By Adedapo Adesanya

Oil prices rose by about 2 per cent on Friday on growing supply worries linked to intensifying protests in oil-producing Iran and an escalation of attacks in Russia’s war in Ukraine.

Brent futures appreciated by $1.35 or 2.18 per cent to $63.34 per barrel, while the US West Texas Intermediate (WTI) futures were up by $1.36 or 2.35 per cent to $59.12. For the week, Brent grew by about 4 per cent, while WTI gained about 3 per cent.

Worries over potential disruption of Iran’s oil output grew as the civil unrest in the Middle Eastern country, which is a member of the Organisation of the Petroleum Exporting Countries (OPEC), intensified.

President Donald Trump said on Thursday that Iran’s leader, Ayatollah Ali Khamenei, was planning on fleeing the country following the protests in the OPEC producer demanding a change in regime.

The Ayatollah is “looking to go someplace”, President Trump told reporters who asked for comment on reports that the Iranian leader could escape to Russia.

On Friday, Iran cut off Internet, as the regime frequently does amid protests in the autocratic country over economic hardships.

The action continued in the capital Tehran as well as in major cities of Mashhad and Isfahan and other areas around the country.

The protests that began nearly two weeks ago have left about 40 people dead and 2,000 have been detained as Iranian forces are trying to suppress the widespread protests.

The Ayatollah on Friday slammed the protests and protesters, accusing them of being “vandals” acting on behalf of President Trump.

In a televised address and amid the Internet blackout, Khamenei vowed that the Islamic Republic would “not back down” to protesters and  President Trump.

A survey showed that OPEC pumped 28.40 million barrels per day last month, down 100,000 barrels per day from November’s revised total, with troubled Iran and Venezuela posting the largest declines.

The Russia-Ukraine war also added to supply worries as the Russian military said on Friday it had fired its hypersonic Oreshnik missile at targets in Ukraine. The targets included energy infrastructure supporting Ukraine’s military-industrial complex.

Despite these, global oil inventories are rising and oversupply remains the main driver that could cap gains.

The US moved to push a Venezuela oil deal to US energy companies including Chevron, ExxonMobil, ConocoPhillips, Halliburton, Valero, Marathon, Shell, Vitol, Trafigura, Repsol, Eni, and others, with President Trump saying the agreement would generate “tremendous wealth” for the industry and “great wealth” for the American people.

By Aduragbemi Omiyale

One of the brewery companies in Nigeria, Champion Breweries, has received regulatory approval for its N42 billion public offer.

The brewer intends to use net proceeds from the public offer, together with an earlier N15.9 billion rights issue, to fund the acquisition of the Bullet brand portfolio through an asset carve out that transfers ownership of Bullet’s brands, trademarks, recipes and commercial rights across its African markets to Champion Breweries.

In addition, funds from the exercise would be used to support working capital requirements and growth initiatives in areas such as route to market, marketing, innovation and capacity expansion.

Bullet is Nigeria’s leading ready to drink alcoholic beverage and one of the top energy drink brands in its markets of presence. The brand is currently sold in 14 African countries and earns a significant portion of its revenues in foreign currency, providing Champion Breweries with a natural foreign exchange (FX) hedge and a platform for continued regional expansion.

In a statement to the Nigerian Exchange (NGX) Limited, Champion Breweries said it now has the approval of the Securities and Exchange Commission (SEC) to raise the fresh funds.

The company is selling a total of 2,625,000,000 ordinary shares of 50 kobo each at a unit price of N16.00, payable in full on application.

Application for the public offer opened on Thursday, January 8, 2026, and will close on Wednesday, January 21, 2026.

The lead issuing house for the public offer is Rand Merchant Bank Nigeria Limited, while the joint issuing houses are FBNQuest Merchant Bank Limited, FCMB Capital Markets Limited, CardinalStone Partners Limited, Greenwich Merchant Bank Limited, Chapel Hill Denham Advisory Limited, Comercio Partners Capital Limited, and Fortress Capital Limited, with Africa Prudential as the registrar.

The exercise, according to the Champion Breweries, gives institutional and retail investors an opportunity to participate in its “next phase of growth.”

“The opening of our public offer is an invitation for investors to share in the next phase of Champion Breweries’ growth. With the Bullet acquisition, we are combining nearly 50 years of brewing heritage with a proven pan African RTD and energy drink platform,” the Managing Director of Champion Breweries, Mr Inalegwu Adoga, said.

“Champion Breweries’ story is one of disciplined execution and smart capital deployment. The asset carve out structure for Bullet will mean we can unlock FX earnings and scale quickly, without heavy upfront investment in new plants. This public offer allows a wider pool of investors to participate in that strategy,” the Managing Director of enJOYcorp, Mr David Butler, added.

By Adedapo Adesanya

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced January 14, 2026, for the pre-bid conference of the 2025 oil and gas licensing round.

The conference comes as the federal government intensifies efforts to attract fresh upstream investments.

In an announcement notice dated January 8, 2026, and signed by the commission’s chief executive, Mrs Oritsemeyiwa Eyesan, the event will take place in Lagos.

The notice, published on the official X handle of the agency, said, “The Nigerian Upstream Petroleum Regulatory Commission is proud to announce the 2025 licensing round pre-bid conference scheduled for 9 am on Wednesday, January 14, 2026, at the Grand Ballroom, Eko Hotels and Suites, Lagos.”

The pre-bid conference is a key milestone in the licensing round process and is expected to provide prospective investors with detailed guidance on the conduct of the bid exercise.

According to the organisation, discussions at the conference will focus on the implementation timetable for the licensing round, bid package preparation, eligibility requirements, as well as the assessment criteria and procedures for determining winning bidders.

The upstream regulator explained that the announcement followed an earlier notice published in both local and international newspapers, in compliance with the provisions of the Petroleum Industry Act (PIA).

“The focus areas of the upcoming pre-bid conference include the implementation timetable, bid package preparation, eligibility terms, and the assessment and winners’ determination procedure. Interested members of the public are urged to register for the pre-bid conference through the portal br2025.nuprc.gov.ng,” the notice stated.

It added that comprehensive information on the licensing round, including guidelines, block descriptions and participation instructions, is available on the commission’s website.

“Detailed information on the licensing round guidelines, block descriptions and participation instructions is also available on the website, nuprc.gov.ng. We look forward to your participation,” it concluded.

Recall that last year, the erstwhile Commission Chief Executive, Mr Gbenga Komolafe, announced that the 2025 oil block licensing bid round would commence on December 1.

The 2025 licensing round, expected to offer 50 blocks across multiple terrains, is part of a broader agenda to rebuild confidence in Africa’s largest oil producer, deepen indigenous participation, and reposition Nigeria as a competitive investment destination.

The licensing round comes at a time when Nigeria is seeking to reverse years of declining upstream investment caused by regulatory uncertainty, oil theft and project delays.

Since the enactment of the Petroleum Industry Act in 2021, the NUPRC has overseen multiple bid rounds aimed at improving transparency, competitiveness and investor confidence in the upstream sector.

Pre-bid conferences have become increasingly important under the PIA regime, as they provide clarity on fiscal terms, compliance obligations and the evaluation framework, helping to reduce disputes and post-award uncertainty.

The last licensing round conducted by the commission attracted a mix of indigenous and international players, with the regulator pledging to ensure a transparent and commercially competitive process.

The NUPRC said it looks forward to broad participation at the Lagos conference, signalling what could be another major test of investor appetite for Nigeria’s upstream assets.