By Adedapo Adesanya

Oil prices further went down on Thursday after a report said Saudi Arabia and Kuwait lifted restrictions on the United States’ use of their airspace and military bases, allowing America to restart operations to escort commercial ships through the Strait of Hormuz as early as this week.

Brent crude futures gave up 1.2 per cent or $1.21 to trade at $100.06 a barrel, while the US West Texas ​Intermediate (WTI) crude futures depreciated by 0.28 per cent or 27 cents to $94.81 per barrel.

The Wall Street Journal reported that Saudi Arabia and Kuwait had lifted restrictions on the US military’s use of their airspace and military ​bases, citing American and Saudi officials, and that the Donald Trump administration was looking to restart ‘Project Freedom’, its operation to guide vessels through the vital Strait of Hormuz waterway this week.

The US and Iran are edging toward a limited, temporary agreement to halt their war, with a draft framework that would ​stop the fighting but leave the most contentious issues unresolved and centre on a short-term memorandum rather than a comprehensive peace deal.

The US has sent a proposal for a one-page memorandum that could lead to a gradual re-opening of the Strait of Hormuz and the lifting of the US blockade on access to Iranian ports. Iran has yet to review and respond to the proposal.

No agreement has been reached on fresh mediated talks, including on Iran’s nuclear programme.

Market analysts noted that a confirmed deal would probably take Brent back into the $80-$90 price range quickly, but a breakdown in talks or if strikes resumed, it would immediately ⁠push prices north of $120 a barrel.

On the supply front, the US government said Iran appears to have cut back oil production by 400,000 barrels per day and is likely to reduce it ​further as its storage units fill.

Meanwhile, a Chinese-owned oil products tanker was attacked near the Strait of Hormuz on Monday, marking the first time a Chinese oil vessel has been ​attacked.

US Treasury Secretary Scott Bessent had earlier urged China to intensify its diplomatic efforts to persuade ​Iran to open the ⁠Strait of Hormuz to international shipping, adding that President Trump and his Chinese counterpart, Mr Xi Jinping, will discuss the subject when they meet next week.

By Aduragbemi Omiyale

Nigeria’s integrated agro-industrial company, Ellah Lakes Plc, significantly improved its revenue in the first quarter of 2026 to N359.49 million from N19.61 million in the same period of 2025.

The revenue growth was driven by initial harvests and sales of Crude Palm Oil (CPO), reflecting stronger commercial activity and improved pace of revenue generation as operations continue to scale.

The improved sales activity was supported by growing commercial output from its operating platform and continued focus on disciplined execution.

It was observed that while the gross profit rose to N285.35 million from N19.61 million, the operating loss moderated to N273.42 million from the N514.12 million recorded in the first quarter of last year.

“The first quarter represents another important step in Ellah Lakes’ transition into commercial execution. The stronger revenue momentum recorded during the period was supported by improved production stability, better operational uptime and more disciplined sales execution.

“Importantly, we also narrowed our operating loss year-on-year, reflecting the benefit of higher gross profit and continued cost discipline. These results provide an encouraging early indication that the business is gaining operating momentum,” the chief executive of Ellah Lakes, Mr Chuka Mordi, said.

Ellah Lakes continued to focus on scaling output, improving efficiency, and converting its agricultural asset base into stronger commercial performance.

The quarter’s results show early evidence of this transition, with revenue increasing significantly year-on-year and operating loss narrowing compared with the prior-year quarter.

“Our CPO mill is now operational, piggery operations continue to scale, and we are advancing the next stage of our processing roadmap through the planned installation of a 40 tonnes-per-day Palm Kernel Oil (PKO) mill in Q2 2026.

“In parallel, we are strengthening our operating systems and exploring technical partnerships to improve asset utilisation and execution as the business scales.

“Our focus remains on disciplined execution, prudent capital stewardship and long-term value creation for shareholders,” Mr Mordi stated.

By Adedapo Adesanya

Businesses operating in Nigeria can now register easily as the Corporate Affairs Commission (CAC) introduces a direct payment option on its portal.

A statement posted on the commission’s handle on X (formerly Twitter) on Wednesday noted that the move is aimed at streamlining registration services as well as optimising the portal for efficiency.

“The Corporate Affairs Commission (CAC) wishes to notify its esteemed customers that payments for the following filings can now be conveniently made directly on our portal via ReVOps on the Intelligent Company Registration Portal (iCRP),” it announced.

The Revenue Optimisation and Assurance Project (REV-OP) was launched last year to strengthen public financial management.

The initiative focuses on blocking revenue leakages and improving transparency across government agencies.

It is built on three pillars: transparency, efficiency, and digital transformation.

The new payment systems allow users to pay for services through ReVOps on its Intelligent Company Registration Portal (iCRP).

Before now, the previous payment structure relied on the Remita gateway, which supported debit cards, bank transfers, and branch payments.

According to the Commission, the initiative is part of efforts to improve service delivery and streamline its processes for users.

The CAC listed services now eligible for direct payment include Annual Returns Filing, Change of Business Address, Cessation of Business, Change of Name, and Change of Objects.

It added that other services, such as Change of Proprietor or Partner details, are Certified True.

The move aligns with the federal government’s broader push to digitise public finance and improve revenue collection through technology.

REV-OP enables real-time monitoring and data-driven decision-making, marking a shift toward a more technology-driven approach to government revenue systems.