By Adedapo Adesanya

Oil prices settled lower by more than 3 per cent on Monday as supply concerns eased after US Vice President ​JD Vance said progress has been made in talks with Iran and the Strait of Hormuz was open.

Brent crude ‌dropped $2.67 or 3.31 per cent to trade at $77.90 a barrel, while the US West Texas Intermediate (WTI) crude futures settled at $74.82 a barrel after shedding $1.78 or 2.32 per cent.

Prices had climbed after threats by US President Donald Trump to restart the Iran war, while Iran announced that it had again closed the Strait of Hormuz.

High-ranking American and Iranian officials wrapped up their first round of talks in Switzerland ​on Monday, continuing the discussions that began on Sunday under the terms of a memorandum of understanding reached ⁠last week to extend a tenuous ceasefire from April for at least another 60 days.

The US authorised Iranian oil sales on Monday. ​The general license, announced by the Treasury Department, allows the sale of crude oil, petrochemical and petroleum products of Iranian origin through August ​21.

At least three supertankers, carrying a total of 6 million barrels of Iranian crude, moved to transit the Strait of Hormuz heading to Singapore early on Monday.

Amid lingering concerns over the Strait of Hormuz, Iran is rapidly pushing out crude supplies that accumulated after failing to circumvent US restrictions in recent months.

Reuters reported that Iran did not negotiate on its nuclear programme and did not accept any new commitments in Sunday’s talks with the US in Switzerland, citing an Iranian Foreign Ministry spokesperson.

More Middle East producers began to lift more oil, with the United Arab Emirates (UAE), Kuwait and Iraq offering more oil to customers in the past week.

In other producers like Saudi Arabia, crude oil exports ​from Saudi Arabia fell for a second ​straight month in April and ⁠hit a record low of 3.99 million barrels per day, compared with 4.974 million barrels per day in March.

Another producer under the Organisation of the Petroleum Exporting Countries (OPEC), Iraq, plans to restore crude production gradually to between 4.2 million ​barrels per day and 4.3 million barrels per day.

By Dipo Olowookere

The week-on-week trading volume on the Nigerian Exchange (NGX) Limited contracted by 38 per cent amid profit-taking by investors as a result of cautious trading.

Data from Customs Street showed that in the five-day trading week, market participants transacted 3.075 billion shares worth N254.614 billion in 287,157 deals, in contrast to the 4.964 billion shares valued at N207.521 billion traded in 235,966 deals in the preceding week.

Analysis showed that financial equities led the activity chart, with 2.074 billion units sold for N64.490 billion in 121,981 deals, contributing 67.44 per cent and 25.33 per cent to the total trading volume and value, respectively.

Services stocks recorded a turnover of 175.743 million units worth N2.759 billion in 19,590 deals, while consumer goods shares exchanged 133.375 million units valued at N12.680 billion in 30,730 deals.

Access Holdings, Sterling Holdings, and Jaiz Bank accounted for 819.234 million shares worth N12.247 billion in 21,809 deals, contributing 26.64 per cent and 4.81 per cent to the total trading volume and value, respectively.

In the week, 11 equities gained weight versus 40 equities a week earlier, 78 shares lost weight versus 53 shares in the previous week, and 57 stocks closed flat versus 53 stocks of the preceding week.

Cornerstone Insurance chalked up 11.01 per cent to sell for N6.05, Academy Press rose by 8.72 per cent to N8.10, Conoil improved by 8.25 per cent to N210.00, Neimeth expanded by 4.68 per cent to N8.95, and Ikeja Hotel grew by 3.36 per cent to N44.60.

On the flip side, International Energy Insurance shed 28.83 per cent to trade at N5.06, First Holdco lost 20.29 per cent to finish at N55.00, John Holt slipped by 17.65 per cent to N11.20, NAHCO depreciated by 17.27 per cent to N148.50, and Zichis dropped 16.13 per cent to settle at N26.00.

Business Post reports that the All-Share Index (ASI) and the market capitalisation depreciated by 3.59 per cent to close the week at 235,941.27 points and N151.327 trillion, respectively. Also, all other indices finished lower except the sovereign bond index, which remained unchanged.

By Adedapo Adesanya

Dimension Data SPV Funding Plc has opened subscriptions for its Series 1 Corporate Bond issuance of up to N5 billion under a N20 billion bond programme, with proceeds earmarked for expanding Nigeria’s digital infrastructure.

The offer, led by Pathway Advisors Limited as the Lead Issuing House and Bookrunner, is being executed through a book-building process and will close on June 29, 2026.

According to transaction details, the three-year bond is being offered at a book-build price range of 18.50 per cent to 20.00 per cent per annum, with coupon payments to be made semi-annually. The final coupon rate will be determined at the conclusion of the book-building exercise. The minimum subscription has been set at N10 million.

Dimension Data SPV Funding Plc said the funds raised from the issuance would be deployed towards strategic investments in fibre network expansion, capacity enhancement and service quality improvements.

The company noted that the investments would strengthen the infrastructure supporting Nigeria’s rapidly expanding fintech sector, enterprise connectivity needs and the broader digital economy.

“The proceeds from the bond issuance are intended to support strategic investments in fibre network expansion, capacity enhancement and quality service delivery. This will bolster the critical infrastructure supporting Nigeria’s broader fintech, enterprise connectivity and digital ecosystems,” the company stated.

The bond has been assigned ratings of BBB+ by Agusto & Co and A- by DataPro Limited, while the sponsor, Dimension Data Limited, holds BBB+ ratings from both Agusto & Co and DataPro.

Dimension Data Limited, incorporated in 2003, is a provider of end-to-end Information and Communications Technology (ICT) solutions in Nigeria.

The company provides services including IP telephony, SD-WAN, dedicated internet services and Multiprotocol Label Switching (MPLS) solutions, while also offering managed services, hosting, storage and virtual machine solutions. Its operations span connectivity services, systems integration, data centre management and cloud solutions.

Dimension Data operates a purpose-built data centre with a 47-rack capacity, serving clients across the banking, telecommunications, retail and enterprise sectors.

According to the company, its business model combines recurring revenues from managed services with project-based income from systems integration activities, creating a diversified revenue base and stable cash flows.

The firm also said it has maintained long-standing relationships with a broad portfolio of local and multinational clients, with more than 70 per cent of its major customers retaining business relationships with the company for over a decade.

Commenting on the transaction, Pathway Advisors Limited said the offer presents investors with an opportunity to gain exposure to a critical infrastructure segment positioned for sustained long-term growth as Nigeria accelerates its digital transformation agenda.

Pathway Advisors, a Securities and Exchange Commission-regulated issuing house and financial advisory firm, said it remains committed to facilitating access to capital and supporting sustainable economic growth across key sectors of the Nigerian economy.