Author: Mujeedat

Eight of the world’s largest oil producers posted a combined $93 billion in profits in the second quarter of 2026, nearly double their earnings in the same period last year, as the Iran war and disruption to shipping through the Strait of Hormuz pushed oil prices higher. The eight companies assessed, Saudi Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron and ExxonMobil, saw their combined profits rise from just below $50 billion in Q2 2025 to over $90 billion in the three months from April to June 2026, following the U.S.-Israeli attack on Iran and the subsequent closure of the…

Chevron has confirmed an oil and gas condensate discovery at the 105-4X exploration well in Block 0, offshore Angola, marking the latest success in its broader exploration campaign across Sub-Saharan Africa. The well, operated by Chevron’s wholly owned subsidiary Cabinda Gulf Oil Company Limited (CABGOC), encountered more than 2,000 feet of oil and gas condensate column, including more than 300 feet of net pay in what the company described as “excellent reservoir quality.” Kevin McLachlan, Chevron’s vice president of exploration, said the early results are encouraging and that additional work will help determine the resource’s full potential and possible…

President Bola Tinubu has extended warm congratulations to retired General Ibrahim Badamosi Babangida, elder statesman and former military President, on his 85th birthday on 17 August 2026, describing him as an outstanding leader whose eight-year administration left enduring marks on Nigeria’s political, economic and geographic landscape. In a birthday message signed by his Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu said: “Like him or not, former President Babangida impacted Nigeria in ways no other leader has. His eight-year reign left enduring marks on our political, economic, and geographic landscape.” The President noted that General Babangida expanded…

Shipping through the Strait of Hormuz slowed sharply over the weekend of 16–17 August 2026, with shiptracking data showing just five commodity vessels transiting the strait on Saturday and none registered on Sunday, down from 31 in the prior weekend, following attacks on tankers and stalled U.S.-Iran talks to resolve the Middle East conflict. According to Kpler data, ships entering the strait on Saturday included an empty Very Large Crude Carrier with its Automatic Identification System (AIS) switched off and an Indian-flagged Very Large Gas Carrier that used the Iranian route. A small tanker laden with Iranian fuel oil…

Moody’s Ratings has cautioned that persistently high oil prices or fuel rationing could weaken broader economic activity and ultimately weigh on energy demand, even as it expects earnings growth for exploration and production (E&P) and integrated oil companies to remain elevated through 2026, supported by higher commodity prices and modest production growth. In a report released in mid-August 2026, Moody’s said credit conditions for global oil and gas producers strengthened during the first half of 2026, with E&P companies leading industry upgrades as higher crude prices improved earnings expectations. The agency upgraded 13 oil and gas companies globally during…

The Nigeria Customs Service (NCS) is seeking to improve cargo clearance and turnaround time by expanding the use of risk-based assessment, intelligence and technology in its enforcement operations. The Comptroller, Federal Operations Unit (FOU) Zone ‘A’, Ikeja, Gambo Aliyu, disclosed this when executives of the Association of Maritime Journalists of Nigeria (AMJON) visited the command. Aliyu said the Service was conscious of the need to strengthen enforcement without creating unnecessary bottlenecks for legitimate businesses and cargo owners. He explained that the deployment of modern technology and embedded risk-assessment systems was critical to achieving this balance, as it…

A Service of Songs for the late Mrs. Lucy Babe Appolus Nwiue will be held on Thursday, 20 August 2026, at the Chief Appolus Compound, Nyorkuru, in Nyorkhana Local Government Area of Rivers State. A statement signed by Surveyor Festus Nwiue (PhD) disclosed that the service of songs will take place at the family compound on the same day. Deaconess Lucy Baby Nwiue died on 30 March 2026 after a brief illness and will be buried at her husband’s country home on 22 August 2026, following a funeral service at the Methodist Church of Nigeria, Taabaa Circuit. …

The Nigerian Customs Service (NCS) has intercepted 399 fully assembled patrol rifles and hundreds of firearm components concealed in an imported container at the Tincan Island Port in Lagos, in what Comptroller-General of Customs, Bashir Adewale Adeniyi, described as a major intervention against the proliferation of illicit weapons in Nigeria. The Customs boss disclosed this during a formal handover of the seized firearms to the National Centre for the Control of Small Arms and Light Weapons (NCCSALW), stressing that the interception had prevented a potentially dangerous consignment from reaching its intended destination. According to Adeniyi, the container arrived…

There are strong indications of a major breakthrough in efforts to reconcile aggrieved members of the All Progressives Congress (APC) in Delta South Senatorial District, following a peace meeting between the Senator representing the district, Joel-Onowakpo Thomas, and Hon. Prince Michael Diden, popularly known as Ejele. On Sunday, Senator Onowakpo led a high-powered delegation of APC leaders and stakeholders to Diden’s residence as part of renewed efforts to resolve lingering differences and strengthen the party ahead of the 2027 general elections. The delegation included the Delta South APC Senatorial District Chairman, Prince Emmam Amgbaduba; Chief of Staff to…

President Bola Tinubu has called on Nigerians living abroad to move beyond sending remittances for household support and instead channel their capital, skills and global networks into structured, long-term investments at home, arguing that the diaspora’s economic power should translate into a stronger voice in national development. Delivering his message through Chief of Staff Femi Gbajabiamila at the inaugural Nigeria Diaspora Economic Conference (NIDEC) 2026 in Toronto, Tinubu said the Federal Government sees the diaspora as critical partners in rebuilding the economy and creating jobs. He described Nigerians abroad as proof of the global competitiveness of the Nigerian spirit…