Business
Angola Ranked Top African Oil Producer Ahead of Nigeria

Angola has been Ranked as the top Africa’s largest oil producer since oil output in Nigeria reduced in April among other Organization of the Petroleum Exporting Countries, (OPEC).
The latest monthly oil market report released by OPEC on Thursday shows that Nigeria’s oil output reduced by 270,000 barrels per day (bpd) to 999,000 bpd in April from 1.26 million bpd in March, based on direct communication.
Recall that the last time Angola overtook Nigeria was in May 2022, when oil theft was rampant.
Angola’s oil production rose by 91,000 bpd to 1.06 million bpd in May, up from 978,000 bpd in March, based on direct communication.
Nigeria suffered the biggest decline in production, the least in seven months according to government data, among its OPEC peers, followed by Iran, which lost 262, 000 bpd in April, based on direct communication.
OPEC’s oil production declined by 310,000 bpd to an average of 28.8 million bpd, the lowest level in almost a year due to a fall in Iraq’s exports and pipeline suspension while a labour strike cut shipments from Nigeria.
Oil and gas analysts have associated the recent reduction on the shutdown of activities at the Forcados oil terminal, one of Nigeria’s major export terminals.
According to oil experts, the oil terminal has been shut down for two weeks. Also, strike action at the Nigerian unit of ExxonMobil has cut off production.
“Non-OPEC liquids production (including OPEC NGLs) is estimated to have decreased m-o-m in April 2023 by 0.3 million bpd to average 72.7 million bpd,” the 13-member oil cartel said.
“The share of OPEC crude oil in total global production remains unchanged to stand at 28.2 percent in April compared with the previous month.”
According to OPEC, estimates are based on preliminary data for non-OPEC supply, OPEC NGLs and non-conventional oil, while assessments for OPEC crude production are based on secondary sources.
Business
MTN and Meta Improve WhatsApp Call Quality
Nigeria is the first country to roll out these enhancements, and early results show a 50 percent improvement in key performance indicators, signaling a major boost in user experience for MTN Nigeria customers.

MTN Group says that its partnership with Meta has significantly enhance the quality and reliability of voice and video calls on real-time apps like WhatsApp.
CTO of MTN Nigeria, Yahaya Ibrahim, said that the collaboration spans 12 MTN markets and aims to elevate user experience through smarter, more efficient network performance.
He explained that the initiative focuses on optimizing how mobile networks and real-time calling apps interact, resulting in more stable and high-quality calls.
“Since MWC 2024, MTN and Meta engineers have worked together to identify performance gaps and deploy targeted network upgrades using data analytics and extensive testing.
Nigeria is the first country to roll out these enhancements, and early results show a 50 percent improvement in key performance indicators, signaling a major boost in user experience for MTN Nigeria customers.
“This rollout underscores our commitment to delivering innovative digital experiences.
We’re excited about the improvements our users are already seeing in call quality,” he said.
Meta’s Head of Network Ecosystems Engineering, Diego Marí, added that ‘this partnership demonstrates how we can deliver superior real-time communication while continuing to optimize network efficiency.
Business
CBEX: Nigerians lose N1.3tn as digital trading platform crashes

Nigerians have taken to their various social media platforms to lament their losses after a digital asset trading platform, known as CBEX, allegedly swept over N1.3 trillion from investors’ accounts on Monday.
This comes as CBEX, operating without legal approval from the Nigeria Securities Commission, crashed on Monday after the money in their investors’ wallets vanished.
The digital platform also locked its Telegram channels and postponed withdrawals while offering investors the option of $2,000 for $200 verification and $1,000 for $100 verification.
The development has sparked condemnations from Nigerians on X.
Explaining the CBEX crash, cryptocurrency expert and security analyst Taiwo Owolabi said the total volume of stolen investors’ funds so far in USDT is $847 million and likely to increase.
Owolabi questioned why Nigerians would invest their money in a digital platform that is unregistered by the SEC with the promise of a 100 percent return on investment.
They designed the weak website to convince people in the future that it was a security breach that affected them.
Apparently, when you make payments, you pay them into a TRX account, and then, immediately, they move it from that TRX wallet, gather it, convert it to USDT, and then to ETH. So, when you are logging into your account, there is literally no money on your profile.
“What you see are just numbers. All the daily activities you do to ‘trade’ increase your money. All the AI trading is fake. When it’s time for withdrawal, they will send you another person’s money,” Owolabi explained on an X space.
Similarly, Steve Fred, a user on X, wrote on Tuesday:
“Are we not just fantastically stupid in Nigeria?
“Nigerians are as gullible as their leaders. How many times will they be scammed before they have sense?
“How can a company like ‘CBEX’ just appear from thin air and promise you 100 percent ROI in 1 month, and you begin to invest?”
Another user, known on X as Oku, reacting to the CBEX crash, said: “The smaller the profit, the more I TRUST YOU.
“You have no business doing a business that promises you 50 percent to 100 percent ROI.
”The development comes after the SEC recently warned Nigerians to stay clear of unregistered trading platforms.
The SEC particularly pointed out that, in accordance with the ISA 2025 recently signed by President Bola Tinubu, it is now an offense for any entity to operate an online forex trading platform or provide related services without prior registration with the commission.
“By virtue of this act, it is an offense in Nigeria for any entity that is not registered by the commission to carry out the business of online foreign exchange trading platforms or related services.
“Any business entity planning to set up a business in any of these areas is advised to visit the HOD DRM Department of the commission for further direction on how to register with the commission to avoid sanctions,” it added.
Business
Nigeria, Trinidad & Tobago Sign Direct Air Connectivity Agreement to Boost Trade
The agreement grants designated airlines from both countries the rights to operate passenger and cargo flights, establish commercial agreements, and access the other’s territory under agreed terms.

• The Minister of Aviation and Aerospace Development, Festus Keyamo
The Federal Government of Nigeria and Trinidad and Tobago have signed a Bilateral Air Service Agreement (BASA) to boost trade, tourism, and air connectivity.
The Minister of Aviation and Aerospace Development, Festus Keyamo, and his counterpart, the Minister of Works and Transport, Rohan Sinanan, signed the agreement on behalf of both countries at the Piarco International Airport, Trinidad and Tobago.
The agreement, according to a statement by the Media Aide to the minister of Aviation and Aerospace Development, Tunde Moshood marks the official commencement of direct air links between both nations.
The agreement is the culmination of diplomatic and technical conversations that began during the administration of former President Olusegun Obasanjo.
Keyamo commented: “Today’s signing not only fulfills a long-standing bilateral vision initiated during President Obasanjo’s time but also represents our commitment to expanding Nigeria’s global aviation footprint.
This agreement will enhance trade, tourism, cultural exchange, and connectivity between Nigeria and the Caribbean region.
”The agreement grants designated airlines from both countries the rights to operate passenger and cargo flights, establish commercial agreements, and access the other’s territory under agreed terms.
It is expected to strengthen economic and people-to-people ties.Sinanan expressed optimism about the potential of the agreement to boost cooperation and expand aviation opportunities for Caribbean and African carriers.
The agreement adds to Nigeria’s growing list of strategic international aviation agreements and reinforces President Bola Tinubu’s administration’s commitment to improving air connectivity, promoting regional integration, and strengthening diplomatic relations through aviation diplomacy.
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