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Trending News: Land Expert Hails Lagos Over New Tenancy Law and Recovery of Premises  BillOtu: Security, Welfare Remain Top on My AgendaAPC Women Pushes for Tinubu’s Second-TermFG Places Nations Security on Red Alert US Congressman Confirms Meeting FGs Delegation over Alleged Christian GenocideAt NISO Stakeholders Meeting, FG Vows Estimated Billing to End in 3 Years Oloworaran: N26 Trillion Pension Assets Fueling National DevelopmentSenate Probes Alleged Illegal Removal of Equipment Leasing Authority BossLCCI Applauds Declining Inflation Rate, Warns Progress Still Fragile FAAC Disburses N2.94tn as Federation Grosses N2.934tn in OctoberOil Falls Sharply after Reported Proposal to End Russia-Ukraine WarFG Pleads With Resident Doctors To Suspend Strike As ASUU Threatens Shutdown of Varsities FridayECOWAS @50: CORNWEST Director Calls for Solidarity to Combat Regional ThreatsEno to Political Aides: You Cant Serve Two Masters Civil Group Writes EFCC, Seeks Investigation, Prosecution of 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Oil Falls Sharply after Reported Proposal to End Russia-Ukraine War

Brent slumps to $63, WTI slides to $59

Emmanuel Addeh in Abuja

Oil prices fell sharply yesterday after a report of a U.S. proposal to end the Russian war in Ukraine and as oversupply concerns continued to weigh on prices.

Brent crude futures fell $1.72, or 2.65 per cent, to $63.17 a barrel by 1421 GMT after gaining 1.1 per cent the previous session.

Also. U.S. West Texas Intermediate (WTI) crude futures were down $1.65, or 2.72 per cent, at $59.09 after rising by 1.4 per cent on Tuesday.

Ukraine has received signals about a set of U.S. proposals to end the war, which Washington has discussed with Russia, a senior Ukrainian official told Reuters on Wednesday.

Ukrainian President Volodymyr Zelenskiy was expected to hold talks in Turkey on Wednesday and meet U.S. Army officials in Kyiv on Thursday in a new drive to revive peace negotiations with Russia.

Successful peace talks would reduce oil supply risks, said Saxo Bank analyst Ole Hansen.

Russian Deputy Prime Minister Alexander Novak said that U.S. sanctions against Rosneft and Lukoil imposed in October after peace talks stalled, have had no impact on Russian oil output.

The U.S. Treasury said on Monday that sanctions now squeezing Russias oil revenue are expected to curb its export volumes. Crude buyers in China and India have already started switching to alternative suppliers.

Those sanctions come into full effect on November 21 when a U.S. Office of Foreign Assets Control (OFAC) wind-down licence ends, except for assets given separate operating licences.

There is maximum pressure right now as Fridays deadline is looming, said Rystad Energy oil analyst Janiv Shah, adding that a lower geopolitical risk premium would leave investors focusing more closely on weak market fundamentals.

The risk of a supply glut continued to weigh on prices along with falling gasoil futures after strong gains in recent sessions, Saxo Banks Hansen added.

U.S. crude stocks rose by 4.45 million barrels in the week ended November 14 while gasoline inventories climbed by 1.55 million barrels and distillate stocks grew by 577,000 barrels, market sources said late on Tuesday, citing American Petroleum Institute figures.

​  

    • Hot Source

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    Land Expert Hails Lagos Over New Tenancy Law and Recovery of Premises  Bill

    Land Expert Hails Lagos Over New Tenancy Law and Recovery of Premises  Bill

    Ibrahim Oyewale in Lokoja

    Lagos State  government  has been hailed  for the positive effects of the Lagos State Tenancy and Recovery of Premises Bill 2025 .

    A land expert, Mr. Olumofe  Oluwole, in a chat with  journalists  in Lokoja , stated that  the  landmark legislation is set to revolutionise the rental market in the state , providing tenants with much-needed protection and relief.

    “One of the key highlights of the new law is the introduction of advance rent limits, which restrict landlords from demanding excessive amounts of rent upfront. Under the new law, landlords can only request up to 3 months’ rent for monthly tenancies and one  year for yearly tenancies. This move is expected to alleviate the financial burden on tenants, allowing them to manage their resources more effectively.

    “Another significant change brought about by the new law is the capping of agency commissions at  five per cent of annual rent, putting an end to exorbitant fees charged by estate agents. This reduction in upfront costs will be a welcomed relief for many tenants who have been struggling to meet these excessive fees.

    “Rent increases have also been a contentious issue for tenants, with landlords often surprising them with sudden hikes. The new law requires landlords to provide written notice before increasing rent, promoting transparency and fairness in rental agreements.

    “Furthermore, the law provides protection against illegal evictions, ensuring that landlords follow due process and obtain court orders before evicting tenants. This provision safeguards tenants from unscrupulous practices and allows them to enjoy their homes without fear of sudden displacement.

    “Additionally, the Lagos State Tenancy Law 2025 introduces efficient and transparent dispute resolution mechanisms, giving tenants a clear pathway to address any issues that may arise during their tenancy. The law also recognizes the importance of technology, allowing for virtual hearings and making dispute resolution more accessible than ever,” he said.

    Oluwole emphasised that the new law is a game-changer for tenants, addressing long-standing concerns and providing robust protections. By creating a fairer and more equitable rental market, the law ensures that housing security and fairness are accessible to all residents of Lagos.

    “As the city continues to grow and attract new residents, the impact of the Lagos State Tenancy Law 2025 cannot be understated. This legislation is set to shape the future of housing in Lagos, ensuring that tenants have the rights and protections they deserve in the rental market,” he stated.

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    Ibrahim Oyewale in Lokoja Lagos State  government  has been hailed  for the positive effects of the Lagos State Tenancy and Recovery of Premises Bill 2025 . A land expert, Mr. Olumofe  Oluwole, in a chat

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    Otu: Security, Welfare Remain Top on My Agenda
    Otu: Security, Welfare Remain Top on My Agenda

    Otu: Security, Welfare Remain Top on My Agenda

    Bassey Inyang in Calabar

    Cross River State Governor, Senator Bassey Otu, has said that his foremost agenda was the security of all the 18 local government areas, hence the decision of the state government to remain vigilant and proactive.

    Otu stated this when he met with the chairmen of the 18 local government councils of the state in a strategic session aimed at strengthening security, enhancing citizens’ welfare, and assessing the progress of his People-First administration as the year draws to an end.

    Speaking during a recent meeting at the State Executive Council Chamber, Otu said: “The number one item on the agenda of this meeting is the security of our local government councils.

    “Number two is the fact that we are coming to the end of the year, and there is a need for every one of our citizens to feel the impact and break out of the middle of the situation, not just the city centres, but also all the wards across the state.” 

    “Number three is a period for self-assessment, to know whether we are on the proper path of the People-First government or not.”

    Otu said that the meeting was strictly focused on these priorities and said there would be limited room for other matters, highlighting the urgency attached to the issues discussed.

    Addressing journalists after the closed-door session, the Chairman of the Forum of Local Government Chairmen, Hon. Yibala Inyang, described Governor Otu as a “concerned and caring leader,” who consistently engages with council chairmen on key governance matters.

    He said: “The meeting was to interact on key issues about the welfare and security of our people…

    “Cross River State is poised to deal with pockets of security threats left, and so we came out with key factors that must be put in place to ensure that the state remains very protected and everybody lives in peace as usual.”

    Inyang gave the assurance that the modalities agreed upon would be immediately deployed.

    On efforts to enhance citizens’ welfare, Inyang said the council chairmen had also deliberated on ways to ensure that residents feel the direct impact of the government support.

    “For security to be tackled, there must be happy moments; the people must be happy.

    “We have considered measures that will help citizens begin to get direct assistance. Livelihood will be improved, and we will make life better for our people,” he said.

    The chairman explained that consultations were ongoing, as more data and indices were being gathered to finalise the welfare plans to be rolled out before the end of the year.

    Responding to a question on self-assessment, the LG Forum chairman maintained that the councils were on the right track.

    According to him, “For the time we are in and what people have seen, it is enough to say we are still on course.

    “We are improving a lot in terms of the standard of living. Development across the state is picking up, and our plans are geared towards placing Cross River on the development map,” Inyang said.

    He said that the regular engagement between the governor and local government chairmen was a testament to an administration committed to listening to the people and responding to their needs.

    ​  

    Bassey Inyang in Calabar Cross River State Governor, Senator Bassey Otu, has said that his foremost agenda was the security of all the 18 local government areas, hence the decision of

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