Economy
Crude Prices Jump as Iran Seizes US Oil Tanker
By Adedapo Adesanya
Prices of crude oil climbed by about 3 per cent on Thursday, spurred by fresh tension after Iran seized an oil tanker off the coast of Oman, raising the prospect of escalating conflict in the Middle East.
Brent futures rose by $2.23 or 2.9 per cent to $79.03 a barrel and the US West Texas Intermediate (WTI) crude increased by $2.34 or 3.35 per cent to $73.71 per barrel.
An American oil tanker reported to have been hijacked in the Gulf of Oman earlier on Thursday was seized by Iran in retribution for the US seizure of 1 million barrels of Iranian oil last year.
The Marshall Islands-flagged oil tanker, St. Nikolas, was previously named the Suez Rajan, which was entangled in a sanctions dispute for transporting Iranian oil that eventually led to the seizure of that oil in 2023.
The ship was reportedly on its way to Turkey when it was boarded by men in masks near Oman’s Port of Sohar. Shortly afterwards, Iran’s state-run TV reported that the Iranian Navy had seized the vessel.
The seizure of the vessel which was carrying 145,000 metric tonnes of oil loaded in Iraq comes at a time of escalating tensions in the Red Sea, where Yemen’s Houthi rebels have been targeting merchant vessels in response to a war between Israel and Hamas.
However, this hijacking took place in a different area of the waterways between Iran and Oman and near the Strait of Hormuz.
Tensions rose as the US and Britain hinted they would take further measures if the attacks continued.
In a related development, the United Nations Security Council passed a resolution demanding an immediate end to the Houthi strikes.
The Houthis vowed that any attack on the group would not go without a response.
Israel, meanwhile, faced down accusations at the World Court of genocide in its war in Gaza as South Africa at the International Court of Justice (ICJ) in the Hague accused Israel of violating the 1948 genocide convention, enacted in the wake of the mass murder of Jews in the Holocaust, which mandates all countries to ensure such crimes are never repeated.
A German economic institute said on Thursday that global trade dropped by 1.3 per cent from November to December 2023 as militant attacks on merchant vessels in the Red Sea led to a plunge in the volumes of cargo transported in the region.
In the US, data showed consumer inflation rose to 4.1 per cent in 2023 from 8.0 per cent in 2022, representing a 3.4 per cent from December 2022 to 2023 while on a monthly basis, it rose 0.3 per cent.
The rise in inflation could delay a much-anticipated interest rate cut in March from the US Federal Reserve as lower interest rates would reduce consumer borrowing costs, which could boost economic growth and oil demand.
Oil prices rose even though refiners in China, the world’s top oil importer, asked for less Saudi crude oil in February even though Saudi Arabia, the world’s top oil exporter, announced its biggest price cut in 13 months.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.
The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.
According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.
The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.
“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.
The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.
According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.
“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.
The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
By Adedapo Adesanya
It was a horrible day for the Nigerian Naira in the different segments of the foreign exchange (FX) market on Monday, May 15, as its value further weakened against the United States Dollar.
In the black market window, the Naira lost N5 against the Dollar yesterday to sell for N1,390/$1 compared with the previous value of N1,385/$1, but at the GTBank forex counter, it remained unchanged at N1,383/$1.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), the Nigerian currency depreciated against the greenback by N2.66 or 0.19 per cent to sell for N1,373.70/$1 compared to last Friday’s rate of N1,371.04/$1.
Equally, it fell against the Pound Sterling in the same market segment by N9.05 to trade at N1,839.66/£1 versus N1,830.61/£1, and lost N5.42 on the Euro to close at N1,600.49/€1 versus N1,595.07/€1.
The performance of the local currency during the session indicates early worries despite all signals pointing to stability, amid improved Dollar sales by the Central Bank of Nigeria (CBN), with steady, higher oil receipts to bolster the nation’s reserves.
Activity at the market showed that turnover rose 57.3 per cent to $76.29 million on Monday from $48.49 million posted on Friday.
Over the weekend, S&P raised Nigeria’s credit ratings for the first time since 2012 and highlighted improved FX market liquidity and $10 billion turnover recorded in April 2026 as one of the major gains of the CBN-led FX reforms.
The agency said the liberalisation of the exchange rate has bolstered access to foreign currency and enabled a market-driven exchange-rate environment while supporting investor and consumer confidence.
Meanwhile, the cryptocurrency market was bullish on Monday as investors monitored developments in the Iran conflict and weighed the impact of surging oil prices on inflation and US interest-rate expectations.
Ethereum (ETH) gained 0.7 per cent to trade at $2,134.10, Cardano (ADA) rose by 0.6 per cent to $0.2515, Solana (SOL) expanded by 0.3 per cent to $85.11, Binance Coin (BNB) jumped 0.2 per cent to $643.29, TRON (TRX) increased by 0.03 per cent to $0.3565, and Bitcoin (BTC) advanced by 0.02 per cent to $76,912.12.
On the flip side, Dogecoin (DOGE) slid by 1.5 per cent to $0.1044, and Ripple (XRP) decreased by 0.5 per cent to $1.38, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
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