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Stumbling Dollar, Nigeria Sabotage Push Crude Oil $50 P/Barrel

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Brent crude oil prices rose to $50 a barrel early this morning, lifted by a plunge in the U.S.-dollar that could spur demand, just as ongoing attacks on oil infrastructure in Nigeria tighten supplies.

Reuters reported that international Brent crude futures were trading at $50.03 per barrel at 0139 GMT (09:39 p.m. EDT), up 39 cents or 0.8 percent from their last settlement. U.S. West Texas Intermediate (WTI) crude futures were up 49 cents or 1 percent at $49.11 a barrel.

Traders said that the higher oil prices were a result of a sharp fall in the dollar on Friday, when the greenback lost over 1.5 percent intra-day against a basket of other leading currencies.

The drop followed soft U.S. jobs data that sparked concerns over the state of the world’s biggest economy, but a weaker dollar is seen as supporting fuel demand in the rest of the world as it makes dollar-traded oil imports cheaper.

“The weaker U.S.-dollar drove commodity prices higher,” ANZ bank said on Monday.

The beginning of the Muslim holy month of Ramadan on Monday is also seen as supportive of prices as driving demand picks up in most Muslim dominated countries.

Traders said frequent attacks on oil infrastructure in Nigeria, which has already pulled the country’s output to over 20-year lows and which rebels said could fall to zero soon, were also supporting oil prices.

So far, supply cuts like those in Nigeria or Libya, have been met by rising output in the Middle East, especially Iran, which has been ramping up its output following the end of international sanctions against it in January.

But Iran’s is returning to international oil markets more quickly than expected – including using international tanker operators to ship its crude – and is fast hitting its maximum capacity.

This means that further disruptions in global supplies might not be compensated by rising Iranian output.

The price rally, however, was capped on signs of increased output.

U.S. energy firms this week added rigs drilling for oil for the second time this year, energy services company Baker Hughes Inc said on Friday, as producers cautiously upped activity following months of rising prices.

Drillers added nine oil rigs in the week to June 3, bringing the total rig count up to 325, compared with 642 a year ago, Baker Hughes said in its closely followed repo


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NCC Retains Rudman as Chairman of the Newly Inaugurated IPv6 Council Board, Tasked Them to Advance Nigeria’s Digital Migration

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The Nigerian Communications Commission (NCC) has officially inaugurated the new board of the Nigerian Internet Protocol version 6 (IPv6) Council in Ikeja, Lagos. Mr. Muhammed Rudman, Chief Executive Officer of the Internet Exchange Point of Nigeria (IXPN), will continue to serve as Chairman.

This inauguration marks a significant milestone for Nigeria’s telecommunications sector, as global demand for IPv4 now exceeds the available IPv4 address space.

Following the event, Rudman acknowledged the contributions of former board members, including Olusola Teniola (former President, ATCON), Funke Opeke (Founder, MainOne), Mary Uduma (former President, NiRA), and Lanre Ajayi (past President, ATCON), emphasizing that their involvement was instrumental in establishing the nation’s foundational IPv6 migration efforts.

Rudman noted that membership in the IPv6 Council is institution-based. The reconstituted board includes Mr. Muhammed Rudman as Chairman and a representative from the NCC as Co-Chairman. Institutional representatives from NITDA, ATCON, NIRA, ALTON, ISPON, and NgREN serve as board members, with Dr. Chris Uwaje and Prof. Latif Ladid acting as Advisers. This group is responsible for leading the nationwide migration from IPv4 to IPv6.

“The transition to IPv6 is a strategic national priority. It is essential for enabling Nigeria’s digital transformation, economic growth, and global competitiveness. The council’s strategy identifies IPv6 as a primary catalyst for national development, focusing on three pillars: supporting emerging technologies such as 5G and the Internet of Things (IoT), promoting economic diversification, and providing enhanced security and performance compared to legacy solutions such as Network Address Translation (NAT),” Rudman stated.

To achieve these objectives, the council’s action plan is structured around two primary initiatives: awareness-raising and capacity-building. The board will prioritize promoting national awareness of IPv6 through targeted events and workshops, while also providing IPv6 training to network engineers across various operators, including ISPs, telecommunications companies, educational institutions, and financial organizations. These efforts are expected to facilitate the acquisition and deployment of IPv6 throughout Nigerian networks.

The council will develop and oversee the national IPv6 strategy, monitor adoption across sectors, and report regularly to the Federal Government. Additionally, the council will identify technical challenges, strengthen local engineering capacity, and recommend regulatory measures to encourage ISPs, telecommunications operators, academic institutions, and enterprises to upgrade.

With the Nigeria IPv6 Council now operational, local enterprises and network providers are required to upgrade their systems to sustain the nation’s position in the global digital landscape.


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ALX Broadens AI Training in Africa

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Pan-African talent accelerator ALX is expanding its footprint and shifting to a fully self-paced learning model to train and integrate young Africans into the workforce, as the global economy reorganises around artificial intelligence (AI).

Partnering with the MasterCard Foundation, the technology training provider and career accelerator designed to equip African talent, says it enables learners to access tech training for $5 a month.

It emphasises a shift in demographics saying that by 2035, more young Africans will enter the workforce annually.

ALX notes that its model has graduated 347,100 learners, with 63% finding employment within six months. Women represent over half of all graduates. To increase flexibility, the organisation emphasises that learning is now entirely self-paced.

“Learners progress through modular blocks, earning credentials as they go, ensuring that the training fits around their existing responsibilities,” says Shana-Michelle Rabonda, Chief Operating Officer of ALX.

Rabonda adds that global employers are taking notice: “We are building a direct pipeline to the global digital economy. When companies look for elite tech talent, they are looking at Africa.”

Due to this demand, firms such as Absa, Stanbic Bank, MTN, and KPMG now employ between 50 and 180 ALX graduates each. Meanwhile, community entrepreneurs have created over 60,100 jobs through AI startups like Signvrse and Edulga.

With Africa’s AI market projected to grow to $16.5 billion by 2030, ALX operates alongside competitors like Moringa School and GoMyCode to secure mindshare.

“With the right skills and networks, young Africans can seize these opportunities,” Rabonda emphasises. “Africa’s youth should not just be consumers of AI; they should be creators shaping innovations that will define the global economy.”


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Swift Network Faces Winding-up Battle over Alleged N115m Debt

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A Federal High Court sitting in Lagos has ordered the advertisement of a winding-up petition filed against telecommunications service provider, Swift Network Plc, over its alleged inability to settle a debt exceeding N115 million.

The order followed an application filed by Optics and Wireless Limited through its counsel, Bimbo Adebayo-Ogunlaja, urging the court to permit the publication of the winding-up petition instituted against the company.

In the petition, Optics and Wireless Limited alleged that Swift Network Plc is indebted to it in the sum of N115,482,302.88, being the outstanding payment for network devices supplied to the telecommunications firm since April 2024.

The petitioner is also seeking the payment of N70,530,062 as accrued interest arising from a loan facility allegedly obtained to finance the transaction between both parties, as well as general damages for breach of contract.

According to court documents, the dispute arose from a series of transactions carried out between April 2024 and February 2025, during which Swift Network Plc, through its procurement officer, allegedly requested the petitioner to manufacture and supply various network devices based on purchase orders issued by the company.

The petitioner stated that payment for the supplied items was expected either immediately after delivery or within 30 days of supply, but alleged that Swift Network repeatedly failed to honour the agreement despite receiving the products.

Optics and Wireless Limited further claimed that it became apparent after the final order for servers in April 2025 that the respondent was either unwilling or unable to settle the accumulated debt.

The petitioner also informed the court that its solicitors, Messrs Zionla Legal Practitioners & Solicitors, subsequently issued a statutory notice of demand dated December 11, 2025, demanding payment of the outstanding sum and accrued interest.

According to the petitioner, all efforts to recover the debt proved unsuccessful, adding that the situation has exposed the company to serious financial challenges and possible legal action from the bank that allegedly granted it the loan facility used to execute the supply contracts.

Optics and Wireless Limited argued that Swift Network Plc is insolvent and unable to meet its financial obligations, urging the court to wind up the company in line with the provisions of the Companies and Allied Matters Act and the Winding-Up Rules.

Among the reliefs sought, the petitioner asked the court to order that Swift Network Plc be wound up by the court and that any voluntary winding-up process involving the company should continue under the supervision of the court.

Justice Lewis Allagoa subsequently adjourned the matter till July 10 for further hearing.

 


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