By Adedapo Adesanya

The crude oil market closed lower on Friday, extending pressures from the week due to easing concerns over supply risks from the Israel-Hezbollah conflict and the prospect of increased supply in 2025.

Brent crude depreciated by 34 cents or 0.46 per cent yesterday to settle at $72.94 a barrel and the US West Texas Intermediate (WTI) crude contracted by 72 cents or 1.05 per cent to $68.00 per barrel.

For the week, Brent declined by 3.1 per cent while WTI lost 4.8 per cent as trading activity was muted because of the US Thanksgiving public holiday.

Worries about the ceasefire continued to impact the market with Israeli tanks entering a Lebanese border village.

The ceasefire that took effect on Wednesday reduced oil’s risk premium, sending prices lower despite accusations of violations by both sides.

However, the Middle East conflict has not disrupted supply, which is expected to be more ample in 2025.

The International Energy Agency (IEA) sees the prospect of more than 1 million barrels per day of excess supply, equal to more than 1 per cent of global output.

The Organisation of the Petroleum Exporting Countries (OPEC) and allies such as Russia, collectively known as OPEC+, postponed its next meeting on output policy to December 5 from December 1.

The group said moving the date would avoid a clash with a summit of Gulf Arab countries which is due to be held in Kuwait City on December 1 which several OPEC+ ministers plan to attend.

Prior to this development, OPEC+ was discussing postponing its oil output hike due to start in January for the first quarter of 2025.

Top OPEC+ ministers have held talks ahead of the meeting. Saudi Energy Minister Prince Abdulaziz bin Salman, de facto head of OPEC, on Wednesday had a phone call with Russian Deputy Prime Minister Alexander Novak and Kazakh Energy Minister Almasadam Satkaliyev while in Kazakhstan on an official visit.

Iraq, Saudi Arabia and Russia held talks in Baghdad on Tuesday.

Market analysts warned that the group has to consider the risk of further price weakness amid expectations for robust production from non-OPEC+ producers next year could lead to a crude surplus.

Others also worry that the incoming Donald Trump administration could have a high influence on decision-making.

By Modupe Gbadeyanka

The chief executive of Moniepoint Incorporated, Mr Tosin Eniolorunda, has said it’s more profitable to serve women than their male counterparts.

Speaking at the second International Financial Inclusion Conference 2024 organized by the Central Bank of Nigeria (CBN) and other critical stakeholders, he said women entrepreneurs have proven to be diligent and enhance profitability.

He disclosed that based on data harvested from the Moniepoint platform, “women-owned businesses are more likely to stay active and show higher engagement rates in financial transactions.”

According to him, in cases where financial support has been extended—through investments, KYC compliance, or the provision of tools like point-of-sale devices—female-led businesses have a 7.2 per cent higher activity rate than their male counterparts while looking at the gender relations with credit products, “women-owned businesses have an 87.5 per cent lower loan non-performance rate (NPL) than male-owned enterprises.”

He submitted at the event themed Inclusive Growth: Harnessing Financial Inclusion for Economic Development that for financial inclusion to be sustainable, especially for women, it must no longer be treated as a buzzword, charitable social activity or a checklist to be marked.

Mr Eniolorunda noted that financial service providers play a vital role in supporting gender-inclusive finance and that by collecting and analysing data on gender trends in small business performance, they can craft better policies, targeted products, and support services that encourage more women entrepreneurs.

Echoing similar sentiments, his counterpart at the Credit Registry, Ms Jameelah Sharrieff-Ayedun, said, “90 per cent of women’s income that they receive goes back to the communities and their families as such when women have access to credit, the community is enhanced, families are better off which is why it’s important that they can access this funding.”

In her summation, the Deputy Governor of the CBN for Operations, Ms Emem Usoro acknowledged some of the structural challenges that might require time and resources to be addressed including cultural practices and less systemic ones such as distance to financial services providers that stifle the participation of women-owned businesses, while signposting the power of data to catalyze inclusive growth and its viability for economic planning.

By Aduragbemi Omiyale

A significant step has been taken by Stanbic IBTC Asset Management to protect mutual fund holders from scams.

This is being implemented through a campaign launched by the organisation to raise awareness of scam attempts that may mislead customers into using incorrect account details, highlighting the tactics used by scammers to keep customers informed and vigilant.

Stanbic IBTC Asset Management intends to use this means to build trust and reassurance, reinforcing its dedication to the financial safety of its clients.

This move, taken in response to an alarming rise in scam attempts targeting mutual fund holders, will educate customers on protecting their investments and understanding the correct procedures for mutual fund subscriptions.

The firm has advised customers to verify the payment accounts for any Stanbic IBTC mutual fund investments, encouraging due diligence in confirming the legitimacy of financial communications.

The chief executive of Stanbic IBTC Asset Management, Ms Busola Jejelowo, said, “At Stanbic IBTC, our top priority is our customers’ financial safety, and we are fully committed to ensuring that our clients have the security they need while managing their investments.

“This campaign is designed to protect our customers and empower them with the knowledge necessary to recognise and verify the authenticity of any communications they receive.

“By doing so, we aim to foster a sense of confidence and security among our clients regarding their financial decisions.”

It was gathered that recently, enquiries about the authenticity of mutual fund subscription messages have surged. Many of these messages contain differing and potentially incorrect account numbers, leading to confusion and concern among investors.

The company has made it clear that customers should not hesitate to contact the support team directly with any concerns, questions, or suspicions regarding communications or transactions.