Business
Bullion van attacks: Odumosu accuses bank officials of conspiracy
Lagos Police Commissioner, Hakeem Odumosu, has accused officials of commercial banks of conspiring with criminals to attack bullion vans and cause other security lapses at banks.
He specifically warned Cash in Transit (CIT) officials suspected to have exhibited some unprofessional conducts in the attacks of bullion vans in Lagos recently.
The police boss reportedly addressed some bank officials on Tuesday at the police command in Ikeja, where he frowned on the lackadaisical attitudes of banks and financial institutions to securing their facilities and cash in transit.
According to a statement by spokesman Olumuyiwa Adejobi, Odumosu recalled the attack on a bullion van in the Langbasa-Ajah area of Lagos State recently.
“The two policemen allegedly on the escort movement were procured illegally and without the knowledge of the command. This kind of a movement is condemned and unacceptable in totality.
“Moving forward, the police boss stressed that security must be provided for all bank facilities and CIT movements as the command will not tolerate kangaroo security arrangement for cash in transit in the state,” it said.
The statement read in part, “The police boss also directed that Standard Operating Procedure on Species Escort (movement of valuables) must be sustained; noting that there must be minimum of two operational vehicles conveying fully armed policemen escorting a bullion van which must be fully armoured.
“Similarly, in compliance with traffic rules, the Commissioner of Police strongly warned them against driving on One Way and BRT corridors, driving of bullion vans without or with covered number plates, breaking of traffic light and reckless driving on highways.
“He further warned that bullion vans must be roadworthy and standardised by the State Commands Transport Officer.
“CP Hakeem Odumosu then ordered Area Commanders, DPOs and Heads of Departments to henceforth stop and contravene any bullion van on movement without due compliance with the stipulated security arrangements and traffic regulations in the state.
“He also warned the Commanding Officers of Police Mobile Force in the state to desist from deploying men to banks and financial institutions without due approval of the Commissioner of Police.
“In addition, CP Hakeem Odumosu encouraged banks to fortify security in their facilities by installing more sophisticated CCTV cameras that have 100 day recording capacity so as to have a backup and source of evidence in police investigation of any incident within their areas of responsibility.
“At the end of the meeting, CP Hakeem Odumosu formed a committee for the implementation of the rules and regulations of providing security to banks, financial institutions and movement of valuables (cashes) within the state.
“The committee comprises the Deputy Commissioner of Police, Department of Operations, DCP Mohammed Ali, Officer in Charge of Bank Guards, Lagos State Command, two of the Chief Security Officers of the bankers and two representatives of the Cash in Transfer firms.”
Business
Iran-Israel war: Petrol nears N1,000/L, further hike imminent
Iran-Israel war: Petrol nears N1,000/L, further hike imminent
Filling stations across the country have adjusted the pump price of premium motor spirit (PMS), otherwise known as petrol, with a litre sold at almost N1,000 across the country.
This followed the recent increase in the price of crude oil on the global market, triggered by the escalating Israel-Iran hostilities, with marketing advising Nigerians to brace up for further increases unless there is a de-escalation of the current tension.
Newstrends reports that since the conflict started, there has been severe damage to critical oil infrastructure, triggering a sharp spike in global oil prices.
Spike in crude prices
As soon as the conflict started, Brent crude increased by 11.71% from $66.45 penultimate Monday to $74.23 after hitting an intraday high of $78.50, the highest since January 27.
Also over the penultimate weekend, U.S. West Texas Intermediate crude finished at $72.98 a barrel, up $4.94, or 7.62%.
Similarly, WTI jumped over 14% to its highest since January 21 at $77.62. WTI climbed 13% to its level a week ago.
Israel and Iranian hostilities have worsened volatilities in the oil and gas sector as investors are on the edge of price instability amidst fear of escalating Middle East conflict.
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As of yesterday (Sunday), crude prices have rallied above $77 per barrel, slipping from $79 over the weekend. There are fears of further increases following US President Donald Trump’s decision to strike three nuclear facilities in Iran, even as Iran has vowed retaliation.
Fear of further spike as Iran vows retaliation
Analysts say retaliation from Iran may increase crude prices further.
As the third-largest oil producer in the world, Iran accounts for over 24 percent of the oil in the Middle East and over 10 percent of the global oil.
In a worst case scenario, JP Morgan said it sees oil averaging $60 in 2026, but flagged $120–$130 per barrel as a potential range in the event of worst-case outcomes—namely, military conflict and a closure of the Strait of Hormuz, through which one-fifth of global oil flows.
JP Morgan noted that while such escalations could lead to meaningful supply disruption, particularly if Iran’s 2.1 million bpd of exports are cut off, its base case still assumes diplomacy holds.
While increasing prices of crude means more foreign exchange inflows for Nigeria, its flip side is the rise in the price of PMS at the domestic market, with analysts and marketers warning that Nigerians should brace up for more.
Speaking on the rising oil prices, Chief Executive Officer, Centre for the Promotion of Private Enterprises (CPPE), Dr. Muda Yusuf explained that while the surge in crude oil price would impact on foreign exchange earnings, oil being the biggest forex earner for the country, “Economies around the world [Nigeria inclusive] would witness a surge in the price of petrol, diesel, jet fuel, gas and related products in the near term. This would have far reaching implications for many economies and businesses.”
He said, “This would even be more impactful if output performance improves. Crude oil price has surged to $75 per barrel, which is about 15% higher than before the outbreak of the Israeli–Iran conflict.
“This development would also positively impact the country’s foreign reserves, ensure better forex liquidity and ultimately the stability of the naira exchange rate.”
Iran-Israel war: Petrol nears N1,000/L, further hike imminent
Daily Trust
Business
Bank of Agriculture gets FG’s N1.5trn
Bank of Agriculture gets FG’s N1.5trn
The Federal Government has recapitalized the Bank of Agriculture with N1.5 trillion as part of a broader strategy to enhance food security and support farmers across the country.
Additionally, more than N200 billion has been deployed toward agricultural initiatives, including the distribution of 2.15 million bags of fertilizer and the creation of a comprehensive farmer registry aimed at reaching over 42 million households.
This development was disclosed in a statement signed by Kamorudeen Yusuf, Personal Assistant on Special Duties to the President, on Sunday.
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The statement revealed that the Minister of Agriculture and Food Security, Senator Abubakar Kyari, made the announcement during a high-level meeting with officials from The Gambia’s Ministry of Agriculture in Abuja.
The minister reiterated Nigeria’s dedication to “sustainable mechanization, youth inclusion, and regional collaboration within ECOWAS.”
In response, The Gambia commended Nigeria’s strides in rice production and sought technical assistance to emulate the country’s success in that sector.
Also speaking, Nigeria’s Minister of State for Agriculture, Senator Aliyu Abdullahi, noted that the nation’s advancements in agriculture could serve as a blueprint for the continent. He stated, “Nigeria’s agricultural progress can serve as a guide for Africa in achieving food sovereignty.”
Bank of Agriculture gets FG’s N1.5trn
Business
Dangote refinery raises petrol ex-depot price to N880/litre
Dangote refinery raises petrol ex-depot price to N880/litre
Nigerians may soon pay more for Premium Motor Spirit (PMS) following a fresh hike in ex-depot prices by the Dangote Petroleum Refinery.
The refinery on Friday raised the rate to N880 per litre, up from N825, according to information obtained by Chronicle NG.
This N55 increase is expected to reverberate across the fuel supply chain, potentially pushing pump prices above N900/litre in some areas, particularly those distant from major depots.
The hike comes amid a global decline in crude oil prices. On Friday, Brent crude dropped by 3.02% to $76.47, WTI declined to $74.93, and Murban fell to $76.97. However, this price relief on the international market offers little benefit locally due to ongoing concerns about supply disruptions and exchange rate instability.
Dangote Group President Aliko Dangote attributed the price adjustment to operational costs and an increased reliance on imported crude oil. He disclosed that the refinery is now “increasingly” sourcing crude from the United States due to local shortages.
Reports show that the refinery is projected to import 17.65 million barrels of crude oil between April and July 2025, with 3.65 million barrels already received in the past two months. This development is taking place under the Federal Government’s naira-for-crude policy.
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Addressing the Technical Committee of the One-Stop Shop for the crude and refined products initiative, Dangote explained that the refinery continues to battle crude shortages, necessitating U.S. imports.
On Monday, Festus Osifo, President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), criticised fuel marketers for inflating prices despite global crude oil price drops.
“If you go online and check the PLAT cost per cubic metre of PMS, convert that to litres and then to our Naira, you will see that with crude at around $60 per barrel, petrol should be retailing between N700 and N750 per litre,”
he said.
Osifo argued that Nigerians should benefit from lower fuel prices when crude prices fall.
“If Nigerians bear the brunt of higher fuel costs, they should be allowed to enjoy the benefit of low pricing.”
The increase now appears to affirm Osifo’s warning, with many depot owners and distributors bracing for new pricing benchmarks. Sources indicate that fuel marketers have been on hold since Tuesday when Dangote paused sales and withheld new PFIs, triggering speculative pricing hikes.
As supply resumes at the new rate, downstream players anticipate widespread adjustments to retail pump prices, raising renewed concern over affordability and inflationary pressure.
Dangote refinery raises petrol ex-depot price to N880/litre
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