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Oil prices fall to $83 after US-Iran ceasefire agreement and Strait of Hormuz reopening
Oil prices continued to decline following a ceasefire agreement between the United States and Iran, which aims to end hostilities in the Middle East and reopen the Strait of Hormuz. Brent crude, the global benchmark, dropped from $87 per barrel on Sunday to $83 per barrel on Monday. The agreement, announced by US President Donald Trump, led to speculation of an imminent fuel price reduction. Crude oil had previously risen above $100 and at times exceeded $120 per barrel during the three months of conflict, which began on February 28. The memorandum of understanding was reportedly signed by Trump, Vice President JD Vance, and Iranian parliament speaker Mohammad Bagher Qalibaf. The deal includes the immediate opening of the Strait of Hormuz and the lifting of the US blockade on Iran. It also extends a ceasefire for a 60-day negotiation period to address issues such as Iran鈥檚 nuclear program. A US official indicated that the United States is prepared to release frozen Iranian funds, with an initial release of $25 billion of frozen assets mentioned in a draft. Nigerians are anticipating a significant drop in petrol prices, with one official from Dangote Petroleum Refinery suggesting petrol could fall to N900 per liter, though cautioning about existing 'expensive crude' in their tanks.
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Must Read馃嚦馃嚞Punch Nigeria路37 mins ago
Court ruling deregistering five political parties sparks outrage and constitutional concerns in Nigeria
A Federal High Court ruling on Monday, June 16, 2026, directing the Independent National Electoral Commission INEC to deregister five political parties, including the African Democratic Congress ADC, has ignited strong opposition and concerns about Nigeria's democratic process. The ruling, which followed a suit by the National Forum of Former Legislators, cited the parties' failure to meet electoral performance thresholds outlined in the 1999 Constitution and Electoral Act 2022. Former Vice President and presidential candidate of the ADC, Atiku Abubakar, condemned the judgment, calling it a threat to multiparty democracy and an attempt to weaken opposition ahead of the 2027 general elections. He highlighted that the ruling was delivered despite a subsisting Court of Appeal order from May 22, 2026, staying proceedings in the matter, raising serious questions about judicial hierarchy and the rule of law. Abubakar linked the judgment to a broader pattern of actions aimed at eliminating political opponents, urging Nigerians to resist attempts to subvert democratic institutions. Osun State Governor Ademola Adeleke also faulted the judgment, stating it violated the Court of Appeal's stay of proceedings. He called for calm, assuring citizens that their voting rights would be protected and that the Accord Party would be on the ballot. The ADC, through its National Publicity Secretary Bolaji Abdullahi, rejected the judgment, warning of severe consequences if the party is excluded from
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Okonoda Michael Eseoghene lauded for digital banking innovations and four-language ATM system
Financial experts have praised Nigerian-born US-based Data Analyst, Okonoda Michael Eseoghene, for his contributions to digital banking and real-time data management. A statement from Dr. A. A. Chahur, Senior Lecturer at Mewar International University, Nasarawa State, highlighted Okonoda's role in introducing a four-language support system English, Igbo, Yoruba, and Hausa on ATM systems, significantly expanding access to banking services for diverse linguistic groups. His work at Polaris Bank Limited as a Data Analyst and Regional Head of the Digital Banking Group led to the implementation of automated business intelligence and performance monitoring systems, which improved decision-making by approximately 45 percent. He also led a data cleansing initiative that enhanced data quality and integrity by 35 percent and maintained about 95 percent uptime across major electronic banking platforms. Furthermore, Okonoda developed internal and external security monitoring frameworks, reducing the bank's exposure to electronic fraud and operational risks by about 30 percent. Prior to this, at Skye Bank Plc, he managed critical technology infrastructure and implemented disaster recovery frameworks, improving operational resilience by about 60 percent. Beyond his professional achievements, Okonoda's research explores artificial intelligence in education and a machine learning approach to mortgage loans, aiming to personalize instruction, improve educational outcomes, and promote fair len