Oil prices fell on Monday as investors braced for details of a US plan to isolate the Iranian economy that President Donald Trump billed as the “most crushing” financial operation ever against Tehran.

Asian stocks were mostly down, with South Korea’s tech-rich Kospi falling more than three percent after Samsung Electronics said it spent $80 billion to buy back its own shares following weeks of turbulent trading.

The chip giant’s shares, along with those of rival SK hynix, peaked in June on optimism for the artificial intelligence boom, but have since fallen amid investor jitters and a broader tech rout.

In an important week for AI, investors are also looking towards an earnings report from Nvidia, the world’s most valuable company and a bellwether for the sector.

The recurring question for the US chipmaker is whether the AI boom will continue to accelerate as the technology takes over more corners of the broader economy.

“The spending machine is still running, but the bill is getting heavier,” said Stephen Innes of SPI Asset Management.

“Nvidia must now show that the most expensive investment boom in modern market history can still pay its bills.”

Chinese tech giant Alibaba is keeping focus on the sector after announcing on Sunday that it plans to issue $10.2 billion in new shares in Hong Kong to fund its global AI ambitions.

The firm, known for its open-source “Qwen” AI models, has been ploughing tens of billions of dollars into the technology, with shareholders eager to see how it will monetise the huge investments.

Tokyo and Shanghai closed down 0.7 percent and 0.6 percent respectively, echoing losses across Asia that included Taipei, Wellington, Bangkok, Mumbai and Jakarta. Sydney, Singapore, Manila and Kuala Lumpur posted marginal gains.

Hong Kong was down nearly two percent despite fast-fashion giant Shein announcing its market debut will take place in the Chinese financial hub on September 1.

The long-awaited listing would value the group — known for its vast selection of products at stunningly low prices — at close to $27 billion.

London was flat at the open, while Paris and Frankfurt were down 0.2 percent.

– ‘Get with the programme’ –

Eyes are also on US Treasury boss Scott Bessent, who said he would give more details in a news conference on Monday on a fresh push to pile economic pressure on Iran.

The United States warned allies and China on Thursday to join Trump’s new campaign, which comes as the unpopular war in the Middle East drags toward the six-month mark.

US Vice President JD Vance acknowledged the plan was a “delicate dance” because Iran will “try to apply economic pressure to us”.

Asked whether the United States would pressure China, Bessent told CNBC that “many conversations are best to have in private”, but he also called on Beijing “to get with the programme”.

Both main crude contracts were down around two percent, with the Brent benchmark sitting at $92 a barrel.

Traders will also be watching this week’s annual gathering of central bankers, economists and finance chiefs in Jackson Hole in the United States, hoping for some clarification on US monetary policy.

The meeting comes after the Treasury bought its own bonds last week in an effort to push down borrowing costs after the 30-year yield surged to levels last seen in 2007, just before the global financial crisis.

Yields have risen on inflation fears and as the United States reported that its federal debt had topped $40 trillion.

– Key figures at around 0700 GMT –

Tokyo – Nikkei 225: DOWN 0.7 percent at 65,528.09 (close)

Hong Kong – Hang Seng Index: DOWN 1.7 percent at 25,561.27

Shanghai – Composite: DOWN 0.6 percent at 3,882.01 (close)

London – FTSE 100: FLAT at 10,818.04

Dollar/yen: UP at 159.12 yen from 159.03 yen on Friday

Euro/dollar: DOWN at $1.1671 from $1.1679

Pound/dollar: DOWN at $1.3642 from $1.3647

Euro/pound: DOWN at 85.55 pence from 85.58 pence

West Texas Intermediate: DOWN 2.3 percent at $85.06 per barrel

Brent North Sea Crude: DOWN 1.8 percent at $92.65 per barrel

AFP

An inferno on Sunday destroyed five shops and damaged part of a storey building at Ita-Amodu, Niger Junction, Ilorin, Kwara State.

The Kwara State Fire Service, in a statement on Sunday by its Public Relations Officer, Hassan Adekunle, said the incident occurred at about 1:36 pm.

The fire affected a storey building comprising three-bedroom flats and 10 shops, with five of the shops and the building’s parapet damaged.

Adekunle said materials used for the production of mattresses and sofas, which were among the commodities stored in the affected shops, contributed to the intensity and rapid spread of the fire.

“The incident involved a storey building comprising about three-bedroom flats and 10 shops, with five shops and the parapet affected by the inferno,” the statement read.

“Among the commodities involved were mattresses and sofa materials, which are highly combustible due to the materials used in their production, thereby contributing to the intensity and rapid spread of the fire.”

Adekunle stressed that the agency’s first fire appliance met the blaze already fully developed and overwhelming the building, prompting the immediate deployment of a second appliance to reinforce the operation.

“Due to the magnitude of the inferno, a second fire appliance was immediately deployed to reinforce the firefighting operation,” he said.

The service added that its personnel worked to prevent the fire from spreading to adjoining properties and eventually brought the blaze under control at about 2:05 pm.

“The firefighters demonstrated remarkable courage, professionalism and determination, working tirelessly to prevent the fire from spreading to adjoining properties. Their concerted efforts successfully brought the fire under control at about 14:05hrs,” Adekunle said.

Personnel of the Federal Fire Service also joined the operation, with the Kwara State Fire Service saying the collaboration helped to contain the inferno and prevent further damage.

“Personnel of the Federal Fire Service were also present at the scene and joined the Kwara State Fire Service in the firefighting operation. The collaboration between both agencies contributed significantly to mitigating the impact of the inferno and preventing further escalation,” Adekunle said.

The cause of the fire was still under investigation as of the time of filing this report. The Chief Fire Officer of the Kwara State Fire Service, Alabi Muhammed, commended personnel of both agencies for their efforts in containing the blaze.

He particularly praised the Kwara Fire Service personnel for their swift response and reinforcement, saying their efforts prevented the fire from spreading beyond the affected premises.

The fire service urged business owners dealing in combustible materials, including mattresses, upholstery and related products, to prioritise fire safety measures and provide appropriate firefighting equipment at their premises.

In other news, the 36 state governors are facing growing pressure to account for how they have spent public funds disbursed as revenue by the Federation Account Allocation Committee in the last three years, The PUNCH reports.

These and many more stories lead today’s headlines.

1. KWAM1 breaks down in tears on stage over Ogogo’s death

Legendary Nigerian Fuji musician, Wasiu Ayinde, popularly known as KWAM 1 or K1 De Ultimate, broke down in tears on stage following the death of veteran Nollywood actor, Taiwo Hassan, better known as Ogogo.

Ogogo died on Sunday evening after battling cancer, prompting an outpouring of tributes from Nigerians, including celebrities and politicians.

2. FAAC bonanza: Govs face questions as payouts hit N47tn

The 36 state governors are facing growing pressure to account for how they have spent public funds disbursed as revenue by the Federation Account Allocation Committee in the last three years, The PUNCH reports.

This scrutiny follows the revelation that the Federation Account disbursed about N47tn to the three tiers of government in the three years since the removal of petrol subsidy.

3.‘Don’t cry, my princess,’ Ogogo told daughter weeks before death

One of the daughters of veteran Yoruba actor Taiwo Hassan, popularly known as Ogogo, Kira Taiwo, has shared an emotional message she exchanged with her father before his death.

Kira shared the message on her Instagram Story on Monday, following the actor’s death on Sunday at the age of 66.

4. Osun poll: How vote buyers breached EFCC, ICPC, INEC defences

They promised a crackdown. INEC, EFCC and ICPC warned vote buyers they would be arrested. But when Osun voters arrived at polling units on August 15, the cash was already waiting. In some places, votes reportedly went for N15,000, N30,000, N40,000 or more, turning polling centres into open-air marketplaces, BOLA BAMIG

The great-grandmother, identified as Esther Ogunmabo, was arrested in Ilisan, Ogun State, with retail sachets of skunk, a strain of cannabis, weighing 90 grammes, which she claimed she sold to locals.

A statement on Sunday by the agency’s spokesman, Femi Babafemi, said the centenarian told operatives that she started engaging in illicit drug trade after her provisions shop was razed by fire.

The statement partly read, “Operatives of the National Drug Law Enforcement Agency have recorded significant breakthroughs across the country’s land and maritime borders, including the arrest of a 101-year-old great-grandmother for dealing in illicit drugs.

“NDLEA operatives on Saturday, August 15, 2026, arrested a 101-year-old woman, Esther Ogunmabo, in Ilisan, Ogun State, with retail sachets of skunk, a strain of cannabis, weighing 90 grams, which she claims she sells to locals.

“The centenarian told operatives that she resorted to the illicit drug trade after her provisions shop was razed by fire, adding that one of her daughters, who resides in Lagos, arranges the supply of the substance to her every four days, which she in turn sold in bits.”

Babafemi said the Chairman/Chief Executive Officer of the NDLEA, Brig. Gen. Buba Marwa (retd.), directed that the suspect be granted bail and placed on counselling because of her advanced age, while her daughter had been arrested.

PUNCH Online has not been able to speak with the suspect.

In a related development, he said NDLEA operatives in Akwa Ibom State, acting on credible intelligence, intercepted a wooden boat on the high seas on Friday, August 21, conveying illicit drugs to fishing settlements in the Republic of Cameroon.

According to him, three suspects arrested aboard the boat, which was heading to Ine Isu, Ine Mbah and Ine Ikot Itie Udung fishing ports in Cameroon, included Etima Effiong Eekpo, 29, caught with 1.120kg of skunk; Otobong Eyoh Etukudoh, 33, who had 42.060kg of skunk in his possession; and 27-year-old Kingsley Effiong John, who was found with 20 grammes of cocaine cleverly concealed inside a large wrap of edible cassava fufu, alongside 435 grammes of skunk.

“A total of 42.622kg of narcotics was recovered from the trio,” Babafemi added.

In the nation’s maritime space, Babafemi said the agency recorded its first-ever seizure of illicit drugs shipped from Thailand through the maritime corridor, following the interception of two containers of cannabis indica, also known as Loud, at the Apapa and Lekki ports, with a combined street value put at over N4.4bn.

“Both containers were loaded at the Port of Laem Chabang, Thailand, underscoring the emergence of a new trafficking route being exploited by drug syndicates to smuggle synthetic cannabis into the country,” he added.

At the Apapa Port, Babafemi said a container declared to be conveying dry fish, rice, vehicle spare parts, turmeric soap and inverter batteries was found, during a joint examination of the shipment on Friday, August 21, by the NDLEA, Customs and others, to contain 1,090.5kg of Thai Loud packed in 54 cartons comprising 2,181 sachets of 500 grammes each.

“At the Lekki Deep Sea Port, a similar container, which had been placed on the Agency’s watchlist and monitored by its Marine Special Operations Unit, was jointly examined on Wednesday, 19th August. Of the seven pallets found in the container wrapped in black nylon, four were confirmed to be laced with Thai Loud, yielding 96 cartons made up of 400 parcels weighing a total of 400kg. The remaining three pallets contained 798 rims of A4 paper, which had been used as cover for the consignment,” he said.

In the Federal Capital Territory, Babafemi said NDLEA operatives on Saturday, August 22, intercepted three waybill packages containing 24,410 pills of tramadol capsules inside a Hummer bus travelling from Enugu to Zuba.

“A follow-up operation conducted in Niger State led to the arrest of the owner of the consignment, Sunday Eze, 28, in Kontagora, after which he was transferred to Abuja,” he said.

In Ondo, Babafemi said operatives raided a cannabis farm at Ijare forest, Ifedore Local Government Area, on August 19, following the earlier arrest of three suspected cannabis planters at the same location on August 16.

“The team destroyed a total of 10,000kg of skunk cultivated across four hectares of the forest. In a separate operation in the state, operatives same day at Ita-Ogbolu, Akure North LGA, recovered 210kg skunk and a Toyota Camry car with registration number AGL 223 JH belonging to Sylvester Dibiagu Anthony, who is currently at large,” he added.

“A raid at Hadeija Road, Kano, on Monday, August 17, led to the arrest of Chibuzor Madueke, 31, with 98 blocks of skunk weighing 73.3kg recovered from him, while a similar operation by NDLEA operatives at Seme, Badagry area of Lagos, led to the arrest of three family members: Nasiru Tijjani, 52; Moshood Tijjani, 27; and Salami Tijjani, 27, at Ashipa area, near the Seme border, with 48kg of skunk.

“In Abia State, NDLEA officers on Thursday, August 20, raided the residence of Ikechukwu Anthony Iwuno, 36, at Umuobia Olokoro area of Umuahia South LGA, where 14.4kg Loud, 2.3kg Colorado, 386 grammes of tramadol and 134 grammes of rohypnol were recovered,” the statement added.

While commending the officers and men of the Ogun, Apapa, Lekki, Seme, Akwa Ibom, Ondo, Oyo, Kwara, Kano, Abia and FCT Commands for the various successful operations, Marwa enjoined them and their colleagues across the country to continue with the current balanced approach to the agency’s drug-control efforts.

They include M.S. Danjuma, Nadungu Gagare, and Richard P. Pheelangwah.

Chairman of the Independent Corrupt Practices and Other Related Offences Commission, Dr Musa Aliyu, SAN disclosed this to State House correspondents on Friday after briefing the President for the second time in two days, following an earlier meeting on Thursday.

Aliyu said the newly uncovered fake office, operating under the name “National Brands Development and Made-in-Nigeria Special Project Office,” had been illegally allocated office space within the premises of the OSGF, contrary to extant laws and without presidential authorisation.

He said, “Upon further briefing by ICPC to Mr President on the ongoing investigations into the fake Presidential Foreign Intervention Promotion Council and procedural weaknesses in the public service, the Independent Corrupt Practices and Other Related Offences Commission has uncovered another fake agency and office operating under the name National Brands Development and Made-in-Nigeria Special Project Office, which has been illegally allocated office space within the premises of the Office of the Secretary to the Government of the Federation,” Aliyu said.

He said the discovery emerged in the course of the commission’s broader investigation, as earlier directed by President Tinubu, and identified the promoter of the fake office as one Prince George Buchi Nwabueze, who was found to be operating under multiple aliases.

“The fake agency office, National Brands Development and Made in Nigeria Special Project Office, was promoted by one George Buchi Nwabueze, with active suspected collaborators in the Office of the Secretary to the Government of the Federation, contrary to extant laws and without authorisation of the President of the Federal Republic of Nigeria.

“The promoter was discovered to also operate under four other variations of his name: George Nathan, George Nathan Nwabueze, Honourable George Buchi Nwabueze, Prince George Buchi Nwabueze and George Nwabueze,” Aliyu said.

He revealed that the ICPC had engaged the Office of the Secretary to the Government of the Federation to ascertain vital information relating to the fake office under investigation, and had comprehensively briefed the President on the new developments.

“I have briefed Mr President comprehensively on these new developments. ICPC will continue with its investigations accordingly,” he said.

Aliyu said following the discovery, “Mr President has directed as follows: the immediate arrest of Prince George Buchi Nwabueze; the immediate suspension of the following permanent secretaries; M.S. Danjuma, Nadungu Gagare, and Richard P. Pheelangwah,” he said.

Friday’s development is the latest in a scandal that began with the exposure of the fictitious Presidential Foreign Intervention Promotion Council, whose self-styled Director-General, Adeniyi Adeyemi Matthew, is currently facing prosecution on charges of forgery and impersonation.

The ICPC’s interim report, submitted to the President on August 6 after a 30-day investigation, had earlier disclosed the existence of two other fictitious bodies, the FCT Investment Promotion Agency and the Foreign Investment Promotion Agency and Public-Private Partnership.

The National Brands Development and Made-in-Nigeria Special Project Office is the fourth fake agency uncovered after the PFIFC scandal since early April.

After a young executive trainee’s “Good morning, Tony” greeting to United Bank for Africa Group Chairman, Tony Elumelu, sparked a debate online, corporate workers and Nigerians have continued to revisit the place of first-name culture in Nigerian workplaces.

The debate followed a viral video from Thursday’s graduation ceremony of UBA’s Graduate Management Accelerated Programme, where the trainee addressed Elumelu as “Tony” while speaking during an interactive session.

Elumelu initially appeared to mishear her, asking, “Toyin? Toyin?” before she clarified that she had said, “Good morning, Tony.”

He then corrected her, telling her to address him as “Mr Elumelu” or “TOE”.

“Okay. No, you won’t call me Tony. You’ll call me Mr Elumelu or TOE. You won’t call me Tony, or Chairman. I don’t subscribe to that kind of… Oyinbo life, okay?”

The trainee subsequently addressed him as “Mr Elumelu” and continued with her question.

Since the video went viral, the conversation has continued among corporate workers and other Nigerians, with opinions divided over whether first-name policies should apply across all levels of an organisation or whether employees should defer to senior executives based on age, rank and the setting.

Some workers have also revisited their experiences with first-name policies in Nigerian banks and other corporate organisations, while others argue that such policies can create unnecessary confusion when employees are expected to understand when to use a colleague’s first name and when to revert to formal titles.

Reacting to the incident, Jide Akintunde, #JSAkintunde, said Elumelu’s objection was surprising given his long-standing association with the name Tony.

He wrote, “I am surprised that Tony Elumelu objects to being addressed publicly by his first name. For years, his first name was central to his public and industry branding.”

Akintunde argued that the correction highlighted the power imbalance between Elumelu and the young trainee.

He added, “It likely took immense courage for a trainee to speak up in front of him, and a public correction from such a towering personality can be deeply humiliating.”

He said Elumelu could have expressed his preference privately rather than correcting her publicly.

“It could have joked about it, or pulled her aside later to express his preference. Being addressed by his first name does not diminish his status,” he wrote.

However, some Nigerians disagreed, arguing that first-name culture does not automatically apply to every workplace or situation.

Hamma, #HAHayatu, recalled that Elumelu had previously been known simply as Tony in professional circles.

“We all called him Tony, and he prefers it intact when people call him Mr Elumelu; he frowns,” he wrote, adding that the current situation was understandable because of the age difference between Elumelu and younger members of the workforce.

Taiwo Ogunnaike, @callme_delight, also defended Elumelu, saying the correction was not humiliating.

“The correction was not even humiliating in any way. He was quite gentle with her in my opinion,” he wrote.

He argued that failing to correct her immediately could have created an expectation that others could also address the chairman by his first name.

Maryanne Moghalu, #MaryanneMoghalu, described the greeting as inappropriate, arguing that workplace first-name culture usually depends on permission.

“I personally think it was inappropriate. Even abroad, you address people, especially your superiors in the workplace, formally until they give you the permission to use the first name,” she wrote.

Similarly, Ajokeee, #Aheesha_x, said the setting made the greeting inappropriate.

She wrote, “You’re standing in front of the Chairman of UBA, at a formal event, and your opening is ‘Good morning, Tony.’ This is not your mate, this is not your coursemate, this is not even your boss that you’ve worked closely with for years.”

She added, “There are certain settings where ‘Good morning, sir’ should just come naturally.”

Dr Dípò Awójídé, #OgbeniDipo, also sided with the argument that Nigerian workplace culture should be considered.

“I wouldn’t call Tony Elumelu by his name if I met him. I will add Mr. I would also bow, because of his age,” he wrote.

He argued that corporate training should include lessons on organisational culture and hierarchy.

“In Rome, behave like the Romans. And whenever you are in doubt, remember that respect is a big element of Nigerian culture,” Awójídé added.

Some social media users, however, used the incident to question the inconsistency in how first names are used in Nigerian workplaces.

Romi, #Romi_Edevbe, asked why junior workers could casually address older support staff by their first names while senior executives were treated differently.

“But we can call gatemen and cleaners three times our age by their first name even in the office… But just because… Make una nor put me for talk abeg,” she wrote.

Olawole, #Olawoleaa, recalled his experience at Stanbic IBTC, saying some senior staff members actually preferred first-name greetings.

“If you worked in Stanbic IBTC bank CCC from like 2014 to 2016 or so, you would know Bolanle, she was Head of Customer Experience. If you address Bolanle other than her 1st name, she will collect N1k from you,” he wrote.

Tosin.X, #Dontee___, meanwhile, called on Nigerian HR professionals to reconsider first-name policies.

“Good morning Nigerian HR’s. Today is a good day to bin the first name Policy. You all should stop putting your employee through unnecessary mental stress!” he wrote.

Another user, J #olajide_adedeji, described the debate as a clash between workplace policy and cultural expectations.

“Twitter is a world of two types of people; the logical ones and the emotional ones. There is always that obvious divide during trending discussions,” he wrote.

He added that some people were “citing policy adherence” while others were “citing culture and respect.”

Olúyẹmí Fásípè, #YemieFash, also warned against using Gen Z identity as an excuse for disrespect.

“Being Gen Z doesn’t automatically make you foolish or disrespectful,” he wrote.

“What makes you foolish is consciously choosing to behave badly just because you want to ‘act Gen Z’ or sound a certain way.”

President Bola Tinubu’s Special Adviser on Media and Publicity, Temitope Ajayi, #TheTope_Ajayi, joined the discussion by recalling a similar incident involving American poet and author Maya Angelou.

He wrote, “I still remember that old Maya Angelou video where she firmly rebuked a young lady who addressed her by first name during class session.”

Tosin Olaluwoye, #tosin_olaluwoye, argued that Nigerians should not abandon their cultural values while embracing global workplace practices.

“Nigerians are the only people I know who think everything about their culture is wrong,” he wrote.

He argued that people could adopt aspects of Western culture while maintaining their own values, adding that respect remained an important part of Nigerian culture.

The debate has since broadened beyond Elumelu’s response, with Nigerians questioning whether first-name culture should be universal in the workplace or depend on factors such as age, rank, setting and personal preference.