NEWS
OPEC+ Boosts September Production by 188,000 Barrels Per Day
Saudi Arabia, Russia and five other key members of OPEC+ agreed in an online meeting Sunday to boost oil production by 188,000 barrels a day from September, against a backdrop of disruption caused by the Mideast war.
“The seven participating countries decided to implement a production adjustment of 188 thousand barrels per day,” they said in a joint statement.
The increase, decided by the key countries in the enlarged Organisation of the Petroleum Exporting Countries, was widely expected by analysts.
“OPEC+ has finished unwinding its voluntary cuts. The next challenge is managing the surplus that could emerge as export flows normalise,” said Jorge Leon, analyst at Rystad Energy.
He warned, however, that “today’s decision changes little in the near term because (the Strait of) Hormuz remains constrained. The real market impact will come when normal export flows resume.”
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The Gulf countries have struggled to increase exports due to the near-paralysis of the Strait of Hormuz orchestrated by Iran during the war in the Middle East — despite a brief upswing in shipping traffic after a US-Iran memorandum of understanding was signed in June.
Many OPEC+ members cannot produce as much oil as their official targets allow due to a “decline in production capacity”, so increasing targets has become less meaningful, said Giovanni Staunovo, an analyst at UBS.
The September increase, agreed by OPEC+ countries Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, completes the unwinding of the second of the three production-cut packages introduced by the organisation.
“Having completed the restoration campaign, OPEC+ has little incentive to rush into further supply changes. Our base case is a fourth-quarter pause while the group prepares for the 2027 quota negotiations,” said Rystad Energy’s Leon.
“For now, geopolitics is masking the scale of the supply increase. That will become much clearer once export flows normalise,” he said.
It remains unclear when the group will actually be able to increase its oil volumes. Some member countries, such as Iraq, have expressed a desire to significantly boost production.
Russia, though, is confronted with repeated Ukrainian drone attacks on its oil infrastructure that have crimped production, currently hovering around nine million barrels per day — compared with a target of 9.8 million barrels per day.
OPEC+ “faces potentially difficult talks over new production quotas” starting next year following the September increase, according to analysts at DNB Carnegie.
Between late 2022 and 2023, OPEC+ became concerned that oil prices were falling, and agreed to cut oil production in three separate rounds, reducing total output by nearly six million barrels per day.
But Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, Oman and the United Arab Emirates — before the latter’s exit from the group on May 1 — then changed their strategy by gradually upping production starting in 2025.
“I don’t think cohesion is at risk at this very moment,” said Leon, warning, however, that the UAE’s withdrawal from the group in May has highlighted a weakness in this area.
Courtesy – AFP
The Securities and Exchange Commission (SEC) has warned prospective investors against fraudsters, fake platforms and unauthorised individuals seeking to take advantage of the Dangote Petroleum Refinery and Petrochemicals Initial Public Offering (IPO).
The Commission issued the warning in a public notice dated Monday, September 14, 2026, following its approval for the IPO by Dangote Petroleum Refinery and Petrochemicals FZE to open to the public.
The SEC urged investors to exercise caution and ensure that all applications and payments relating to the IPO are made only through the officially designated and approved receiving agents, subscription channels and platforms.
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The Commission advised prospective investors to obtain information about the IPO only from the SEC’s official channels, the issuer’s official channels and other official channels established and approved for the offer.
It also urged investors to verify the authenticity of any website, platform or link before providing personal or financial information.
According to the SEC, investors should follow only the officially announced subscription or application process and IPO timetable and should “Avoid transferring funds to any person or entity claiming to receive applications/subscriptions outside the approved channels.”
The Commission further advised investors to verify that their chosen registered Capital Market Operator’s channels or platforms for the offer are duly authorised and approved.
The SEC also warned investors to “Avoid responding to unsolicited calls, WhatsApp messages, social media advertisements, emails or other channels/platforms that offer or guarantee allotments or preferential allocation.”
The regulator urged prospective subscribers to carefully read the approved Prospectus and understand the terms, conditions and risks associated with the investment before making any subscription.
SEC warns against fake IPO agents
The Commission stressed that the existence of an individual, company, digital platform or social media account does not, by itself, constitute approval or authorisation to receive applications or funds from investors in respect of the offer.
The SEC therefore advised prospective investors to contact SEC-registered stockbrokers, banks or registered Investment advisers for guidance before subscribing.
The Commission also urged the public to “VERIFY” the registration status of companies, entities, platforms or individuals offering investment opportunities before entering into any transaction with them.
Investors can verify the registration status of operators through the SEC’s dedicated portal for registered fintech operators or through the Commission’s Capital Market Operators platform.
The warning comes as the Dangote Petroleum Refinery and Petrochemicals IPO officially opens on Monday, September 14, 2026, following the Commission’s approval.
The Commission listed its contact details as +2342094621168-9 and [email protected], while its WhatsApp contact is 0916 772 3240.
The SEC urged investors to remain vigilant and rely only on verified and authorised channels throughout the IPO process.
Investor demand for the Dangote Petroleum Refinery and Petrochemicals initial public offering (IPO) has reached a historic level, with subscription activity surging across digital investment channels.
Data released by the Nigerian Exchange (NGX) on its official X handle on Monday showed that total transaction volume had surpassed 402,634, pushing the total subscription value to ₦1,476,171,994,112, approximately ₦1.476 trillion.
The figures, displayed on the #NGXInvest command centre dashboard, highlight the strong appetite among investors for the landmark offering.
More details shortly.
Special Adviser to President Bola Ahmed Tinubu on Media and Public Communications/Spokesperson, Dr Sunday Dare, has highlighted what he described as key achievements of the Tinubu administration while firing back at columnist Steve Osuji over his assessment of the 2027 presidential landscape.
Dare made the remarks in a lengthy statement disclosed via his X account on Monday, titled “Steve Osuji’s 2027 Prophetic Fantasy.”
The presidential aide accused Osuji of confusing “cynicism for sophistication, bitter partisanship for objective analysis, and venom for editorial depth.”
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Dare said Osuji’s intervention on the 2027 presidential race attempted to portray President Tinubu as an imperiled incumbent while elevating former Labour Party presidential candidate Peter Obi as an “infallible, messianic” opposition figure.
According to him, Osuji’s argument amounted to “wishful thinking” and failed to account for the structural challenges facing Nigeria.
Dare Defends Tinubu’s Economic Reforms
Dare defended some of the administration’s most controversial economic decisions, particularly the removal of fuel subsidy and the unification of the foreign exchange market.
He argued that successive governments had failed to confront what he described as the “criminal, unsustainable fuel subsidy regime” and distorted multiple foreign exchange markets.
According to Dare, previous administrations repeatedly postponed the difficult decisions, opting instead for what he called “popular, debt-financed ruin.”
He said Tinubu “took the bull by the horns on day one,” arguing that the reforms stopped the diversion of trillions of naira through the subsidy regime and dismantled what he described as a corrupt parallel-market cartel.
Dare added that revenue flows to the federal, state and local governments had expanded as a result, giving sub-national governments greater financial capacity to execute development projects.
$54.08bn Reserves, 4.43% GDP Growth
The presidential aide also cited what he described as measurable gains in the Nigerian economy.
Dare said Nigeria’s real GDP expanded by 4.43 per cent year-on-year in the second quarter of 2026, accelerating from previous quarters.
He also cited the assessments of international rating agencies, including Fitch, Moody’s and S&P Global Ratings, saying their credit upgrades reflected growing confidence in Nigeria’s structural reforms.
According to Dare, Nigeria’s external reserves had risen above $54.08 billion, which he described as the highest level in nearly 18 years.
He further claimed that the debt service-to-revenue ratio had experienced a “dramatic downward rebalancing” away from the unsustainable levels of previous years.
Dare Highlights Tinubu’s Infrastructure Drive
Dare listed infrastructure development as another major area of progress under Tinubu.
He cited the ongoing construction of the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway, as well as rail modernisation and regional power interventions.
According to him, the administration had prioritised high-impact infrastructure through aggressive Public-Private Partnerships and the Renewed Hope Infrastructure Development Fund.
He said the projects were laying “the physical tracks for long-term industrialization.”
NELFUND, MSMEs and Minimum Wage
Dare also highlighted the administration’s social interventions and human-capital programmes.
He cited the Nigerian Education Loan Fund (NELFUND), saying it had enabled hundreds of thousands of indigent students to access higher education.
He also listed Credicorp, MSME intervention funds and the implementation of the new national minimum wage among measures introduced to cushion Nigerians from the effects of the economic adjustments.
Security and EFCC
On security, Dare acknowledged that Nigeria’s security challenges had accumulated over decades and could not disappear overnight.
However, he said the armed forces had continued with “aggressive, coordinated offensives” against insurgency, banditry and kidnapping networks.
He maintained that the operations had steadily restored civil authority to liberated communities.
Dare also cited the Economic and Financial Crimes Commission (EFCC), saying the agency had been empowered to tackle illicit financial flows and sanitise the country’s financial architecture.
He added that Nigeria’s standing in international financial governance had continued to benefit from the administration’s policies.
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