Five things to know to start your Thursday

Shettima arrives in Havana for G77+China Leaders’ Summit

Nigeria’s Vice President, Kashim Shettima, has arrived in Havana, Cuba, for the G77+China Leaders’ Summit. His arrival was announced by the official Twitter handle of the presidency.

Shettima will be representing President Bola Ahmed Tinubu at the summit, which will also have other world leaders, including Antonio Guterres, the United Nations Secretary-General, in attendance.

The vice president is expected to deliberate on development issues facing members, mostly from the global south.

The tweet from the Twitter handle read, “The Summit will equally explore proactive ways of addressing challenges facing the development of the member states, leveraging science, technology, and innovation to enhance socio-economic growth.”

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Fidelity Bank completes 100% acquisition of Union Bank UK

Fidelity Bank on Wednesday announced the completion of its 100 percent acquisition of Union Bank UK, a subsidiary of Union Bank Plc.

This development was disclosed in the corporate disclosure filed with the Nigerian Exchange Limited.

The bank said that this completion is furtherance to its notice of acquisition made on August 2, 2022, and signifies the bank’s intent to expand its international portfolio.

The bank said, “The bank is pleased to announce the completion of the transaction and receipt of the approval of the Bank of England’s Prudential Regulatory Authority (PRA) for the change of control of UBUK.”

The bank said that the Central Bank of Nigeria had earlier issued a letter of “No Objection” to the transaction, making it easy for this completion process.

In the press statement signed by Ezinwa Unuigboje, company secretary, the bank further added that “the Board of Directors of the Bank is confident that the acquisition will unlock significant value for the Fidelity Bank Group and is taking action to ensure the seamless integration of the operations of both entities.”

Delta State urges FG not to dismiss pipeline surveillance firms

Griftson Omatsuli, the Special Adviser to the Delta State Government on Niger Delta Affairs, has cautioned against withdrawing pipeline surveillance services in the Niger Delta.

During a visit to the 87-kilometer Trans Forcados Pipeline managed by Ocean Marine Solutions, he emphasised the dangerous consequences of such a move.

Omatsuli noted that pipeline vandalism has severe impacts on the economy, environment, health, infrastructure, and aquatic life in the region.

He argued that ending surveillance contracts could exacerbate vandalism, reducing government revenue from oil sales.

He commended the surveillance partnership for significantly reducing crude oil theft in the area, urging its continuation.

Nigeria, U.S., and partners to enhance Gulf of Guinea security

To address security challenges in the Gulf of Guinea, the Federal Government, United States, and France will collaborate during the 2023 Lagos International Maritime Week.

Organized by Zoe Maritime Resources Limited, the event will cover topics like port development, transportation, law, arbitration, training, environment, and women in maritime.

The 8th International Maritime Business to Business Conference, part of the event, is themed ‘MARPOL at 50 – Pollution from Ships, Africa’s Commitment to Clean Oceans, Seas, Inland Waters, and the Marine Environment.’

The conference aims to gather stakeholders and experts to discuss maritime challenges in Africa, featuring key figures like the Minister of Marine and the Blue Economy, Adegboyega Oyetola.

Oil rebounds as markets refocus on supply tightness

Oil prices rebounded on Thursday, with Brent crude rising by 0.4 percent to $92.24 a barrel, and U.S. WTI crude climbing 0.4 percent to $88.87.

The focus shifted back to a tighter crude supply outlook for the remainder of 2023, supported by robust demand.

The International Energy Agency (IEA) noted that Saudi Arabia and Russia’s extension of oil output cuts until the end of 2023 would create a substantial market deficit in Q4.

While OPEC maintained its forecasts for strong demand growth in 2023 and 2024, data revealing an unexpected increase in U.S. crude and fuel inventories tempered gains.