By Adedapo Adesanya

The oil market was down about 3 per cent on Monday after some vessels sailed through the critical Strait ​of Hormuz that has been largely shut down during the escalating war with Iran.

Iran has allowed some Indian vessels to sail through the Strait of Hormuz, sinking Brent futures by $2.93 or 2.8 per cent to $100.21 a barrel, as the US West Texas Intermediate (WTI) crude drowned $5.21 or 5.3 per cent to settle at $93.50 per barrel.

The country also asked India to release three tankers seized in ​February as part of talks seeking the safe passage of Indian‑flagged or India‑bound vessels through the strait.

This was confirmed by the US with Treasury Secretary, Mr Scott Bessent, saying the US is fine with some Iranian, Indian and Chinese ships going through the Strait of Hormuz for now, adding that any action to mitigate higher prices would depend on how long the war lasts.

Meanwhile, allies rebuffed US President Donald Trump’s call for help in unblocking the strait. He said his administration has contacted roughly seven countries that rely heavily on Middle Eastern crude shipments and expects them to help secure the route.

The majority of crude moving through the strait ultimately heads to Asian markets, including China, India, Japan and South Korea.

According to the Associated Press, Chinese officials declined to directly address the request when asked during a daily briefing on Monday, instead reiterating their broader call for de-escalation in the region.

The Executive Director of the International Energy Information (EIA), Mr Fatih Birol, said on Monday that member countries could release more oil ​into the market from strategic stockpiles after they agreed to the largest-ever release of 400 million barrels last week.

The European Union (EU) foreign ministers are discussing on Monday the potential to move an already operational mission in the Middle East region to try to help unblock the Strait.

President Trump also threatened further strikes on Iran’s Kharg Island, which handles about 90 per cent of the country’s exports, after hitting military targets there that spurred further retaliation from Iran. On its part, Israel said it has detailed plans for at least three more weeks of war.

By Modupe Gbadeyanka

A $4.2 billion gas deal aimed to power a fertiliser project in Ethiopia has been signed between Nigeria’s Dangote Industries Limited and China’s GCL Group.

The Chinese firm is expected to supply stable natural gas to Dangote Group’s upcoming 3‑million‑tonne‑per‑year urea fertiliser production complex in Ethiopia for 25 years.

The natural gas supplied by GCL will be sourced from the Calub Gas Field in Ethiopia’s Ogaden Basin and delivered via a dedicated 108‑kilometre pipeline directly to the Dangote fertiliser complex in Gode, Somali Region.

The initiative aligns with Africa’s broader objective of establishing an integrated energy‑to‑food value chain, leveraging local resources to drive industrial autonomy.

The fertiliser plant, valued at $2.5 billion, is being developed under a 60:40 equity structure between Dangote Group and Ethiopian Investment Holdings (EIH), respectively, and is scheduled to begin operations in 2029.

Once commissioned, it will become East Africa’s largest modern fertiliser production hub, fully meeting Ethiopia’s current urea import demand while supplying neighbouring regional markets.

The project is expected to significantly reshape East Africa’s fertiliser landscape, reducing reliance on imports and strengthening agricultural self‑sufficiency.

“Africa’s energy industry cannot continue indefinitely exporting raw materials while importing finished products. We must pursue a new path of highly autonomous development.

“Through seamless integration and strategic cooperation with GCL, we will achieve an efficient closed‑loop value chain from natural gas extraction to fertiliser production, taking a crucial step toward enabling Africa to secure greater autonomy over its food security,” Mr Aliko Dangote said at the signing ceremony in Lagos.

The Chairman of GCL Group, Mr Zhu Gongshan, also reaffirmed the company’s confidence in the partnership, noting that the agreement was made possible through the facilitation and support of the Ethiopian government.

“This cooperation will enable both sides to expand new frontiers in Ethiopia’s energy, chemical, and food security sectors while transitioning from a business going global model toward a mutually beneficial ecosystem‑based framework.

“Leveraging GCL’s integrated oil and gas operations in Ethiopia and Dangote Group’s extensive industrial footprint across Africa, the partnership will significantly enhance our service capabilities and market reach across the continent.”

By Adedapo Adesanya

President Bola Tinubu has sworn in Mr Taiwo Oyedele as the new Minister of State for Finance, tasking him with fiscal reforms aimed at improving government revenue and strengthening Nigeria’s economic management framework.

He took his oath of office before the President at the Presidential Villa, Abuja, on Monday.

President Tinubu nominated Mr Oyedele for the new role on March 3, 2026, to replace Mrs Doris Uzoka-Anite, who was moved to serve as the Minister of State for Budget and National Planning.

On March 11, the Senate confirmed him after a screening session, where the tax expert pledged to pursue fiscal reforms aimed at improving government revenue, ensuring realistic budgeting, and strengthening Nigeria’s economic management framework.

He was cleared by the lawmakers through a voice vote at the Committee of the Whole, after hours of screening.

Mr Oyedele, the former chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, described his nomination as a call to serve Nigeria.

“With over two decades of experience working with national governments, multilateral institutions, and global corporations, my journey across the private sector, academia, and public policy has focused on fiscal governance and economic transformation.

“However, this moment is not about personal accomplishments; it is a call to serve at a critical time when Nigeria faces significant fiscal challenges and remarkable opportunities,” the 50-year-old said in the upper chamber.

He said his decades-long experience working on “global reforms regarding the ease of doing business and taxation across 180 countries” had prepared him for the role.

“I feel my background has prepared me to help my country by understanding what works globally and how to apply those lessons to our unique context,” Mr Oyedele added.

The public policy expert, accountant, and economist was appointed by the President to chair the tax reform committee in July 2023.

This led to the creation of four bills: the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill were passed by the National Assembly last year after months of extensive debates and controversies, and assented to by Tinubu on June 26, 2025.

The former fiscal policy partner and Africa tax leader at PriceWaterhouseCoopers (PwC) attended Yaba College of Technology and bagged a Higher National Diploma (HND) in Accountancy and Finance.

Mr Oyedele also earned a BSc in applied accounting from Oxford Brookes University.

His academic journey saw him study at the London School of Economics, Yale University, the Gordon Institute of Business Science, and the Harvard Kennedy School, where he completed executive education programmes.

The ministerial nominee worked for decades with PWC, having started his career at the organisation in 2001.

He is a professor at Babcock University in Ogun State as well as a visiting scholar at the Lagos Business School.