Companies
Guaranty Trust Bank Plc cut its energy bill by about 5 percent in the first half of 2026, helped by
Guaranty Trust Bank Plc cut its energy bill by about 5 percent in the first half of 2026, helped by a shift to rooftop solar that has reduced its reliance on petrol.
The decline stands out in a market where many of the largest listed companies are struggling with rising power costs.
The lender’s energy expenses fell to N9.01 billion in the six months through June, from N9.52 billion a year earlier, according to a BusinessDay analysis of Tier-1 bank financial statements.
Read also: Rising energy bills hit Nigeria’s biggest firms with fourfold cost shock
“At GTCO, sustainability is not merely a strategic objective; it is the cornerstone of our operational philosophy,” the company said in a note accompanying its half-year results. “A primary example of this commitment is our transition to solar energy across our branch network.”
The drop is modest, but it contrasts sharply with the experience of other companies. More than five listed firms saw energy bills jump by over 60 percent in the same period because they depend on petrol and diesel generators for electricity.
Nigeria, Africa’s most populous nation, has endured power outages for decades. Manufacturers and households have largely stopped waiting for the national grid to improve and are generating their own electricity instead. Solar has proven a dependable option in several regions of the country.
“People are tired of spending money on fuel and dealing with inconsistent power supply,” said Idoko Isaac, a Lagos-based power analyst. “This is why solar adoption is growing.”
The economics are straightforward. According to DailyFuels, petrol sells at roughly N1,333 a litre at retail stations, while diesel costs about N1,858. For businesses that need constant power, those prices add up to millions of naira over time. Solar requires an upfront investment but offers savings over the longer term.
Oil Price Pressure
Fuel costs may climb further. Brent crude, the global benchmark that Nigerian crude is priced against, has traded above $100 a barrel since fighting between Iran and the U.S. escalated in February. It settled at $109.58 on Sunday, after a 1 percent decline, analysts’ data showed.
“The switch to solar is not just to drive renewable power, but because the cost of maintaining how electricity is obtained has become more expensive over time,” Isaac said, pointing to higher electricity bills and fuel prices.
Rooftop solar has gained ground in Nigeria since the first installations in the north of the country. The Rural Electrification Agency had installed more than one million solar home systems by mid-2025, and it is targeting five million by the end of 2026.
Others Report Declines
GTBank is not alone. Transcorp Hotels, the Abuja-based five-star hospitality group, reported energy costs of N3.46 million in the first half of 2026, down from N3.99 million a year earlier.
Dangote Sugar, one of Nigeria’s biggest consumer goods companies, posted the steepest decline. Its energy bill fell 45 percent to N185.46 million from N340.25 million.
Neither company’s financial statements explain the reduction, so it is unclear whether solar or another factor is responsible.
Still, at a time when many companies are spending heavily on electricity and backup power, GTBank, Transcorp Hotels and Dangote Sugar may have found an approach that others will want to study.
Feyishola Jaiyesimi
Feyishola Jaiyesimi is a writer and storyteller. She currently writes for the energy desk at BusinessDay with a focus on renewable energy and environmental issues. She began her journalism career as an agricultural reporter and now covers the energy sector, including oil, gas, electricity, environment, and renewables. She has been selected for professional training by the US Consulate, Lagos. She is a 2025 Dataphyte Biodiversity Reporting Fellow. Feyishola holds a bachelor’s degree in Zoology and Environmental Biology from Ekiti State University.
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https://businessday.ng/companies/article/solar-power-shields-gtbank-from-nigerias-soaring-energy-costs/
