Speaking on Tuesday, February 17, at the launch of the National Industrial Policy 2025, Dangote expressed optimism that current government reforms are beginning to yield tangible results for the manufacturing sector.

Despite the Naira closing at N1,335.96 in the official market and trading around N1,388.77 in the parallel market yesterday, Dangote believes a stronger currency is achievable through aggressive import substitution.

Manufacturing over Revenue

While a stronger Naira typically reduces the government’s nominal revenue from dollar-denominated collections, Dangote argued that the broader economic benefits, specifically lower operational costs, outweigh the fiscal drawbacks.

“I can assure you that, with proper measures to block excessive imports, the naira could reach N1,100 this year if we are lucky. The challenge is that a stronger naira could reduce government revenue… but it would also lower costs across the economy. The focus should be on local manufacturing,” Dangote stated.

The Billionaire Consensus?

Dangote’s outlook aligns with recent bullish sentiments from fellow billionaire and First HoldCo chairman, Femi Otedola.

Otedola previously suggested the Naira could even trade below N1,000/$ by year-end, citing a massive reduction in petroleum imports and boosted local oil and gas production as primary catalysts.

Market Snapshot (Feb 17, 2026)

The Central Bank of Nigeria (CBN) and parallel market data reflect a currency currently in search of stability:

The optimistic projections from Nigeria’s top industrialist hinge on the lucky convergence of policy implementation and a drastic reduction in the country’s import bill.

If the Dangote Refinery and other local manufacturers successfully curb the demand for greenbacks, the N1,100 target moves from a prediction to a plausible macroeconomic reality.

Otedola made the projection after the Dangote Refinery reached its full production capacity of 650,000 barrels per day, positioning it among the largest single-train refineries globally.

In a post shared on Thursday, February 12, 2026, Otedola said Nigeria’s shift from heavy fuel import dependence to large-scale domestic refining marks a structural change in the economy.

“I am optimistic that the naira will strengthen meaningfully, and trading below ₦1,000/$1 before year-end is increasingly within reach,” he said.

Why refining capacity matters for FX

Since operations began in 2023, the Dangote Refinery has reduced Nigeria’s reliance on imported petroleum products, historically one of the country’s largest sources of foreign exchange demand.

With the refinery now producing up to 75 million litres of premium motor spirit (PMS) daily, the need for dollar-funded fuel imports is expected to decline further, potentially easing pressure on the foreign exchange market.

According to the refinery, full capacity was achieved after optimisation of its crude distillation unit and PMS production block following scheduled maintenance.

For FX markets, the logic is straightforward: fewer fuel imports mean lower structural demand for dollars. If export receipts or dollar inflows remain steady or improve, the naira could stabilise or appreciate.

Bigger ambitions ahead

The refinery is also embarking on a $12 billion expansion to raise total capacity to 1.4 million barrels per day. The project includes:

• 2.4 million tonnes of polypropylene production
• 400,000 metric tonnes of linear alkyl benzene for detergent manufacturing

If completed as planned, the expansion would make the group the world’s largest refinery, surpassing India’s Jamnagar complex, which has a capacity of about 1.24 million barrels per day.

Otedola described the milestone as transformational for Nigeria and Africa, congratulating Aliko Dangote on achieving full production capacity.

The current reality

As of Wednesday, February 11, 2026, the naira traded around ₦1,450/$ in the parallel market, while the official rate at the Central Bank of Nigeria window stood at ₦1,348.95/$.

For the naira to break below ₦1,000/$, analysts say sustained FX inflows, fiscal discipline, and stable oil production would also need to complement reduced fuel import demand.

Otedola’s forecast signals growing optimism among business leaders that structural shifts in energy production could begin to translate into currency stability.

As stated in the unaudited Group financial statement, FirstHoldCo recorded a 4.8% year-on-year (y-o-y) increase in its Gross earnings to N3.4 trillion, supported by a 36.3% y-o-y growth in net interest income of N1.9 trillion on the back of enhanced earnings yield and margins of 17.11% and 11.0%, respectively. Similarly, net fees and commissions improved by 18.7% y-o-y to N290.7 billion.

These are clear indications of the strength of the revenue generating capacity of the core business which continues to be solid.

Earnings for the year were; however, lower than the prior year, primarily due to higher impairment charges in the commercial banking segment.

This is in line with a deliberate strategic decision to accelerate balance sheet clean-up and adopt more aggressive provisioning standards. Management views this as a prudent step that enhances transparency, strengthens investor confidence, and aligns fully with evolving regulatory expectations.

Additionally, increased regulatory costs affected profitability. These charges, while weighing on the results, underscore the Group’s compliance with Nigeria’s financial system stability framework and its commitment to ensuring systemic confidence. Despite these pressures, underlying performance of the Group remains strong.

Deposit liabilities grew by 10.0% y-o-y, driven by sustained deposit mobilisation and continued investment in digital banking platforms. This growth reflects strong customer confidence and deepening engagement across key segments.

The deposit mix also showed a deliberate reduction in foreign currency deposits, resulting from the repayment of expensive funding and the impact of naira appreciation.

This shift supports improved funding efficiency and reduces foreign exchange risk.

Gross loans and advances declined marginally, reflecting a disciplined approach to credit growth, strengthened risk management, loan repayments, write-offs, and the translation impact of a stronger naira on foreign currency facilities.

The Group intensified its commitment to ensuring a high-quality, cleaner asset base, aiming to optimise the portfolio and enhance future earnings potential.

Furthermore, performance in earnings was impacted by a decline in non-interest income, mainly due to lower fair value gains on financial instruments following the naira appreciation in 2025.

However, this was partially offset by stronger foreign exchange (FX) trading income and reduced FX revaluation losses.

Net fees and commission income also grew, supported by higher electronic banking fees, letters of credit commissions, custodian fees, and account maintenance income, reflecting the continued success of the Group’s digital-innovation strategy.

While impairment charges increased following the end of regulatory forbearance, management has intensified recovery initiatives and reinforced credit oversight.

Excluding impairment and fair value gains, pre-provision operating profit grew by 23.9% y-o-y to N973.3 billion demonstrating robust performance of the core business.

Apart from the commercial banking impairments, performance across the rest of the Group remained resilient, supported by steady customer activity and disciplined execution.

Looking ahead, the Group will continue to prioritise disciplined execution of its strategic objectives, with emphasises on enhancing efficiency and profitability, continuing to build on the Group’s digital and data capabilities, while sustaining a robust balance sheet to support increased value creation and returns for shareholders.

Alongside this, the Group will pursue selective growth initiatives, including new revenue streams, additional business verticals, and deeper participation in targeted African markets, in line with our strategy and risk appetite.

Further details and insights are to be provided when the audited full-year results are published and during the subsequent investor and analyst earnings call.

The development follows the bank’s divestment from First HoldCo Plc and its acquisition by EverQuest Acquisition LLP, an investor consortium led by Custodian Investment Plc.

According to Afolabi Olorode, the acting managing director, the transition represents a pivotal moment in the bank’s evolution.

“This marks a defining milestone in the Bank’s journey, one that reflects our consistent performance, institutional strength, and long-term potential,” Olorode said.

He noted that the new ownership reinforces confidence in the bank’s trajectory and provides a strong foundation for its next phase of growth.

“As we move forward under new ownership, our focus remains unchanged: delivering exceptional value to stakeholders, deepening market leadership, and building a sustainable institution for the future.”

Olorode assured customers and partners that the bank remains fully operational, with all client services, existing relationships, and leadership structures continuing without disruption.

“We are grateful to all who have been part of this journey and remain committed to creating enduring value for our clients and stakeholders,” he added.

FBNQuest Merchant Bank expressed appreciation to its stakeholders for their continued trust and reaffirmed its commitment to stability, performance, and long-term growth as it enters a new chapter under EverQuest’s leadership.

For many, owning shares in top-performing banks has become a smart way to earn passive income. As several banks reported substantial profits for the 2024 financial year, many financial institutions are distributing the profits to their shareholders.

Here’s a look at the top Nigerian banks rewarding their investors with some of the highest dividend yields in the market based on the 2024 declared dividend:

8. First HoldCo Plc:

Dividend yield: 2.14%

Dividend Growth (2023-2024): 50%

First HoldCo Plc, one of Nigeria’s oldest financial institutions, is the only bank paying the lowest dividends among the FUGAZ banks, placing it right at the bottom of our list of banks paying the highest dividends in Nigeria based on the dividend yield.

Dividend yield reflects the percentage of return on investment based on how much the stock costs. It reflects a more actual return on your investment.

A company dividend per share may be higher, but still has a low dividend yield, because the dividend may be high but when compared to the share price, the actual return on investment is relatively small. For instance, a N5 dividend on a N31 share is a better yield than a N8 dividend on a N68 share.

FirstHoldCo declared a dividend of N0.60 per share for the 2024 financial year, amounting to a 2.14% dividend yield for the year. While the bank payout ratio stood at 3.21%.

The bank dividend marks a 50% growth rate from the N0.40k per share declared in 2023.

7. Stanbic IBTC Holdings Plc:

Dividend Yield: 8.20%

Dividend Growth: 51.5%

Sitting comfortably in the seventh position is Stanbic IBTC Holding Plc with a dividend yield of 8.20%. For the 2024 financial year, Stanbic IBTC Holdings Plc posted a profit after tax of N225.3 billion, a 60% surge from the N140.6 billion recorded in 2023.

As the company’s profit surged, its shareholders dividend also soared to a total dividend of N5 for the year, which consisted of a N2 interim dividend and N3.00 final dividend.

In terms of dividend payout ratio, its payout ratio stood at 29.24%, highlighting the business stability. Payout ratio indicates the percentage of profit paid out to shareholders in the form of dividends.

Companies with higher dividend payout ratios are typically more attractive to investors looking for income-based investments.

However, high payout ratios mean less profit is being reinvested into the business and may impact the company’s growth potential.

Over the years, the bank has shown consistent growth, highlighting its commitment to shareholder returns. It declared N3.50k and N3.30k in 2022 and 2023, respectively, marking 51% year-on-year growth.

6. Wema Bank Plc:

Dividend Yield: 9.10%

Dividend Growth: 50%

Wema Bank Plc might not be among the top banks paying large amounts to investors, as the bank just crossed to the list of banks paying in naira instead of kobo per dividend as the bank declared a dividend of N1.00 per share.

However, based on dividend yield, the bank’s dividend yield stood at 9.10%. That is, as an investor if you had invested prior in the bank earlier, you would be cashing out 9.10% of the total amount invested as a dividend for the year.

For the payout ratio, the bank’s payout ratio is at 20.69%, showing the banks reinvest 79.31% of its profit into the business. Its dividend growth has also seen a consistent increase from 40% increase in 2023, to N0.50k, to 50% increase in 2024, to N1.00 dividend declared per share.

5. Zenith Bank Plc:

Dividend yield: 10%

Dividend Growth: 25%

Zenith Bank Plc, one of the FUGAZ banks, has consistently affirmed its commitment to shareholders returns, reflected in its consistent growth in dividends declared, placing it among the banks paying the  highest dividends in the financial sector.

In 2024, the company’s profit after-tax surpassed N1 trillion, posting N1.03 trillion profit for the year. The company declared a N4.00 final dividend, bringing the total dividend to N5.00.

This accounts for a dividend yield of 10% and a payout ratio of 15%. Highlighting the bank’s growth potential as it reinvested 68.42% of profit back into the business.

It has consistently maintained a steady dividend payout. The bank paid N3.2 per share in 2022, N4 per share in 2023, then N5 per share in 2024. Following its impressive performance, the company has promised a bigger dividend payout to shareholders in the future.

4. Fidelity Bank Plc:

Dividend Yield: 11.06%

Dividend Growth: N162.5%

Fidelity Bank Plc declared a final dividend of N1.25k per share in addition to the interim dividend of N0.85k per share in 2025, bringing the total share declared for 2024 to N2.10, amounting to 11.06%.

The bank payout ratio stood at 31.58%, showing that the bank returned about 31% of its profits to shareholders while it reinvested about 68%.

It has a rapid dividend growth, with N2.10 dividend per share declared in 2024, marking a 162.5% year-on-year growth in payout from the N0.80 declared in 2023, providing an attractive yield to  investors.

3. GTCO Holdings Plc

Dividend yield: 11.81%

Dividend Growth: 150.9%

Based on the amount paid per share alone, GTCO could have ranked first in the list of top paying banks. However, in terms of dividend yield, which reflects the actual return on investment, it currently ranks third with a dividend yield of 11.81%.

GTCO stood out as one of the top-paying dividend stocks in 2024, rewarding shareholders with a total dividend payout of N8.03 per share made up of N1 interim dividend and N7.03 final dividend.

With over N1 trillion declared in profit, it ensured that shareholders felt the impact in their returns, reaffirming its commitment to delivering returns to shareholders with a payout ratio of 23%.

Its dividend growth rate has been on a consistent growth rate with N3.1 dividend per share in 2022, N3.2 per share in 2023, while it more than doubled in 2024 to N8.03.

2. Access Holdings Plc:

Dividend yield: 11.9%

Dividend growth: 19%

Access Holdings Plc, Nigeria’s largest financial institution based on assets, stood in second place with a dividend yield of 11.9% in 2024.

Following its performance in 2024, the bank declared a final dividend of N2.05 per share, combined with the interim dividend of N0.45 per share, bringing the total share for the year to N2.50k.

The bank payout ratio stood at 14.96%, in comparison to some other Tier 1 banks. The bank returns to investors improved in 2024 as it declared N125.29 billion as dividends to shareholders in 2024, a 67 percent increase from the N74.6 billion paid in 2023.

Following its performance, the company shared its forward-looking plan to deliver N1 per share as an interim dividend in 2025.

1. United Bank for Africa (UBA):

Dividend yield: 15.97%

Dividend growth: 78.6%

United Bank of Africa (UBA) takes the top spot for banks paying the highest dividend to shareholders with a dividend yield of 15.97%.

The payout ratio stood at 23%. The dividend per share has also seen considerable growth over the years, growing steadily, with N1.1 per share declared in 2022, N2.8 per share in 2024, while it witnessed a 78.6% surge in 2024 to N5.00 per share.

Although other banks may have paid higher per-share payout, its high dividend yield sets it apart, as the top bank giving the highest return on investment to investors from its declared dividend.

When considering the financial institutions with the best returns based on dividend returns to shareholders, it is not enough to look at the per-share payout amount only, but to also look at it in conjunction with its percentage return, especially when considering income-based stocks.