Oil prices continued to rise on Monday, with Brent approaching the $80 mark, building on last week’s sharpest increase since early 2023.

The gains were fueled by concerns over a potential escalation in Middle East tensions and possible disruptions to exports from this key oil-producing region.

Brent crude futures increased by $1.09, or 1.4%, reaching $79.14 per barrel as of 1316 GMT.

Meanwhile, U.S. West Texas Intermediate (WTI) crude futures climbed $1.15, or 1.55%, to $75.53 per barrel, after earlier rising by more than $2.

Brent crude surged over 8% last week, while WTI jumped 9.1% amid concerns that Israel might target Iranian oil facilities following Iran’s October 1 missile attack. Tensions escalated on Monday as rockets from Iran-backed Hezbollah struck Haifa, Israel’s third-largest city.

Meanwhile, Israel appeared ready to intensify ground operations in southern Lebanon, coinciding with the first anniversary of the Gaza war, which has further fueled conflict across the Middle East. This situation has heightened fears of a broader war potentially involving the United States and Iran, Israel’s ally and adversary, respectively.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, known as OPEC+, plan to increase production starting in December, following recent cuts aimed at supporting prices amid weak global demand.

While OPEC+ holds sufficient spare capacity to counterbalance any disruptions to Iranian supply, analysts warn that it could face challenges if Iran retaliates by targeting oil infrastructure in neighboring Gulf nations. At the onset of the Middle East conflict a year ago, Brent crude was trading at $88.15 per barrel.

Impact on the Naira 

The rise in oil prices to almost $80 could further strengthen the fiscal position since it is above the budget benchmark oil price in the 2024 budget. It could also strengthen the Naira after recent depreciations in the past few months. The naira has hovered around N1540/$ on the official market and weaker on the parallel market.

Last month, Brent crude oil futures dipped below $70 per barrel for the first time since December 2021, signaling a new decline driven by robust supply, demand concerns, and extensive speculative selling.

The global benchmark slid by 2.8%. However, disruptions in U.S. supply caused by Tropical Storm Francine offered some support to prices. Brent futures declined by 48 cents, or 0.67%, while U.S. West Texas Intermediate (WTI) crude dropped 42 cents, or 0.6%, to $68.29 per barrel. Both benchmarks saw gains of about 1% on Monday.

[Nairametrics]

ASUU highlighted a significant change since the tenure of former CBN Governor and current Emir of Kano, Sanusi Lamido Sanusi.

The union claimed that despite available funds earmarked for community development, the CBN has not undertaken any projects in tertiary institutions since 2014, when Sanusi’s term ended.

ASUU President, Emmanuel Osodeke, shared these concerns on Inside Sources, a socio-political program on Channels Television.

Osodeke pointed out that during his time as CBN governor (2009-2014), Sanusi actively utilized the bank’s resources to fund essential university projects across Nigeria.

He said, “There are many companies today which they call cash cows; they have some reserve money for community development. CBN, NNPC and what have you.

“For a very long time that we have been having CBN governors, we never knew there was fund there that could be used in the university until the Emir of Kano, Sanusi, came in and decided to use the money the way it should be used.

“There’s no federal university today that you don’t have a project done by Sanusi regime when he was CBN governor because the fund was there. The biggest building in my university is CBN, go to the University of Abuja, CBN; go to Jos, everywhere, for the four years he was there before he was sacked but since another one came in, have you seen anything done in the university by CBN? Zero.”

Osodeke contrasted Sanusi’s contributions with those of his successors, Godwin Emefiele and the current CBN Governor, Olayemi Cardoso, asserting that neither has continued this legacy.

According to Osodeke, if Sanusi’s approach had been maintained, infrastructure challenges in public universities could have been significantly reduced.

Highlighting what he described as “community social responsibility funds” within the CBN, Osodeke urged the current leadership to follow Sanusi’s example.

Osodeke said, “If what Sanusi did when he was CBN governor was followed by other CBN governors, we would not be talking about projects in universities but the next one came and that is the end.

“There’s a new person there now and nobody is talking about that fund again; they call it (the fund) Community Social Responsibility, it’s there.”

“So, we should ask you if the CBN governor is watching me: how did Emir Sanusi generate that money to put projects in all the federal and many state universities in this country within four years? How come Emefiele couldn’t put one anywhere? How come the present one has not even thought about that? How come all those who were there have not to do anything?

“He (Cardoso) is a year in office, has he done anything? Have you seen any project in any university?” he queried.

[NaijaNews]

The Federal High Court in Abuja on Monday granted the reduction of bail conditions for five #EndBadGovernance protesters to N5 million each.

Justice Emeka Nwite had on September 11 granted bail to all ten protesters to the tune of N100 million.

The ten defendants – Michael Adaramoye, also known as Lenin, Adeyemi Abayomi, Suleiman Yakubu, Comrade Opaluwa Simon, Angel Innocent, Buhari Lawal, Mosiu Sadiq, Bashir Bello, Nurudeen Khamis, and Abduldalam Zubair are facing six counts charges including treason, conspiracy to commit a felony, inciting mutiny, and attempting to destabilise Nigeria.

The offenses are said to be punishable under Section 97 of the Penal Code.

The defendants are accused of attempting to force their way into the seat of power, burning down a police station, and injuring officers.

The Federal Government also claimed that the protesters incited the public against the government and destroyed public properties, including a police station, the High Court complex, and facilities belonging to the Nigeria Communications Commission (NCC).

LEADERSHIP recalls that five of the 10 #EndBadGovernance protesters, who were previously remanded in prison by the Federal Government, have struggled to meet the original bail conditions.

This was revealed by the counsel for the 1st, 2nd, and 4th defendants, Marshall Abubakar, who stated that some of the protesters were unable to secure a surety with landed property in Abuja, one of the bail requirements.

The Court required that the sureties must be residents of Abuja, own property in the city, and deposit their property documents with the court registrar.

Additionally, the sureties were required to swear to an affidavit of means, and both the defendants and sureties were to submit their international passports and recent passport photographs to the registrar.

Justice Nwite ruled that the protesters be held in custody until the were able to meet the bail conditions.

The defense lawyers later appealed the stringent bail terms, particularly arguing that the five defendants were unable to meet the requirements.

Following their application, Justice Nwite reduced the bail sum to N25 million in total for the five protesters requesting the variation.

Each individual were required to post bail of N5 million with one surety in the same amount, who must be a close relative such as a father, mother, or another blood relative residing within the jurisdiction, if neither parent is available.

[Leadership]

Former Deputy National Chairman of the Peoples Democratic Party (PDP), Chief Olabode George, has asked Minister of Federal Capital Territory (FCT), Nyesom Wike, to allow Governor Simi Fubara of River State to work.

Wike, the immediate past governor of the oil rich River state, has been locked in  a battle with his successor over control of the state.

Governor Fubara’s administration had conducted local government election on Saturday under the Action People’s Party (APP) following the handover of the PDP structure to Wike who is also reportedly controlling the All Progressives Congress (APC) structure in the state.

The tension in Rivers increased after the Saturday’s LG election where APP swept the polls in the 22 of the 23 local governments.

Adding his voice to the issue on Monday, Chief Bode George asked President Tinubu to call his Minister to order and prevail on him to allow Governor Fubara to work.

In a statement, he said, “Now that people of Rivers State have boldly asserted their civic and constitutional rights by coming out to vote in the Local Government election on Saturday, this is the time for former governor of the state and now FCT Minister, Nyesom Wike, to allow Governor Siminalayi Fubara work and deliver dividend of democracy to the people.

“This is also the time for President Bola Tinubu to advise Wike, who is one of his ministers, to allow the governor to work.

“I say this with all sense of responsibility because if this democracy is truncated, God forbid, Tinubu, as the Commander-in-Chief, will be the biggest loser.

“All lovers of democracy will agree with me that political happenings in this oil-bearing state in the last few months, if allowed to continue, can lead to a re-enactment of the crisis in the defunct Western Region between 1962 and 1966 which eventually led to the first military coup of January 15, 1966. Many of our national figures were killed and events of that day led to a second coup on July 29, 1966 when scores of military officers were killed.

“Since history is no longer taught in our schools, I want to remind the gladiators in this Rivers crisis that the January and July 1966 killings eventually led to the civil war between July 6, 1967 and January 15, 1970. Close to two million Nigerians died in the war.”

George stated that happenings in River State call for concern.

“I am raising this alarm because what is happening in Rivers now is a cause for serious concern for everyone.

“My understanding of this man-made crisis is that there is a despotic, divisive, wicked and anti-people design to create a conflagration which may eventually consume our country.

“We all know the economic importance of Rivers to the survival of this nation. It is the gateway to the Niger Delta.

“Any threat to peace in this state will eventually lead to huge security implications, not only for Nigeria but West Africa and Africa. It is good to have political ambition, to be the alpha and omega in a partisan setting but this ambition must not be at variance with the expectations of the people.

“Some have said what is happening can be traced to 2027 elections’ calculations. I believe it is too early to start strategising for a partisan event which is still close to 28 months away.

“One thing is clear: Nyesom Wike was governor of the state for eight years. He left the Government House in May last year and today, he is the FCT Minister. Sir Peter Odili and Rotimi Amaechi were governors before him. Now that Governor Fubara is the Chief Executive of the state, he should be allowed to work. Nobody stays in office forever.

“By 2027, people of Rivers State will decide, through their votes, if they want him to return to office or not. This is how political issues and ambitions are handled in civilised climes. The way this partisan crisis is going, if not checked, may collapse our democracy. Now that council chairmen and councillors have been elected, I appeal to Nyesom Wike to please give peace a chance. Tinubu must also call Wike and tell him to allow the governor to work.

“We know Wike sponsored and supported Fubara to become governor but somebody also supported Wike to be governor from 2015 to 2023. Somebody also nominated him to serve as minister. God will always use somebody to help anybody but nobody is God.”

[DailyTrust]

The Rivers State Police Command have remained silent amid sudden violence that erupted at several local government council secretariats on Monday morning.

DAILY POST reports that suspected “political thugs” believed to be supporters of the Minister of the Federal Capital Territory, Nyesom Wike, attacked the Obio/Akpor, Ikwerre, Ogba/Egbema/Ndoni, Eleme, and Emohua local government council secretariats on Monday morning, barely 24 hours after Governor Sim Fubara swore in newly elected LG chairmen.

The attackers reportedly barricaded the council entrances and fired shots indiscriminately.

These actions are allegedly aimed at preventing the newly elected LG chairmen from resuming in their offices.

On Monday, the Inspector General of Police, Kayode Egbetokun, ordered the immediate withdrawal of Police personnel from the 23 Rivers State LG secretariats after over three months of deployment.

In Bori, Khana LGA, a gunfight broke out after armed men opened fire on members of a political party, leading to an exchange of fire between the attackers and the Police.

Reports also indicate that the Bori Police Division recovered the body of a civilian who was fatally shot during the confrontation.

In Eleme, arsonists set fire to the local council in an effort to prevent the newly elected chairman from taking office.

Similarly, heavy gunfire was reported in Obio/Akpor LGA, where assailants sought to disrupt the inauguration of councilors by the local government chairman.

Also, a viral video obtained by DAILY POST showed the Ikwerre LG secretariat engulfed in flames, while in Ogba/Egbema/Ndoni, plastic chairs were scattered at the secretariat’s entrance following further disruptions by the alleged political thugs.

Unconfirmed reports suggest that three people have been killed in the chaos across Obio/Akpor, Khana, and Ahoada East LGAs.

Despite numerous calls for action, the state police command has yet to comment on the situation or take decisive steps to restore order and security at the affected secretariats.

[DailyPost]

Rapper Reminisce has shared insights on maintaining healthy relationships in the entertainment industry.

In a recent interview with Naija FM, he emphasised the importance of setting boundaries and recognising that not everyone is a genuine friend.

Reminisce attributed his cautious approach to his early experiences with fame.

According to him, he learned the hard way that “nobody is my friend” in the industry, and this realisation helped him navigate complex relationships.

He explained that when it comes to humans, they can quickly turn against you if they’re not favoured, especially monetarily.

Reminisce advised aspiring artists to be aware of their surroundings by knowing who fits in their circle.

He stressed that not everyone around you wants you to succeed, and it’s essential to set clear boundaries to protect yourself and your interests.

Additionally, he cautioned against confusing these gestures, emphasizing that being kind and helpful doesn’t necessarily mean someone is a true friend.

He said: “Fame is a drug that gets one high and clouds judgment. One of the things I did in life earlier on was to realise that nobody is my friend.

“That’s probably why many people don’t like me, if someone has worked with me and you find out that we had issues, if you find out what happened, it would probably have been because I made my decision and stood by it. I have learned that at the end of the day, na me go suffer the consequences.

“You know that when it comes to humans, they turn you into an enemy if they aren’t favoured, especially monetarily. It took a while before I became famous and I even had a child beforehand, so the first thing I got to understand is that nobody is your friend, you can be kind and you can assist but the first mistake you can make in this music industry is thinking everyone is your friend. Nobody is your friend.

“We all want the same thing so there is no way you’d think everyone is your friend. It is very normal to have people around you when you’re hot and popping and it is your responsibility as a famous person to determine what you want. Not everyone around you wants you to succeed.”

[TheNation]

The National Working Committee of the People’s Democratic Party (PDP) has officially released the timetable for its zonal congresses set for 2025.

The congresses will facilitate the election of new Zonal Working Committees and National Ex-Officio members.

In a statement from Abuja on Monday, PDP spokesman Debo Ologunagba announced that the party’s National Executive Committee has greenlit the congresses. He noted that the NWC finalized the timetable during its 592nd meeting, coinciding with the end of the current tenures for Zonal Executives in the South-South, South-East, South-West, North-Central, and North-East zones.

The timetable details various key activities: “Sale of forms for all ZWC positions and National Ex-Officio roles in the South-South, South-East, South-West, North-Central, and North-East: Monday, November 18, 2024 – Wednesday, December 18, 2024.

“Deadline for submission of completed Expression of Interest and Nomination Forms to the Directorate of Organization and Mobilization: Friday, January 17, 2025.

“Screening of aspirants at the Zonal Headquarters: Saturday, January 25, 2025.

“Screening appeal at the Zonal Headquarters: Saturday, February 1, 2025.

“Publication of cleared aspirants: Wednesday, February 12, 2025. Publication of delegate lists: Thursday, February 13, 2025.

“The congress dates are Zonal Congresses for the North-East, South-East, and South-South: Saturday, February 22, 2025.

“Appeal on Zonal Congresses: Tuesday, February 25, 2025.

“Zonal Congresses for North-Central and South-West: Saturday, March 22, 2025. Appeal on Zonal Congresses: Wednesday, March 26, 2025.”

The PDP has invited all prospective aspirants to reach out to the Directorate of Organization and Mobilization or the Directorate of Finance at the National Secretariat for details regarding fees and other queries.

Ologunagba also called on all PDP leaders, stakeholders, and members to foster unity and work towards the party’s advancement.

[FRipplesNigeria]

Billionaire CEO Elon Musk has unveiled a new initiative that offers $47 to registered U.S. voters who refer others to sign a petition promoting free speech and the right to bear arms.

The programme specifically targets voters in key swing states, aiming to maximise political influence in the upcoming elections.

“For every person you refer who is a swing state voter, you get $47! Easy money,” Musk announced via X on Sunday.

The petition is hosted on the website of Musk’s America PAC, a political action committee that aims to gather 1 million signatures from voters in battleground states.

The PAC, backed by several tech entrepreneurs, was established to support former President Donald Trump’s 2024 presidential bid.

The petition emphasises the importance of protecting the First and Second Amendments of the U.S. Constitution. The First Amendment ensures freedoms of speech, religion, the press, and assembly, while the Second Amendment protects citizens’ right to bear arms.

Musk recently took to the stage at a Donald Trump rally in Butler, Pennsylvania, where he voiced his support for Trump’s campaign.

During his speech, Musk issued a stark warning, saying this could be “the last election” if Trump fails to secure victory. He also addressed claims that Democrats are allegedly planning to curtail Americans’ rights, including free speech and gun ownership.

Musk in another post added, “Sign our petition to support the Constitution! Also earn $47 for every person you refer to sign the petition if they’re in a swing state. Goal is to get 1M voters in swing states to show support for free speech & right to bear arms.”

[Punch]