By Adedapo Adesanya

Oil prices were slightly up by 1 per cent on Friday after Iran said it had stopped two vessels seeking to exit the Strait of Hormuz, underscoring concerns over global ​energy supplies.

Brent futures gained $1.09 or 1.2 per cent to trade at $90.12 a barrel, while the US West Texas Intermediate (WTI) futures chalked up $1.08 or 1.3 per cent to settle at $84.67 a barrel. For July, Brent gained 24 per cent, and WTI rose 21 per cent.

Iran said four other tankers turned back after its forces intervened, although the Iranian reports could not ‌be independently confirmed.

The war in Iran, which began on February 28, has sharply curtailed traffic through the Strait of Hormuz, a vital ​chokepoint that previously carried about a fifth of global crude oil and natural gas supplies, disrupting millions of barrels per day of Middle ​East output.

Iran has largely blocked shipping through the strait since the conflict began, while its Houthi allies in ⁠Yemen in July threatened vessels transiting the Bab el-Mandeb strait at the southern end of the Red Sea, jeopardising an alternative export route used by ​Saudi Arabia and other regional producers.

A drone strike that sparked fires on two gas vessels in Egypt’s Mediterranean port of Damietta also raised threats to shipping through the Suez Canal.

A body set up by Iran to manage the Strait of Hormuz said on Friday that crossings ​remained impossible due to “continued aggressive actions by U.S. military forces in the region.”

However, there were no reports of new US attacks on Iran overnight between Thursday and Friday after what was a sharp escalation in its war on Iran earlier in the week, with joint US-Saudi strikes ​on Iranian-allied forces in Iraq.

There are indications that this might go over the weekend after US President Donald Trump, in a statement to Fox News on Friday, said the war was going well.

He later said he believed a deal could still be reached with Iran, and Special Envoy Steve Witkoff, his son-in-law Jared Kushner and Secretary of State Marco Rubio are involved in talks.

Earlier in the week, the US Energy Information Administration (EIA) data showed commercial crude stocks last week fell to their lowest levels since 2018.

Oman has ​presented Iran with a plan backed by Gulf states to manage the Strait of Hormuz, including collecting voluntary fees for using it. This was initially rejected, but Reuters reported that ​talks with Oman over the waterway were continuing.

By Aduragbemi Omiyale

The Series II of the Coronation Infrastructure Fund (CIF) has received the approval of the Securities and Exchange Commission (SEC).

This was confirmed by Coronation Asset Management, which is floating the investment tool, which attracted N8.79 billion from 33 investors across four investor categories during its Series I issuance.

Business Post gathered that the net proceeds from the Series II offer will be deployed to provide debt financing for infrastructure and infrastructure-related projects, companies and Special Purpose Vehicles in line with the fund’s investment objectives and policies.

Already, about N3.31 billion has been distributed in income to unit holders, reflecting its disciplined investment approach and ability to originate, structure, and manage infrastructure credit investments that deliver sustainable, risk-adjusted returns while preserving capital.

A signing ceremony was recently held at Coronation Plaza in Lagos to formally bring together the fund’s transaction parties, marking the completion of a critical regulatory milestone and paving the way for the opening of the Series II offer for subscription. The next phase will see the fund complete the remaining regulatory notification requirements ahead of the public offer.

“Today’s signing marks an important step towards the launch of the Series II offer. It reflects the strength of our partnerships, the confidence of our regulators and the disciplined approach we have taken in managing the fund since inception.

“Series I demonstrated strong demand for well-structured infrastructure investment opportunities that deliver attractive risk-adjusted returns alongside real economic impact.

“With Series II, we are building on that track record by connecting long-term capital with infrastructure projects that support Nigeria’s growth while creating lasting value for our investors,” the chief executive of Coronation Asset Management, Mr Aigbovbioise Aig-Imoukhuede, said.

Also commenting, the Head of the Coronation Infrastructure Fund, Mr Mayowa Ikotun, said, “Series II is designed to build on the strong foundation established by the inaugural issuance. The Fund will continue to target a diversified portfolio of infrastructure debt opportunities across telecommunications, transport, energy, utilities, social infrastructure and real estate, investing in projects with resilient cash flows and strong credit fundamentals.

“Our objective remains to provide investors with attractive long-term risk-adjusted returns while helping to bridge Nigeria’s infrastructure financing gap.”

By Adedapo Adesanya

The Emir of Kano, Mr Muhammadu Sanusi II, has commended the Central Bank of Nigeria (CBN) for its economic reforms, saying they have restored macroeconomic stability and driven economic growth beyond the country’s population growth rate.

Emir Sanusi, a former Governor of the central bank, made the remarks while speaking at the ongoing 31st Nigerian Economic Summit in Abuja.

According to the former banker, the apex bank inherited an economy weakened by years of excessive liquidity and rapid money supply growth but had succeeded in reversing the trend through tighter monetary policies.

“I have nothing but positive words for what the central bank has done. We are coming from the background of a very high level of instability as a result of loose money and uncontrolled growth in money supply.

“The central bank has taken one year to mop up all that money,” the monarch said, according to a video from the event that has circulated widely.

Speaking on the impact of the reforms, Mr Sanusi added: “This is the first time that this economy will be growing faster than the population.”

The remark suggests that the country’s gross domestic product (GDP) growth is expected to outpace its population growth rate of about 2.1–2.5 per cent annually, implying an increase in per capita income.

This means the economy is expanding fast enough to raise average output and income per person, rather than merely keeping pace with population increases.

The reforms introduced by the Yemi Cardoso-led CBN have centred on restoring macroeconomic stability and rebuilding investor confidence. Key measures include adopting a more market-driven foreign exchange regime, tightening monetary policy through successive interest rate hikes to curb inflation, and clearing a significant portion of the foreign exchange backlog owed to businesses and investors.

The apex bank has maintained that these policies are designed to stabilise the naira, improve liquidity in the FX market, attract foreign investment, and lay the foundation for sustainable economic growth.