Business
Crude Oil Prices Plunge Following Progress in US-Iran Nuclear Talks
Oil prices tumbled sharply on Monday as reports of advancing diplomatic talks between the United States and Iran eased fears of supply disruptions in the Middle East, a key global crude production hub.
Brent crude futures fell more than 4% in early trading, dropping below $78 per barrel, while West Texas Intermediate (WTI) crude lost over $3, trading around $74. The decline marks the steepest one-day drop in several weeks.
Market analysts attributed the sell-off to optimism surrounding indirect negotiations between Washington and Tehran aimed at reviving elements of the 2015 nuclear deal. Sources familiar with the discussions indicated that both sides have shown flexibility on key issues, including sanctions relief in exchange for limits on Iran’s uranium enrichment program.
“Geopolitical risk premium that had been built into oil prices is evaporating fast,” said Sarah Thompson, senior commodities analyst at Global Energy Insights. “Any de-escalation in US-Iran tensions typically leads to a swift market reaction, as investors price in the potential return of Iranian barrels to the international market.”
Iran, which holds some of the world’s largest proven oil reserves, has been largely cut off from global markets due to stringent U.S. sanctions. A successful diplomatic breakthrough could add hundreds of thousands of barrels per day to global supply within months, according to industry estimates.
The price drop comes amid other supportive factors for lower energy costs, including strong U.S. production levels and signs of moderating demand growth in China. However, some traders cautioned that the talks remain fragile and any setback could quickly reverse the gains.
White House officials declined to comment on specifics but reiterated the administration’s commitment to preventing Iran from developing nuclear weapons through diplomacy when possible.
Energy markets will closely watch developments in the coming days, with the next round of discussions expected to take place in a European capital.
Business
TIME Names Moniepoint CTO Felix Ike Among 50 Global Executives of the Year
In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.
TIME magazine has named Felix Ike, co-founder and Chief Technology Officer of Nigerian fintech Moniepoint, to its inaugural Executives of the Year: Tech and Data list.
Ike is the only executive representing an African company among the 50 leaders selected for the 2026 list.
The list, unveiled on Tuesday, September 22, recognises chief information officers, chief technology officers, chief data officers and chief product officers whose decisions are shaping how major organisations deploy technology and use data.
Moniepoint is also the only African company represented on the inaugural list.
Ike was named alongside executives from Netflix, CrowdStrike, Dell, Duolingo, AT&T, OpenAI, Anthropic, Shopify and Reddit, among others.
In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.
“The recognition follows Moniepoint’s inclusion in TIME’s 2025 list of the 100 Most Influential Companies, giving the Lagos-founded fintech another global distinction.
Black Market Rates
₦1382DOLLAR (USD)
₦1855POUND (GBP)
₦1545EURO (EUR)
1000 DOLLAR (CAD)
₦70 RAND (ZAR)
370DIRHAM (AED)
190YUAN (CNY)
₦100G.CEDI (GHS)
₦2350 CFA F.(XOF)
₦2250 CFA F.(XAF)
₦850 AUSSIE (AUD)
Official CBN Exchange Rates
DOLLAR (USD)₦1328.67
POUND (GBP)₦1758.36
EURO (EUR)₦1511.63
SWISS FRANC (CHF)₦1605.45
JAPANESE YEN (JPN)₦8.38
CFA FRANC (XOF)₦2.31
WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1808.03
CHINESE YUAN (CNY)₦197.92
SAUDI RIYAL (SAR)₦353.86
SOUTH AFRICAN RAND (ZAR)₦81.09
Business
Djibouti, Ethiopia and Dangote to build $660 million petroleum pipeline
In Kenya, Dangote and the government are due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.
Ethiopia, Djibouti and Nigerian billionaire Aliko Dangote plan to build a $660 million refined petroleum pipeline that will connect Ethiopia and Djibouti, a spokesperson in Ethiopian Prime Minister Abiy Ahmed’s office said on Thursday.
The project will include a 120-km (75-mile) pipeline, as well as approximately 375,000 cubic metres of storage capacity at Damerjog in Djibouti and 800,000 cubic metres at Dewele in Ethiopia, the spokesperson told Reuters, adding it should become operational within 18 months.
Abiy said on his X account the project will be developed through a partnership between Ethiopian Investment Holdings and the Dangote Group, which separately is already building a $4 billion fertiliser pipeline and power plant, and a polypropylene packaging facility, in Ethiopia.
The project aims to reduce logistics costs and delays along the Ethiopia-Djibouti transport corridor, Abiy said.
Developers say the infrastructure will strengthen energy security and improve supply chain resilience for the two countries, he said.
Abiy is on a visit to Djibouti and made the announcement alongside its president, Ismail Omar Guelleh, and Dangote.
In Kenya, Dangote and the government are due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.
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