General News
Oil Prices: OPEC No Longer in Charge

The failure of the cartel partners in the Organization of the Petroleum Exporting Countries (OPEC) to agree to a production cut that would put a brake on plummeting crude prices show that the cartel may have outlived its usefulness, NY Times has suggested
The greatest beneficiary is the United States where since the economically crippling oil embargo of 1973, every American president has pledged to seek and achieve energy independence.
On Friday, the benchmark American price for crude oil continued the free fall that began on Thursday, closing at $66.15, its lowest price in more than four years.
The inability or unwillingness of OPEC to act showed that the cartel was no longer the dominating producer whose decisions determine global supplies and prices. Suddenly, the United States — which is poised to surpass Saudi Arabia as the world’s top producer, possibly in a matter of months — is in that position, although the resiliency of that new command must still be tested.
“This is a historic turning point,” said Daniel Yergin, the energy historian. “The defining force now in world oil today is the growth of U.S. production. The outcome of the OPEC meeting is a clear indication that the oil exporters now recognize that this is a new market.”
For decades, the United States faced dwindling domestic production and rising demand, leading President George W. Bush to call on the country to get off its “addiction” to imported oil. But around eight years ago a few small oil companies began experimenting to produce oil from hard shale rocks in North Dakota and Texas, using hydraulic fracturing — fracking — and horizontal drilling techniques that proved effective in producing natural gas a few years earlier.
Domestic oil production has soared more 70 percent over the last six years, to roughly nine million barrels a day. The country is still a net importer, but with production growing by more than a million barrels a day every year, it is importing less and less almost every month.
Imports from OPEC producers have been cut by more than a half in recent years, forcing increasing competition among Saudi Arabia and other exporting countries seeking to replace the American market with Chinese and other Asian markets. That has produced more cracks in an organization in which competition between Saudi Arabia and Iran is already fierce.
That remarkable global turnaround has been a windfall for the United States, helping keep inflation in check, lower the trade deficit, strengthen the American dollar and bring relief to consumers.
On Friday, Americans paid an average of $2.79 a gallon for regular gasoline, according to the AAA motor club, nearly 50 cents less than a year ago.
For David Goldwyn, the State Department’s coordinator for international energy affairs in the first Obama administration, OPEC’s decision not to cut was “strategic .”
“What we have now is a yearlong game of chicken,” he said. “The Saudis are waiting to see how much U.S. production adjusts because of prices and they are waiting to see how much pain the other major oil producers can take before they are willing to make meaningful cuts.” Referring to the global oil benchmark, he added, “If Brent sinks below $60, I think you will see OPEC hit the panic button pretty fast.” That would mean an extraordinary OPEC meeting, and emergency cuts in production.
The Brent price has fallen more than a third since June and closed on Friday at $70.15 a barrel.
For OPEC producers like Venezuela and Iran, the tumbling price in oil has produced economic hardship and potential political problems.
Venezuela and Algeria contend that OPEC needed to band to together to cut production and raise prices. But Saudi Arabia has by far the most sway in OPEC, since the kingdom produces roughly one-third of OPEC output alone. It also has the financial muscle and spare capacity to lower or raise production whenever the Saudi royal family deems necessary.
Saudi Arabia resisted calls for lower production mainly because the countries that were most vociferous in calling for cuts would be the countries least able to actually cut their production since their cash-short governments are dependent on more, not less oil revenue.
And there was no guarantee that a cut in OPEC production would raise prices. Even if it did, that would only encourage more American output. So far, United States oil production has proved resilient no matter the price.
Even as prices slid in October, production in the Bakken shale field in North Dakota and the Eagle Ford field in Texas — the two primary promoters of the American oil production boom — increased more than 3 percent over the month before.
That is because American producers keep improving the efficiency and output of their wells with new technology, and because in the short run, lower prices can actually encourage companies to produce more to pay debts and dividends.
Energy experts caution that there is no guarantee that the United States will permanently keep its new powerful edge on world markets. Eventually, low oil prices will drive down production in higher-cost fields, drive marginal companies that are deeply in debt out of business and encourage major companies to slow down their investment in new wells. Several companies have already shaved their 2015 exploration budgets.
And OPEC has been weakened before, only to stage a comeback. The cartel is still able to produce about a third of the global oil market.
After the oil price spikes of the 1970s, the United States and other industrialized countries raised their strategic reserves, put into effect conservation policies and incentivized oil production. New output from places like Alaska and the North Sea in the 1980s helped produce a glut, sending oil prices plummeting. Saudi Arabia lobbied its OPEC partners for production quota cuts, and the kingdom cut its own production. When other OPEC members failed to comply with the new quotas, prices collapsed in 1986, and Saudi Arabia lost valuable markets for years to come.
OPEC has never completely regained the power it once had, but in the early 2000s, oil prices spiked again primarily because of the rapid growth in demand from China and other developing countries and increasing unrest in several oil-producing countries like Nigeria and Venezuela. With the oil market growing tighter, Saudi Arabia expanded its spare capacity and kept a lid on spiraling prices.
An equilibrium price of around $100 a barrel kept producing and consuming countries reasonably happy. But now the United States production, combined with slowing economic activity in China and Europe, have broken the balance.
“OPEC still has power in that they can still cut production and raise price if they choose to do so,” said Michael C. Lynch, president of Strategic Energy and Economic Research and sometimes an adviser to OPEC. But he added, “They don’t have the same power they once did because so many of the members are in bad financial condition and so it’s harder for them to cut production and lose revenues in the short term to raise prices.”
General News
Wema Bank Plans N2M Grant to Empower Women

Innovative financial institution and pioneer of Africa’s first fully digital bank, Wema Bank, has reaffirmed its commitment to advancing women’s empowerment by partnering with the SheCan Conference for the fifth consecutive year.
The collaboration has announced it would empower women with N2 million grant during the 6th edition of SheCan 6.0. conference, that will be held on July 18, 2025, at Balmoral, Federal Palace Hotel, Lagos.
The event is expected to host over 7,000 women under the theme “SheCan Do More.”
Announcing this partnership, Wema Bank through its women-focused platform, SARA by Wema, said it will be awarding ₦2 million in business grants to support women entrepreneurs within the SARA Community.
This grant is to support small and medium businesses within the SARA Community to scale up their business.
Ayodele Olojede, Head, Retail and SME Banking at Wema Bank, said, “Wema Bank is committed to empowering women entrepreneurs by providing the financial backing, tools, training, and networks they need to scale sustainably. Year after year, we’ve seen the incredible ripple effect that access, and opportunity can create in the lives of women and their communities.
“Through SARA by Wema, our goal is to create an environment where Nigerian women can dream bigger, build stronger, and lead the economy with confidence. This partnership with SheCan is a statement of belief in the power of women to transform society.”
“This year’s partnership represents more than sponsorship; it is a tangible investment in helping Nigerian women build sustainable businesses, scale their impact, and contribute meaningfully to economic growth.
“Eligible applicants must be women-led businesses with active Wema Bank accounts and must be registered members of the SARA Community.
“Interested participants are required to submit a written pitch of no more than two pages, detailing their business and founder story, the problem being solved, target audience and competitive advantage, proposed use of the grant, and the expected outcomes and community impact. Entries must also include the applicant’s Wema Bank account number, full name, and the email address used to join the SARA Community.”
General News
Unlicensed Investment Firms Fall Hard in Lagos Court

Justice D.I. Dipeolu of the Federal High Court in Ikoyi, Lagos, has convicted two companies, FARM360 Limited and MCBHADMOS Trans-Atlantic Trade Limited, for illegal capital market operations.
The Economic and Financial Crimes Commission (EFCC) disclosed that the companies were arraigned on June 16 by the Lagos Zonal Directorate 2 of the EFCC on a five-count charge for operating collective investment schemes without valid licences from either the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).
The charges allege that between 2021 and 2022, the firms collected approximately N80 million from several investors but failed to refund the money or pay accrued interest. One of the counts stated that the companies operated without a valid licence to conduct investment management, violating Section 57 of the Banks and Other Financial Institutions Act 2020.
The companies pleaded not guilty, but EFCC investigator Nnadikwu Izuchukwu Collins presented evidence that included a petition from investors who claimed the firms promised high returns through agricultural and forex trading investments. The petition revealed the group invested a total of N93 million.
Investigations showed neither FARM360 nor MCBHADMOS held the necessary licences from the SEC or CBN. A Fidelity Bank statement revealed that the N80 million received was used for personal purposes. The directors of both companies remain at large, with efforts underway to apprehend them.
The prosecution submitted bank statements, the investor petition, and official correspondence with the CAC, CBN, and SEC as evidence, all of which were admitted by Justice Dipeolu.
The court convicted both companies on all counts and imposed fines of N5 million per count.
In a related case, the court also convicted Quintessential Investment Company Limited for similar illegal capital market activities, following its arraignment on two counts of operating collective investment schemes without CBN approval.
General News
Burna Boy Distances Himself from Meme Coin, Labels Crypto as Fraud

Burna Boy, Grammy-winning Nigerian artist, has publicly distanced himself from a meme coin circulating online that falsely uses his name and image for promotion.

Burna Boy
In a statement shared via Instagram, the Afrobeats star made it clear that he has no involvement in any cryptocurrency ventures, describing such schemes as fraudulent.
His comments come amid growing traction of a meme coin allegedly linked to him, which has been circulating on social media platform X (formerly Twitter).
“I don’t do any internet ‘coin’ business. I see it as fraud and I have no interest in any of that,” Burna Boy wrote. “So if you see anyone using my name for such, please disregard or report them.”
The singer urged fans to remain vigilant and to report anyone promoting the crypto project under false pretenses.
- Broadcasting2 days ago
Nigeria Week Ahead: Inflation, Oil and Naira in focus
- News2 days ago
EFCC: Accusations Against Our Chairman Are Baseless and Misleading
- Telecom1 day ago
MTN Nigeria Targets $1Bn Cloud Market with Largest Modular Data Centre
- Telecom1 day ago
NCC Introduces N10m Licence Fee for Bulk SMS Service
- E-Business1 day ago
Firm Highlights Top Risks of Quantum Computing
- General News1 day ago
AM Best Reaffirms Stable Outlook for Cyber Insurance Market
- Telecom1 day ago
PAT Taps Osi as CEO
- General News1 day ago
Burna Boy Distances Himself from Meme Coin, Labels Crypto as Fraud