Economy
Apple Set to Launch 5G iPhone 12 October 13
By Adedapo Adesanya
The much-anticipated iPhone 12 smartphone is expected to be launched on Tuesday, October 13, 2020, Apple has announced. This will be the second fall special event.
The anticipated device is expected to include superfast 5G wireless connectivity and a new iPad-inspired design and it will be unveiled in a live event next week Tuesday (7 pm Nigerian time).
Four new devices are expected within the iPhone 12 range, as well as Apple AirTags and over-the-ear headphones.
Business Post had reported that the company unveiled a range of new products including Apple Watches and iPads last month, but for the first time in years, it did not release a new iPhone at the same time.
The iPhone 12 generation is rumoured to be made up of four variants; the 5.4-inch iPhone 12, the 6.1-inch iPhone 12 Max, the 6.1-inch iPhone 12 Pro, and the 6.7-inch iPhone 12 Pro Max.
Aside from the name, the Pro models are expected to have better displays, supporting 120Hz ProMotion and 10-bit colour.
The standard iPhone 12 may cost between $699 and $799, in line with the current $699 price of the base iPhone 11, while the 12 Pro would be likely to cost somewhere around the $999 mark.
The biggest of the bunch, the iPhone 12 Pro Max, would likely cost in the same region of the current 64GB 11 Pro Max, $1,099, although an increase to $1,199 would not be out of the question.
It’s also worth noting that some reports suggest the 12 Pro and 12 Pro Max will have a higher base storage of 128GB, rather than the 64GB on the 11 Pro and 11 Pro Max, which may affect pricing.
There are also rumours that Apple may offer an iPhone 12 Mini, possibly as a reaction to some people complaining smartphones are increasingly not pocket-friendly.
Video capabilities across the board are also expected to be improved to include 4K slow motion at up to 240 frames per seconds (fps), as well as discussions of an “Enhanced Night Mode” and “Advanced Noise Reduction.”
Apple is also rumoured to be working on over-the-ear headphones to add to the AirPods family, potentially called AirPods Studio.
The most interesting feature is the Apple AirTags – similar to the Tile Bluetooth trackers, which can be added to a keyring or other physical items and located using an iPhone app.
This would enable users to pull up the app on their iPhone and get an idea of where the tag is located in the immediate environment. It is being touted that even if the tag has been left further afield, there are suggestions it could be located by other iPhones through Apple’s “Find My” app mesh network.
By Adedapo Adesanya
Oil price climbed over $1 a barrel on Friday on tanker attacks and a lack of progress on a peace agreement between the President Donald Trump administration and Iran’s leadership.
Brent futures settled at $88.52 a barrel after gaining $1.45 or 1.67 per cent, and the United States’ West Texas Intermediate crude futures finished at $82.40, up $1.15 or 1.42 per cent.
Market analysts noted that new attacks on tankers and lack of progress on a cease-fire agreement, which, in turn, is making traffic in the Strait of Hormuz constrained, adding pressure to the waterway through which 20 per cent of global supply can pass.
Two vessels from the state-owned Abu Dhabi National Oil Company were attacked while transiting the strait on Thursday. Iran’s Revolutionary Guards have previously threatened action against vessels transiting the strait if they are linked to its adversaries or fail to comply with Iranian directives.
As the US and Iran made claims over control of the strait, shipping traffic through the channel fell below the month’s average. Before US-Israeli attacks on Iran began in late February, the strait handled about one-fifth of global oil and liquefied natural gas supplies.
The US said it could maintain a naval blockade of Iran indefinitely and increase economic pressure on Tehran in response to stalled ceasefire talks.
The country’s Treasury Secretary Scott Bessent said there will be more announcements coming next week because “we are going to apply measures like have never been seen in the history of economic isolation of a country.”
Crude oil exports from Russia’s Sheskharis terminal at the Black Sea port of Novorossiysk were suspended on Friday following a drone attack, adding to disruptions at one of the country’s key export outlets.
The Organisation of the Petroleum Exporting Countries (OPEC) had slashed its outlook for 2026 global oil demand growth to 580,000 barrels per day, a stark contrast to the International Energy Agency’s 1.6 million barrels per day decline, marking the fourth straight month when the Vienna-based organisation was forced to curb its forecast amidst the Hormuz crisis.
In its monthly report, the IEA predicted that global supply will fall by 4.3 million barrels per day in 2026, pushing the Q3 deficit to 1.8 million barrels per day even as record fuel prices lead to an unprecedented 1.6 million barrels per day demand destruction.
By Adedapo Adesanya
The Nigerian Insurers Association (NIA) has disclosed that seven additional insurance companies have secured full recapitalisation approval from the National Insurance Commission (NAICOM), bringing the industry-wide recapitalisation exercise to a successful conclusion.
In a statement on Friday, NIA Chairman, Mrs Ebelechukwu Nwachukwu, said the milestone represented significant progress towards building a stronger, more competitive and trusted insurance market in Nigeria.
She said the seven companies, alongside the 41 insurance companies and two reinsurance companies earlier approved, had demonstrated resilience, financial discipline and corporate strength by successfully completing the final verification process.
“Having successfully navigated the rigorous final verification process, these companies, alongside the earlier approved 41 insurance companies and two reinsurance companies, have demonstrated exceptional resilience, corporate fortitude, and financial discipline,” Mrs Nwachukwu said.
She added that the successful recapitalisation had positioned the companies to deliver greater value to policyholders and contribute to deeper insurance penetration nationwide.
Mrs Nwachukwu commended NAICOM for its regulatory oversight during the exercise, describing the commission’s approach as fair, structured and focused on strengthening market integrity.
“NAICOM’s strategic foresight and structured execution have elevated the Nigerian insurance industry, reinforcing its position within the broader financial sector as a substantially stronger, highly resilient, and globally competitive market,” she said.
The NIA chairman reaffirmed the association’s commitment to supporting insurance companies as they adapt to new regulatory requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
She said the association would continue to work with NAICOM to promote a sustainable and future-ready insurance sector.
Mrs Nwachukwu also assured policyholders, investors and other economic stakeholders that the recapitalised industry was better positioned to support economic growth.
“With this recapitalization complete, the Nigerian insurance sector enters a transformative era. The industry is fully equipped to settle genuine claims promptly, absorb higher local and international risks, and serve as a cornerstone of financial stability, directly supporting President Bola Ahmed Tinubu’s vision of achieving a $1 trillion economy by 2030,” she said.
By Aduragbemi Omiyale
Capital market operators have been directed to immediately freeze the assets, funds, and other economic resources belonging to six individuals and three entities designated as terrorist financiers by the Nigeria Sanctions Committee (NSC).
This directive was given by the Securities and Exchange Commission (SEC) via a circular to all Capital Market Regulated Entities (CMREs), warning that failure to comply would constitute a violation of the Investments and Securities Act, 2025, and the SEC Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Rules and Regulations.
It said violations could attract regulatory sanctions, including fines, suspension of operations or revocation of registration, reminding capital market operators that all unusual or suspicious transactions must be promptly reported to the NFIU.
The regulator, which stated that the designations were made in line with the Terrorism Prevention and Prohibition Act (TPPA) 2022, listed the six individuals as Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu and Yakubu Ogirima Ibrahim. The three designated entities are Nine to Nine BDC Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau de Change.
According to the SEC, Hammajama was listed on June 18, 2026, for involvement in terrorism financing and support for the Islamic State West Africa Province (ISWAP), while Usman was designated for providing material support to a designated terrorist organisation through repeated financial transactions.
The commission said Abubakar was listed for involvement in terrorism financing and membership of ISWAP, while Chiroma was designated for allegedly using Bureau De Change (BDC) operations and related corporate entities to facilitate the movement of funds linked to terrorist activities.
Muktar Muhammad Adamu was listed on June 15, 2026, for providing financial support and facilitating transactions linked to the financing network of the ISWAP Okene cell, while Ibrahim was designated for providing material and financial support to the ISWAP Kogi cell.
The SEC said the three entities were listed for their alleged involvement in facilitating and channelling funds connected to the ISWAP Okene financing network.
The commission directed CMREs to immediately identify and freeze, without prior notice, all funds, assets and other economic resources in their possession belonging to the designated persons and entities.
They are also required to report frozen assets and other compliance actions, including attempted transactions, to the Secretariat of the Nigeria Sanctions Committee.
In addition, the SEC directed regulated entities to immediately file suspicious transaction reports with the Nigerian Financial Intelligence Unit (NFIU) for further analysis of the financial activities.
It further instructed operators to report as suspicious transactions all cases of name matches in financial transactions, whether occurring before or after receipt of the sanctions list.
The regulated entities are also required to prohibit dealings with the designated persons and entities and continue monitoring for transactions involving them.
The SEC said any findings should be reported to the Nigeria Sanctions Committee through its designated reporting channel.
