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Oil output slumps as Nigeria, Libya, Venezuela drag OPEC+ targets

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Nigeria, Libya and Venezuela recorded drops in crude oil production in October, undermining the output levels set by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+, for the month.

According to a Reuters report on Tuesday, OPEC’s overall output rose by just 30,000 barrels per day in October, a sharp contrast to the 330,000 bpd increase recorded in September, despite earlier agreements to boost supply.

Data from OPEC’s Monthly Oil Market Report for October, obtained by Channels Television, showed that Nigeria’s crude production, which fluctuated between 1.3 million and 1.4 million barrels per day from January to June 2025, rose briefly to 1.5 million bpd in July before sliding back to 1.4 million bpd in August and 1.3 million bpd in September.

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, attributed the production decline to the “crisis between the Dangote Refinery and the Nigeria Union of Petroleum and Natural Gas Workers as well as the Petroleum and Natural Gas Senior Staff Association of Nigeria.”

Oil prices slipped on Wednesday amid global market weakness and a stronger US dollar as investors reassessed supply dynamics.

Brent crude futures fell by 6 cents (0.1%) to $64.38 per barrel by 5:08 a.m. WAT, hitting a near two-week low. U.S. West Texas Intermediate also declined by 10 cents (0.17%) to $60.46, while the OPEC Basket shed 0.26 cents (0.39%) to $66.72 per barrel.

“The risk-off tone across markets saw investors exit energy markets,” ANZ analysts wrote in a client note quoted by Reuters.

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“Crude oil is trading lower … as risk sentiment shifted sharply negative, boosting the safe haven U.S. dollar, both of which weighed on the crude oil price,” IG market analyst Tony Sycamore stated.

Further pressure came after the American Petroleum Institute reported a rise in U.S. crude inventories for the week ending October 31.

On the supply front, OPEC+ announced plans to raise production by 137,000 bpd in December but said it would pause further increases during the first quarter of 2026.

However, analysts at LSEG cautioned that the pause was “unlikely to offer meaningful support to November and December prices.”

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DSS to arraign El-Rufai Feb 25 over alleged cybercrime, security breach

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The Department of State Services (DSS) will on February 25 arraign former Gov. Nasir El-Rufai of Kaduna State on alleged cybercrime and breach of national security

LIB had earlier reported that the DSS on Monday, February 16, filed a three-count criminal charge against El-Rufai following his alleged involvement in wiretapping the telephone lines of the National Security Adviser (NSA), Mallam Nuhu Ribadu.

According to the court papers, El-Rufai was alleged to have, on Feb. 13, while appearing as a guest on Arise TV station’s Prime Time Programme in Abuja, “admitted during the interview that he and his cohorts unlawfully intercepted the phone communications of the NSA, Mr Ribadu.”

The offence is said to be contrary to and punishable under Section 12(1) of the Cybercrimes (Prohibition, Prevention, etc.) Amendment Act, 2024.

In count two, the ex-governor was alleged to have, on February 13, while appearing as a guest on Arise TV station’s Prime Time Programme in Abuja, stated during the interview that he knew and related with a certain individual who unlawfully intercepted the phone communications of the NSA, without reporting the said individual to relevant security agencies.

The offence is said to be contrary to and punishable under Section 27(b) of the Cybercrimes (Prohibition, Prevention, etc.) Amendment Act, 2024.

Count three alleged that El-Rufai and others still at large, sometime in 2026, in Abuja, did use technical equipment or systems which compromised public safety and national security and instilled reasonable apprehension of insecurity among Nigerians by unlawfully intercepting the NSA’s phone communications.

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The DSS said the ex-governor by his own comment during the live interview committed an offence contrary to and punishable under Section 131(2) Nigerian Communications Act 2003.”

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Mob besieges Benin FRSC office

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The Corps Marshal of the Federal Road Safety Corps, Malam Shehu Mohammed, has praised the Nigerian Army and Nigeria Police Force for their swift and decisive response during the recent attack on the Benin Toll Gate Unit Command Office.

The attack occurred on Thursday at the RS5.12 Benin Toll Gate Unit on the Benin–Lagos Expressway, following a crash involving two trucks, the statement said.

One truck driver died in the accident, while FRSC personnel sustained critical injuries, with one officer later succumbing despite urgent medical attention.

“In the aftermath of the crash, an angry mob besieged and vandalised the Unit Command formation. However, the prompt response by security agencies helped to restore order and prevent further escalation,” Mohammed said in a statement issued on Friday by the FRSC spokesman, Olusegun Ogungbemide, in Abuja.

The Corps Marshal condemned the attack on FRSC personnel and facilities as “deeply regrettable and unacceptable,” emphasising that the operatives were on lawful duty to save lives.

He also commiserated with the families of the deceased driver, the fallen officer, and the entire FRSC workforce.

Mohammed has ordered a comprehensive investigation into both the immediate and underlying causes of the crash and the circumstances that led to the mob action.

He assured the public that anyone found culpable would be brought to justice.

The FRSC boss reaffirmed the Corps’ commitment to ensuring safer roads for all Nigerians and called on the public to remain calm, law-abiding, and supportive of its activities.

(NAN)

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FG probes Plateau mine tragedy after 37 deaths

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The Federal Government on Thursday commenced a thorough investigation into the mining tragedy in Zurak community of Wase Local Government Area of Plateau State, where at least 37 miners were confirmed dead and 25 others hospitalised.

The Minister of Solid Minerals Development, Henry Dele Alake, represented by the Permanent Secretary, Faruk Yabo, led a Federal Government delegation to the site on Thursday.

Our correspondent reports that the team also includes the Director of Mines Compliance, the Director of Inspectorate, the Director of Environmental Compliance and Special Duties, as well as other Plateau State Government representatives.

The delegation’s visit followed the tragedy that struck the mining community in the early hours of Tuesday, reportedly caused by suspected carbon monoxide and sulphite gas emissions.

Speaking after arriving at the affected site, the minister conveyed condolences to the bereaved families, describing the incident as devastating.

The minister said, “It is highly tragic for a community like this to lose more than 30 able-bodied persons. We are here on a fact-finding mission.”

He noted that preliminary information suggests the presence of toxic gases at the site, although this has not yet been confirmed.

The minister expressed disappointment over the absence of technical representatives from the licensed mining company, stressing that licence holders remain responsible for safety oversight.

He also said early security reports indicated possible non-compliance with safety regulations at illegal mining sites in the area.

The minister assured that a full investigation would determine the exact cause and help prevent future occurrences.

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Also speaking at the site, the Assistant Commandant of Corps, Attah Onoja, who is also the National Commander of Mining Marshals under the Nigeria Security and Civil Defence Corps, said the tragedy reinforces federal efforts to eliminate illegal mining.

He assured that findings from the investigation would be fully enforced.

He also called for collaboration among security agencies to ensure a safe mining environment.

Plateau State Commissioner for Environment, Climate Change and Mineral Development, Peter Gwom, who spoke earlier, said mining falls under the Exclusive Legislative List but urged stronger implementation of the Mining Act 2007.

He noted that the state government is ready to collaborate with Federal Government authorities to ensure safer mining practices.

Gwom emphasised that Plateau’s mineral wealth should be a blessing rather than a source of tragedy, adding that the state has begun organising miners into cooperatives, providing training, safety gear and micro-loans to reduce fatalities.

“We have too many widows and fatherless children due to unsafe mining practices. This must stop,” he said.

Plateau State Commissioner for Information and Communication, Joyce Ramnap, conveyed condolences on behalf of Governor Caleb Mutfwang to the affected community and Wase Local Government Area.

She reiterated the importance of adhering to mining regulations and noted the governor’s earlier action suspending illegal mining activities to improve safety and regulatory compliance.

The Executive Chairman of Wase Local Government Area, Hamis Anani, commended the swift federal and state response.

Receiving the delegation on behalf of the affected families, a traditional ruler, Hakimi Bashar Aliyu Adamu Idris, expressed gratitude for the visit but lamented the humanitarian impact, noting that many women had been widowed and children left fatherless.

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He appealed for government support, particularly improved road infrastructure to enhance accessibility, security and safer mining operations in the community.

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