Nigeria’s biggest banks are increasingly turning to solar power to counter an energy crisis that’s squeezing profits and undermining operations.
The country’s top lenders from United Bank for Africa (UBA) and Access Bank to Sterling, Stanbic IBTC, Fidelity, GTBank, and Zenith Bank spent a combined N270.09 billion on power-related costs in 2024, almost double the N142.99 billion recorded a year earlier, according to data compiled from their annual financial reports.
As energy expenses soared 89 percent year-on-year, the financial industry,
