Economy
Brent Surges to $118 as EU Mulls Fresh Russian Sanctions
By Adedapo Adesanya
The price of the Brent crude rose by 3.59 per cent or $3.44 to $118 per barrel on Monday night as the European Union (EU) considers fresh sanctions that will hit Russia’s energy sector and further tighten the market.
This development also lifted the price of the United States West Texas Intermediate (WTI) crude higher yesterday by 4.36 per cent or $4.39 to $113.6 per barrel.
The new sanctions are being triggered by allegations of the killing of unarmed civilians by Russian forces while retreating from Ukrainian towns. The bloc vowed a new wave of severe sanctions would follow against Russia in a matter of days, including potential sanctions against Russia’s oil, gas, or coal exports.
It admitted that “Haunting images of large numbers of civilian deaths and casualties, as well as the destruction of civilian infrastructures, show the true face of the brutal war of aggression Russia is waging against Ukraine and its people.”
“The massacres in the town of Bucha and other Ukrainian towns will be inscribed in the list of atrocities committed on European soil,” the EU said in a statement on Monday.
“The EU will continue to firmly support Ukraine and will advance, as a matter of urgency, work on further sanctions against Russia. President Putin must stop this war immediately and unconditionally,” the EU added.
Europe to date has ceased to target directly Russian energy exports fearing that sanctions or an embargo could lead to a deep recession in the major European economies, including the biggest one, Germany.
Germany has so far been one of the staunchest opponents of an energy embargo on Russia, but after photos of Russian atrocities in Bucha and other Ukrainian towns emerged, the mood appears to be shifting even in the country.
Now, the EU looks likely to discuss a ban on the import of Russian natural gas this week.
This provides a major shift after crude dropped more than 10 per cent last week after US President Joe Biden announced a record oil reserves release and as International Energy Agency members committed to further tapping reserves.
Mr Biden announced the biggest ever release of oil from the US Strategic Petroleum Reserve (SPR)—180 million barrels over six months which is one million additional barrels on the market per day on average – every day – for the next six months.
Support also came as a pause in talks in Vienna to revive the Iran nuclear deal, which would allow the lifting of sanctions on Iranian oil.
Meanwhile, geopolitical pressure may begin to ease following a truce in Yemen, which could lessen threats to supply in the Middle East.
The United Nations brokered a two-month truce between a Saudi-led coalition and the Houthi group aligned with Iran for the first time in the seven-year conflict.
Saudi oil facilities have come under Houthi attack during the fighting with the recent attack coming last month after they attacked a petroleum products distribution terminal, a natural gas plant, a refinery as well as a water desalination plant, a power station and a gas facility in the kingdom.
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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