Economy
Oil Prices Slump as DeepSeek’s Low Cost AI Triggers Demand Concerns
By Adedapo Adesanya
Oil prices closed lower on Monday amid surging interest in Chinese startup DeepSeek’s low-cost artificial intelligence (AI) model prompting concerns over energy demand to power data centers.
Prices, which were already weaker from the previous week, fell further with Brent futures losing $1.42 or 1.8 per cent to $77.08 a barrel and the US West Texas Intermediate (WTI) crude declining by $1.49 or 2.0 per cent to $73.17 per barrel.
DeepSeek’s AI Assistant overtook its US rival, ChatGPT, to become the top-rated free application available on Apple’s App Store in the United States.
DeepSeek’s AI Assistant required almost 90 per cent less computational power to achieve what ChatGPT has been able to achieve.
According to market analysts, this is quite impactful because DeepSeek was funded with only $6 million, compared to the billions of US Dollars that had been sunk into other AI companies.
This fed doubts among investors who have poured money into US energy firms hoping AI would drive demand for energy to power data centers.
In most projections, AI represents about 75 per cent of overall US demand forecasts through 2030-2035.
Prices were also weakened as China’s manufacturing data was weaker than expected, adding fresh concerns over energy demand and highlighting the need for more policy efforts to stabilize economic growth.
Prices have been depressed recently following President Donald Trump’s call last week for the Organisation of the Petroleum Exporting Countries (OPEC) to reduce oil prices.
The American president will continue to put pressure on OPEC and call on the producer group to lower prices to help end the Russian war in Ukraine.
OPEC and its wider alliance OPEC+ already has agreed to delay the planned output increase by three months to April 2025. Extending the full unwind of production cuts by a year until the end of 2026, a move that will ensure that oil markets are not oversupplied in 2025.
Meanwhile, the Trump administration pulled back from sanctions threats against Colombia over illegal immigration, alleviating concern about oil supply disruptions.
Colombia last year sent over 40 per cent of its seaborne crude exports to the US and the agreement will allow that oil to continue to flow.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
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