Business

Excitement as oil prices soar on Pfizer’s COVID-19 vaccine success

Published

6 years ago

November 10, 2020

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.”

Related Topics:COVID-19 Featured Pfizer Vaccine

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Insurance

Lasaco Assurance Raises ₦19.3 Billion in Oversubscribed Rights Issue, Surpasses Target by 4.5%

Published

8 hours ago

July 20, 2026

Trends Admin

Lasaco Assurance Raises ₦19.3 Billion in Oversubscribed Rights Issue, Surpasses Target by 4.5%

The capital injection, which exceeded the ₦18.47 billion target, marks a major step in the company’s recapitalisation drive under the Nigerian Insurance Industry Reform Act 2025.

Lasaco Assurance Plc has recorded a significant milestone in its ongoing recapitalisation programme, successfully raising ₦19.30 billion from existing shareholders through a rights issue that surpassed its target by 4.5 per cent. The oversubscribed exercise reflects strong confidence in the company’s strategic direction and financial fundamentals, demonstrating the trust that shareholders and investors have placed in the insurer’s long-term growth prospects. The capital-raising exercise has received key regulatory clearances, with the National Insurance Commission (NAICOM) conducting a comprehensive verification of the source of funds and subsequently issuing a confirmation of admissibility to the Securities and Exchange Commission (SEC). Following NAICOM‘s clearance, the SEC granted final approval for the rights issue, marking another significant milestone in the company’s recapitalisation journey.

As part of the regulatory review, an independent consultant appointed for the exercise completed an extensive verification of the company’s shareholders’ funds, assets, and liabilities, reaffirming Lasaco’s current admissible capital position. The verification process, which was conducted with the utmost rigour, confirmed the credibility and transparency of the capital raised, with the recently injected funds expected to further strengthen the company’s capital base upon their incorporation into the final computation. The successful completion of these critical regulatory and verification processes demonstrates the company’s disciplined execution strategy and unwavering commitment to sound corporate governance, regulatory compliance, and financial transparency.

Lasaco Assurance Raises ₦19.3 Billion in Oversubscribed Rights Issue, Surpasses Target by 4.5%

Railway

NRC, Police Intensify Crackdown on Railway Vandals as Opeifa Pushes for Tougher Asset Protection

Published

2 days ago

July 18, 2026

Trends Admin

NRC, Police Intensify Crackdown on Railway Vandals as Opeifa Pushes for Tougher Asset Protection

Managing Director of the Nigerian Railway Corporation (NRC), Dr. Kayode Opeifa, has vowed to strengthen the Corporation’s partnership with the Nigeria Police Force and other security agencies to combat vandalism and safeguard Nigeria’s railway infrastructure, following the recent arrest of three suspected railway vandals and the recovery of stolen materials valued at about ₦200 million.

Opeifa made the pledge on Friday during a courtesy visit to the Commissioner of Police, Oyo State Command, CP Olugbenga Ayodeji Abimbola, at the Command Headquarters in Eleyele, Ibadan.

He described the nation’s railway infrastructure as a strategic national asset that must be protected from criminal activities capable of disrupting rail operations and undermining the Federal Government’s investments in the sector.

Accompanied by the Commissioner of Police, Nigeria Railway Police Command, CP Lasisi Titilola, Opeifa said the NRC would continue to work closely with security agencies to ensure that all suspects arrested for vandalising railway facilities are thoroughly investigated and prosecuted to serve as a deterrent to others.

The NRC boss praised the Oyo State Police Command and the Nigeria Railway Police Command for their professionalism, vigilance and swift response, which led to the arrest of the three suspects during an intelligence-led operation.

The suspects were intercepted while allegedly transporting vandalised railway materials from Niger State to Lagos, with the recovered items estimated to be worth about ₦200 million.

Describing the operation as a significant breakthrough in the fight against railway vandalism, Opeifa said the success underscored the value of sustained collaboration between the Corporation and security agencies in protecting critical public infrastructure.

He reaffirmed the Corporation’s resolve to deepen cooperation with the police, other security agencies, state governments, host communities and relevant stakeholders to curb vandalism, theft and sabotage across the country’s railway network.

Opeifa also appealed to members of the public to support the campaign against railway vandalism by providing credible and timely information that could help security agencies prevent attacks on railway facilities.

“The Nigerian Railway Corporation remains committed to delivering safe, reliable and sustainable rail transportation while working closely with security agencies and other stakeholders to protect the nation’s railway infrastructure,” he said.

Responding, the Commissioner of Police, Oyo State Command, CP Olugbenga Ayodeji Abimbola, called on the National Assembly to review existing laws on vandalism of critical national infrastructure by prescribing stiffer penalties for offenders.

He warned vandals and other criminal elements to stay away from Oyo State, assuring that the Command would continue to track, arrest and prosecute anyone involved in the destruction or theft of public infrastructure.

Abimbola added that the three suspects and the recovered railway materials would be handed over to the Nigeria Railway Police Command for further investigation and prosecution.

The renewed security collaboration comes as the NRC intensifies efforts to protect rail infrastructure amid ongoing investments by the Federal Government to modernise Nigeria’s railway network and improve the safety and reliability of rail transport nationwide.

Auto

ABC Transport Launches Major Fleet Renewal, Takes Delivery of 2026 Luxury Coaches

Published

2 days ago

July 18, 2026

Trends Admin

ABC Transport Launches Major Fleet Renewal, Takes Delivery of 2026 Luxury Coaches

ABC Transport Plc, Nigeria’s foremost provider of premium intercity transportation and integrated logistics services, has officially launched a comprehensive group-wide fleet renewal programme with the arrival of the first batch of its brand-new 2026-model luxury coaches.

The fleet renewal marks another significant milestone in the company’s continued investment in safety, innovation, customer experience and operational excellence.

The arrival of these state-of-the-art coaches represents the first phase of a broader fleet modernisation initiative for the company’s Travel Division, with additional units expected before the end of the year.

The investment reflects ABC Transport’s unwavering commitment to continually renewing its fleet with world-class vehicles that deliver superior passenger comfort while meeting the highest international safety and environmental standards.

Designed to redefine road travel, the new luxury coaches are equipped with a range of advanced features, including individual USB charging ports for every passenger, high-definition CCTV surveillance systems and GPS-enabled real-time vehicle tracking.

The coaches also feature electronically controlled speed limiters to prevent over-speeding and further enhance passenger safety.

The new fleet will primarily strengthen operations on ABC Transport’s high-demand night services on the Lagos–Abuja and Lagos–East corridors, including Owerri and Aba. They will also be available for corporate charters, government movements and private group bookings.

The company’s fleet renewal programme also extends to its highly popular Sprinter Service. Orders have already been placed for the latest-generation Toyota Hiace buses, with deliveries expected in the coming months. The new minibuses will further enhance ABC Transport’s short- and medium-haul operations by offering customers improved comfort, enhanced safety features, greater fuel efficiency and increased service reliability.

Speaking on the launch of the fleet renewal programme, the Group Managing Director/Chief Executive Officer of ABC Transport Plc, Mr Jude Nneji, described the initiative as another bold step in the company’s long-term vision of maintaining its leadership position in Nigeria’s road transportation industry.

“This fleet renewal programme demonstrates our unwavering commitment to delivering the safest, most comfortable and technologically advanced travel experience in the country.

“We are investing not just in new vehicles, but in the future of mobility, customer satisfaction and operational excellence. Our passengers deserve the very best, and we will continue to raise the benchmark for road transportation in Nigeria.”

Mr Nneji added that the newly acquired coaches combine premium comfort with cutting-edge safety technologies that provide greater peace of mind for passengers while improving operational efficiency across the company’s nationwide network.

The group-wide fleet renewal programme extends well beyond the Travel Division and reflects ABC Transport Plc’s strategic commitment to modernising assets across all its divisions and subsidiaries.

In recent months, ABC Cargo Express Limited, the company’s logistics subsidiary, has significantly strengthened its operations through the acquisition of modern Forland trucks in multiple capacities to enhance nationwide cargo distribution, freight movement and last-mile delivery capabilities.

Similarly, the company’s Haulage Division recently expanded its heavy-duty fleet with the addition of Compressed Natural Gas (CNG)-powered trucks, reinforcing ABC Transport’s commitment to cleaner energy solutions, lower operating costs and environmentally responsible logistics.

Collectively, these investments represent one of the company’s most significant fleet modernisation initiatives in recent years.

From luxury intercity coaches and next-generation Toyota Hiace minibuses to modern logistics trucks and CNG-powered heavy-duty haulage vehicles, ABC Transport is strategically renewing its fleet across every business segment to deliver safer, smarter, more efficient and environmentally sustainable transportation solutions.

For over three decades, ABC Transport Plc has remained synonymous with safety, reliability, innovation and premium mobility services.

Through investment in modern technology, fleet renewal and customer-focused innovation, the company continues to set the benchmark for road transportation and integrated logistics across Nigeria and West Africa.