By Adedapo Adesanya

Oil prices rose on Monday amid ​worries that Iran’s exports could decline as the sanctioned member of the Organisation of the Petroleum Exporting Countries (OPEC) cracked down on anti-government demonstrations.

Brent futures increased by 53 cents or 0.8 per cent to $63.87 a barrel and the US West Texas Intermediate (WTI) futures expanded by 38 cents or 0.6 per cent to $59.50 per barrel.

Iran said it was communicating with the US government as President Donald Trump weighed responses to a deadly crackdown on nationwide protests, among the stiffest challenges to clerical rule since ‌the 1979 Islamic Revolution.

On Sunday, the US president said officials may meet Iranian officials. He also threatened possible military action over lethal violence against protesters.

Iran has the world’s fourth-largest proven oil reserves, with around 9 per cent of the global total, coming only behind Venezuela, Saudi Arabia, and Canada. It also has the second-largest proven natural gas reserves, with 17 per cent of the global share, and is the third-largest crude producer and fourth-largest exporter within OPEC.

In recent months, Iran has produced record levels of oil, even in the face of US sanctions on its energy exports and the bombings conducted by Israel on its capital.

Despite the ongoing sanctions, Iran has gradually built up its output once again, from around 2.9 million barrels per day in 2019 to between 3.2 and 4 million barrels per day in 2024, depending on estimates.

Capping gains were expectations ‌that supplies could rise from Venezuela, another sanctioned member of OPEC as it is expected to resume oil exports soon following the ouster of President Nicolas Maduro.

President Trump said last week the government in the South American country was set to hand over as much as 50 million barrels of sanctioned oil to the US.

Reuters reported that oil companies have been racing to find tankers and prepare operations to ship the crude safely.

Investors are also watching the risk of disruptions in supply in two other OPEC allies – Russia and Azerbaijan – as Ukraine’s attacks have targeted Russian energy facilities while the country faces prospects of tougher US sanctions. In Azerbaijan oil exports dropped to 23.1 million tonnes in 2025 from 24.4 million tonnes in 2024.

Market players are also looking at developments with US interest rates and the Federal Reserve after the Trump administration opened a criminal investigation into the head of the US central bank, Mr Jerome Powell.

The Federal Reserve chair ​called the move a “pretext” to influence interest rates, a point that the US president has always hammered upon.

Lower interest rates could boost economic growth and oil demand by reducing borrowing costs, but could hinder the central bank’s efforts to control inflation.

By Aduragbemi Omiyale

The N21.5 billion rights issue of Eterna Plc has commenced, with shareholders encouraged to participate in the exercise through the NGX Invest platform.

The rights issue began today, Monday, January 12, 2026, and is expected to close on Wednesday, February 18, 2026, a notice signed by the company secretary, Mr David Edet, disclosed.

Proceeds from the exercise will be deployed to support several strategic initiatives, including the expansion of Eterna’s retail network, upgrading of its lubricant blending plant, enhancement of LPG retail assets, acquisition of commercial delivery assets, expansion of aviation fuelling operations, and investments in ESG-related projects aligned with the company’s sustainability objectives.

Business Post reports that a total of 978,108,485 ordinary shares of 50 Kobo each are available for grabs at the price of N22.00 each.

The stocks are being offered to existing shareholders on the basis of three new ordinary shares for every four ordinary shares held as of November 27, 2025.

Apart from buying equities of the rights issue via the NGX Invest platform, shareholders can also purchase by completing the paper participation form.

However, completed participation forms, together with payment or evidence of payment for the full amount payable, must be submitted no later than Wednesday, February 18, 2026, to any of the issuing houses or receiving agents listed in the rights circular.

The rights issue provides existing shareholders with the opportunity to increase their equity holdings in the organisation, thereby reinforcing their participation in and support for Eterna’s long-term growth strategy.

The firm disclosed in the disclosure filed to the Nigerian Exchange (NGX) Limited that the rights issue received the approval of the Securities and Exchange Commission (SEC).

It advised shareholders “to contact their stockbrokers and/or financial advisors for further information regarding the offer.”

By Adedapo Adesanya

The National Bureau of Statistics (NBS) said it would release two inflation readings for December after a methodological change led the headline rate to more than double.

This was disclosed during a virtual stakeholders engagement convened by the NBS and the Nigerian Economic Summit Group (NESG) on Monday.

The stats office explained that the expected spike in inflation is driven by technical base effects linked to the recent rebasing of the inflation series rather than changes in economic fundamentals.

According to the Statistician-General and chief executive of the NBS, Mr Adeyemi Adeniran, the inflation data due on Thursday, January 15 are projected to show an artificially spiked rate of 31.2 per cent last month, from 14.5 per cent in November. However, to provide transparency, the agency will take the unusual step of publishing both the headline rate that reflects economic fundamentals and the inflated figure.

Mr Adeniran explained that the projected December spike stems from the rebasing of the Consumer Price Index (CPI) which adopted 2024 as the new base year after a 15-year gap from the previous 2009 base.

He emphasised that base effects are a common feature of statistical practice, particularly in index-based measurements.

“Following the rebasing exercise and the methodology adopted for December 2025, a significant artificial spike in the inflation rate is expected, as some analysts have already projected. This spike arises from the base effect, with December 2024 equated to 100 following the rebasing.

“Base effects are common in statistical practice, particularly when comparing data across periods with unusually high or low prices. They are neither unexpected nor unusual.

“However, when such effects occur, especially when they are artificial and arithmetic rather than reflective of structural changes in the economy, it is essential to clearly communicate and explain them to users,” he stated.

“Transparency requires that we provide a clear picture of actual price changes rather than simply reporting an artificial spike that does not reflect economic realities. This is why we convened this meeting to inform our critical stakeholders and users of our data,” he added.