Business
Excitement as oil prices soar on Pfizer’s COVID-19 vaccine success
- Trump, Biden, Buhari, WHO laud American manufacturer
- Nigeria may wait longer to get vaccine — PSN
The world reacted with undisguised joy on Monday to Pfizer’s announcement of its COVID-19 vaccine recording 90 per cent success and almost an instantaneous jump in global oil price and stocks.
Oil prices jumped by almost 10 per cent, its biggest daily gain, in more than six months.
Pfizer and BioNTech said Monday that a vaccine they jointly developed was 90 per cent effective in preventing COVID-19 infections in ongoing phase three trials.
The message of hope drew applause from the world audience, bringing the United States President, Donald Trump, and the President-elect, Joe Biden, to their first convergence in recent months, as both congratulated Pfizer on its scientific trial.
President Muhammadu Buhari also welcomed the development and expressed the hope that the vaccine would be available for all when it finally hit the market.
America’s Pfizer and its German partner, BioNTech, promised to make 50 million doses of the vaccine available before the end of the year.
It also said it would produce 1.3 billion doses of the vaccine for 650 million people by the end of 2021.
The Chief Executive Officer, BioNTech, Ugur Sahin, said, “With effectiveness for the first vaccines previously expected to be in the range of 60 per cent to seven per cent, more than 90 per cent is extraordinary. It shows that COVID-19 can be controlled. At the end of the day, it’s really a victory of science.
“The data do have limits. For now, a few details on the vaccine’s efficacy are available. It is not known how well the shot works in key subgroups, such as the elderly. Those analyses haven’t been conducted. And it isn’t known whether the vaccine prevents severe disease, as none of the participants who got COVID-19 in this round of analysis had severe cases.”
While the global benchmark, Brent crude, was up $3.37, or 8.5 per cent, to $42.82 a barrel, the US West Texas Intermediate crude was up $3.54, or 9.5 per cent at $40.68.
Both contracts rose by more than $4 earlier in the session.
Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, also said the OPEC+ deal on oil output cuts could be adjusted if there was consensus among members of the group.
The Saudi minister was commenting after being asked whether OPEC+ – which groups OPEC states, Russia and other producers – would stick to existing cuts of 7.7 million barrels per day (bpd) rather than easing them to 5.7 million bpd from January.
Key members of the Organisation of the Petroleum Exporting Countries (OPEC) are wary of the US.
Reacting to the vaccine discovery, Trump on his Twitter page, said, “Stock market up big. Vaccine coming soon. The report shows 90 per cent effectiveness. Such great news.”
Biden, who inaugurated a COVID-19 taskforce Monday said, “I congratulate the brilliant women and men who helped produce this breakthrough and to give us such cause for hope.”
But he cautioned it is “important to understand that the end of the battle against COVID-19 is still months away.”
The president-elect said the announcement was “part of a previously announced timeline by industry officials” and that it does not alter the fact that “Americans will have to rely on masking, distancing, contact tracing, hand washing, and other measures to keep themselves safe well into next year.”
In Nigeria, President Buhari Monday night hailed the delivery of the first COVID-19 vaccine after a period of a successful trial.
Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu, in a statement, said the President, in his reaction to the news that the vaccine had completed 90 per cent trial, described the feat as a milestone in medical advancement.
The statement read, “President Muhammadu Buhari has welcomed the arrival of first effective coronavirus vaccine after a successful human trial phase.
“Reacting to the news that the vaccine has recorded 90 per cent effectiveness against the disease, the president described the development as a major milestone in medical advancement but warned that the world must unite in facilitating the equitable access and distribution of these vaccines to protect people in all countries.
“President Buhari reiterated his earlier call that ‘only a people’s vaccine with equality and solidarity at its core can protect all of humanity and get our societies safely running again. A bold international agreement cannot wait.”
However, renewed European lockdown measures to contain rising COVID-19 cases still appear set to weigh on the outlook for global oil demand, an International Energy Agency (IEA) official said.
Eight months into the worst pandemic in a century, the Pfizer vaccine development represents the most encouraging scientific advancement so far in the battle against COVID-19.
And its preliminary results pave the way for the companies to seek an emergency-use authorisation from regulators if further research shows the shot is also safe.
The vaccine findings are based on an interim analysis conducted after 94 participants, split between those who got a placebo and those who were vaccinated contracted COVID-19.
Pfizer Senior Vice President, Mr. William Gruber, said, “The trial will continue until 164 cases have occurred. If the data hold up and a key safety read-out also looks good, it could mean that the world has a vital new tool to control a pandemic that has killed more than 1.2 million people worldwide. This is about the best news for the world, the United States and for public health. It was better than even the best result we had hoped for.”
The vaccine is being tested in a two-dose regimen. The trial started in July and since most participants only received their second dose much more recently, nobody knows how long any protection will last.
However, the strong reading from the first large-scale trial to post efficacy results holds well for other experimental vaccines, in particular, one being developed by Moderna Inc. that uses similar technology.
Pfizer expects to get two months of safety follow-up data, a key metric required by US regulators before an emergency authorisation is granted in the third week in November.
If those findings raise no problems, Pfizer could apply for authorisation in the US this month.
A rolling review began in Europe last month and Sahin said regulators there were working with BioNTech to “further accelerate the process.”
So far, the trial’s data monitoring committee has identified no serious safety concerns, Pfizer and BioNTech said.
The positive preliminary data mean the US pharma giant and its German partner are on track to be first with a vaccine, after signing advance deals with governments worldwide for hundreds of thousands of doses.
However, Pfizer has found itself drawn into a contentious political debate about how quickly regulators in the US should allow a vaccine to be given to Americans.
President Donald Trump had pushed to have a shot approved before Election Day, but regulators put in place rigorous standards that largely pushed that goal out of reach.
On October 16, Pfizer Chief Executive Officer, Albert Bourla, had said the companies could seek an emergency use authorisation from US regulators by late November if the trial results were to show the shot is safe and effective.
Moderna is considered the next closest vaccine frontrunner. It has said it could get safety and efficacy data from its late-stage trial this month.
Johnson & Johnson, which has a one-shot vaccine using a different technology could get efficacy data from a final-stage trial by the end of this year. AstraZeneca Plc is also working on a vaccine using different technology, with results from studies in the UK and Brazil expected by year-end.
WHO, Canada hail vaccine progress
The World Health Organisation (WHO) and the Canadian government have hailed Pfizer and BioNTech’s announcement.
While the Director-General of WHO, Dr Tedros Ghebreyesus, described the news as “encouraging,” the Prime Minister of Canada, Justin Trudeau, said the results were “promising.”
“We welcome the encouraging vaccine news from @Pfizer & @BioNTech Group & salute all scientists & partners around the world who are developing new safe, efficacious tools to beat #COVID19,” WHO’s director-general said in a tweet.
“The world is experiencing unprecedented scientific innovation & collaboration to end the pandemic,” he said.
As of mid-October, the WHO has identified 42 “candidate vaccines” at the stage of clinical trials, up from 11 in mid-June.
President of the Pharmaceutical Society of Nigeria, PSN, Mazi Sam Ohuabunwa, who described the development as a success for the world, lamented that Nigerians might have to wait a little longer to have access to the vaccine because the Federal Government failed to make early financial commitments to the companies working on the vaccines.
According to him, even when the vaccine is ready, the companies will first satisfy countries and governments that have put down resources to complement their works.
He said, “There is a possibility that with this vaccine the country will be able to access it like any other country, however, our fear is that it will take time for Nigerian to be able to get the vaccine as you are aware that the American government has put down millions of dollars for the companies.
“All the companies that are producing vaccines would want to supply to those that put their money down to help them complete their work before selling to other countries.
“What is also worst is that the procurement especially in the area of this kind of infectious diseases is through donor funding. We are going to be waiting for those who put their money down. How I wish I am in the ministry of health.
“If I were the President, I will be looking at how we can put our money down like others did, no matter how small. We cannot be waiting until those who participated in the trail are satirised and we will now be getting crumbs.
“It is a good development and it shows that we have got to the point where we can have control over the infection. The vaccine is what is going to help us to control this pandemic. I think the virus is going to stay with us for a long time just like those other reoccurring viruses like HIV.”
Auto
Nigeria Targets Additional 70,000 Annual Vehicle Output, West African Export with Hybrid Motors, Chinese Firm EV Deal
Nigeria Targets Additional 70,000 Annual Vehicle Output, West African Export with Hybrid Motors, Chinese Firm EV Deal
Launch Design Shanghai and Hybrid Motors Nigeria have signed a strategic partnership agreement to establish electric vehicle manufacturing plants in Lagos and Abuja, a move expected to raise Nigeria’s annual vehicle assembly capacity by 70,000 units and strengthen automobile exports to neighbouring West African countries.
The agreement, signed in Shanghai on May 8, 2026, will drive the production of “Acely,” Hybrid Motors Nigeria’s indigenous vehicle brand designed specifically for Nigerian roads, climate and mobility needs.
The collaboration is being positioned as a major boost to Nigeria’s automotive industrialisation drive, with the two firms aiming to transform the country into a regional hub for vehicle production and export.
Under the partnership, the companies will develop two manufacturing facilities with a combined annual production capacity of 70,000 vehicles at full operation.
The Lagos plant, located along the Lekki-Epe corridor, will serve as the main production and assembly centre with an installed capacity of 50,000 units yearly.
Its proximity to the Lekki Deep Sea Port is expected to support large-scale exports to regional markets including Ghana, Benin Republic, Togo and Côte d’Ivoire.
Industry stakeholders believe the export-oriented facility could significantly expand Nigeria’s automotive footprint across West Africa while reducing dependence on imported vehicles within the region.
The second facility, to be located within the Free Zone Business Area of Centenary Economic City in Abuja, will have an annual production capacity of 20,000 units and focus on supplying Northern Nigeria and neighbouring Sahel markets.
The firms said the dual-plant strategy would improve logistics efficiency, lower production costs and create thousands of direct and indirect jobs across the automotive value chain.
Speaking during the signing ceremony, Chief Executive Officer of Hybrid Motors Nigeria, Mr. Jubril Arogundade, described the project as a defining moment for Nigeria’s automotive future.
“This partnership is more than a business agreement; it is a commitment to building Nigeria’s automotive future,” Arogundade said.
“With Acely, we are demonstrating that globally competitive vehicles can be conceived, designed and assembled in Nigeria by Nigerians for both local and international markets.”
He added that the partnership with Launch Design Shanghai would bring advanced automotive engineering and manufacturing expertise into Nigeria, helping the Acely brand meet international standards while retaining local identity.
Chief Executive Officer of Launch Design, Mr. Wang Xun, said the collaboration would contribute to the emergence of a stronger automotive manufacturing ecosystem in Africa.
“Our turnkey engineering capabilities combined with Hybrid Motors Nigeria’s understanding of the local market create a strong foundation for success,” Wang said.
“Together, we are not only building vehicles but helping to establish a sustainable automotive industry for the region.”
The companies said Acely vehicles would focus on local assembly, energy efficiency and advanced electric and hybrid technologies suited to African operating conditions.
Analysts said the project could stimulate local component manufacturing, encourage technology transfer and deepen technical skills development within Nigeria’s automotive sector.
The initiative is also expected to conserve foreign exchange by reducing vehicle imports while positioning Nigeria as a competitive exporter of made-in-Nigeria vehicles within the ECOWAS sub-region.
Both firms noted that the investment aligns with the Federal Government’s National Automotive Industry Development Plan aimed at increasing local vehicle production, attracting investments and accelerating industrial growth.
“With facilities in Lagos and Abuja serving distinct but complementary markets across Nigeria and the wider region, we are laying the foundation for a new era of mobility that is locally rooted, globally competitive and sustainably driven,” Arogundade added.
Business
How Oil Mafia Tried To Stop My $20bn Refinery Project — Dangote
How Oil Mafia Tried To Stop My $20bn Refinery Project — Dangote
Africa’s richest man and President of the Dangote Group, Alhaji Aliko Dangote, has revealed how powerful interests in Nigeria’s oil sector allegedly fought to frustrate the construction of the $20 billion Dangote Petroleum Refinery.
Dangote alleged that influential fuel importers and entrenched players in the petroleum industry resisted the project because they feared it would disrupt the long-standing business of importing refined petroleum products into Nigeria.
Speaking during an interview with Nicolai Tangen, Chief Executive Officer of Norway’s sovereign wealth fund, Dangote explained that his decision to build the refinery was driven by decades of fuel scarcity and endless queues at filling stations across Nigeria.
According to the billionaire businessman, it was troubling that Nigerians often spent hours and even days trying to purchase petrol despite the country being one of Africa’s largest crude oil producers.
“We looked at oil. Africa produces oil, but many countries don’t refine it. They export crude and import refined products, which drains foreign reserves,” Dangote said.
“In Nigeria, we had fuel queues for more than 50 years. People queued for days during Christmas just to buy petrol in an oil-producing country. Government refineries were not functioning properly, so I decided to take the bold step of building a refinery.”
Dangote disclosed that the refinery project, which began in 2013, faced major obstacles from the onset, including delays in land acquisition and alleged sabotage from vested interests within the oil business.
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“Some of these obstacles were created by entrenched interests in the oil business — what you might call a mafia — trying to stop us from solving these problems. But we stayed focused,” he stated.
The industrialist explained that the scale of the refinery project forced his company to build several critical infrastructures from scratch because existing facilities in Nigeria could not support the project.
According to him, the company had to construct its own seaport to handle heavy industrial equipment, some weighing up to 3,000 tonnes.
Dangote also revealed that his company built roads, water systems and other support infrastructure for the refinery complex located in Lekki, Lagos State.
“When we started, the naira exchange rate was ₦156 to the dollar. At one point it went as high as ₦1,900, but we still continued,” he said.
He added that the refinery’s water treatment section alone occupies more than 30 hectares and processes about 440 million litres of treated water.
Dangote further disclosed that about 67,000 workers participated in the construction of the refinery, which is currently regarded as the world’s largest single-train refinery with a processing capacity of 650,000 barrels per day.
Reflecting on the project, the billionaire admitted that he initially underestimated the enormity of what his company was undertaking.
“Honestly, we were lucky we didn’t fully understand the enormity of what we were building at the beginning. If I had seen the full scale immediately, I might have chickened out,” he said.
“It was like swimming across the ocean. Once you’re in the middle, you can’t go back, so you keep moving forward.”
Dangote also praised several financial institutions that supported the refinery project despite widespread skepticism.
He specifically acknowledged the support of the African Export-Import Bank (Afreximbank), African Finance Corporation, Zenith Bank, Access Bank, United Bank for Africa, Standard Bank and Standard Chartered Bank.
The Dangote Refinery, which officially commenced operations in 2024, has begun supplying diesel, aviation fuel and petrol to Nigeria and other African markets.
Energy analysts believe the refinery could significantly reduce Nigeria’s dependence on imported fuel, save foreign exchange and position the country as a major exporter of refined petroleum products in Africa.
How Oil Mafia Tried To Stop My $20bn Refinery Project — Dangote
Business
Subscribers Panic as Another Digital Investment Scheme Crashes
Subscribers Panic as Another Digital Investment Scheme Crashes
Another online investment platform, identified as “XM Future Music Group,” has reportedly collapsed, leaving many Nigerian subscribers stranded and unable to access their funds amid renewed fears over the spread of fraudulent digital investment schemes.
The platform, popularly known as “XM,” allegedly lured users with promises of returns of up to 100 per cent within 30 days through purported music streaming and online task activities.
Promoters claimed subscribers could earn substantial income by listening to music, completing simple digital engagements and participating in other online activities.
Reports indicate that investment packages ranged from N21,600 to as high as N93 million, with assurances of unusually large profits within a short period.
The scheme gained traction on social media after advertisements circulated online claiming that an investment of N21 million could yield returns of about N327 million in just one month.
Subscribers were also reportedly required to pay an additional “work deposit” after an initial trial stage before gaining full access to the platform’s operations.
Trouble, however, began after several users complained of failed withdrawal attempts over the past 24 hours, triggering panic among participants.
Some subscribers further alleged that support groups connected to the platform were suddenly deleted, while its website and communication channels became inaccessible — developments commonly associated with the collapse of suspected Ponzi-style operations.
In an apparent attempt to gain public trust, promoters of the scheme had circulated documents claiming the business was registered in Colorado, United States.
Financial experts have repeatedly warned Nigerians against investing in platforms that promise unrealistic returns without clear regulation, transparency or verifiable business models.
The latest development has again highlighted growing concerns over the increasing number of unregulated online investment schemes targeting Nigerians with promises of quick wealth and extraordinary profits.
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