The Nigerian National Petroleum Company Limited has marked a major milestone with the lifting of 950,000 barrels of Cawthorne blend crude into the global market through the ultramodern FSO Cawthorne vessel, Nigeria’s first new crude oil terminal in 50 years.

According to a statement by Sahara Group, the development confirms reports on the exportation of a new light sweet crude called Cawthorne under the Bayo Ojulari-led NNPC.

According to Sahara Group, over the weekend, the first shipment of 950,000 barrels from FSO Cawthorne was initiated following its licensing and gazetting by the Nigerian Upstream Petroleum Regulatory Commission.

It was stated that FSO Cawthorne serves as a critical offshore production support asset, providing storage and offtake capabilities for crude produced from OML 18 and nearby producing assets.

Reacting to the development, Sahara Group, a global energy and infrastructure conglomerate, reiterated the strategic role of FSO Cawthorne in strengthening Nigeria’s energy security through its reliable production, storage and evacuation infrastructure.

Sahara Group also said it recognised the advanced technologies deployed on FSO Cawthorne, noting that the facility incorporates cutting-edge systems supported by AI-enabled monitoring and robust QHSE frameworks, enhancing operational efficiency, asset integrity, safety performance and environmental stewardship.

Sahara commended NNPCL for its leadership of OML 18, where Sahara Group is a joint operator and joint venture partner, noting that the company’s collaborative approach continues to drive continuous improvement and value delivery across Nigeria’s upstream sector.

The Head of Commercial and Planning at Asharami Energy, a Sahara Group upstream company, Dr Tosin Etomi, said the crude lifting from FSO Cawthorne represents a defining moment for the asset, the OML 18 partnership and the wider oil and gas sector.

“The successful commencement of crude lifting from FSO Cawthorne is a significant milestone for the OML 18 partnership and a strong demonstration of what can be achieved through shared vision, technical discipline and committed collaboration,” Etomi said.

Etomi noted that the milestone aligns with Sahara Group’s broader upstream strategy, which is focused on building a resilient, scalable and responsible production portfolio anchored on strong partnerships, asset optimisation and long-term value creation.

“The transition of FSO Cawthorne into active export is consistent with our upstream growth strategy, prioritising operational excellence, indigenous participation and infrastructure capable of sustainably supporting Nigeria’s production ambitions,” he said.

He noted that Sahara Group’s upstream portfolio includes a growing oilfield services division, which is redefining innovation, efficiency and sustainability in the sector.

“Our expanding oilfield services capabilities are integral to our upstream vision, enabling smarter operations, improved efficiencies and responsible resource development,” Etomi said.

He added: “Sustainable social impact interventions and community participation have been key drivers of our upstream success, and we remain committed to aligning our operations with the highest global environmental, social and governance standards.”

The Central Bank of Nigeria on Wednesday said domestic investors accounted for the bulk of funds raised under its banking sector recapitalisation programme, contributing 72.55 per cent of the N4.65tn total capital secured by lenders.

The apex bank disclosed this in a statement marking the conclusion of the exercise, which began in March 2024 and saw 33 banks meet the new minimum capital requirements.

The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.

According to the CBN, Nigerian investors provided about N3.37tn of the total capital raised, underscoring strong domestic confidence in the banking sector, while foreign investors accounted for the remaining 27.45 per cent.

“Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy,” the statement said.

Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”

The bank confirmed that 33 lenders had met the revised capital thresholds, while a few others were still undergoing regulatory and judicial processes.

“The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme,” it stated.

“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.

“All banks remain fully operational, ensuring continued access to banking services for customers.”

The regulator stressed that the recapitalisation exercise was completed without disrupting banking operations nationwide, noting that key prudential indicators, particularly capital adequacy ratios, had improved and remained above global Basel benchmarks.

Minimum capital adequacy ratios were pegged at 10 per cent for regional and national banks and 15 per cent for banks with international licences.

The CBN added that the exercise coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall system stability.

To sustain the gains, the apex bank said it had strengthened its risk-based supervision framework, including periodic stress tests and requirements for adequate capital buffers.

It added that supervisory and prudential guidelines would be reviewed regularly to improve governance, risk management, and resilience across the sector.

“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement added.

Meanwhile, data from the National Bureau of Statistics showed that foreign capital inflows into the banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025 from $7.00bn in 2024, reflecting strong investor interest during the recapitalisation drive.

However, the Centre for the Promotion of Private Enterprise has cautioned that despite the strengthened banking system, credit to small businesses remains weak, warning that the benefits of the reforms are yet to fully impact the real economy.

Oil prices slumped on Wednesday amid reports that the United States would be “out of Iran pretty quickly” and could return for “spot hits” if needed.

President Donald Trump told Reuters on Wednesday about the planned withdrawal of troops from Iran to end a war that started on February 28.

According to Reuters, Trump and his top officials have offered a variety of timelines for ending the war. He said on Tuesday that the US could end its military campaign against Iran within two to three weeks. In the Reuters interview, he declined to provide a precise timeline.

“I can’t tell you exactly … we’re going to be out pretty quickly,” he said, adding that once a US exit is achieved, “we’ll come back to do spot hits” on Iranian targets as needed.

Following the report, Brent crude fell from about $115 on Tuesday to $101 on Wednesday evening. WTI traded at $99.32 at the same time. According to oilprice.com, oil prices eased in Wednesday’s session on hopes of a quick de-escalation of the conflict.

Brent crude for May delivery was down 1.9 per cent.

However, oil prices remained more than 40 per cent above late February levels when the war broke out.

It remains uncertain whether the region will return to its pre-crisis state any time soon, as tensions are still very high. Iran’s Islamic Revolutionary Guard Corps (IRGC) has issued a direct threat to target 18 American technology and industrial companies in the Middle East, including Microsoft, Google, Intel, Tesla, IBM, Apple, and Boeing.

The IRGC has labelled these firms as “legitimate targets,” alleging they are “spy companies” involved in designing and tracking targets for US and Israeli military operations.

Meanwhile, as the war continues to disrupt traffic through the Strait of Hormuz, Brazilian state-run oil firm Petrobras hiked jet fuel prices by about 55 per cent on Wednesday, according to data on the company’s website.

Petrobras, the largest oil producer in Brazil and responsible for most refining activity, adjusts jet fuel prices at the beginning of each month based on factors such as international oil prices and foreign exchange rates.

In Nigeria, the Dangote Refinery is shipping aviation fuel and diesel to other countries due to escalating tensions in the Middle East. The refinery assured Nigerians that its fuel export would not affect the domestic supply of petroleum products.