest awards, assessing institutions on strategy, profitability, risk management, digital transformation and stakeholder impact.

Commenting, Zenith Bank’s Group Managing Director/Chief Executive Officer, Dr. Adaora Umeoji, described the awards as a reflection of the confidence reposed in the bank by its customers and stakeholders.

She said the recognition underscores the dedication of the bank’s workforce and its commitment to building a globally competitive African financial institution. According to her, the awards will further motivate the bank to deepen financial inclusion, deliver superior value to customers and support business growth across the continent.

Umeoji also acknowledged regulators across the countries where Zenith Bank operates for providing an enabling environment and dedicated the awards to the bank’s founder, Jim Ovia, for laying the foundation of excellence that continues to drive its success.

Zenith Bank sustained strong financial performance in the 2025 financial year, recording gross earnings of N4.19 trillion, profit after tax of N1.04 trillion, while reducing its non-performing loan ratio to 3.8 per cent from 4.7 per cent. The latest honours add to Zenith Bank’s growing list of international recognitions, including being ranked Nigeria’s number one bank by Tier-1 Capital for the 17th consecutive year in The Banker’s 2026 Top 1000 World Banks ranking.

•As illegal market hits $17.8bn

By Yinka Kolawole

Nigeria has emerged as one of Africa’s most regulated online gambling markets, even as illegal operators continue to dominate the continent, according to a new report by Gaming Compliance International (GCI).

The report, the first comprehensive assessment of online gambling across all 54 African countries, showed that Africa’s online gambling Gross Gaming Revenue (GGR) reached $23 billion in 2025.

However, only $5.2 billion (23 per cent) was generated by licensed operators, while $17.8 billion (77 per cent) remained in the unregulated market.

In West Africa, total online gambling revenue rose to $4.8 billion in 2025 from $4.3 billion in 2024. Of the 2025 figure, regulated operators accounted for $1.5 billion (31 per cent), while $3.3 billion (69 per cent) flowed to unlicensed platforms, highlighting the region’s persistent enforcement challenges.

Nigeria stood out as the region’s strongest performer, recording the lowest unregulated market share at 56 per cent, compared with the West African average of 69 per cent and the African average of 77 per cent.

The study also found that online gambling participation across Africa increased from 198 million people (13 per cent of the population) in 2024 to 215 million (14 per cent) in 2025.

Despite this growth, GCI estimated that illegal operators deprived African governments of about $3.55 billion in tax revenue in 2025. The number of unlicensed gambling platforms targeting African consumers also rose to 4,129, up from 3,644 in 2024.

Commenting on the findings, GCI Chief Executive Officer, Matt Holt, said the report provides regulators with the first continent-wide benchmark for strengthening oversight and consumer protection.

GCI President, Ismail Vali, urged governments to develop competitive and well-regulated markets that encourage consumers to patronise licensed operators, boost public revenue and attract greater investment.

•As depots, filling stations adjust prices

By Udeme Akpan, Energy Editor

Dangote Petroleum Refinery has resumed gantry loading of Premium Motor Spirit (PMS), also known as petrol, in naira after a week suspension, ending uncertainty in the downstream sector over its temporary shift to dollar-denominated sales.

Checks by Vanguard showed that the refinery has fixed its new ex-depot (gantry) price at N1,215 per litre, representing an increase of N140 per litre, or 13.02 per cent, from the previous price of N1,075 per litre.

The increase in the gantry price is directly linked to the sharp rally in global crude oil prices, which has raised the cost of producing refined petroleum products, including petrol, diesel and aviation fuel, heightening concerns over fresh fuel price hikes in Nigeria and other oil-importing countries.

Market data on Wednesday showed that Brent crude, the international benchmark against which Nigeria’s crude is priced, climbed 3.18 per cent to $93.90 per barrel, while West Texas Intermediate (WTI) rose 2.74 per cent to $86.65 per barrel.

The price adjustment also comes at a time when domestic petrol prices have already risen sharply following increases in ex-depot prices by major suppliers, raising fears of another round of pump price increases at filling stations.

The resumption of naira-denominated truck loading is expected to improve product availability after supply disruptions caused by the suspension.

Industry sources confirmed that marketers had been notified of the resumption of gantry operations, with loading set to commence immediately under the revised naira pricing structure.

The refinery’s return to naira pricing for truck loading follows some days of uncertainty in the downstream petroleum market after the suspension forced many independent marketers to source products from private depots.

Before halting product loading, Dangote Refinery attributed the suspension to challenges in securing adequate crude oil supplies under the Federal Government’s naira-for-crude initiative, prompting its temporary switch to dollar-denominated sales.

The refinery’s decision to restore naira transactions is expected to ease supply constraints in the inland market and improve the nationwide distribution of petroleum products.

Already, petrol prices at depots across Nigeria recorded fresh increases on Wednesday, while diesel prices surged sharply in several locations, signaling renewed cost pressures for fuel marketers and transport operators.

Mid-day depot price data for July 22, 2026, showed that petrol depot prices rose across major supply hubs, including Lagos, Port Harcourt, Warri and Calabar, with some depots increasing prices by as much as N87 per litre.

The sharpest increase was recorded at Bulk Strategic Reserve in Lagos, where the ex-depot petrol price jumped by N87 per litre to N1,350, from N1,263.

The increase places the depot among the highest-priced suppliers in the country and could influence retail pump prices if sustained.

Other Lagos depots posted more modest increases. Liquid Bulk, Masters Energy, Matrix and Sigmund all raised petrol prices by between N15 and N17 per litre to N1,280, while TSL did not quote a new price.

Meanwhile, fresh increases in the pump price of petrol—to an average of N1,350 per litre, from N1,260 per litre, across filling stations in Lagos and its environs—have heightened concerns over the rising cost of living, with millions of Nigerians expected to face higher transportation, food and business costs.

Checks by Vanguard showed that several retail outlets adjusted their pump prices to between N1,300 per litre and N1,400 per litre following increases in ex-depot prices by depot owners, pushing fuel costs to their highest levels in recent months.