By Adedapo Adesanya

The Minister of Foreign Affairs, Mr Yusuf Tuggar, has positioned Nigeria as a strategic partner for Gulf oil and gas producers amid growing concerns over supply disruptions caused by the conflict in the Middle East.

Mr Tuggar told Reuters in an interview that the ongoing tensions involving Iran and the resulting disruptions to shipments through the Strait of Hormuz highlight the need for broader cooperation among energy-producing nations. The waterway, which carries roughly a fifth of the world’s oil supply, has faced shipping interruptions since the conflict escalated, prompting exporters to suspend some cargo movements and pushing global crude prices higher.

According to him, Nigeria’s untapped reserves offer Gulf states ​an alternative source of crude and gas at a time when global flows are vulnerable, and ​demand for hydrocarbons is set to remain strong for years.

“It’s in line with ⁠what we’ve always advocated – that countries which might otherwise consider us competitors should partner with us and ​invest so they can diversify their market share, working with us,” he said.

“It could make them want to ‌work with ⁠countries like Nigeria that are rich in gas and oil … to diversify market share for the benefit of both countries, or they could hold back,” he added.

Nigeria and the United Arab Emirates signed a pact in January, the Comprehensive Economic Partnership Agreement, that the federal government said should unlock trade and investment.

Qatar‑linked investors have also announced plans for investment in ​gas in the country.

Mr Tuggar said Nigeria has felt the pain of costlier oil ​because it imports large volumes of refined products, lifting transport and food prices, ​especially during the ⁠Muslim fasting month of Ramadan, when consumption typically rises.

Meanwhile, the International Energy Agency (IEA) and its 32 member states will release 400 million from emergency crude stockpiles to cushion the effect. The US, one of the members, will release 172 million barrels of oil from its Strategic Petroleum Reserve in a bid to reduce prices that have soared more than 50 per cent.

For Mr Tuggar, Nigeria was better placed to withstand longer‑term shocks as domestic refining expands.

On its part, the 650,000 barrels per ⁠day Dangote Refinery has said it is operating at good capacity, enough ​to meet domestic needs.

Oil will stay “relevant for many years to come,” ​Mr Tuggar added.

“At the moment, the world consumes about 105 to 106 million barrels per day. I don’t see that changing much anytime soon, ​so we need to work together so we have enough hydrocarbons available.”

By Modupe Gbadeyanka

The Lagos International Trade Fair Complex in the Ojo area of Lagos State was shut down on Wednesday by traders protesting the proposed takeover of the facility by state and local government authorities.

The aggrieved demonstrators emphasised that the complex belongs to the federal government, and if there is a transfer of ownership to the state and local governments, then stakeholders should be carried along.

They expressed concerns that handing over the trade fair complex to the duo could be disruptive, and traders may have to pay more taxes and levies, which will, in turn, result in higher prices of goods.

In protest of the planned takeover, the traders yesterday locked up their shops, especially those in the ASPANDA Market segment within the facility, where spare parts are sold.

Apparently worried about the situation, the Minister of Industry, Trade and Investment, Ms Jumoke Oduwole, visited the market to talk to the traders.

She urged them to reopen the complex, as efforts are being made by the federal government to resolve the issue amicably.

By Adedapo Adesanya

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has secured a court order to extend the detention of former Governor of Kaduna State, Mr Nasir El-Rufai.

This order gives the anti-graft agency ample time to finalise its investigation into allegations against the former governor, which has now deepened as a result of some new findings.

Subsequently, the new order, which was granted on Tuesday in the presence of Mr El-Rufai’s lawyer, will expire on Thursday, March 19.

However, Mr El-Rufai’s lawyer, whose application to quash the first remand order was declined by a Chief Magistrate Court in Bwari, has returned to the same court to nullify the latest order.

Justice Okechukwu John Akweke has fixed March 17 to decide whether or not he should set aside the latest detention order.

He said, “Upon hearing and listening to the prosecuting counsel, Dr Osuobeni Ekoi Akponimisingha Esq., praying this Honourable court for the following orders:

“An order of this Honourable Court issuing a remand warrant against the Respondent (NASIR AHMAD EL-RUFAI) in favour of the Applicant, i.e. Independent Corrupt Practices and other Related Offences Commission (ICPC), to detain the Respondent (NASIR AHMAD EL-RUFAI) in its custody for another fourteen (14) days pending conclusion of investigation activities on allegations of Money Laundering/abuse of office.

“And for such other or further order(s) as this Honourable court may deem fit to make in the circumstances. It is hereby ordered that: Application granted as prayed.

“That the Applicant, i.e. the Independent Corrupt Practices and other Related Offences Commission ICPC is hereby ordered to re-detain the Respondent (NASIR AHMAD EL-RUFAI) for an additional 14 days to enable the commission to conclude investigation activities.

“That the return date shall be the 19th day of March 2026, for the report of compliance.”

The scrutiny of Mr El-Rufai by the ICPC follows the report of the Kaduna State House of Assembly’s ad hoc committee constituted in 2024 to investigate finances, loans and contracts awarded between 2015 and 2023 under his eight-year administration of the state.