Nigerian banks earn N209.18bn from account maintenance fees in Q1 2026
via Punch Nigeria12 min read
Nigerian banks collectively earned N209.18bn from account maintenance charges in the first quarter of 2026, marking a 14.07 percent increase from N183.37bn in the same period of 2025. This analysis, based on the unaudited financial statements of 11 listed lenders, also shows that total fee and commission income rose by 13.64 percent year-on-year to N984.47bn in Q1 2026. These figures exclude FCMB Group and Unity Bank, which had not yet published their Q1 results. Account maintenance fees are regulated charges for current accounts, replacing the former Commission on Turnover, and are intended to help banks recover operational costs. Zenith Bank recorded the highest account maintenance income at N25.07bn, while Ecobank Transnational Incorporated led in total fee and commission income with N237.80bn. GTCO saw the fastest growth in account maintenance charges, increasing by 42.15 percent. However, not all banks experienced growth in this area, with Fidelity Bank and Stanbic IBTC reporting declines. The Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr. Muda Yusuf, attributed the increase in banking transactions and fee income to improving economic activity and growing confidence in the formal sector. This growth aligns with signs of strengthening economic activity, as Nigeria's private sector expanded to a nine-month high in May 2026, and ongoing financial sector reforms, including recapitalization, are strengthening the economy.
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This summary was AI-generated from a story originally published by Punch Nigeria.
Former Super Eagles and Kaizer Chiefs goalkeeper Daniel Akpeyi believes Stanley Nwabali's return to South African club Chippa United could lead to his recall to the national team. Akpeyi stated that Nwabali's absence from the Super Eagles squad was primarily due to a lack of regular club football, not a decline in ability. Nwabali was Nigeria's first-choice goalkeeper at the 2024 Africa Cup of Nations, helping the team reach the final, and remained number one through the 2025 Africa Cup of Nations. However, he has not played for the national team since leaving Chippa United by mutual consent in February, missing recent campaigns and friendlies. Akpeyi emphasized Nwabali's proven quality for Nigeria, stating, "He has been excellent, absolutely excellent. Faultless for Nigeria. He has taken them to places." Akpeyi explained that being unattached to a team makes national team invitations difficult. He added that Nwabali's decision to return to Chippa United, where he began his career, offers him the best chance to regain form and earn the trust of the coaches. Nwabali aims to establish himself at Chippa United as the 2026/27 South African Premiership season starts on August 1, with an eye on Nigeria's 2027 Africa Cup of Nations qualifying campaign beginning in September.
Stand-up comedian and actor, Senator, stated that the Nigerian comedy industry has created numerous opportunities for practitioners, encouraging entertainers to explore various creative areas. In an interview, Senator noted the industry's evolution beyond traditional stand-up comedy, with the rise of skits, sitcoms, and event hosting. He explained that while stand-up was once the primary focus, the emergence of social media skits, series, and sitcoms, along with the demand for humorous MCs and comp猫res for events, has broadened the scope. Senator highlighted that these changing industry demands have led many comedians, including himself, to diversify their skills while retaining their passion for comedy. He described the entertainment sector as rich with possibilities, particularly for new talents seeking sustainable careers. Despite this growth, Senator acknowledged that the industry's expansion has not been as rapid as some anticipated.
Must ReadFuel prices have increased nationwide in Nigeria, with petrol reaching up to N1,230 per litre in some areas. This rise is attributed to the Dangote Petroleum Refinery's decision to sell petrol to marketers in dollars and a surge in global crude oil prices due to tensions between the United States and Iran. The Petroleum Products Retail Outlets Owners Association of Nigeria PETROAN has warned against monopoly and arbitrary pricing, stating that such practices could destabilize the downstream petroleum sector. Dr. Billy Gillis-Harry, National President of PETROAN, emphasized the need for a stable and competitive pricing framework. Marketers have reported delays in petrol loading at the Dangote refinery, a claim denied by the Dangote Group. The National Vice-President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, confirmed the loading delays but expressed optimism for resumption. Marketers are also facing difficulties in sourcing dollars to purchase petrol from the refinery. Depot prices for petrol remained high, ranging from N1,185 to N1,245 per litre across major depots. Retail pump prices in cities like Abuja, Port Harcourt, and Kaduna have also seen increases, with some stations selling at N1,200 to N1,230 per litre. Consumers and transporters express concerns that dollar-denominated pricing could lead to further price hikes and increased costs for transportation and goods.