Author: Ogochukwu Ndubuisi

NUPRC, SeaSeis Seal Landmark PEL5 Agreement The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has signed a Petroleum Exploration Licence (PEL) No 5 agreement with SeaSeisGeophysical Limited (SeaSeis), to boost Nigeria’s offshore exploration. The agreement authorises the company, in partnership with the commission and TGS, to undertake the acquisition and processing of new 3D seismic and gravity data. The official execution of the agreement between SeaSeisGeophysical Limited and its partner, TGS, was held at the commission’s headquarters in Abuja. The three-year agreement empowers the partnership to issue data-use licences, with revenues to be shared between the company and the commission. The…

AfCFTA Names Nigeria Pilot Country for Simplified Trade Regime Implementation The African Continental Free Trade Area (AfCFTA) Secretariat has selected Nigeria as the pilot country for the implementation of the Simplified Trade Regime (STR) in West Africa to support small-scale cross-border trade. A delegation from AfCFTA secretariat led by Pedro Estevao, made this known during an engagement with the Nigeria Customs Service (NCS) to advance the implementation of the STR at its headquarters recently in Abuja. The NCS`s Spokesperson, Abdullahi Maiwada, disclosed this in a statement on Wednesday in Abuja. According to Maiwada, Estevao notes that, as the largest market…

Justice Minister Faults Atiku’s Comment on Resolved OPL 245 Dispute The Attorney-General of the Federation (AGF), Lateef Fagbemi, SAN, on Wednesday faulted the claim by former Vice President, Atiku Abubakar, that the disputes associated with the OPL 245 oil block have not been resolved. This is contained in a statement by Fagbemi on Wednesday in Abuja. The Minister of Justice was responding to media reports attributed to the Abubakar Media Office, which he said contained misrepresentations concerning the recent resolution of disputes associated with the OPL 245 oil block. “Atiku downplayed the landmark achievement of the current administration in brokering…

Nigeria Cuts Time Taken to Approve Oil Wells Application Nigeria’s oil regulator has cut the time taken (TT) to approve applications to revive idle oil wells from weeks to hours, as Africa’s top crude producer seeks to capitalise on high energy prices. The Nigerian Upstream Petroleum Regulatory Commission is approving permits within hours of applications, according to a Bloomberg report citing people familiar with the process. With oil trading near $100 a barrel, Africa’s top producers are moving to capitalise on demand as buyers turn to suppliers such as Nigeria and Angola, away from the Middle East conflict. The West…

MTN, GTCO Drive NGX Rally, Market Cap Surges Near N129trn The Nigerian Exchange (NGX) market capitalisation expanded to about N129 trillion on Wednesday, with large-cap stocks: MTN Nigeria, GTCO, gaining momentum. The market closed trading activities for today on a positive note, as key market performance indicators both appreciated by 0.11%. Stockbrokers said the uptick indicated continued buying interest in selective medium- and large-cap stocks, including MTNN (2.41%) and GTCO (3.2%), across major market sectors. Specifically, the market index added 219.87 basis points to close at 200,925.75.  Likewise, market capitalisation increased by ₦141.14 billion, or 0.11%, to ₦128.98 trillion. Total…

Oil Falls Below $100 after Trump’s Comments on U.S.-Iran Talks Oil prices fell back below the key 100 dollars per barrel mark after U.S. President Donald Trump said Iran was willing to negotiate, easing market concerns over supply disruptions. Brent crude for May delivery slipped just under 100 dollars a barrel following Trump’s remarks, dropping around 4 prt cent within minutes. Prices had surged in recent weeks in the ongoing conflict with Iran, briefly approaching 120 dollars a barrel. Before the conflict began, Brent had traded between 60 dollars and 70 dollars for several months. The rise in oil prices…

The naira advanced against the US dollar (USD) at the official window on Tuesday, according to daily FX data published by the Central Bank, reflecting the absence of pressures in the currency market.

Iran Sends Waves of Missiles into Israel, Dismisses Trump’s Talk of Negotiations as ‘Fake News’ Iran launched multiple waves of missiles at Israel, the Israeli military said, after U.S. President Donald Trump postponed a threat to bomb the Islamic Republic’s power grid because of what he described as ​productive talks with Iranian officials. The missiles triggered air raid sirens in parts of Israel, including Tel Aviv where blasts from interceptions were heard. In one attack, homes in northern ‌Israel were damaged by falling debris following an interception. U.S. and Iran had held “very good and productive” conversations about a “complete…

Denmark Votes as Prime Minister Frederiksen Seeks 3rd Term After Greenland Crisis Denmark votes as Prime Minister Frederiksen seeks 3rd term after Greenland crisis Denmark votes in a parliamentary election on Tuesday, with Social Democratic Prime Minister Mette Frederiksen seeking a third term after a row with Washington over the future of Greenland thrust her into the international spotlight. Her main challenger is centre-right Defence Minister Troels Lund Poulsen, of the Venstre party, who has emerged as a key rival in the campaign. The vote comes amid months of heightened tensions over U.S. President Donald Trump’s push to take control…

Russia is Sending Iran Intelligence to Prolong War – Zelensky Ukrainian President Volodymyr Zelensky said on Monday that Russia is passing intelligence to Iran in an effort to prolong the war in the Middle East. Citing the Ukrainian HUR military intelligence service, Zelensky said in his evening video address that there was further evidence that Russia was continuing to support the Iranian leadership with intelligence. He did not provide any details. Zelensky also said he had been briefed by the SBU intelligence service. Russia’s war against Ukraine must not be allowed to benefit from the geopolitical situation and the crisis…