By Aduragbemi Omiyale

A bill to regulate the cryptocurrency ecosystem in Nigeria passed second reading at the Senate during a plenary on Tuesday presided over by the Deputy Senate President, Mr Jibrin Barau.

Mr Barau, who sponsored the bill titled Virtual Asset Service Providers Regulation Bill, 2026, said that when passed into law, the piece of legislation would protect stakeholders from exploitation and promote confidence.

According to him, it will also place Nigeria among African countries such as Kenya, South Africa and Ghana that have adopted formal regulatory frameworks for cryptocurrency and digital asset transactions, while empowering regulators to license operators and combat fraud, money laundering and terrorism financing.

The Kano lawmaker noted that he pushed for this because of the absence of a comprehensive regulatory and supervisory framework for virtual assets, digital assets and Virtual Asset Service Providers (VASPs) in the country.

But he said that with this, the nation’s digital economy would become robust, with investors having the confidence to explore opportunities in the market.

One of the Senators who spoke on the bill, Mrs Natasha Akpoti-Uduaghan, threw her weight behind it, noting that her son, who operates a gaming platform with a large global user base, is having a tough time getting partners to set up operations in Nigeria due to the lack of a robust regulatory environment.

She stated that billions of dollars in potential investments and job opportunities could be lost if the country fails to create the necessary legal framework for emerging digital industries.

According to her, many young innovators are being forced to take their businesses abroad, lauding the sponsor of the bill.

Others who commented on the bill emphasised that virtual assets remain an inevitable feature of the modern global economy, warning that continued regulatory gaps could drive investments and business activities into unregulated channels.

They argued that effective regulation would protect millions of Nigerians, particularly young entrepreneurs and traders, who depend on cryptocurrency and related technologies for employment and income.

After deliberations, the lawmakers passed the bill for second reading and referred it to the Senate Committee on Capital Market for further legislative scrutiny. The team is expected to submit its report within four weeks.

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited further appreciated by 0.53 per cent on Tuesday on the back of strong appetite for some large and mid-cap equities.

During the session, Airtel Africa led the gainers’ log after it appreciated by 10.00 per cent to sell for N4,021.20, International Energy Insurance grew by 9.90 per cent to N8.77, Abbey Mortgage Bank advanced by 9.76 per cent to N11.25, Infinity Trust Mortgage Bank improved by 9.63 per cent to N10.25, and First Holdco surged by 8.49 per cent to N69.00.

Conversely, Learn Africa, Trans-Nationwide Express, Okomu Oil, Unilever Nigeria, and NAHCO lost 10.00 per cent each to trade at N9.45, N4.41, N1,575.00, N140.40, and N170.55, respectively.

Business Post reports that the bears and the bulls shared the spoils on the price movement index, after Customs Street ended with 33 price gainers and 33 price losers.

The bourse witnessed sell-offs yesterday, which caused three of the five key sectors to close in the red.

The industrial goods space lost 0.99 per cent, the consumer goods index declined by 0.83 per cent, and the energy sector shed 0.14 per cent.

However, a 1.33 per cent surge posted by the banking counter and the 0.24 per cent growth recorded by the insurance sector offset the losses.

As a result, the All-Share Index (ASI) went up by 990.55 points to 244,697.62 points from 243,707.07 points, and the market capitalisation increased by N636 billion to N156.944 trillion from N156.308 trillion.

A total of 1.3 billion stocks valued at N57.9 billion exchanged hands in 59,956 deals during the trading day versus the 717.2 million stocks worth N56.7 billion traded in 73,321 deals on Monday, indicating an improvement in the trading volume and value by 81.26 per cent and 2.12 per cent, respectively, and a shortfall in the number of deals by 18.23 per cent.

Sterling Holdings transacted 715.7 million shares for N5.4 billion, GTCO sold 49.2 million stocks worth N6.7 billion, FCMB exchanged 34.4 million equities valued at N412.8 million, Veritas Kapital traded 29.1 million shares worth N48.0 million, and Access Holdings exchanged 27.3 million stocks for N680.8 million.

By Adedapo Adesanya

The oil market fell about 3 per cent ​to a seven-week low on Tuesday after Iran and Israel said they had halted attacks on each other following an ‌appeal from US President Donald Trump.

Brent futures dropped $2.80 or 3.0 per cent to settle at $91.45 a barrel, while the US West Texas Intermediate (WTI) crude slid $3.10 or 3.4 per cent to trade at $88.20 a barrel.

President Trump said he remained confident a deal with Iran could be reached soon, even as many expressed scepticism. He also said Iran shot down an American helicopter in the Strait of Hormuz, threatening retaliation.

Tensions were still simmering between Israel and Iran, after the two countries struck each other for the first time in weeks, and CNN noted that the American President had promised an impending deal on at least 37 occasions.

Meanwhile, the rift between the US president and Israeli Prime Minister Benjamin Netanyahu widened further, complicating any agreement.

According to Reuters, Iran has so far held back from attacking even though Israel struck the historic port city of ​Tyre in southern Lebanon, killing at least eight people.

However, Iran continued to block most shipping through the Strait of Hormuz, which, before the ​war, carried a fifth of the world’s crude oil and liquefied natural gas. The US has imposed its own blockade of Iranian ports.

Market analysts noted that when the strait ultimately reopens, Iran and Oman will set new conditions for passage, including transit fees.

China’s May crude imports slumped 29 per cent to their lowest level in eight years, extending a sharp decline in the world’s largest oil importer that is helping keep a lid on global oil prices.

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 9.119 million barrels in the week ending June 5. Official data from the Energy Information ​Administration (EIA) will be released later on Wednesday.

The EIA projected the Iran war would ​slash world petroleum production to ⁠an average of 99.0 million barrels per day in 2026, down from a record 106.1 million barrels per day in 2025. The agency also forecast that world oil demand would slide to 102.9 million barrels per day in 2026 from a record ​104.0 million barrels per day in 2025.