Global oil markets react to US-Iran standoff after closure of Strait of Hormuz, raising concerns over inflation in Nigeria

Brent crude oil prices climbed past $93 per barrel on Tuesday in Lagos following heightened tensions between the United States and Iran, with experts warning of imminent increases in petrol landing costs and inflation across Nigeria. The development comes after US President Donald Trump, ahead of his 80th birthday on June 14, issued a stern ultimatum to Iranian leaders amid an escalating military confrontation.

The diplomatic standoff escalated sharply after Iran announced the total closure of the Strait of Hormuz—a critical maritime passage for global energy shipments—following the downing of an American military helicopter. In response, President Trump told Fox News during a phone interview that unless Iranian authorities sign a new agreement immediately, “We’ll bomb the shit out of them tomorrow night.” The US had earlier launched 49 Tomahawk missiles targeting Iranian radar and air defence sites near the Persian Gulf.

Analysts say that any disruption to traffic through the Strait of Hormuz could have significant consequences for Nigeria’s economy, given that one-fifth of global petroleum passes through this channel daily. The Nigerian National Petroleum Company Limited (NNPC Ltd) has repeatedly warned that spikes in international crude prices and supply disruptions directly affect fuel import costs and naira stability, with previous crises leading to sharp increases at filling stations nationwide.

Reacting to developments, senior Iranian officials reportedly reached out to the White House requesting a halt to further attacks as diplomatic talks remained inconclusive. While government sources in Abuja declined immediate comment on contingency plans for fuel imports, industry stakeholders have raised concerns over possible shortages and further upward pressure on consumer prices if the conflict persists. “Any escalation in the Middle East will hit Nigeria’s economy through higher petrol prices and exchange rate volatility,” an oil sector analyst said.

As at Tuesday evening, energy traders in Lagos and Port Harcourt were already factoring higher freight and insurance costs into their pricing models. Experts say Nigerians should brace for possible hikes in pump prices if hostilities continue or oil shipments remain stranded at sea. Meanwhile, opposition leaders have called on government to strengthen domestic refining capacity as a long-term buffer against external shocks linked to global geopolitical risks.

Source: https://www.pulse.ng/story/trump-birthday-wish-iran-bomb-threat-nigeria-fuel-prices-2026061110412665857

DSS, Police heighten security in Edo and Niger after intelligence reports warn of planned mass abductions

Schools across several states in Nigeria’s North-Central region were closed on Wednesday following a deadly attack by suspected bandits on UBE Secondary/Primary School, Iluke, in Kabba-Bunu Local Government Area of Kogi State. The incident, which occurred around 10:00 a.m., left three persons dead and triggered widespread fear of further attacks on educational institutions.

According to the Kogi State Police Command, the assailants—believed to be operating with about 40 motorcycles—stormed the school with the suspected aim of abducting students and residents. In the ensuing exchange of gunfire, one attacker was killed while a security operative attached to the joint response team sustained gunshot injuries and is receiving treatment. Police spokesperson Salihu Afusat confirmed that the deceased included Mr Ganiyu Anifowose (Vice Principal), Mr Sunday Alhassan (aged 70), and six-year-old Sunday Ayele.

The latest violence comes just weeks after pupils were abducted in Oyo State, intensifying national concern over the persistent threat to school safety in Nigeria. Authorities say there is no conclusive evidence yet of a mass abduction in Iluke, but investigations are ongoing. The Kogi State Police Command said it “commiserates with the families of the deceased and assures them that every effort is being made to bring the perpetrators to justice.”

In Edo State, three schools were also shut down after an intelligence report from the Department of State Services warned of planned kidnappings targeting children, especially in Edo North Senatorial District. The DSS formally requested increased security presence around affected schools. Similarly, Niger State authorities responded to threats by stepping up surveillance at learning centres.

Security agencies across affected states have intensified patrols and coordination with local vigilante groups. Education stakeholders warn that repeated closures could disrupt academic calendars and deepen fears among parents. As investigations continue, police have urged communities to remain vigilant and report suspicious activities promptly.

Source: https://punchng.com/school-closures-spread-after-fresh-bandit-attack/

Payxy-backed Oloja offers free online store, inventory, and payment tools; SMEDAN hails move to boost commerce

Thousands of small and medium enterprises (SMEs) in Lagos and across Nigeria are rapidly adopting Oloja, a digital commerce platform developed by Payxy, as the push for accessible online business management gathers momentum. The platform, launched in partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), became available nationwide on Tuesday, offering business owners an integrated dashboard to manage sales, payments, inventory, and reporting at zero upfront cost.

Oloja is designed to address persistent challenges faced by Nigeria’s over 37 million MSMEs—including those in fashion, electronics, food, and consumer goods—who often depend on informal systems like WhatsApp messaging and manual inventory tracking. The platform provides a branded digital storefront, secure Payxy-powered payment links that eliminate fake alerts, real-time inventory monitoring with low-stock notifications, order management tools, and automated business intelligence reports. Merchants can onboard within three minutes without needing a developer or website.

Nigeria’s digital payments sector has expanded significantly in recent years, according to data from the Central Bank of Nigeria (CBN), but many small businesses have been left out due to lack of affordable digital tools. The MSME sector contributes nearly 50 percent of national GDP and accounts for about 80 percent of employment nationwide. Yet most merchants still rely on basic bank transfers and informal processes that limit their growth potential.

SMEDAN described the Oloja initiative as a critical step towards financial inclusion and economic formalisation for Nigerian entrepreneurs. “With this partnership, we aim to empower millions of local businesses to compete like big brands,” an official statement from SMEDAN noted on Tuesday. Industry analysts have also welcomed the solution as a locally-built alternative to expensive foreign e-commerce software.

Oloja charges no setup or monthly fees; transaction fees apply only when merchants make sales. Business owners who sign up receive a free business account in their company name—removing barriers created by traditional banking requirements. Stakeholders say if even a fraction of MSMEs adopt structured digital platforms like Oloja, it could drive significant gains in commerce efficiency and financial transparency across Nigeria’s economy.

The platform is now live at oloja.africa. As more SMEs seek sustainable ways to scale their operations online without heavy investment, Payxy and SMEDAN have urged entrepreneurs nationwide to take advantage of the free service.

Source: https://www.pulse.ng/story/why-thousands-of-nigerian-entrepreneurs-are-moving-their-business-to-oloja-one-platform-zero-cost-2026061110435013334