Author: Maryam Sulaiman

Oil prices experienced a slight increase on Tuesday, though the upward movement was limited as market participants shifted their focus from relaxing Middle East geopolitical tensions toward rising global supplies and future demand. Brent crude futures climbed 38 cents, or 0.5%, to reach $72.37 a barrel. Meanwhile, U.S. West Texas Intermediate crude increased by 30 cents, or 0.4%, to trade at $68.85 a barrel, following a previous session that closed near levels seen prior to the conflict with Iran. “The steps towards recovery in supply have eased the immediate risk premium, but the market remains wary of putting too much…

United Bank for Africa Plc has announced that its group chairman, Tony Elumelu, will officially retire from the board of directors on August 21, 2026. The bank shared this development during its board meeting on Monday, explaining that the transition aligns with regulatory compliance. Specifically, the move follows the completion of the maximum 12-year tenure for non-executive directors as outlined by the Central Bank of Nigeria. To fill the upcoming vacancy, the financial institution has appointed Emmanuel Nnorom, a current non-executive director on the board, as the incoming group chairman. His appointment will take effect on the same day as…

The Dangote Petroleum Refinery has shaken up the international energy market by exporting approximately 466,000 metric tonnes of jet fuel to Europe in June 2026. Valued at an estimated N757.25 billion, this massive volume allowed the Nigerian refinery to surpass shipments from the United States and other traditional suppliers to the continent. This milestone marks the highest volume of aviation fuel Nigeria has ever sent to Europe since transitioning into a net exporter in 2024, the year the multi-billion-dollar refinery kicked off aviation fuel production. According to a market report by S&P Global Commodity Insights, European jet fuel markets have…

A newly released report by the World Bank’s Global Flaring and Methane Reduction Partnership (GFMR), in collaboration with the Payne Institute at the Colorado School of Mines, has named Nigeria among nine countries responsible for over 83 percent of global gas flaring in 2025. The Global Gas Flaring Tracker Report revealed that Nigeria, alongside Russia, Iran, Iraq, Venezuela, Mexico, Libya, Algeria, and the United States, dominated global flaring numbers last year. Intriguingly, while these nine nations combined to produce only 46 percent of the world’s crude oil, they accounted for more than four-fifths of the total gas burned globally. Gas…

The United States government under President Donald Trump intends to keep a watchful eye on the upcoming 2027 general elections in Nigeria, signaling that the entire process will face intense scrutiny from Washington officials. US Congressman Riley Moore, a Republican from West Virginia, shared this update during an interview with NoireTV on Sunday when asked if America would step up its support for credible voting processes in Nigeria. “What I’d say is that we’re certainly going to be watching these results and how these elections unfold and how they’re executed. And that’s something that myself and the administration are going…

Turkish President Tayyip Erdogan has declared that Middle East peace initiatives cannot succeed without local consensus, warning that Israel must be blocked from sabotaging the United States-Iran diplomatic accord. Speaking in Istanbul alongside Pakistani Prime Minister Shehbaz Sharif, Erdogan emphasized that long-term stability requires local cooperation. “No solution that does not take strength from the will and contributions of regional countries can be lasting,” Erdogan stated.He further criticized the actions of the Israeli leadership regarding the ongoing diplomatic framework. “We are closely following the Israeli administration’s attempts to dynamite the (U.S.-Iran) deal … The current war-addicted Israeli government must not…

During a symbolic visit to the Italian island of Lampedusa, Pope Leo XIV pressed European nations to step up their efforts to protect and integrate arriving migrants. The remote Mediterranean island serves as a primary landing point for thousands making the hazardous sea crossing from Africa. The pontiff’s journey to this migration frontline sent a pointed message to political leaders across the European Union and the United States during a period marked by rising public indifference and intolerance. As the Catholic Church’s first American pope, who has previously sparred with President Donald Trump’s administration over its migration policies, he deliberately…

The South African government has firmly ruled out compensating Nigerians who left their properties behind after being evacuated from the country. Officials emphasized that assets located in informal settlements or acquired illegally are completely ineligible for reimbursement. Furthermore, Pretoria maintained that individuals with legally acquired properties must sell them through the traditional South African property market rather than expecting any financial payout from the state. This stance was reaffirmed by South Africa’s Minister in the Presidency, Khumbudzo Ntshavheni, who dismissed any ideas that the government would cover the costs of assets abandoned during past periods of unrest. Her statements came…

Commercial ties between Africa’s two largest economies are proving highly resilient to severe political friction. Newly released data from the National Bureau of Statistics reveals that South African investors directed $983.83 million into Nigeria during the first quarter of 2026. This massive surge comes despite resurfacing xenophobic violence targeting Nigerians and other African migrants in South Africa. The first-quarter inflow represents a staggering 90.31 percent increase from the $516.96 million recorded in the final quarter of 2025, and a 96.26 percent jump compared to the same period last year ($501.29 million). This injection positioned South Africa as Nigeria’s third-largest source…

Ghana’s inflation rate experienced a sharp increase in June, nearly doubling as the economic fallout from the war on Iran kept fuel prices elevated. Consumer prices climbed to 5.3% in June, a notable jump from the 3.7% recorded in May. The primary factors driving this upward trend were rising transport fares, rent, and school fees. However, even with this recent spike, the current inflation rate is still substantially lower than the 13.7% recorded during the same period in June 2025. The Ghanaian economy has been on a steady path toward recovery since entering an IMF program in 2023. This financial…