NEWS
Prices Slide, as 19m Barrels Cross Hormuz Strait
President of the United States, Donald Trump, says a record 19 million barrels of oil flowed out of the Strait of Hormuz on Monday.
According to Trump on Tuesday, oil prices are tumbling as a result of the oil flow through Hormuz.
“19 million barrels of oil flowed out of the Hormuz Strait yesterday, an all-time record. Oil prices are tumbling down, and the world is a much safer place,” Trump said in a post on his social media handles.
According to oilprice.com, Brent crude fell to $76.75 per barrel on Tuesday, down from $77 per barrel on Monday.
The decline in oil prices came after US Vice President JD Vance said progress had been made in discussions with Iran and confirmed that the Strait of Hormuz remained open, reducing fears of a major supply shock in the global oil market.
The benchmark had earlier risen as high as $82.30 per barrel over the weekend amid renewed tensions following threats by US President Donald Trump to restart military action against Iran and Tehran’s announcement that it had again closed the strategic waterway.
High-level officials from the US and Iran concluded their first round of talks in Switzerland on Monday, according to mediators. The discussions began on Sunday under a memorandum of understanding reached last week to extend a fragile ceasefire from April for at least another 60 days.
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In a move expected to boost oil supply, the US Treasury Department on Monday authorised Iranian oil sales through a general licence that permits the sale of crude oil and petrochemical products of Iranian origin until August 21.
Meanwhile, US Secretary of State Marco Rubio has arrived in Abu Dhabi on Tuesday to meet with Gulf allies.
Addressing newsmen, Rubio said no country would be allowed to charge tolls for shipping in the Strait of Hormuz as he sought to reassure US allies in the Gulf that Washington would take a firm line in peace negotiations with Iran.
Rubio is to meet Gulf allies on Tuesday and Wednesday in an attempt to reassure them that the US remains committed to their security and that the 60-day ceasefire deal struck with Iran last week will not embolden Tehran.
Arriving in Abu Dhabi, Rubio said the US would provide for freedom of navigation through the Strait of Hormuz and that no country would be allowed to charge a toll there, which Iran has said it has a right to do.
“It’s an international waterway. No country is allowed to charge tolls or fees on an international waterway. That’s existing international law. That’s the way it is in international waterways all over the world, and that’s the way we expect it’ll be here,” he said.
NEWS
“I’m Deeply Sorry Sir” — Desmond Elliot Kneels Before Gbajabiamila [Video]
Lagos State House of Assembly member and Nollywood actor, Desmond Elliot, has been captured on video kneeling before the Chief of Staff to President Bola Tinubu, Femi Gbajabiamila, while pleading for forgiveness.
In the video circulating on social media, Elliot is seen on his knees before Gbajabiamila and other individuals as he apologises for an undisclosed matter.
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Speaking during the encounter, Elliot said, “I am sorry, I have no excuse. I have nothing other than to say I am deeply sorry. I’m deeply sorry, sir. And I am hoping… to be cultured… I am sorry, sir?
The exact reason for Elliot’s apology was not known as of the time of filing this report.
The video has nevertheless generated reactions online, particularly because of the political relationship between Elliot and Gbajabiamila, who has been a prominent figure in Lagos politics and a political mentor to the lawmaker.
See video below
NEWS
Dangote Refinery Opens Landmark IPO Today
The Dangote Petroleum Refinery & Petrochemicals FZE (DPRP) today announced the commencement of its Initial Public Offering (IPO), marking a historic milestone in Nigeria’s economic development and the evolution of Africa’s capital markets.
The offer will be formally launched at a ceremony on the trading floor of the Nigerian Exchange (NGX) in Lagos, bringing to the public, for the first time, an opportunity to own a stake in Africa’s largest refinery and one of the world’s most significant industrial projects.
The IPO, which opens today, September 14, 2026, consists of 4.1 billion new ordinary shares offered at N525 per share, with a minimum subscription of 10 shares valued at N5,250. The offer is expected to remain open until October 13, 2026, subject to the terms outlined in the Prospectus. The transaction is targeted at retail, institutional, and eligible African investors, reinforcing Dangote Refinery’s commitment to broadening ownership and deepening participation in Nigeria’s capital market.
READ ALSO: Nigeria Meets OPEC Quota for Fourth Consecutive Month
The public offer is expected to raise approximately N2.15 trillion, making it one of the largest equity offerings ever undertaken in Africa. The proceeds will support the Refinery’s long-term growth plans, operational expansion, strategic investments, and the creation of additional value for shareholders and stakeholders alike.
Speaking on the significance of the IPO, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said:” Today marks the beginning of a new chapter in the history of Dangote Refinery and, indeed, in the economic future of our nation. This offering is about more than raising capital; it is about creating an opportunity for ordinary Nigerians, Africans, and investors across the globe to participate directly in one of the most transformative industrial projects ever built on the continent.
We established this refinery to transform Africa’s energy landscape, create jobs, conserve foreign exchange, and unlock shared prosperity. With this IPO, we are extending that vision by democratising ownership and ensuring that millions of people can benefit from the value being created.
We believe that broad-based ownership is one of the most effective ways to build wealth, strengthen the capital market, and accelerate economic inclusion. We invite investors to join us as partners in building a globally competitive enterprise that will continue to shape the future of energy, manufacturing, and economic development in Africa.”
According to Temi Popoola, Group Managing Director and Chief Executive Officer of Nigerian Exchange Group: “The launch of the Dangote Petroleum Refinery IPO is an important moment for Nigeria’s capital market, not simply because of the scale of the transaction, but because of what it represents.
Our capital market must increasingly become a place where Nigerians can participate in the value created by our country’s most important businesses. That means broadening ownership, expanding access and creating stronger connections between Nigerian enterprise and Nigerian capital.
At NGX Group, we have been deliberately building the infrastructure to make that possible. Through NGX Invest and connectivity across more than 50 distribution channels, including stockbrokers, banks and fintechs, we are making participation in the public market more accessible.
This is how we build an ownership economy: strong Nigerian businesses accessing long-term capital, and more Nigerians having the opportunity to participate in their growth.”
Dangote Refinery has emerged as a strategic national asset, helping to strengthen energy security, reduce dependence on imported refined products, conserve foreign exchange, and position Nigeria as a major exporter of petroleum products. Since commencing commercial operations, the Refinery has supplied premium-quality petroleum products to domestic and international markets while supporting industrial growth and economic transformation across the region.
The Company emphasized that participation in the offer has been designed to be accessible, transparent, and technology enabled. Eligible investors can subscribe through approved distribution channels, including NGX Invest, designated commercial banks, and authorized investment platforms, subject to the provisions contained in the Prospectus.
As the commencement ceremony takes place on the floor of the Nigerian Exchange today, Dangote Refinery reaffirmed its commitment to operational excellence, corporate governance, sustainable growth, and long-term value creation for shareholders.
NEWS
‘80% of PHCs Not Functioning’ — Peter Obi Raises Fresh Health Sector Concern
Former Anambra State Governor and NDC presidential candidate, Peter Obi, has raised fresh concerns over the state of Nigeria’s Primary Healthcare Centres (PHCs), warning that a large number of the facilities may not be functioning effectively.
Obi made the remarks in a post on his X account on Monday morning while reacting to a recent report that 97 per cent of assessed Primary Healthcare Centres across 16 states failed to meet the national staffing standard.
According to Obi, the situation goes beyond the figures contained in the report, as he argued that the findings could be extrapolated nationwide.
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“The recent report that 97% of assessed Primary Healthcare Centres across 16 states failed to meet the national staffing standard is not merely a statistic; it can be extrapolated nationwide, where about 80% of PHCs are not functioning. It reflects a serious risk,” Obi wrote.
He described health as the primary measure of development in any nation, stressing that it forms the foundation of an effective healthcare system.
“A country cannot build a healthy, productive population if its Primary Healthcare Centres lack the necessary staff to care for the people,” he said.
Obi highlighted the potential consequences of poorly staffed healthcare centres, particularly for pregnant women and children.
“Behind every understaffed PHC is a pregnant woman who might not receive timely care, and a child who could die from a preventable illness,” he stated.
He further argued that the challenges confronting Nigeria’s healthcare system contribute to the difficult living conditions faced by citizens.
“That is why Nigeria is currently classified among the most challenging and poorest places to be born and to live,” Obi said.
The former presidential candidate maintained that access to healthcare should not be determined by a person’s financial status.
“Healthcare should not be a privilege reserved for the wealthy. It is a basic responsibility of government,” he wrote.
Obi also questioned the way development is measured in the country, arguing that physical infrastructure alone should not be the primary yardstick for assessing progress.
“Progress is not best measured by flyovers, new bus stops, or airports that are rarely used. Instead, we should measure it by the number of lives saved, the number of operational health centres, the availability of qualified health workers, and the quality of care provided to ordinary Nigerians,” he said.
He warned that Nigeria could not achieve the transformation he described as a “New Nigeria” while citizens continued to die from preventable health conditions.
“We cannot create a New Nigeria while allowing our people to die from issues that a functioning Primary Healthcare system should prevent,” Obi stated.
He called for increased investment in Nigerians, stronger Primary Healthcare Centres, and the recruitment and retention of essential health workers.
“Our priorities must be clear: invest in our people, strengthen Primary Healthcare, recruit and retain essential health workers, and ensure every Nigerian, regardless of location or income, has access to quality, affordable healthcare,” he added.
For further call for national transformation, saying, “A New Nigeria is POssible.”





