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Oil prices appreciate Friday after OPEC oil cut pledge

Oil prices rose more than one per cent on Friday, adding to gains in the previous session, after OPEC producers and allies promised to meet commitments on cutting supply and two major oil traders said demand was recovering well.
Brent crude LCOc1 futures rose 61 cents, or 1.5 per cent, to $42.12 a barrel by 0639 GMT, the highest in more than a week.
U.S. West Texas Intermediate (WTI) crude CLc1 futures climbed 60 cents, or 1.5 per cent, to $39.44 a barrel.
Both contracts rose about two per cent on Thursday and are heading for weekly gains of nearly nine per cent.
Plans by Iraq and Kazakhstan to make up for overproduction in May on their supply cut commitments supported the market.
The promises came out of a meeting by a panel monitoring compliance by the Organisation of the Petroleum Exporting Countries and its allies, a grouping called OPEC+.
Prices are showing “solidity at these levels, as oil markets ignore the concerns rolling across other asset classes at the moment,” said Jeffrey Halley, senior market analyst at OANDA.
“That suggests that prices are supported by physical buyers (which) is welcome as it implies that physical demand across the globe is recovering, with its implications for economic growth,” he added.
Brent moved into backwardation on Thursday for the first time since early March, with the August contract rising to 9 cents above September LCOc1-LCOc2 on Friday.
Backwardation occurs when near-term contracts are trading at higher prices than outer months, compared with a contango market structure where outer months trade at higher prices.
Fears about dwindling storage capacity had sent the market into steep contango, as wide as $5, as coronavirus lockdowns hit near-term demand and Saudi Arabia and Russia glutted the market with crude in April.
Comments from global oil traders Vitol and Trafigura on a rebound in oil demand in June, reported by Bloomberg, also buoyed the market, ANZ said.
Traders shrugged off another build in U.S. crude inventories to a new record.
Crude stocks USOILC=ECI rose by 1.2 million barrels last week to 539.3 million barrels, compared with expectations from a Reuters poll for a decline of 152,000 barrels.
On the technical side, CMC Markets chief strategist Michael McCarthy pointed to strong resistance in the WTI contract between $40 and $41.
Analysts see that level as the point at which more U.S. producers will revive shut-in wells.
(Reuters)
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Interswitch Deploys Smart Parking System at Asaba International Airport to Improve Operations
Interswitch, Africa’s leading integrated digital payments and commerce company, has announced a strategic partnership with the Asaba Airport Company (AAC) to deploy a smart parking system, the Interswitch Parking Management Platform (PMP) at the Asaba International Airport. The automated airport parking system introduces a seamless, secure, and fully automated parking and access control solution, designed to enhance airport operations efficiency and improve the overall experience for travellers, visitors, and airport personnel. As passenger traffic and vehicular movement continue to increase across Nigeria’s airports, the need for smart airport technology and efficient traffic management at airports has become increasingly crucial. The deployment of Interswitch’s PMP at Asaba Airport is aimed at enabling real-time parking analytics, faster vehicle processing at entry and exit points, reducing congestion, and improving traffic flow across the airport premises, ultimately delivering a smoother and more efficient experience for all users. Commenting on the partnership, Nnenna Ajanwachuku, Vice President, Transport Ecosystem, Interswitch, said:“This partnership with the Asaba Airport Company reflects our commitment to deploying technology that drives efficiency, transparency, and seamless user experiences across critical sectors. With the Parking Management Platform, we are not only addressing operational challenges but also enabling smarter infrastructure that supports revenue growth and long-term sustainability. Asaba Airport is setting the pace for what modern airport operations should look like in Nigeria.” Beyond enhancing user experience, enabling cashless parking payments, and leveraging digital payment solutions, the solution strengthens airport revenue management systems and delivers significant operational value for airport management. Through a centralised, technology-driven system, the Asaba Airport Company can monitor vehicle movements in real time, enforce access control policies more effectively, optimise parking space utilisation, and improve overall coordination across airport operations. This represents a major shift from manual, fragmented systems to a more intelligent, proactive management approach. The platform also strengthens revenue assurance and transparency. By digitising payments and reducing reliance on cash transactions, it enables accurate, real-time revenue tracking, eliminates unrecorded payments, and enhances financial accountability. This is expected to significantly boost internally generated revenue while reinforcing governance and audit processes. Also commenting on the partnership, Christophe Penninck, Managing Director, Asaba Airport Company, highlighted the initiative’s impact, stating:“Our collaboration with Interswitch represents a significant step forward in our commitment to operational excellence and service delivery. The introduction of this advanced parking and access control system will improve efficiency, enhance transparency, and deliver a better experience for passengers and visitors. It also strengthens our ability to manage revenue more effectively while positioning Asaba Airport as a leader in smart airport infrastructure.” A key advantage of the PMP Solution is its seamless integration with existing infrastructure, enabling modernisation without costly overhauls or disruption to ongoing operations. This allows the airport to transition smoothly into a more advanced system while ensuring service continuity. The deployment of this automated parking system at Asaba International Airport sets a new benchmark for smart airport infrastructure, and transport hubs across Nigeria. By combining automation, digital payments, and real-time analytics, the initiative positions the airport at the forefront of smart mobility infrastructure and underscores the role of technology in transforming the country’s transportation ecosystem. As Nigeria continues to invest in critical infrastructure, the collaboration between Interswitch and the Asaba Airport Company, in partnership with the Asaba International Airport, signals a new phase in airport operations, highlighting how digital parking solutions and intelligent transport systems are transforming the country’s aviation ecosystem where parking and access management are streamlined, and intelligent systems are designed to meet the needs of the modern traveller. To learn more about Interswitch’s Parking Management Platform (PMP) and how it is transforming airport parking systems, visit www.interswitchgroup.com
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AMVCA 12 Nominee List is a Wake-Up Call for the Film Industry
The nominee announcement on Sunday has officially kicked off the countdown to the 12th AMVCAs, and as expected, the conversation is split between celebration and the inevitable debate over who didn’t make the cut. While previous years were often dominated by a few blockbusters with double-digit nominations, the 2026 field is defined by how spread out the talent is. With Gingerrr and The Herd leading with nine nominations each, and To Kill A Monkey following with eight, the race to May 9th is wide open. This year’s list shows a clear shift in how African cinema is being viewed. While the AMVCAs have always stood for excellence, this 12th edition has moved toward a much stricter evaluation of craft that looks past how popular a project is on social media.
Under the leadership of veteran actress Joke Silva as Head Judge, the message from the organisers is clear: the bar for entry has become more specialised. In an era where trending on social media is often mistaken for technical brilliance, the AMVCAs is looking deeper into the structural integrity of the work. This explains the takes currently fueling debates online. While a project might dominate the cultural conversation for months or break box office records, the jury’s mandate, backed by the auditing rigour of Deloitte, is to look past the viral numbers and focus on the technical blueprints. A film can be a massive audience success and still find its lighting, sound design, or screenplay structure measured against a new, more rigorous professional rubric.
Out of the 32 categories this year, 18 are now strictly decided by the jury, including the major Best Lead Actor and Best Lead Actress awards. This change moves the recognition of acting talent away from the emotional pull of public voting and puts it into the hands of industry experts. For the stars and directors who didn’t find their names on the list, it isn’t a comment on their talent, but a reflection of a very tight field where there is almost no room for error. The fact that acting awards now sit alongside technical categories like cinematography and editing proves that the Academy is rewarding the quality of the work just as much as the fame of the person.
As voting opens for the remaining 11 public-choice categories ahead of the May 9th ceremony, the tension surrounding the list is actually a sign of industry health. It proves that the volume of high-quality African storytelling has reached a point where being a fan favourite is no longer a guarantee of a trophy.
By prioritising technical precision over social media sentiment, the AMVCAs are forcing a necessary evolution. On May 9, the statues will be handed out, but the real takeaway from Sunday is that Nollywood has moved into an era where the craft must finally match the hype.
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Union Bank responds to Cardoso’s remarks at MPC meeting with calm assurance
Union Bank of Nigeria has issued a statement reaffirming its steadfast position in the course of ongoing regulatory engagements in response to recent media queries at the Central Bank of Nigeria’s (CBN) 304th Monetary Policy Committee (MPC) press briefing.
The bank’s affirmation comes in the wake of Governor Olayemi Cardoso’s clarification on the regulatory framework governing institutions under intervention while speaking on the complexities and structural considerations influencing the recapitalisation timeline.
According to the CBN Governor, institutions currently under regulatory oversight are subject to unique circumstances that necessitate a differentiated approach, distinct from those institutions that have had an extended period to prepare for recapitalisation. This clarification was made in direct response to queries raised by journalists seeking insight into the operational status of banks under intervention.
Union Bank’s Chief Brand and Marketing Officer, Mrs Olufunmilola Aluko, explained that the CBN Governor’s remarks align with Union Bank’s consistent messaging to stakeholders. She reiterated that Union Bank remains a going concern with stable operations, resilient franchise and uninterrupted service delivery.
“The Governor’s remarks reinforce what has consistently been our position in all engagements with stakeholders. Union Bank remains under strong regulatory oversight and active supervisory engagement. The Bank is a going concern with a resilient franchise, stable operations and uninterrupted service delivery across all channels.
We have maintained, and continue to maintain, that all customer deposits are safe and secure. That position has not changed. The Bank continues to operate within the established regulatory framework, working transparently and constructively with the Central Bank of Nigeria towards full compliance in line with the applicable structure.”
The bank is working constructively with the Central Bank towards full compliance, as part of a system-wide recapitalisation programme aimed at strengthening Nigeria’s banking sector. Union Bank will provide updates as regulatory engagements progress while maintaining its commitment to customer protection, financial stability and service continuity.
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