Business

Global oil markets have recorded a sharp spike, with Brent crude briefly climbing to $125 per barrel following renewed geopolitical tensions between the United States and Iran. According to data from Oilprice.com, Brent crude rose as high as $125.60 on Wednesday before easing slightly to about $116.50 in early trading on Thursday, reflecting continued volatility in the energy market. The marginal decline of about 1.47% from its peak has done little to calm market concerns, as analysts say price movements still signal heightened uncertainty in global oil supply. The United States benchmark, West Texas Intermediate (WTI), also traded higher at around $106.72 per barrel, despite a slight dip of 0.15% in early trading. The latest surge marks one of the most significant price rallie...

The Nigerian National Petroleum Company Gas Infrastructure Company (NGIC), a subsidiary of the Nigerian National Petroleum Company Limited (NNPC), has announced the successful completion of the River Niger crossing on the 130-kilometre Obiafu-Obrikom-Oben (OB3) gas pipeline. In a statement issued on Thursday by its Chief Corporate Communications Officer, Andy Odeh, the company described the development as a major milestone in Nigeria’s gas infrastructure expansion. The River Niger crossing, which runs about two kilometres beneath the riverbed, is one of the most technically complex sections of the project. It was executed using advanced horizontal directional drilling technology by the NNPC project team in collaboration with PCE Nig. Limited. According to the company, the completi...

Petrol prices have risen sharply across Nigeria, with motorists now buying fuel between N1,364 and N1,444 per litre as major oil marketers and filling stations adjust their pump prices. Checks on Thursday evening showed that key marketers, including the Nigerian National Petroleum Company Limited (NNPCL), MRS, BOVAS, AP (Ardova), and Mobil, have increased pump prices to between N1,364 and N1,370 per litre. Other outlets such as AA Rano, Emedab, Empire Energy, and Ranoil are reportedly selling petrol at even higher rates, ranging from N1,370 to N1,440 per litre. This represents a significant jump from about N900 per litre recorded in February 2026. The latest increase comes less than 24 hours after Dangote Refinery and depot operators raised their gantry and ex-depot prices to N...

The first direct flight between the United States and Venezuela in seven years touched down in Caracas on Thursday, marking a significant milestone in the diplomatic thaw between the two nations.  The American Airlines flight, operated as Envoy Air flight 3599, departed Miami at 10:26 am and landed less than three hours later, carrying senior Washington officials alongside civilian passengers. The resumption of direct travel follows the dramatic removal of former leader Nicolas Maduro in January 2026 and the subsequent rise of Vice President Delcy Rodriguez, who has largely cooperated with the United States.  In response to this shift in leadership, the Trump administration has begun easing sanctions and resuming formal diplomatic relations, leading to the reopening ...

Meta shares plummeted nearly 10% at the opening of Wall Street on Thursday, April 30 marking a sharp contrast to Google-parent Alphabet, which saw its shares skyrocket by more than 6%.  The divergent performances highlight how investors are beginning to distinguish between the various "Big Tech" approaches to heavy artificial intelligence spending. Google emerged as the clear winner of the quarterly reporting cycle, with investors applauding its successful pivot to AI and solid performance across its major divisions. The company reported a profit of $62.6 billion on revenue of nearly $110 billion, comfortably beating market expectations. In contrast, Meta's results sent tremors through the market as the social media giant announced a significant increase in expenses to fund i...

Manchester United midfielder, Kobbie Mainoo, has signed a new five-year contract that will keep him at the club until 2031. The 21-year-old's previous deal at Old Trafford, signed in 2023 when he was still 17, was due to expire in the summer of 2027, and his fresh terms better reflect his progression and current status in the first team. Mainoo, who came through United’s academy system, had reportedly pushed for a loan move to SSC Napoli during the January transfer window after falling down the pecking order  before his sacking in January. Speaking to the club's website, Mainoo said: "Manchester United has always been my home – this special club means everything to my family. "I have grown up seeing the impact that our club has on our city, and I relish the responsibil...

Spotify has introduced a new verification system called “Verified by Spotify,” aimed at helping listeners distinguish real human artists from AI-generated content. The new badge, displayed as a green checkmark on artist profiles and search results, will be rolled out in the coming weeks. According to the company, only artists who meet specific authenticity criteria will qualify, including consistent listener engagement, compliance with platform rules, and evidence of a genuine presence beyond the platform such as live performances or social media activity. “In the AI era, it’s more important than ever to be able to trust the authenticity of the music you listen to,” Spotify said. The company added that more than 99 percent of artists users actively search for are expected to be ve...

The Dangote Refinery has increased its petrol price, raising its ex-depot price of Premium Motor Spirit by N75 per litre, while also suspending product sales following a disruption in its Proforma Invoice process. Price data from Petroleumprice.ng and confirmation from a Dangote refinery official on Wednesday showed that the petrol loading price rose from N1,200 per litre to N1,275 per litre, while coastal supply prices increased to N1,215 per litre. The change followed operational adjustments and has started affecting the downstream petroleum market. The official confirmed the development, saying “Yes, the increase of PMS to N1,275 per litre is true. Coastal price is N1,215.” According to another source, the refinery stopped its Proforma Invoice entry process at about...

Nigeria’s non-oil export sector recorded a historic milestone in 2025, with export value hitting $6.1 billion and market reach expanding to 210 countries, the Nigerian Export Promotion Council (NEPC) has disclosed. Executive Director of NEPC, Nonye Ayeni, shared these figures in Abuja during a conference titled “Strengthening Women-led Businesses for Resilience, Recovery and Inclusive Economic Growth.” She noted that the performance underscores Nigeria’s growing capacity as a regional and global trade hub.  According to Ayeni, the country exported 281 products across Africa, Asia, America, Europe, and Oceania, with a footprint spanning 36 African countries, including 11 within ECOWAS. “In 2025, Nigeria recorded the highest value of non-oil exports at $6.1 billion and the ...

The naira continues to trade at varying rates against the US dollar across different markets, with noticeable differences between the official and parallel segments. At the Lagos parallel market, commonly referred to as the black market, the dollar is currently selling for ₦1,400 and being bought at ₦1,390, based on information from Bureau De Change (BDC) operators as of April 28, 2026. Meanwhile, the Central Bank of Nigeria maintains that it does not recognize transactions in the parallel market. The apex bank advises individuals seeking foreign exchange to conduct their transactions through authorized financial institutions. On the official market, the CBN rates show the naira trading within a range, with the highest rate at ₦1,385 and the lowest at ₦1,367 per dollar. It is i...