Business
Oil prices tumble after US–Iran deal, Nigeria’s fuel cost remains high
Oil prices tumble after US–Iran deal, Nigeria’s fuel cost remains high
Global oil markets tumbled and equities surged on Wednesday after the United States and Iran struck a fragile, conditional ceasefire deal that includes reopening the critical Strait of Hormuz shipping route.
Brent crude plunged by 13 per cent to $94.80 a barrel, while US-traded crude dropped more than 15 per cent to $95.75—marking one of the sharpest declines since the conflict erupted on 28 February.
Despite the drop, prices remain significantly above pre-war levels of around $70 per barrel.
In Nigeria, this sigh of relief is yet to reflect in the pump price of fuel. Indeed, the last report as of Tuesday night was an increase of five per cent by Dangote Petroleum Refinery in its gantry price of petrol, pushing it to N1,275 per litre, from N1,200 per litre.
The ceasefire—set to last two weeks—offers temporary relief to global energy markets rattled by weeks of disruption. The Strait of Hormuz, a vital artery for global oil shipments, had been under threat after Iran warned it could target vessels in retaliation for US and Israeli airstrikes.
The easing of tensions sent stock markets rallying across Asia. Japan’s Nikkei 225 jumped 5 per cent, South Korea’s Kospi surged nearly 6 per cent, while Hong Kong’s Hang Seng rose 2.8 per cent. Australia’s ASX 200 also gained 2.7 per cent, with US futures pointing to a strong opening on Wall Street.
Announcing the deal on social media, former US President Donald Trump said Washington would suspend military action for two weeks—on the condition that Iran ensures the “complete, immediate, and safe” reopening of the Strait.
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Iran’s Foreign Minister, Abbas Araghchi, signalled Tehran’s willingness to comply, stating that a ceasefire would hold if attacks on Iran stop, adding that safe passage through the strait “will be possible.”
A report by BBC News quotes analysts as saying the move reflects growing pressure on both sides to avoid further economic fallout. Escalation risked driving energy prices even higher, potentially triggering what market watchers describe as a “self-inflicted economic wound.”
With the ceasefire in place, more oil tankers stranded near the strait are expected to resume transit, offering short-term relief. However, experts caution that a full recovery in energy supply remains distant.
Infrastructure damage across the Middle East could take months—if not years—to repair. Iran’s retaliatory strikes have hit key energy facilities, with estimates suggesting reconstruction could exceed $25 billion.
The conflict has already left deep scars on global energy supply chains. In mid-March, strikes on Qatar’s Ras Laffan industrial hub—responsible for roughly a fifth of global liquefied natural gas—cut export capacity by 17 per cent, with full repairs expected to take up to five years.
Asia has borne the brunt of the crisis, given its heavy reliance on Gulf energy supplies. Countries like India, Malaysia and the Philippines scrambled to secure safe shipping routes, while China confirmed that some of its vessels continued to pass through the strait despite the risks.
The economic strain has been severe. The Philippines, which depends on the Middle East for 98 per cent of its oil, declared a national energy emergency after fuel prices more than doubled.
Airlines across the region have also raised fares and cut routes as jet fuel costs soared.
While the ceasefire offers a breather, analysts warn it is far from a lasting solution. Energy production is unlikely to fully rebound until a durable peace agreement is secured—and even then, recovery will take time.
For now, markets are celebrating a pause in hostilities. But beneath the optimism lies a fragile reality: the global energy system remains on edge.
Oil prices tumble after US–Iran deal, Nigeria’s fuel cost remains high
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Railway
NSCDC Seals Chinese-Linked Steel Company, Arrests 12 Over Railway Track Vandalism
NSCDC Seals Chinese-Linked Steel Company, Arrests 12 Over Railway Track Vandalism
Kaduna, Nigeria – The Nigeria Security and Civil Defence Corps (NSCDC) has sealed facilities belonging to a Chinese-linked steel company across the country following allegations of involvement in railway vandalism and the illegal recycling of critical national infrastructure . The enforcement action targeted Inner Galaxy Steel Company and other associated facilities after months of intelligence-led investigations linked the firm to the alleged handling, compression, and melting of vandalised railway materials .
The operation, which followed weeks of intensive surveillance, was triggered by a viral video on social media that showed extensive vandalism of the newly laid Kaduna-Kano railway tracks as well as older rail infrastructure across parts of Northern Nigeria . After the video circulated widely, the NSCDC Commandant General, Ahmed Abubakar Audi , directed the Special Intelligence Squad (SIS) , led by Commandant Apollos Dandaura, and the Kaduna State Command to identify and arrest those responsible for the economic sabotage.
Speaking on Sunday at the company’s premises in Birnin Yero, Igabi Local Government Area of Kaduna State , the NSCDC National Public Relations Officer, Babawale Afolabi , said the operation followed the arrest of suspects and the recovery of railway tracks and sleepers from the facility . Afolabi disclosed that the corps had obtained a court order and search warrant authorising the sealing of the premises and the preservation of recovered exhibits for prosecution by the Nigerian Railway Corporation (NRC) , which has since commended the NSCDC for its sustained crackdown on railway vandals.
According to Afolabi, preliminary findings from the investigation revealed a sophisticated criminal syndicate operating under the guise of legitimate business. Vandalised railway materials were allegedly transported to the company’s Kaduna facility, where they were compressed into scrap metal to conceal their original form. From Kaduna, the compressed materials were transported to the company’s head office in Aba, Abia State . There, the stolen national assets were allegedly melted down and recycled into products such as roofing sheets, nails, and iron rods , which were then sold back to the public. The NSCDC described this as a sophisticated local and international network engaging in economic sabotage.
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Afolabi added that the court order covered Inner Galaxy Steel Company and Jiuxing Integrity Industrial Ltd , as well as other linked facilities in Abia and Zamfara states , including branches nationwide suspected to be connected to the case . The NSCDC confirmed that the enforcement operation has effectively shut down the company’s ability to continue processing stolen materials while investigations proceed.
The NSCDC has confirmed that 12 suspects are currently in custody in connection with the railway vandalism case . Those arrested from the Kaduna facility have been identified as Usman Hassan, 27 (company manager), Bilyaminu Usman, 30 (weighbridge operator), Choji John Pam, 40 (weighbridge officer), Jamilu Isah Jaafar, 37 (scrap collector), Chukwuemeka Udonwoke, 38 (supervisor), Chikwodilli Ezema, 29 (company manager), and Isaac Etim, 36 (scrap leader) . According to the corps, some of these suspects have allegedly confessed to their roles in the criminal network, providing valuable intelligence that is aiding the ongoing investigation.
The suspects are being investigated for alleged offences bordering on conspiracy to commit felony , intentional endangering of railway passengers , obstruction and destruction of railway infrastructure , theft , concealment of stolen property , and alleged financing of terrorism . The NSCDC stated that these charges reflect the severity of the crimes, which not only rob the nation of critical infrastructure but also endanger the lives of passengers who rely on the railway network for daily transportation.
Recovered exhibits from the company’s facilities include large quantities of vandalised railway tracks and sleepers , suspected NNPC and Water Board pipes valued at billions of naira, as well as specialised machines allegedly used for compressing and concealing the stolen materials . The Managing Director of the Nigerian Railway Corporation (NRC) , Dr. Kayode Opeifa , represented by NRC Chief Technical Officer Paul Doche, confirmed that NRC officials had visited the sealed facility and identified some of the corporation’s stolen materials. “We have gone round and identified some of our materials there. These are national assets,” Doche stated, adding that officials were still working to determine the full volume of recovered items because many remained buried under metal debris.
Afolabi also disclosed that Chinese nationals linked to the company have been summoned for questioning but were yet to appear before investigators . While the corps did not name the individuals, the summoning indicates that the investigation is reaching into the upper management levels of the company, and the NSCDC has made it clear that no one, regardless of nationality or status, will be shielded from prosecution if found culpable.
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“The facility will remain sealed pending the conclusion of investigations,” Afolabi stated firmly . He added that all recovered railway sleepers and tracks would be transferred to the Nigerian Railway Corporation (NRC) as exhibits for prosecution, ensuring that the stolen assets are preserved as evidence in the impending legal proceedings.
In a related development, NSCDC operatives also arrested five additional suspects over the alleged vandalism of railway infrastructure along the Kaduna-Abuja corridor in Gwagwada community, Chikun Local Government Area . Items recovered from those suspects included railway tracks, railway sleepers, and gas cylinders allegedly used to cut and damage the rail infrastructure, further demonstrating the widespread nature of railway vandalism across the region.
The NSCDC Commandant General, Ahmed Audi , has directed the Special Intelligence Squad to ensure a thorough and professional investigation, stressing that anyone found culpable would be prosecuted regardless of their status or nationality . “Under this leadership, the NSCDC will not treat economic sabotage with kid gloves. We are going after the sponsors,” the Commandant General was quoted as saying. “This operation marks the beginning of a new phase in our crackdown on syndicates supporting vandalism under any disguise.”
Audi urged members of the public to continue providing credible intelligence to support efforts aimed at curbing vandalism and protecting critical national assets . He commended the judiciary for granting the court order that enabled the sealing operation and appreciated members of the media for supporting efforts to expose economic crimes and safeguard national assets.
This is not the first time a Chinese-linked steel company has been implicated in Nigeria’s railway vandalism crisis. In May 2021 , the Nasarawa State Police Command arrested Marra Thai , a Chinese national and manager of Yong Xing Steel Company in Tunga Maje, Abuja, for allegedly acting as a “criminal receiver” of stolen railway tracks and sleepers . That case also led to the arrest of a governor’s aide, two police officers, an NSCDC personnel, and a former supervisory councillor, highlighting the deep and persistent nature of the criminal networks targeting Nigeria’s railway infrastructure.
The destruction and theft of Nigeria’s railway infrastructure represent one of the gravest threats to national development and security. Across the nation, from the Warri-Itakpe line to the Abuja-Kaduna corridor , the Eastern and Western Districts, the Lagos-Ibadan railway, and throughout the Northern network, vandals systematically dismantle tracks, steal armoured cables, and pillage essential equipment. The NSCDC’s latest operation demonstrates a renewed commitment to dismantling the supply chains that make this vandalism profitable.
As of May 25, 2026 , Inner Galaxy Steel Company’s facilities across Nigeria remain sealed. The 12 arrested suspects are in NSCDC custody, and investigations are ongoing. Chinese nationals linked to the case have been summoned but have yet to appear before investigators. The NSCDC has stated that anyone found culpable will face prosecution in accordance with the law, sending a clear message that economic sabotage will not be tolerated.
NSCDC Seals Chinese-Linked Steel Company, Arrests 12 Over Railway Track Vandalism
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Railway
NRC Cries Out as Vandals Strip Railway Tracks in Plateau, Bauchi
NRC Cries Out as Vandals Strip Railway Tracks in Plateau, Bauchi
The Nigerian Railway Corporation has raised fresh concern over reported coordinated attacks on railway infrastructure in parts of the country, warning that the growing wave of vandalism may trigger fatal train accidents and undermine billions of naira invested in the rail sector.
The corporation said recent incidents recorded in Plateau and Bauchi states have exposed a dangerous trend of deliberate destruction and illegal removal of railway materials critical to safe train operations and national economic activities.
According to a statement issued by the Chief Public Relations Officer of the NRC, Callistus Unyimadu, one of the latest incidents occurred on May 21, 2026, when a truck loaded with suspected vandalised railway materials got stuck between Kuru and Science School in Plateau State, exposing the activities of criminal elements involved in the theft and illegal transportation of railway assets.
The NRC also disclosed that along the Zango axis in Bauchi State, between Kilometer 878 and 889, railway slippers were completely removed on both sides of a level crossing, leaving only a few disconnected rail components behind.
The corporation warned that the destruction of railway tracks, slippers, clips, fastenings and signalling materials poses grave danger to rail transportation, noting that such acts could lead to catastrophic train accidents, disruption of services, loss of lives and severe economic setbacks.
Describing the development as an attack on critical national infrastructure and public safety, the Managing Director and Chief Executive Officer of the NRC, Kayode Opeifa, condemned the persistent vandalism, saying it amounted to sabotage against national progress.
He noted that the increasing incidents across the North Central and North East railway corridors indicate an alarming pattern requiring urgent intervention from security agencies, state governments, traditional rulers, community leaders and residents living along rail lines.
Opeifa appealed to Nigerians to regard railway infrastructure as a strategic national asset built with taxpayers’ money to support transportation, trade and economic growth, stressing that such facilities should not be reduced to scraps for illegal business activities.
He warned vandals, scrap dealers and other individuals involved in the unlawful purchase, destruction or movement of railway materials to desist immediately or face prosecution.
The corporation further called on security agencies to strengthen surveillance and enforcement operations around railway corridors nationwide, while urging members of the public to remain vigilant and promptly report suspicious activities around railway facilities.
The NRC urged Nigerians to join hands in protecting railway infrastructure, insisting that the nation’s rail system remains too important to be left vulnerable to criminal attacks.
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Railway
Sallah Rush: NRC Adds Extra Lagos-Ibadan Train Trips, Osun Sponsors Free Rail Service
Sallah Rush: NRC Adds Extra Lagos-Ibadan Train Trips, Osun Sponsors Free Rail Service
The Nigerian Railway Corporation has announced additional train services on the busy Lagos–Ibadan corridor ahead of the Sallah celebration, citing an anticipated surge in passenger traffic during the festive period.
In a statement signed by the Corporation’s Chief Public Relations Officer, Callistus Unyimadu, the rail operator said six train trips would operate on Tuesday, May 26, 2026, instead of the regular four trips currently running on the Lagos–Ibadan Train Service (LITS) route.
According to the NRC management, the temporary increase is aimed at easing movement for Nigerians travelling to celebrate Sallah with their families and loved ones.
Under the special arrangement, trains will depart from the Lagos end at 7:45am, 1:40pm and 4:00pm, while departures from Ibadan are scheduled for 8:00am, 10:50am and 4:30pm.
The corporation stressed that the expanded operations are only for the Sallah travel window, noting that the normal four-trip Tuesday timetable would resume immediately after the festivities.
It also disclosed that the recently introduced six-trip Thursday operations on the corridor would be temporarily scaled down next week, with only four trips scheduled for Thursday, May 28, during the review period. The regular Thursday six-trip schedule will return the following week.
Meanwhile, the Osun State Government is set to operate its annual free Sallah train service on the NRC narrow gauge line for indigenes travelling home for the celebration in Osogbo.
The special train service will depart from Iddo Station in Lagos on Tuesday, May 26, while the return journey from Osogbo to Lagos is scheduled for Thursday, May 28.
NRC explained that the service, traditionally provided during festive seasons, is being sponsored by the Osun State Government through a paid partnership with the Corporation to enable Osun indigenes travel free of charge for the Sallah celebration.
The management reaffirmed the corporation’s commitment to providing safe, efficient and reliable rail transport services across the country, while wishing Nigerians a peaceful and memorable Sallah celebration.
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