By Adedapo Adesanya

Brent crude futures climbed 3.6 per cent or $3.44 to $99.58 per barrel on Tuesday after the US military carried out strikes in Iran, creating a fresh setback ‌to hopes of a resolution, though the US West Texas ​Intermediate (WTI) crude fell by $2.71 or 2.8 per cent to $93.89 per barrel.

The US and Iran had signalled that they would reach an agreement to end the three-month war that would also reopen shipping through the crucial Strait of Hormuz. However, US forces struck Iranian-linked targets near the waterway while its government simultaneously pursued a ceasefire and shipping negotiations with Iran.

The US Central Command (CENTCOM) said the strikes were designed “to protect our troops from threats posed by Iranian forces.”

The strikes happened as Iran’s top negotiator and its foreign minister were in Doha for talks with Qatar’s prime minister aimed at reaching an agreement.

President Donald Trump had earlier confirmed that negotiations with Iran over an agreement to extend their ceasefire and reopen the strait were “proceeding nicely.”

The American President, in a Truth Social post on Monday, also urged Saudi Arabia, Qatar, and other countries to join the Abraham Accords and recognise Israel. In a later statement, he said Iran’s enriched uranium would either be handed over to the US or, preferably, destroyed in Iran.

Iran said the US had violated a ceasefire after it conducted what it called defensive strikes in southern Iran, while US Secretary of State Marco Rubio said negotiating a deal to halt the conflict could “take a few days.”

Both sides ​had previously signed a memorandum of understanding that could halt the war and restart shipping through the blockaded, while giving negotiators 60 days to negotiate more complex ‌issues, including ⁠Iran’s nuclear programme.

Ship-tracking data showed three Liquefied Natural Gas (LNG)  tankers passed through the Strait in recent days, bound for Pakistan, China and India, along with a supertanker carrying Iraqi crude to China that had been stranded for nearly three months.

Traders are trying to play the market on hopes of an agreement and largely ignoring the global energy crunch, with most supply from the Middle East still trapped behind the Strait of Hormuz.

By Adedapo Adesanya

The National Insurance Commission (NAICOM) has formally issued an operational licence to an insurance technology (insurtech) company, CBI Partnering Insurtech Limited.

It was the first issued by the regulator in Nigeria, and it is aimed at opening up the sub-sector of the underwriting industry to boost innovation and services.

This development underscores NAICOM’s regulatory leadership in fostering innovation within a structured and consumer-focused insurance ecosystem.

The licence was presented during a formal handover ceremony, where the commission reiterated its commitment to advancing innovation, regulatory reform, and policyholder protection across the insurance sector.

In his remarks, the Deputy Commissioner for Insurance, Finance and Administration, Mr Ekerete Ola Gam-Ikon, highlighted the agency’s ongoing efforts to align Nigeria’s insurance industry with global best practices.

He referenced the recent enactment of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, alongside the Commission’s pioneering insurtech guidelines, as some of the key pillars driving this transformation.

He noted that fostering innovation within a robust and well-governed regulatory framework remains a core strategic priority for the commission.

Mr Ekerete further emphasised that the licence is granted subject to strict compliance with regulatory and ethical standards, reinforcing NAICOM’s dual mandate of enabling innovation while safeguarding policyholders’ interests.

He also pointed to the growing international recognition of Nigeria’s regulatory approach, particularly in leveraging technology to accelerate insurance sector development.

While formally presenting the licence, he stated, “This milestone reflects the commission’s commitment to responsibly nurturing innovation across the insurance value chain.

“We congratulate CBI Partnering Insurtech Ltd and expect full compliance with all applicable regulations. This licence carries an obligation to uphold the highest standards of governance and ethical conduct.

“NAICOM remains committed to supporting the growth of insurtech while protecting the interests of Nigerians.”

In response, the Managing Director of CBI, Mr Suleiman Olalekan Ajani, expressed appreciation to NAICOM for its guidance and rigorous licensing process, stating:

“We are honoured to receive this licence from NAICOM. The Commission’s robust regulatory framework provides the foundation for us to scale strategic partnerships and deliver technology-driven insurance solutions that prioritise consumer trust, transparency, and protection.”

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange ended the first trading day of the week on a positive note, with a 0.39 per cent appreciation on Monday, May 25.

The positive vibe raised the market capitalisation of the trading platform by N10.11 billion to N2.571 trillion from last Friday’s N2.561 trillion, and lifted the NASD Unlisted Security Index (NSI) by 16.89 points to 4,298.17 points from the previous 4,281.28 points.

Business Post reports that the bourse recorded three appreciating securities and one depreciating stock at the close of transactions, with the sole price decliner being 11 Plc, which lost N23.43 to sell at N221.10 per share compared with the preceding session’s N244.53 per share.

Central Securities and Clearing System (CSCS) Plc gained N3.78 yesterday to trade at N74.85 per unit versus the previous price of N71.07 per unit, NASD Plc improved its price by N2.86 to N37.36 per share from N34.50 per share, and FrieslandCampina Wamco Nigeria Plc grew by 33 Kobo to N180.00 per unit from N179.67 per unit.

The volume of trades jumped by 153.1 per cent during the session to 59.2 million units from the preceding session’s 590,339 units, but the value of transactions fell by 37.9 per cent to N59.3 million from the N95.3 million achieved last Friday, and the number of deals contracted by 10 per cent to 27 deals from 30 deals.

Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units traded for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 61.2 million units exchanged for N4.1 billion.

GNI Plc also closed the trading day as the most traded equity by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units exchanged for N415.7 million.