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Oil: Will a sturdier floor make for a higher bounce?

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By Han Tan, Market Analyst at FXTM,

In the third quarter, WTI crude is set to form a solid base to launch another attempt at the $65/bbl mark, providing the global demand outlook doesn’t deteriorate any further.

The downside for Oil appears to have been mitigated around the mid-$50/bbl range by the recent announcement of revived US-China trade talks, staving off the risk of an immediate deterioration in ties between the world’s two largest economies. Although the existing tariffs remain in place, the prospects of further levies being imposed has dwindled, at least for the time being. That ensures that the growth of global demand, while slowing, isn’t completely snuffed out.

 

Supply-side risks to remain manageable in Q3

On the supply side, the OPEC+ decision to maintain supply cuts at current levels until March 2020 should also set a stronger platform for Oil’s Q3 performance. Concerns about excess supplies flooding the market have been assuaged by a reported 163 percent compliance rate by OPEC+ members in May. With a goal in place to remove some 1.2 million barrels from global supplies in 2019, the tightened-for-longer Oil taps should ensure supply-side risks are managed.

 

Unexpected flare-up in geopolitical tensions could trigger fear-induced Oil spike

Simmering geopolitical tensions have also contributed to Oil’s rise as the current quarter begins. US sanctions on major producers have affected not just the physical delivery of crude, but also market sentiment. Oil market participants remain focused on US President Donald Trump’s Twitter activities, given his fervor for shaking up the global order while pre-empting his foreign policy moves with unexpected tweets. With market sentiment still fragile, any whiff of an escalation in geopolitical tensions could trigger a fear-induced spike in Oil prices.

 

Oil markets to remain cautiously optimistic in Q3

Still, investors might be remiss in believing that things are only looking up in the second half of the year. Developments surrounding US-China trade talks remain fluid, and recent history has shown that events can turn on a dime. Should negotiations between the world’s two largest economies hit yet another wall, the floor could give way beneath Oil. Also keep in mind that the existing tariffs already imposed by the US and China remain in place and have already dragged global growth lower. Additionally, should President Trump open up another front in US-led trade tensions, that will further darken the demand outlook for Oil.

 

US shale output could throw spanner into the works

Then there’s the surge in US shale output, which has been an unrelenting tide that threatens to drown attempts by OPEC+ to rebalance the markets. US supply has been on a record-chasing spree, having notched a new high for monthly output in April when it exceeded 12 million bpd, according to the US Energy Information Administration. Although the number of active rigs has dwindled as producers stateside appear to be shifting priorities towards profitability rather than output growth, their actions may not be enough to stop total US output from hitting 14 million bpd in 2020.

 

WTI crude expected to nudge higher in Q3

Such supply and demand risks could dampen the enthusiasm within the Oil markets for higher highs. Instead of leaping into the air, traders may just take measured moves in nudging prices higher. The key consideration for Oil in Q3 is how much resistance prices will face on the way up.

 

At the time of writing, WTI crude is trading below its 50- and 200-day moving averages. A break above those levels could be met with stiffer resistance at $61.92/bbl, while Oil’s immediate support line can be drawn at $52.28/bbl

 


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Teenager Hacks Celebrities Whatsapps, Sells Adult Content  in Delta

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Delta State Police Command has revealed how a 17-year-old boy allegedly hacked into celebrities’ WhatsApp accounts and sold explicit adult content to classmates.

Teenager Hacks Celebrities Whatsapps, Sells Adult Content  in Delta

This was disclosed in a viral video shared by comedian Otaghware Onodjayeke, popularly known as I Go Save, during a security awareness programme where he spoke with Temi Agbede-Zuokumor, divisional police officer (DPO) of Ugborikoko Division, Uvwie Local Government Area of Delta State.

The DPO explained that the case came to light after a routine check of a student’s phone, which first raised suspicion.

Agbede-Zuokumor disclosed that the student’s mother had initially claimed the phone belonged to his sister, but further inspection revealed otherwise.

“The woman looked very modest, so I asked her if she was from Deeper Life. She said no. I then asked why her son took a phone to school, and she claimed it belonged to his sister,” she narrated.

The DPO expressed that the development triggered her suspicion, prompting officers to examine the phone’s contents.

“Something told me to check the phone. When we did, we discovered that everything on the device belonged to the boy,” she said.

She added that the phone contained over 80 foreign numbers, including Australian contacts, alongside numerous explicit materials.

“We saw several foreign numbers, over 80 Australian lines, and the phone was filled with pornographic content,” she said.

The police officer further disclosed that the suspect allegedly sold explicit materials to his classmates, who referred to him as “boss.”

“We also saw chats with his classmates asking if he had explicit content to sell. They were calling him ‘boss’ in school,” she added.

According to her, investigations also revealed that the teenager had hacked into WhatsApp accounts belonging to prominent individuals and used them to solicit money.

“We discovered he had access to WhatsApp accounts of some celebrities, which he used to demand money from unsuspecting victims,” she said.

Speaking during the session, comedian I Go Save recounted a similar experience, describing how he was once contacted by a suspected fraudster impersonating Elon Musk, Forbes world richest man.

“That was how someone impersonating Elon Musk messaged me, saying he was stranded and needed a recharge card,” he said.

“I was surprised and asked which network he used. The person later sent an Opay account,” he added.

The police warned parents and school authorities to be more vigilant, stressing the growing concern of cyber-related crimes among young people.

 


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SERAP Asks Tinubu to Probe Alleged N2.9Bn Fraud In NIGCOMSAT, NNRA

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Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to direct Bosun Tijani, minister of Communications, Innovation and Digital Economy,  as well as the management of the Nigerian Communications Satellite Ltd (NIGCOMSAT) and the Nigerian Nuclear Regulatory Authority (NNRA), to account for and explain the whereabouts of an alleged ₦2.9 billion in missing or diverted public funds.

SERAP Asks Tinubu to Probe Alleged ₦2.9bn Fraud In NIGCOMSAT, NNRA

SERAP also called on Lateef Fagbemi (SAN), attorney general of the federation and minister of justice,  and relevant anti-corruption agencies to investigate the alleged diversion of funds, including those documented in previous Auditor-General reports.

In a letter dated April 11, 2026, and signed by Kolawole Oluwadare, deputy director SERAP, said: “These allegations, involving critical public institutions, represent a grave violation of the public trust and a fundamental breach of Nigeria’s anti-corruption laws and international obligations.”

The group further urged the Federal Government to direct NIGCOMSAT to disclose the shareholders and beneficial owners of a company that allegedly received ₦465 million in “unauthorised investment” from the agency.

SERAP said, “Anyone suspected to be responsible should face prosecution as appropriate, if there is sufficient admissible evidence, and any missing or diverted public funds should be fully recovered and remitted to the treasury.”

The organisation gave the government seven days to comply, warning that it may initiate legal action if its demands are not met.

It also stated that accountability in both agencies is critical, given their strategic roles, saying: “Accountability in NIGCOMSAT and NNRA is critical given their strategic roles in Nigeria’s digital economy and national safety systems. Mismanagement in these agencies not only wastes scarce public resources but also threatens national development, technological progress, and public safety.”

SERAP added: “Ensuring accountability is therefore essential to protecting both Nigeria’s present and its future.”

It warned that failure to address the allegations would continue to erode public trust, stating: “These allegations, if left unaddressed, will continue to undermine public confidence in government institutions, weaken Nigeria’s anti-corruption framework, and deprive citizens of resources needed for development.”

The allegations were drawn from the Auditor-General’s report published on September 9, 2025, which examined financial activities in NIGCOMSAT and NNRA and raised concerns over possible mismanagement of public funds.

According to the report, NIGCOMSAT failed to account for over ₦465 million used for an “unauthorised investment” in Gicell Wireless Ltd, made without approvals from the Minister of Science and Technology and the Accountant-General of the Federation.

It also noted that “there was also no evidence that a competent Investment Analyst performed investment appraisal,” while the investment agreement raised concerns over valuation and exchange rate assumptions.

The Auditor-General further stated that “NIGCOMSAT made ineligible, irregular and wrong payments of over ₦3 million to staff,” and that “the payment was made without due process and any documents on what the payments were meant for.”

It also flagged an irregular rent payment of over ₦4.3 million, noting that although a refund was requested, “there was no evidence that the consultant refunded the money.”

It added that NIGCOMSAT “failed to remit over ₦507 million of its internally generated revenue to the Consolidated Revenue Fund,” while also failing to account for over ₦6 million for undelivered store items.

The report further stated that “there was also no evidence of how the transferred funds were spent or utilised,” referring to an irregular ₦84.78 million transfer from a Remita account to a special project account.

On NNRA, the report alleged that ₦4.35 million was spent on training without evidence that it took place, while ₦16.7 million was paid for ICT equipment without approval.

It also stated that ₦33.4 million was spent on items that were never supplied, and that “there were no documents to support” several payments for operational activities.

The Auditor-General further noted that NNRA “failed to retire over ₦6.5 million of cash advances granted to staff,” and that ₦2.05 million paid for foreign training had no evidence of participation.

It also stated that ₦1.95 million collected through Remita was not recorded in the agency’s cashbook, leading to concerns of revenue understatement.

SERAP said the findings point to “a systemic pattern of financial mismanagement, opacity, and corruption within an agency entrusted with advancing Nigeria’s digital and communications infrastructure,” adding that NNRA’s lapses also raise serious concerns about compliance with safety and financial regulations.

 


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IHS Nigeria Renovates, Upgrade Facilities at the National Museum Lagos

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L-r Senior Vice President and Chief Corporate Services Officer, IHS Nigeria Limited, Dapo Otunla; Honourable Minister of Arts, Culture, Tourism and the Creative Economy, Hannatu Musawa; Director-General, National Commission for Museums and Monuments, Olugbile Holloway; during the commissioning of the newly renovated National Museum Gallery, sponsored by IHS Nigeria, on Saturday, 11th April 2026, at the National Museum Lagos, Nigeria.
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IHS Nigeria, part of the IHS Holding Limited (“IHS Towers”) group, one of the largest independent owners, operators, and developers of shared communications infrastructure in the world by tower count, has partnered with the National Commission for Museums and Monuments to renovate and upgrade facilities at the National Museum, Lagos.

Commissioned by the Honorable Minister of Art, Culture, Tourism and the Creative Economy, Hannatu Musawa, the project is a significant step towards restoring and improving critical facilities at the museum complex, while supporting the long-term preservation of Nigeria’s cultural assets and heritage.

The project has improved the overall aesthetic appeal of the museum site and featured extensive restoration of the museum’s main gallery. The restored gallery incorporates the installation of modern display and lighting systems, air‑conditioning units, a solar inverter system to enhance energy efficiency, and surveillance cameras to aid safety, security and operational performance across the facility. These renovations and upgrades follow on from IHS Nigeria’s sponsorship of the museum’s efforts to digitize Nigeria’s cultural heritage and launch Nigeria’s first digital museum of antiquities at www.museum.ng.

Mohamad Darwish, CEO, IHS Nigeria, commented, Having seen the rich historical and cultural heritage housed in this national museum complex, we believed it was important to go a step further after supporting the development of the digital museum, to also improve the aesthetics, security and structural integrity of the main physical complex. This aligns with our broader commitment to sustainable infrastructure development and the preservation of Nigeria’s history.

“I am proud of these renovations and that visitors, including tourists, researchers and art enthusiasts, can visit the museum to be immersed in Nigeria’s rich history in an environment that is safe, beautiful and welcoming.

“The artifacts can also now be better preserved, protected and presented in a way that celebrates the history they represent. I thank the National Commission for Museums and Monuments for this ongoing partnership which continues to exemplify the power of a collaborative effort in driving innovation, fostering national pride, and enhancing the creative economy.”

Olugbile Holloway, Director General, National Commission for Museums and Monuments, commented, “On behalf of the National Commission for Museums and Monuments, I wish to express our deepest gratitude to IHS Nigeria for their generous support of the restoration of the National Museum, Lagos. This landmark gesture goes far beyond bricks and mortar — it is a profound commitment to preserving the soul of our nation.

“The National Museum Lagos is home to some of Nigeria’s most treasured antiquities, from the ancient terracotta of the Nok civilization to the magnificent bronzes of the Benin Kingdom and the classical works of Ife.

“To restore this institution is to restore our collective memory. We thank IHS Nigeria for choosing to renew not just infrastructure, but the heritage, identity, and the hope of our people. Their support ensures that generations of Nigerians yet unborn will walk through these halls and encounter the full greatness of who we are and where we come from.”


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