Business
Nigeria, oil firms earn $4bn windfall from Middle East crisis

By Babajide Komolafe & Udeme Akpan
There are indications that Nigeria and oil firms have earned about $4 billion from the rise in price of crude oil triggered by the US/Israel-Iran war now in its seventh week.
The war that started on February 28th has so far lasted for 52 days as of yesterday.
Vanguard analysis of data from the Central Bank of Nigeria, CBN, showed that prior to the outbreak of the war on February 28th, the average price of Nigeria’s Bonny Light crude oil, year-to-date, stood at $70.14 per barrel.
Further analysis showed that during the 52 days of the war, the average price of Bonny Light rose to $116.84 per barrel, representing a 66.6 per cent increase.
Data obtained from the Nigerian Upstream Petroleum Regulatory Commission showed that Nigeria’s oil output rose to 1.546 million bpd in March from 1.483 million bpd in February.
At the pre-crisis average price of Bonny Light, $70.14 per barrel, this production level in 52 days yields $5.64 billion oil revenue.
However, at the post crisis average price of Bonny Light price, $116.84 per barrel, this production level will yield $9.393 billion oil revenue in 52 days.
This translates to a windfall of $4 billion for the Nigerian government and oil firms operating in the country.
Meanwhile, the price of Bonny Light yesterday rose to $98 per barrel from $95 in the global market, following the collapse of talks between the United States and Iran over the weekend.
Crude oil prices had dropped to $90 per barrel from $100 last week, as market watchers anticipated that the talks would culminate in an agreement in Islamabad, Pakistan’s capital.
However, in an interview with Vanguard Energy, the Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, said: “From all indications, the price of crude will continue to rise in the coming weeks because of tensions, speculation, and uncertainties in the market. The market will be driven by heightened conflict and instability.
“The impact will not be limited to the upstream segment; it will spill over into the downstream, leading to higher prices of petroleum products, especially Premium Motor Spirit (PMS), also known as petrol. Such increases will also affect transportation costs, as well as the prices of goods and services.”
Similarly, the National President of the Oil and Gas Services Providers Association of Nigeria (OGSPAN), Mazi Colman Obasi, said: “The expected surge in energy costs will impact our domestic economy, but it may not be as severe as it could have been due to the operations of the 650,000 barrels-per-day Dangote Petroleum Refinery.”
The post Nigeria, oil firms earn $4bn windfall from Middle East crisis appeared first on Vanguard News.
Business
Lekki Port Phase 2 construction set for kick-off, says Lagos govt

By Godwin Oritse
Lagos State Governor, Babajide Sanwo-Olu, has announced that work on Phase 2 of the Lekki Port project will commence soon, a move aimed at strengthening the state’s position as West Africa’s leading maritime and logistics hub.
Speaking at the Invest Lagos Summit 3.0 held in Lagos earlier in this week, Sanwo-Olu highlighted the State’s commitment to expanding critical infrastructure and attracting investment.
He explained that the expansion of the Port will significantly enhance cargo handling capacity, strengthen maritime trade, and deepen Lagos’ role as a gateway to the African Continental Free Trade Area (AfCFTA) market of over 1.4 billion people.
He stated: “With AfCFTA creating a market of over 1.4 billion people and a combined GDP exceeding $3 trillion, Lagos occupies a uniquely strategic position.
“The Lekki Deep Sea Port, within five years, is moving to phase two because it is almost reaching the full potential of its installed capacity. And just within five years, it is moving to phase two. These are not just aspirations but projects that have been implemented and are under implementation. They have been funded, progressing, and transforming the investment landscape of our State”.
In his remark, the Managing Director, Lekki Port, Wang Qiang, commended the Lagos State Government for maintaining a stable and investment-friendly environment.
He noted that the next phase of development will play a key role in expanding the port’s operational and cargo-handling capacity, improving logistics efficiency along the Lekki corridor, and attracting additional global shipping and logistics investments.
Qiang noted that the expansion aligns with Nigeria’s broader trade facilitation agenda and the increasing demands of regional and international shipping networks.
He stated: “We are deeply encouraged by the continued support of the Lagos State Government, whose infrastructure-led policies have created a stable and forward-looking environment for long-term maritime investment.
“The commencement of the next phase of development represents a significant milestone in our journey to expand capacity, enhance operational efficiency, and strengthen Lekki Port’s position as a premier gateway for West African trade under the AfCFTA framework.”
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Business
NNPCL, security agencies intensify crackdown on pipeline vandals

By Udeme Akpan & Obas Esiedesa
The Nigerian National Petroleum Company Limited (NNPC Ltd.) and security agencies have intensified efforts to combat pipeline vandalism following the discovery of a damaged section of the Nigerian Pipelines and Storage Company (NPSC) crude oil pipeline at Pai Community, Kwali Area Council of the Federal Capital Territory (FCT), Abuja.
The joint inspection involved NNPC’s Industry-wide Security Architecture (IWSA), NPSC, the Office of the National Security Adviser (ONSA) Special Prosecution Team (SPT), the FCT Police Command, the Nigerian Army and other security stakeholders.
The exercise was aimed at assessing the extent of damage, advancing investigations and strengthening coordinated measures to protect critical national energy infrastructure from economic sabotage.
The visit followed the arrest of three suspected pipeline vandals in Piri and Pai communities through a joint operation involving ONSA’s Special Prosecution Team, the FCT Police Command and NNPC Ltd.’s IWSA.
NPSC, a subsidiary of NNPC Ltd., operates more than 5,000 kilometres of crude oil and petroleum products pipelines across Nigeria. However, pipeline attacks have increased in recent years, with criminal groups targeting infrastructure for illegal removal and theft.
Industry records show that 19 pipeline vandalism cases were recorded in 2025, leading to the theft of about nine kilometres of pipeline sections along the Enugu-Makurdi-Yola route and the Piri-Izom section of the Warri-Kaduna pipeline corridor.
So far in 2026, five cases have been reported, including incidents around Piri-Kwali and Gwagwalada along the Warri-Kaduna crude oil pipeline route, as well as Badanga on the Jos-Gombe pipeline corridor.
Speaking during the inspection, Group Chief Executive Officer of NNPC Ltd., Engr. Bashir Bayo Ojulari, represented by Chief Interface Officer, Dahiru Sani-Gwarzo, said the arrests represented an important step towards dismantling criminal networks behind attacks on energy infrastructure.
He said the security architecture was focused not only on apprehending those directly involved but also identifying sponsors and receivers of stolen pipeline materials.
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Business
MTN Nigeria committed to transparency, consumer education — CEO

By Peter Egwuatu
MTN Nigeria, MTNN Plc, has expressed its commitment to transparency and consumer education in its drive to strengthen trust, and promote greater digital literacy as data continues to play a central role in everyday life.
Dr Karl Toriola, Chief Executive Officer, MTNN, stated this at its public engagement platform code-named Data on Trial designed to address consumer concerns about mobile data usage, billing transparency, and digital consumption, stressing that the organisation is committed to transparency in both its financial performance and operations since it is a quoted company on Nigerian Exchange Limited, NGX.
He stated: “Data on Trial was created based on a simple belief. Trust, with our customer, grows when they are given access to the information and they are allowed to make up their mind about it. Today’s event is an opportunity for everyone to understand the facts, understand the technology behind what delivers technology in real time, and to ask the most difficult questions and hear different perspectives”.
Throughout the event, MTN’s technical experts responded to questions frequently raised by consumers, including concerns around data depletion, billing accuracy, background application activity, automatic updates, cloud synchronisation, video streaming, and multi-device connectivity.
The post MTN Nigeria committed to transparency, consumer education — CEO appeared first on Vanguard News.
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