By Adedapo Adesanya

The two major crude oil grades in the global market fell by more than 4 per cent per barrel on Monday after the most recent tensions between the United States and Iran appeared to have eased.

Brent crude futures went down by $3.02 or 4.4 per cent to settle at $66.30 per barrel, while the US West Texas Intermediate (WTI) crude futures declined by $3.07 or 4.7 per cent to $62.14 per barrel.

Last week, markets reacted to the renewed tension in the world’s most important oil-producing and exporting region, and oil prices soared.

However, this weekend, US President Donald Trump said that he believes Iran is “seriously” talking with the US, adding he hopes that negotiations could lead to an “acceptable” deal with the member of the Organisation of the Petroleum Exporting Countries (OPEC).

Market analysts noted that with the US President facing weak poll numbers, a military escalation that risks pushing petrol prices sharply higher appears unlikely ahead of the November midterm elections.

Prices were also pressured by a stronger US Dollar and milder weather forecasts. The American currency strengthened as currency traders cheered President Trump’s nomination of Kevin Warsh as the next Federal Reserve chair. A stronger Dollar makes oil more expensive for investors using other currencies.

US futures prices for diesel, used in heating and power generation, fell more than 6 per cent triggered by forecasts of milder weather in the US, the world’s largest oil consumer.

OPEC+ agreed to keep its oil output unchanged for March at a meeting, the producer group said on Sunday. The brief meeting reaffirmed that decision for March, after earlier gatherings did the same for January and February.

The eight producers – Saudi Arabia, Russia, the United Arab Emirates, Kazakhstan, Kuwait, Iraq, Algeria and Oman – raised production quotas by about 2.9 million barrels per day from April through December 2025, roughly 3 per cent of global demand.

In November, the group froze further planned increases for January through March 2026 because of seasonally weaker consumption.

Four OPEC+ producers that have been pumping crude above their respective quotas have filed with the OPEC Secretariat updated compensation plans through June 2026, OPEC said on Monday.

The countries: Iraq, the UAE, Kazakhstan, and Oman filed updated plans to compensate for pumping above OPEC+ quotas through June 2026.

By Aduragbemi Omiyale

The duo of Presco Plc and Guaranty Trust Holding Company (GTCO) Plc has listed additional shares on the Nigerian Exchange (NGX) Limited.

The extra equities of these two publicly-listed organisations were admitted to the local stock exchange last Friday, increasing their respective total issued and fully paid-up shares.

For Presco, it listed fresh 166,666,667 ordinary shares of 50 Kobo each on the daily official list of the NGX on Friday, January 30, 2026, increasing its total issued and fully paid-up stocks from 1,000,000,000 units to 1,166,666,667 units.

The additional equities were from the rights issue of the firm allotted to shareholders on the basis of one new share for every existing six ordinary shares held as at close of business on Monday, October 13, 2025.

In a circular issued over the weekend, the NGX said, “Trading licence holders are hereby notified that additional 166,666,667 ordinary shares of 50 Kobo each of Presco Plc were on Friday, January 30, 2026, listed on the daily official list of Nigerian Exchange (NGX) Limited (NGX).

“The additional shares arose from the company’s rights issue of 166,666,667 ordinary shares of 50 Kobo each at N1,420.00 per share on the basis of one new share for every existing six ordinary shares held as at close of business on Monday, October 13, 2025.

“With the listing of the additional 166,666,667 ordinary shares, the total issued and fully paid-up shares of Presco Plc has now increased from 1,000,000,000 to 1,166,666,667 ordinary shares of 50 Kobo each.”

As for GTCO, it listed additional125,000,000 ordinary shares of 50 Kobo each at N80.00 per unit offered through private placement.

The fresh equities taken to Customs Street have raised the total issued and fully paid-up shares of GTCO from 36,425,229,514 to 36,550,229,514 ordinary shares of 50 Kobo each.

By Adedapo Adesanya

A total of N1.969 trillion was shared to the federal government, the 36 state governments and the 774 local government councils from the gross revenue of N2.585 trillion generated by the nation in December 2025.

The money was disbursed to the three tiers of government at the January 2026 Federation Account Allocation Committee (FAAC) meeting held in Abuja.

In a statement issued on Monday by the Director of Press and Public Relations in the Office of the Accountant-General of the Federation (OAGF), Mr Bawa Mokwa, it was stated that the FAAC allocation comprised statutory revenue of N1.084 trillion, distributable Value Added Tax (VAT) revenue of N846.507 billion, and Electronic Money Transfer Levy (EMTL) revenue of N38.110 billion.

“Total deduction for cost of collection was N104.697 billion, while total transfers, refunds, and savings were N511.585 billion,” the statement partly read.

It was also revealed that from the N1.969 trillion total distributable revenue, the federal Government received the sum of N653.500 billion, and the state governments received N706.469 billion, the local government councils received N513.272 billion, and the sum of N96.083 billion was shared with the benefiting state as 13 per cent derivation revenue.

He said of the N1.084 trillion distributable statutory revenue, the central government received N520.807 billion, the state governments got N264.160 billion, the local councils were given N203.656 billion, and N96.083 billion was shared to the benefiting states as 13 per cent derivation revenue.

FAAC noted that from the N846.507 billion distributable VAT earnings, the federal government got N126.976 billion, the state governments received N423.254 billion, and the local government councils got N296.277 billion.

From the revenue from EMTL, Mr Mokwa explained that the national government was given N5.717 billion, the state governments got N19.055 billion, and the councils collected N13.338 billion.

He added that the companies’ Income Tax (CIT)/CGT and STD, Import Duty and Value Added Tax (VAT) increased significantly in December, while oil and gas royalty, CET levies and fees increase marginally, with excise duty, Petroleum Profit Tax (PPT)/Hydrocarbon Tax (HT), and EMTL considerably down.