Economy

Analysts Foresee Brent Crashing to $55 Per Barrel This Week

Published

6 years ago

03/02/2020

By Adedapo Adesanya

Oil prices had their major test last week as the spread of the coronavirus continued, letting loose bears into the global oil market, with major futures dropping over $3 per barrel.

With drop in demand continuing, affected and unaffected countries have isolated citizens evacuated from the Chinese city of Wuhan in order to curb the contagious epidemic.

There have been restrictions on travel too with over 360 people killed and over 17,000 affected. With figures expected to continue to rise, there are serious worries on the impact this disease will have on the world’s second-biggest economy as well as the global markets.

Multinationals are already closing their operations in China. Last week, the British Airways suspended certain flights to China as travel warnings issued by governments made passenger numbers drop.

Last week, the Organisation of the Petroleum Exporting (OPEC) disclosed that it was considering holding an emergency meeting in February as prices hit worrying levels.

According to the Algerian Energy Minister, Mr Mohamed Arkab, the producer group’s meeting earlier scheduled for March 2020 is likely to be moved to February, adding that a decision may be taken in the coming days.

This was backed up by Russian Energy Minister, Mr Alexander Novak, who said on Friday that his country was ready to bring forward a meeting of OPEC and its allies to February from March to address a possible hit to global oil demand from the virus.

Mr Novak said he was in discussions with OPEC leader, Saudi Arabia, and that the oil-producing nations would need several more days to assess the impact and decide on the date of the meeting.

OPEC’s oil output fell in January to the lowest since 2009 after several members led by Saudi Arabia over-delivered on a new agreement to cut production and as Libya’s supply slumped, its first monthly report revealed.

With the date for the OPEC+ meeting expected to be confirmed this week, many pointers show that improvement are not expected anytime soon as the coronavirus continues to shut down factories, and therefore production.

With the outbreak having a comparable effect as the SARS which occurred in 2003, the demand for oil in China is likely to reduce by roughly 400,000 barrels per day and being a primary importer of the commodity, this will be felt.

Expectations early in the week are for the Brent Crude to trade down at $55 per barrel, while the US West Texas Intermediate (WTI) could touch $50 per barrel.

As at the time of this report, Brent was trading down by 21 cents or 0.37 percent to $56.41 per barrel, while the WTI crude was up 11 cents or 0.21 percent to settle at $51.67 per barrel.

Economy

LIRS Shifts Deadline for Annual Returns Filing to February 7

Published

6 hours ago

01/02/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

The deadline for filing of employers’ annual tax returns in Lagos State has been extended by one week from February 1 to 7, 2026.

This information was revealed in a statement signed by the Head of Corporate Communications of the Lagos State Internal Revenue Service (LIRS), Mrs Monsurat Amasa-Oyelude.

In the statement issued over the weekend, the chairman of the tax collecting organisation, Mr Ayodele Subair, explained that the statutory deadline for filing of employers’ annual tax returns is January 31, every year, noting that the extension is intended to provide employers with additional time to complete and submit accurate tax returns.

According to him, employers must give priority to the timely filing of their annual returns, noting that compliance should be embedded as a routine business practice.

He also reiterated that electronic filing through the LIRS eTax platform remains the only approved method for submitting annual returns, as manual filings have been completely phased out. Employers are therefore required to file their returns exclusively through the LIRS eTax portal: https://etax.lirs.net.

Describing the platform as secure, user-friendly, and accessible 24/7, Mr Subair advised employers to ensure that the Tax ID (Tax Identification Number) of all employees is correctly captured in their submissions.

Economy

Airtel on Track to List Mobile Money Unit in First Half of 2026—Taldar

Published

6 hours ago

01/02/2026

Adedapo Adesanya

By Adedapo Adesanya

The chief executive of Airtel Africa Plc, Mr Sunil Kumar Taldar, has disclosed that the company is still on track to list its mobile money business, Airtel Money, before the end of June 2026.

Recall that Business Post reported in March 2024 that the mobile network operator was considering selling the shares of Airtel Money to the public through the IPO vehicle in a transaction expected to raise about $4 billion.

The firm had been in talks with possible advisors for a planned listing of the shares from the initial public offer on a stock exchange with some options including London, the United Arab Emirates (UAE), or Europe.

However, so far no final decisions have been made regarding the timing, location, or scale of the IPO.

In September 2025, the telco reportedly picked Citigroup Incorporated as advisors for the planned IPO which will see Airtel Money become a standalone entity before it can attain the prestige of trading on a stock exchange.

Mr Taldar, noted that metrics continued to show improvements ahead of the listing with its customer base hitting 52 million, compared to around 44.6 million users it had as of June 2025.

He added that the subsidiary processed over $210 billion in a year, according to the company’s nine-month financial results released on Friday.

“Our push to enhance financial inclusion across the continent continues to gain momentum with our Mobile Money customer base expanding to 52 million, surpassing the 50 million milestone. Annualised total processed value of over $210 billion in Q3’26 underscores the depth of our merchants, agents, and partner ecosystem and remains a key player in driving improved access to financial services across Africa.

“We remain on track for the listing of Airtel Money in the first half of 2026,” Mr Taldar said.

Estimating Airtel Money at $4 billion is higher than its valuation of $2.65 billion in 2021. In 2021, Airtel Money received significant investments, including $200 million from TPG Incorporated at a valuation of $2.65 billion and $100 million from Mastercard. Later that same year, an affiliate of Qatar’s sovereign wealth fund also acquired an undisclosed stake in the unit.

The mobile money sector in Africa is expanding rapidly, driven by a young population increasingly adopting technology for financial services, making the continent a key market for fintech companies.

Economy

Crypto Investor Bamu Gift Wandji of Polyfarm in EFCC Custody

Published

1 day ago

31/01/2026

Dipo Olowookere

By Dipo Olowookere

A cryptocurrency investor and owner of Polyfarm, Mr Bamu Gift Wandji, is currently cooling off in the custody of the Economic and Financial Crimes Commission (EFCC).

He was handed over to the anti-money laundering agency by the Nigerian Security and Civil Defence Corps (NSCDC) on Friday, January 30, 2026, after his arrest on Monday, January 12, 2026.

A statement from the EFCC yesterday disclosed that the suspect was apprehended by the NSCDC in Gwagwalada, Abuja for running an investment scheme without the authorisation of the Securities and Exchange Commission (SEC), which is the apex capital market regulator in Nigeria.

It was claimed that Mr Wandji created a fraudulent crypto investment platform called Polyfarm, where he allegedly lured innocent Nigerians to invest in Polygon, a crypto token that attracts high returns.

Investigation further revealed that he also deceived the public that his project, Polyfarm, has its native token called “polyfarm coin” which he sold to the public.

In his bid to promote the scheme, the suspect posted about this on social media platforms, including WhatsApp, X (formally Twitter) and Telegram. He also conducted seminars in some major cities in Nigeria including Kaduna, Lagos, Port Harcourt and Abuja where he described the scheme as a life-changing programme.

Further investigation revealed that in October, 2025, subscribers who could not access their funds were informed by the suspect that the site was attacked by Lazarus group, a cyber attacking group linked to North Korea.

Further investigations showed that Polyfarm is not registered and not licensed with SEC to carry out crypto transactions in Nigeria. Also, no investment happened with subscribers’ funds and that the suspect used funds paid by subscribers to pay others in the name of profit.

Investigation also revealed that native coin, polyfarm coin was never listed on coin market cap and that the suspect sold worthless coins to the general public.

Contrary to the claim of the suspect that his platform was attacked, EFCC’s investigations revealed that the platform was never attacked or hacked by anyone and that the suspect withdrew investors’ funds and utilized the same for his personal gains.

The EFCC, in the statement, disclosed that Mr Wandji would be charged to court upon conclusion of investigations.