By Adedapo Adesanya

The Brent crude grade gained 1.23 per cent or 83 cents to trade at $68.40 per barrel on Wednesday amid looming Iran concerns, supported by a weak US Dollar.

In the same vein, the US West Texas Intermediate (WTI) crude appreciated by 82 cents or 1.31 per cent to trade at $63.21 per barrel.

US President Donald Trump urged Iran on Wednesday to come to the table and make a deal on ‌nuclear weapons or the next US attack would be far worse, but Tehran said that if ​that happened it would fight back as never before.

“A massive Armada is heading to Iran. It is moving quickly, with great power, enthusiasm, and purpose,” President Trump said in a post on his social media platform Truth Social on Wednesday.

US Central Command said Monday that the Abraham Lincoln Carrier Strike Group had arrived in the Middle East “to promote regional security and stability.”

The American President had threatened to attack Iran if it killed protestors during a mass uprising earlier this month. Thousands of people died after the Islamic Republic cracked down on the unrest. But the U.S. president has held back from military intervention so far.

He also warned Iran that a possible attack would be worse than the bombing campaign he ordered last June on the Islamic Republic’s nuclear facilities.

A weak US Dollar kept the prices elevated as it neared four-year lows against a basket of other currencies, making ‍dollar-denominated commodities such as oil cheaper for those holding other currencies.

Meanwhile, in its first monetary policy decision of 2026, the Federal Reserve elected to hold the federal funds rate steady at 3.50 per cent–3.75 per cent, pausing further cuts after three reductions late last year.

The decision, made at the January 27–28 Federal Open Market Committee meeting, reflects a cautious stance amid mixed economic signals and persistent inflation above target.

The FOMC statement shows that while economic activity “has been expanding at a solid moderate pace,” job gains have slowed and the unemployment rate has only “shown some signs of stabilization,” leading policymakers to resist further easing for now.

Negotiations between Russia, Ukraine and the US are set to resume in Abu Dhabi, the United Arab Emirates (UAE) on February 1.

Crude oil inventories in the US decreased by 2.3 million barrels during the week ending January 24, according to new data from the US Energy Information Administration (EIA) released on Wednesday. The EIA’s data release follows figures by the American Petroleum Institute (API) that were released a day earlier, which suggested that crude oil inventories fell by 247,000 barrels.

By Adedapo Adesanya

The Lagos Chamber of Commerce and Industry (LCCI) has decried the frequent grid disturbances, saying they pose a grave threat to the economy, particularly to manufacturers and small businesses.

The LCCI concern came after the second national grid collapse within four days on Tuesday, which plunged the country into widespread outage and disrupted economic activity nationwide. It followed up from the 12 of such occurrences which were recorded in 2025.

Speaking about the issue, the director general of LCCI, Mrs Chinyere Almona, said, “This recurrence underscores deep structural and operational weaknesses in the power transmission system and poses a direct threat to manufacturers, MSMEs, and Nigeria’s overall business environment at a critical moment when the economy is expected to move from crisis management and stabilisation (2023–2025) into a consolidation phase in 2026.”

According to her, based on recent patterns and in the absence of urgent structural fixes, the LCCI estimates that Nigeria could experience tens of grid collapses in 2026 under a ‘business-as-usual’ scenario.

She noted that with immediate reforms, system upgrades, and strict operational discipline, this figure can be reduced to zero incidents, moving the country closer to grid reliability benchmarks required for economic consolidation.

Mrs Almona noted that repeated grid failures impose severe costs on businesses through lost production hours, damaged equipment, increased reliance on self-generation, higher operating expenses, and reduced competitiveness, saying that these disruptions weaken investor confidence, worsen inflationary pressures, and undermine the credibility of economic reforms.

She called on the federal government to take a decisive and transparent position by instituting an independent forensic audit of the national grid covering transmission infrastructure integrity, system protection schemes, operational protocols, and governance of grid management, adding that the findings should form a critical part of a grid performance system reform in the short term.

“Without urgent intervention, recurring grid collapses will continue to undermine the government’s objective of entering a consolidation phase in 2026, while constraining productivity, exports, and job creation. A reliable power supply is foundational to industrialisation, competitiveness, and macroeconomic stability.

“The Chamber reiterates that restoring grid stability must be treated as an economic emergency, not merely a technical issue. At this stage, the causes of these collapses should be well understood, better managed, and effectively prevented. What we are witnessing today is therefore unacceptable and calls for decisive, coordinated action to safeguard national economic performance,” the LCCI DG said.

By Adedapo Adesanya

A Lagos Special Offences Court has convicted AAC Consulting Limited for stealing over N30.5 million belonging to contract staff of Chevron Nigeria Limited.

The judge, Justice Rahman Oshodi, found the firm guilty of stealing N30,564,635.81, following its prosecution by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC).

The conviction followed the company’s guilty plea to an amended one-count charge of stealing, contrary to Section 285(1) of the Criminal Code, Laws of Lagos State, 2011, sealing a long-running fraud case that exposed how outsourced workers’ salaries were diverted by their own payroll handlers.

The case dates back to June 5, 2023, when AAC Consulting Limited and its Managing Director, Anthony Adeoye, were arraigned on a 50-count charge bordering on stealing and issuance of dud cheques. Both defendants initially pleaded not guilty, forcing the EFCC to open full trial.

During proceedings, prosecuting counsel, Mr I.O. Daramola, called two witnesses, while several documents were tendered and admitted as exhibits by the court to establish how the funds meant for Chevron contract staff were allegedly misappropriated.

However, the trial took a dramatic turn after the full repayment of the stolen sum to the petitioner in December 2023.

Following the refund, the defendants changed their plea to “guilty”, prompting the EFCC to amend the charge, dropping the multiple counts and proceeding against the company alone on a single count of stealing.

The amended charge stated that AAC Consulting Limited, “on or about April 27, 2013, at Lagos, dishonestly converted to its own use the aggregate sum of N30,564,635.81, property of contract staff of Chevron Nigeria Limited.”

After reviewing the plea and evidence before the court, Justice Oshodi convicted the company and imposed a N5 million fine, with a stern warning.

The court ordered that the fine must be paid within 14 days, failing which AAC Consulting Limited will be wound up.

The conviction sends a strong message to outsourcing and payroll management firms, particularly those handling funds for multinational oil companies, that refund of stolen money does not erase criminal liability.

For the affected Chevron contract staff, the judgment closes a 13-year chapter of financial abuse, while reinforcing EFCC’s stance that corporate entities will be held accountable for payroll fraud and breach of trust in Nigeria’s corporate and labour ecosystem.