By Dipo Olowookere

A marginal 0.05 per cent loss was recorded by Customs Street on Monday, as sell-offs by market participants remained.

This was driven by the desire of investors to book profits, having witnessed a significant price appreciation on the stocks in their portfolios.

Yesterday, bargain-hunting in the banking space, which resulted in the sector closing 0.17 per cent higher, could not prevent the Nigerian Exchange (NGX) Limited from going down.

Data showed that the consumer goods segment lost 0.26 per cent, the insurance counter depreciated by 0.20 per cent, the industrial goods index shed 0.09 per cent, and the energy industry retreated by 0.03 per cent.

As a result, the All-Share Index (ASI) eased by 126.09 points to 250,204.83 points from 250,330.92 points, and the market capitalisation contracted by N81 billion to N160.363 trillion from N160.444 trillion.

NCR Nigeria and Zichis declined by 9.99 per cent each to sell for N161.20 and N26.49, respectively, Industrial and Medical Gases shrank by 9.93 per cent to N38.10, Sovereign Trust Insurance depreciated by 9.86 per cent to N2.65, and DAAR Communications slipped by 9.78 per cent to N2.03.

On the flip side, Oando gained 10.00 per cent to finish at N51.70, University Press also rose by 10.00 per cent to N5.50, Deap Capital soared by 9.96 per cent to N5.96, May and Baker expanded by 9.94 per cent to N52.00, and Trans-Nationwide Express grew by 9.92 per cent to N7.76.

Yesterday, 800.5 million equities worth N37.1 billion exchanged hands in 87,096 deals compared with the 1.1 billion equities valued at N44.3 billion traded in 65,744 deals last Friday. This showed that the number of deals went up by 32.48 per cent, while the trading volume and value went down by 27.23 per cent and 16.25 per cent, respectively.

The most active stock on the first trading session of this week was UBA with a turnover of 65.0 million units worth N2.8 billion, Fidelity Bank traded 57.3 million units for N1.3 billion, Access Holdings sold 42.3 million units valued at N1.1 billion, DAAR Communications exchanged 36.7 million units for N81.8 million, and Secure Electronic Technology transacted 36.6 million units worth N33.0 million.

By Adedapo Adesanya

Crude oil prices climbed about 3 per cent on Monday as worries over supply disruption from the Iran war offset a report that the US had agreed to ‌waive sanctions on Iranian crude during talks.

Brent futures rose $2.84 or 2.6 per cent to $112.10 a barrel, while the US West Texas Intermediate (WTI) crude for June delivery jumped $3.24 or 3.1 per cent to $108.66 per barrel.

Drone attacks on both the United Arab Emirates (UAE) and Saudi Arabia further dimmed hopes of any de-escalation in the region.

The drone strikes included an attack that led to a fire near the Barakah nuclear power plant in the UAE, with the country’s defence ministry saying two other drones had been successfully dealt with. Meanwhile, Saudi Arabia said it had intercepted three drones that entered its airspace from Iraq.

These attacks are just the latest in a string of attacks on US allies in the region after President Donald Trump launched Project Freedom, his latest attempt to reopen the Strait of Hormuz for trade.

The lack of a breakthrough on an Iran agreement during President Trump’s visit to China also added to upward pressure for oil prices, with fears of major global shortages now rising rapidly.

Also, the International Energy Agency (IEA) said ​commercial oil inventories were depleting rapidly, with only a few weeks’ worth left due to the conflict and the closure of the strait to shipping.

The head of the Paris-based agency, Mr Fatih Birol, said the release of strategic reserves had added 2.5 million barrels of oil per day to the market, but they were “not endless”.

Reuters cited an Iranian media report that the US had accepted in the new text to waive Iran’s oil sanctions during the period of talks, also reporting that Pakistan has shared with the US a revised proposal from Iran to end the war in the Middle East.

According to the Financial Times, Scotland-based economists are now examining a scenario where Brent crude surges to $180 per barrel if traffic through the Strait of Hormuz remains constrained for an extended period.

In China, growth lost momentum in April, with industrial output cooling and retail sales sinking to more than three-year lows as the world’s second-biggest economy faced higher energy costs from the Iran war and persistently weak domestic demand.

By Adedapo Adesanya

The federal government has reaffirmed its commitment to building a transparent, accountable and citizen-focused tax administration system, with the unveiling of the official website and launch of the toll-free call centre of the Tax Ombud Office.

The Minister of Information and National Orientation, Mr Mohammed Idris, on Monday described the development as a major step toward improving public confidence in the country’s tax system and enhancing access to complaint-resolution services for taxpayers.

“This is a major milestone in strengthening public trust, improving accessibility, and promoting fairness in Nigeria’s tax administration system. Effective communication and citizen engagement remain central to the success of ongoing economic reforms such as this,” the minister said.

He noted that the Mr Bola Tinubu-led administration was focused on implementing reforms aimed at strengthening revenue generation, ensuring fiscal sustainability and driving national development.

According to him, “Under the visionary leadership of President Bola Tinubu, the federal government remains steadfast in its commitment to building a stronger, more resilient, and prosperous economy through bold and strategic reforms.”

The minister stressed the importance of taxation in national development, saying it provides resources needed for investments in critical sectors such as infrastructure, healthcare, education, transportation and security.

He, however, maintained that tax administration must be built on trust, transparency and fairness rather than enforcement alone.

“Tax administration cannot succeed on enforcement alone. It must be supported by public trust, transparency, fairness, and effective communication,” Mr Idris stated.

He explained that the Tax Ombud Office was created to serve as a bridge between taxpayers and tax authorities by providing a fair and professional platform for handling complaints and resolving disputes.

The minister also commended the introduction of the toll-free call centre and official website, describing them as important tools for improving public access to information and removing communication barriers.

“The launch of the Toll-Free Call Centre demonstrates a commitment to removing communication barriers and ensuring that Nigerians can easily seek information, make enquiries, and resolve complaints without unnecessary difficulties or financial burden,” he added.

Mr Idris further emphasised the need for sustained civic education and public enlightenment to encourage voluntary tax compliance and responsible citizenship.

“Tax education is not just about revenue generation; it is about building a culture of national participation and shared responsibility,” he said.

The minister warned that misinformation and poor communication often weaken public trust in reforms, calling for stronger collaboration among government institutions, the media, civil society groups and other stakeholders.

“Misinformation and inadequate communication often contribute to distrust and resistance to reforms. This underscores the importance of strategic media engagement and sustained public communication,” he noted.

He pledged the continued support of the Federal Ministry of Information and National Orientation in sensitising Nigerians on tax reforms, taxpayers’ rights and available complaint-resolution mechanisms.