Business

Britain is set to host high-level talks with about 35 countries aimed at exploring ways to reopen the Strait of Hormuz, a critical global oil route disrupted by the ongoing conflict involving Iran. The virtual meeting will be chaired by British Foreign Secretary Yvette Cooper and will include representatives from countries such as France, Germany, Italy, Canada, and the United Arab Emirates. The United States is not expected to participate. The discussions follow remarks by US President Donald Trump, who stated that securing the vital waterway should be the responsibility of nations that depend on it, suggesting the route could reopen “naturally.” The Strait of Hormuz, which accounts for roughly a fifth of the world’s oil consumption, has been effectively shut down by Iran in ...

The federal government has increased the price of natural gas supplied to power generation companies to $2.18 per metric million British thermal units (MMBTU). The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said the new price will take effect from April 1, 2026. The new rate represents a $0.05 increase from the previous price of $2.13/MMBTU, according to NDPRA’s circular issued on Tuesday. The regulator also announced the updated Domestic Base Price (DBP) and wholesale gas pricing for the domestic market, serving as the minimum price for gas sales within Nigeria, has been set at $2.18/MMBTU. Similarly, commercial users will now pay $2.68/MMBTU, up from $2.63/MMBTU. Gas-based industries, including ammonia, urea, methanol, and low-sulfur dies...

The Nigeria Labour Congress has shut down the offices of Abuja Electricity Distribution in Abuja, Kogi, Nasarawa, and Niger over the mass sacking of over 900 workers. The Disco’s headquarters in Abuja, areas in the nation’s capital and other offices in Kogi, Minna, Niger, and Nasarawa States are under locks and keys as of Wednesday morning. This comes a day after the NLC, led by its president, Joe Ajaero, picketed AEDC’s headquarters over the controversial disengagement of nearly 900 workers. Explaining the crisis, Ajaero said it dates back to about six months when AEDC management claimed the disengagement would affect only workers who had reached retirement age or were on the verge of retiring; however, the reverse was the case. “At that time, the union intervened ...

Crude oil shipments to Asia from Europe and major West African producers like Nigeria and Angola are projected to rise by about 200,000 barrels per day in March, reaching 3.72 million bpd, according to data from Kpler. The shift comes amid ongoing disruptions linked to tensions involving Iran, which have significantly reduced Middle Eastern oil supply. An estimated 10 million barrels per day, roughly 10% of global consumption, have been impacted due to the effective closure of the Strait of Hormuz and attacks on regional energy infrastructure. Asia, the world’s largest oil-importing region, has been the hardest hit. The supply squeeze has pushed prices sharply higher, with the Dubai benchmark hitting a record $169.75 per barrel, surpassing the previous Brent crude record of $147.50 s...

Dangote Petroleum Refinery and Petrochemicals has reduced its gantry price for petrol to N1,200 per litre and its coastal price to N1,153 per litre. The company disclosed this in a statement by its spokesperson Anthony Chijiena to DAILY POST on Thursday. The 650,000 per day refinery dropped its petrol by N85 to N1,200 per liter from N1,285 per liter. The latest fuel price drop comes after at least five petrol price hikes carried out by the Dangote Refinery since March 2026 amid ongoing tensions in the Middle East. The adjustment marks a downward review in the refinery’s pricing structure and is expected to influence fuel supply costs across distribution channels, including depots and retail outlets.

The richest man in Africa, Alhaji Aliko Dangote, has warned that the current war in the Middle East, which is driving global oil volatility, could have a huge impact on Nigeria and African economies. Dangote was speaking Monday in Lagos after paying Eid-el-Fitr homage to President Bola Tinubu. He said the visit was to extend Sallah greetings, reconnect with the president after some time, and reaffirm respect and continued support for the administration’s policies. Dangote noted Nigeria had no direct role in the crisis but would still feel the impact because of deep global economic interdependence. “We are part of a global village, and unfortunately, developments like this will affect us even if we are not directly involved,” he said. He warned that prolonged tensions could t...

Global markets reacted sharply after Donald Trump announced a halt to strikes on Iranian energy infrastructure, citing progress in talks with Iran. Oil prices plunged following the announcement, reversing earlier gains. Brent North Sea crude dropped 6.7 per cent to $104.70 per barrel, after initially rising, while West Texas Intermediate fell 6.9 per cent to $91.41, having earlier surpassed $100. The shift came after Trump signalled diplomatic progress, writing: “The United States and Iran have had, over the last two days, very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East.” European stock markets also rebounded after earlier losses triggered by escalating tensions over the Strait of Hormuz. Frankfurt’s ma...

Legend Internet Plc filed a regulatory notice with the Nigerian Exchange Limited, the country’s capital market operator, announcing a planned merger with Spectranet Limited, a move set to reshape the broadband sector. The deal, disclosed on Monday, is subject to approval by the Nigerian Communications Commission and the Federal Competition and Consumer Protection Commission, with completion anticipated in the second quarter of 2026. The companies said the merger will combine Legend’s fibre-to-the-home network with Spectranet’s 4G LTE and fibre services, aiming to boost operational efficiency, expand coverage in urban centres, and improve service quality. “The proposed merger aligns with Legend’s long-term strategy to broaden broadband infrastructure and strengthen its market posit...

The Chief Executive Officer of TotalEnergies, Patrick Pouyanne, has warned that an extended conflict in the Middle East could significantly damage economies worldwide. Speaking during an interview with China Global Television Network (CGTN), Pouyanne noted that the global economic outlook would deteriorate sharply if the crisis lasts longer than six months. He explained that escalating tensions involving Iran, particularly moves to restrict access to the Strait of Hormuz, are already disrupting global oil supply. The Strait of Hormuz is a vital channel through which roughly 20 percent of the world’s oil production is transported. Its disruption has left about 10 million barrels of crude oil per day unable to leave the Gulf, raising concerns about inflation and slower economic grow...