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.”
Insurance
Lasaco Assurance Retains A(NG) Rating as Revenue Rises 35.2% to N30.8bn
Lasaco Assurance Retains A(NG) Rating as Revenue Rises 35.2% to N30.8bn
Lasaco Assurance Plc has retained its A(NG) national-scale financial strength rating for the 2025/2026 rating period, following an affirmation by Global Credit Rating Co. (GCR), with a stable outlook, in a development that highlights the insurer’s capital position and ongoing growth strategy.
The rating affirmation reflects the company’s risk-adjusted capital base, adequate liquidity and efforts to strengthen its underwriting capacity amid competition and evolving demands in Nigeria’s insurance industry.
According to the company, its financial performance was supported by a significant capital injection in 2026, which strengthened its capacity to underwrite larger and higher-value risks. The additional capital is expected to support its expansion plans and improve its ability to manage the financial risks associated with its insurance operations.
Lasaco Assurance recorded a 35.2 per cent increase in insurance revenue to N30.8 billion in 2025, reflecting growth across its business lines. The performance underscores the company’s efforts to expand its business portfolio and deepen its presence in the Nigerian insurance market.
Despite the revenue growth, the insurer continues to face underwriting performance pressures, making improved risk selection, pricing discipline and cost management important to its drive for stronger profitability.
The company is pursuing a range of strategic initiatives aimed at expanding retail insurance penetration, accelerating digitalisation and strengthening partnerships to attract new customers and improve service delivery.
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These initiatives are also expected to support wider access to insurance products, improve operational efficiency and strengthen the company’s competitive position in a market where insurers are increasingly seeking innovative ways to reach individuals and businesses.
Lasaco Assurance’s diversified business portfolio remains a key component of its growth strategy, with several business lines contributing to its revenue. The company is also prioritising improved underwriting discipline and more effective use of reinsurance capacity to manage exposure to large claims and reduce earnings volatility.
Reinsurance enables insurers to transfer part of their risks to other insurance providers, helping them manage large exposures and preserve their financial capacity. For Lasaco Assurance, effective deployment of reinsurance arrangements is part of its broader effort to balance business expansion with risk management.
Commenting on the rating affirmation, the company’s Managing Director, Ademoye Shobo, expressed satisfaction with the recognition, describing it as a validation of the efforts and resilience of the company’s workforce.
“Lasaco Assurance is proud of this recognition, which validates the hard work and resilience of our team. Nonetheless, we remain fervently committed to continuous improvement and are actively working to elevate our rating through enhanced underwriting practices, operational excellence, and strategic growth,” Shobo said.
The company said its strengthened capital base and improved liquidity coverage had positioned it to pursue sustainable growth over the rating outlook period.
However, sustaining the positive momentum will depend on its ability to translate revenue growth into improved underwriting results, maintain adequate liquidity and manage risks effectively as its business expands.
The insurer’s emphasis on operational efficiency and disciplined underwriting reflects the need to balance growth with profitability, particularly in an industry where claims obligations, pricing pressures and changing market conditions can affect financial performance.
Lasaco Assurance also aims to increase its market share while delivering value to policyholders through improved products and service delivery. Its digitalisation strategy and retail market expansion are expected to play important roles in reaching more customers and strengthening its distribution channels.
The continued affirmation of its A(NG) rating provides a positive signal about the company’s financial strength within the national rating scale. However, the rating does not eliminate the operational and underwriting risks associated with its business.
As Lasaco Assurance advances its growth agenda, its ability to sustain revenue expansion, strengthen underwriting profitability and maintain sound capital and liquidity positions will remain important to its long-term performance and standing in Nigeria’s insurance sector.
Lasaco Assurance Retains A(NG) Rating as Revenue Rises 35.2% to N30.8bn
Auto
Jetour W Motors Celebrates Customers, Unveils Nigeria Owners Club After Brazil Promo
Jetour W Motors Celebrates Customers, Unveils Nigeria Owners Club After Brazil Promo
Jetour W Motors Nigeria is stepping up efforts to strengthen customer loyalty and build a vibrant community of vehicle owners with the successful conclusion of its #WinYourWayToBrazil campaign and the official establishment of the Jetour Nigeria Club.
The twin initiatives mark a new phase in the Chinese automotive brand’s engagement with Nigerian customers, extending its relationship with vehicle owners beyond sales and after-sales services to include shared experiences, lifestyle activities, adventures and community-building programmes.
The campaign climaxed with a live raffle draw on Friday, September 25, 2026, at the Jetour W Motors showroom on Adeyemo Alakija Street, Victoria Island, Lagos, where eligible customers gathered for an evening of entertainment, refreshments, networking and the eagerly anticipated announcement of the winner.
The promotion offered customers who ordered and purchased any Jetour vehicle between August 18 and September 20, 2026, the opportunity to win a trip to Brazil for the Jetour Brazil Fan Festival.
The event also featured the distribution of branded Jetour Owners Club gifts, adding to the celebratory atmosphere as customers interacted with one another and members of the Jetour team.
Beyond the excitement surrounding the raffle draw, the occasion provided a platform for Jetour W Motors to unveil the Jetour Nigeria Club, an initiative designed to bring owners of the brand’s vehicles together through a structured calendar of activities and shared experiences.
The club, officially established for the first time in Nigeria, is expected to create opportunities for members to participate in organised adventures, social gatherings and other community initiatives while strengthening their connection with the brand.
Registration for membership will open soon, with all Jetour owners invited to join the emerging community.
The development reinforces Jetour W Motors Nigeria’s strategy of building lasting relationships with customers in a competitive automotive market where ownership experience, customer engagement and brand loyalty are becoming increasingly important.
The #WinYourWayToBrazil campaign follows the successful Jetour Africa Expedition — Nigeria Edition, which brought together Jetour owners, influencers, media professionals and members of the company’s team for a distinctive experience combining driving, adventure and Nigerian culture.
The expedition was the brand’s first major activation specifically designed to bring Jetour owners together in Nigeria, providing an opportunity for participants to connect beyond their individual vehicle ownership experiences.
With the Brazil campaign and the launch of the national owners’ club, Jetour W Motors is building on that foundation by creating more opportunities for customers to interact, participate in brand-led activities and develop relationships with fellow owners.
The approach reflects a broader effort to position vehicle ownership as an experience that extends beyond the showroom, encompassing lifestyle, recreation and a sense of belonging to a growing community.
Jetour W Motors Nigeria is the authorised distributor of Jetour vehicles in the Nigerian market, where the brand continues to expand its presence through customer-focused initiatives and engagement programmes.
The planned opening of membership registration for the Jetour Nigeria Club is expected to provide the next opportunity for owners to become part of the community and participate in activities designed to deepen their connection with the brand.
Auto
FRSC hands over Safeline Bank to ROBOPAY, targets digital financial transformation
FRSC hands over Safeline Bank to ROBOPAY, targets digital financial transformation
The Federal Road Safety Corps (FRSC) has handed over ownership of Safeline Microfinance Bank to ROBOPAY NIG. LTD., paving the way for a major recapitalisation and technology-driven transformation of the financial institution.
The divestment, which took place on Monday, October 5, 2026, at the bank’s premises in Abuja, is expected to reposition Safeline Microfinance Bank for stronger competitiveness, improved service delivery and sustainable growth in Nigeria’s rapidly evolving financial services sector.
The development, according to a statement by the Corps Public Education Officer, Osondu Ohaeri, is part of the strategic efforts under the leadership of the Corps Marshal, Shehu Mohammed, to reposition the institution for greater efficiency and competitiveness.
Safeline Microfinance Bank was established by the FRSC to provide financial services and opportunities to members of the Corps and other stakeholders.
Speaking at the handover ceremony, Chairman of the Board of Safeline Microfinance Bank, Ibrahim Babagana, a Deputy Corps Marshal (Rtd.), said the decision to divest the bank followed a careful assessment of the prevailing regulatory environment and emerging government policies affecting the microfinance banking industry.
Babagana said sustaining the bank under the changing financial landscape would require substantial additional capital, greater investment in technology and enhanced human capital.
He explained that the Board therefore resolved to transfer ownership to an investor with the capacity, resources and commitment to make the required investments and place the bank on a sustainable growth trajectory.
The former FRSC chief expressed confidence in ROBOPAY, saying the company had demonstrated the competence, commitment and vision required to build on the foundation established by the Corps and take Safeline Microfinance Bank to a new level.
He identified strengthening the bank’s capital base, deploying modern technology and investing in human resources as critical priorities for its survival and competitiveness in the increasingly digital financial services market.
Responding on behalf of ROBOPAY NIG. LTD, Malam Aliyu Abiodun thanked the Board and management of Safeline Microfinance Bank for the confidence reposed in the company, describing the acquisition as a significant milestone and an opportunity to unlock the institution’s considerable potential.
Abiodun said the bank already had valuable assets, structures and an institutional foundation which the new owners would build upon through strategic investments in financial technology, capital and human resources.
He said ROBOPAY would deploy FinTech solutions to modernise the bank’s operations, improve customer experience, expand its service offerings and strengthen its competitive position within Nigeria’s financial services industry.
According to him, the new ownership would retain and leverage the institutional foundation created by the FRSC while introducing innovative technology-driven solutions capable of opening new growth opportunities for the bank.
The transaction thus signals more than a change in ownership, as it ushers Safeline Microfinance Bank into a new phase anchored on recapitalisation, digital innovation and professionalised financial services.
Both parties expressed commitment to ensuring a seamless transition, with the ultimate objective of building a stronger, more competitive and sustainable institution capable of delivering greater value to its customers and stakeholders.
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