By Adedapo Adesanya

Oil prices rose on Thursday as investors weighed a weaker US Dollar as potential troubles may emanate from planned output increase by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+), and other US-related issues.

The price of Brent crude increased by 43 cents or 0.7 per cent yesterday to $66.55 per barrel and the US West Texas Intermediate (WTI) crude soared by 52 cents or 0.8 per cent to $62.79 a barrel.

The US Dollar made a broad retreat on Thursday as investor gloom over the lack of any real progress towards defusing the US-China trade war reasserted itself.

A weaker US currency makes Dollar-priced commodities like oil less expensive for buyers using other currencies.

This came as several OPEC+ members suggest the group accelerate oil output increases for a second month in June. Kazakhstan, which produces about 2 per cent of global oil output and has repeatedly exceeded its quota over the past year, said it would prioritise national interest over OPEC+ in deciding production levels.

Market analysts noted that this may lead to Kazakhstan ceasing to exist as a member of OPEC+, although it remains in the alliance for now.

There have previously been disputes among OPEC+ members over compliance with production quotas, one of which resulted in Angola leaving the group in 2023.

Further disagreement between OPEC+ members is a clear downside risk, as it could lead to a price war.

In the US, the number of people filing for unemployment benefits rose marginally last week, suggesting a resilient labour market despite economic turbulence caused by tariffs on imported goods.

There were reports that businesses are increasing prices and cutting financial guidance due to higher costs stemming from US President Donald Trump’s trade war, which has also affected global supply chains.

US Federal Reserve officials indicated in television interviews they see no urgency to change monetary policy as they seek more information to determine how trade tariffs are affecting the economy.

China called for US tariffs to be cancelled on Thursday, that the White House would be willing to lower its tariffs on China to as low as 50 per cent to open up negotiations.

Also, the US and Iran will hold a third round of talks this weekend on a possible deal to re-impose restraints on Iran’s uranium enrichment programme. The market is watching for any sign that a US-Iran rapprochement could lead to an easing of sanctions on Iranian oil.

By Modupe Gbadeyanka

The Economic and Financial Crimes Commission (EFCC) has been given the power to arrest and detain six promoters of the troubled investment scheme operator, Crypto Bridge Exchange (CBEX).

The EFCC, through its counsel, Ms Fadila Yusuf, filed an ex-parte motion to keep the suspects in its custody pending the conclusion of investigation of the alleged offences and possible prosecution.

The suit was filed at the Federal High Court in Abuja and on Thursday, Justice Emeka Nwite, allowed the anti-money laundering organisation to further detain the sextet of Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo and Chukwuebuka Ehirim as 1st to 6th defendants, respectively.

The commission asked the court to grant it “an order remanding the defendants in the custody of the complainant/applicant pending the conclusion of investigation of the alleged offences and possible prosecution.”

“The defendants are at large and a warrant of arrest is required to arrest the defendants for proper investigation and prosecution of this case,” she added.

In his ruling, Justice Nwite said, “I have listened to the submission of the learner counsel for the applicant, EFCC. I have also gone through the affidavit evidence with exhibits thereto along with the written address.

“I am of the view and I hold that the application is meritorious. Consequently, the application is granted as prayed.”

By Adedapo Adesanya

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has announced that a forensic audit of the Nigerian National Petroleum Company (NNPC) Limited would soon commence, but did not give a specific timeline.

He made this disclosure while speaking at the Nigerian Investor Forum, which is holding on the sidelines of the IMF/World Bank spring meetings in Washington D.C, the US, also attended by the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso.

He explained that the recent rejigging of the management of the NNPC was part of the cleansing the federal government has taken to audit the company

Addressing a group of investors drawn from renowned global financial institutions, including J.P. Morgan, the Minister outlined critical reforms the federal government has implemented to reset the economy and restore confidence.

Mr Edun told the foreign investors that the government, through its veracious reforms, have laid the foundation that would make the country the desired destination for private investors as he said the country is on the road to 7 per cent annual growth, calling for investments in infrastructure, manufacturing, and agriculture.

The Minister said the administration of President Bola Tinubu has implemented foundational reforms that are now yielding results, with the Nigerian economy expanding 3.84 per cent in Q4 2024 and 3.4 per cent overall for the year.

“Our goal is not just to maintain this momentum, but to accelerate it. We are targeting seven per cent annual growth, and we believe the policies we have implemented have laid the groundwork to achieve this,” he stated.

The finance minister further emphasized the significance of the reforms, noting they are “unprecedented” and have drawn praise from multilateral partners during ongoing discussions in Washington.

“We said we would do it, and now we have done it. This time, we’re staying the course,” Mr Edun added.

He noted that with macroeconomic stability gradually returning as reflected in narrowing budget deficits, improved trade balance, and a stabilizing exchange rate, adding that the government is now shifting its focus to targeted sectoral growth.

“We aim to close the food supply gap, not by importing more, but by enabling domestic producers to scale and innovate,” he said.

On infrastructure, the minister revealed the rollout of 90,000km of fiber optic cable to enhance digital connectivity, a move seen as critical to empowering Nigeria’s youth and tech entrepreneurs.

In addition, 4,000km of roads have been tendered for private sector participation, with the first 1,000km already signed off for delivery.