Business
Oil tops $100, stocks dive as Russia invades Ukraine
Oil prices soared past $100 and safe havens rallied while equities tumbled Thursday after Russian President Vladimir Putin sent forces into Ukraine, accelerating fears of a major war in eastern Europe.
After weeks of warnings from the United States and other powers, the Kremlin — which is said to have around 200,000 lined up — ordered a wide-ranging offensive into its neighbour, days after saying it would provide “peacekeepers” to two breakaway regions.
The Russian president said in a surprise statement on television: “I have made the decision of a military operation.”
He also vowed retaliation against anyone who interfered and called on the Ukraine military to lay down its arms.
There were later reports of incursions from several directions, with Ukraine’s border guard service saying Russian tanks and other heavy equipment crossed the frontier.
The news sparked a furious reaction from world leaders and pledges to ramp up sanctions on Moscow.
Oil prices rocketed more than six percent with Brent cruising past $100, for the first time since September 2014, while other commodities including wheat rallied on fears about supplies from the resource-rich region. Aluminium hit a record high.
Safe have assets also surged, with gold hitting a more than one-year high, the Japanese yen piling higher against the dollar and the Swiss franc hitting a five-year high on the euro.
The dollar was up nine percent against the ruble, which has been battered in recent weeks on worries about the impact of sanctions on the Russian economy, while the Moscow Stock Exchange plunged almost 14 percent after suspending trading earlier in the day.
The country’s central bank said it was intervening to “stabilise the situation”.
Asian equities plunged, with Hong Kong, Sydney, Mumbai, Singapore and Wellington down at least three percent, while Seoul, Taipei, Bangkok and Manila fell more than two percent. There were also steep losses in Tokyo, Shanghai and Jakarta.
London lost more than two percent at the open while Paris and Frankfurt lost more than four percent.
“It is hard to find any reasons for the selloff to reverse now that it appears the tanks are rolling,” said OANDA’s Jeffrey Halley.
“Stronger sanctions are to come on Russia and energy prices will inevitably head higher in the short term.”
Ukrainian President Volodymyr Zelensky had earlier warned Russia could start “a major war in Europe” in the coming days.
US President Joe Biden deplored the Russian operation as an “unprovoked and unjustified” attack, adding that it would cause “catastrophic loss of life and human suffering”. Further stringent sanctions would be announced, he said.
He was joined by leaders around the world, with NATO ambassadors holding an urgent meeting and the European Union saying Moscow would face “unprecedented isolation”.
Earlier, the United Nations was told a full-scale Russian invasion would have a devastating global impact that would likely spark a new “refugee crisis”.
China called for “restraint” on all sides.
“Russia/Ukraine tensions bring both a possible demand shock (for Europe), and more importantly a much larger supply shock for the rest of the world given the importance of Russia and Ukraine to energy, hard commodities and soft commodities,” said National Australia Bank’s Tapas Strickland.
The crisis comes as governments struggle to contain runaway inflation fuelled by demand as life returns after recent Covid-19 lockdowns, with many fearing the fragile global economic recovery from the pandemic could be knocked off course.
After staging a slight bounce Wednesday in reaction to what were considered light sanctions against Moscow, Asian markets were back in the red after a hefty drop on Wall Street.
‘Policy mistakes’
The stand-off in Europe has provided central banks with a further headache as they move to lift pandemic-era financial support and tighten monetary policy.
Attention is on every utterance from Federal Reserve officials as they prepare to hike interest rates next month, with speculation over how fast and hard it will move.
Commentators said bets are on six increases this year, down from previous forecasts for up to seven, adding the stakes are rising further.
“Policy mistakes at this point in time are almost guaranteed,” Shana Sissel of Banrion Capital Management told Bloomberg Television.
“The question isn’t, ‘Is there going to be a policy mistake?’, but, ‘How bad will it be? Will the Fed hike too much too fast, will they front-load everything?’”
And with uncertainty reigning supreme, warnings abound of worse to come, with BNY Mellon Investment Management’s Lale Akoner saying: “Expect volatility to really persist in the next few months.”
Geopolitical risks were flaring at a “very inopportune time”, she added, as traders try to navigate central bank tightening.
Key figures around 0710 GMT
Brent North Sea Crude: UP 6.8 percent at $103.38 per barrel
West Texas Intermediate: UP 6.4 percent at $97.97 per barrel
Tokyo – Nikkei 225: DOWN 1.8 percent at 25,970.82 (close)
Hong Kong – Hang Seng Index: DOWN 3.2 percent at 22,901.56 (close)
London – FTSE 100: DOWN 2.7 percent at 7,298.98
Shanghai – Composite: DOWN 1.7 percent at 3,429.96 (close)
Dollar/yen: DOWN at 114.61 yen from 114.96 yen late Wednesday
Euro/dollar: DOWN at $1.1251 from $1.1308
Pound/dollar: DOWN at $1.3478 from $1.3545
Euro/pound: UP at 83.46 pence from 83.41 pence
New York – Dow: DOWN 1.4 percent at 33,131.76 (close)
Sedabuk Oil and Gas Industry Limited has been listed among the 100 Safe Companies to Do Business With in Africa for 2025 by Emerging Elites Magazine International, in recognition of the firm’s integrity-driven operations, strict compliance culture, and employee-focused policies.
The award was presented to the Managing Director of the company, Engr. Adunola Oseni, at a ceremony attended by members of Sedabuk’s management and staff, alongside the editorial board and team of Emerging Elites Magazine in Lagos.
Presenting the award, the Editor-in-Chief of Emerging Elites Magazine International, Princess Olivia Chukwuma, said Sedabuk emerged after a “thorough, transparent and merit-based selection process” designed to identify African businesses that exemplify excellence and ethical conduct.
According to her, the 100 Safe Companies to Do Business With in Africa Award is an international initiative created to recognise indigenous African companies with proven records of integrity, safety, and best business practices, noting that awardees are continuously monitored and recertified every three years if standards are sustained.
The MD of Sedabuk Oil and Gas Industry Limited, Engr. Adunola Oseni, poses with the Certificate of Award shortly after the company was recognised among Africa’s 100 safest companies to do business with.
Chukwuma said Sedabuk was selected for its employee-centric culture, stressing that the company has no record of unpaid salaries since inception, maintains fair wages, and prioritises staff welfare through initiatives such as its “One Nutritional Meal a Day” programme, which she described as “rare and commendable” in Nigeria’s oil and gas sector.
She also cited the firm’s zero-tolerance policy for fraud, recalling a June 2022 incident in which a pump attendant was sanctioned for under-dispensing fuel while affected customers were compensated, an action she said “clearly reflects Sedabuk’s philosophy of integrity in service delivery.”
Other factors that earned the company the award, she said, include its reputation for honouring contracts, absence of contract-related court cases, strict adherence to safety standards, and voluntary compliance with regulatory obligations, taxes, and statutory dues without coercion.
“With these attributes and more, Sedabuk Oil and Gas has become a beacon of hope—a new breed of Nigerian company that is trustworthy, valuable, and safe to do business with,” Chukwuma said, as she inducted the firm into the Hall of Fame of the 100 Businesses Safe to Do Business With in Africa 2025.
MD, Engr.Adunola Oseni and staff of Sedabuk Oil and Gas Industry Limited during the presentation of a Certificate of Award by The Emerging Elites Magazine International, honouring the company’s adherence to safety standards and best business practices.
Responding, the Managing Director, Engr. Adunola Oseni described the recognition as “a validation of our core values and a strong motivation to do more,” adding that the award belonged to the entire workforce of the company.
“We will continue to uphold integrity, safety, and transparency in all our operations, remain committed to staff welfare and regulatory compliance, and set standards that others in the industry can emulate,” the Sedabuk boss said.
Sedabuk Oil and Gas Industry on Tuesday reinforced its reputation as a people-centred organisation as it rewarded outstanding employees with cash prizes totalling over ₦10 million at its 2025 Employee Recognition and Awards ceremony held in Lagos.
The event, which attracted over 300 staff members alongside top management officials from across the company’s divisions and subsidiaries, was organised to celebrate excellence, dedication, and loyalty within the Sedabuk workforce.
Speaking at the ceremony, the Managing Director, Engr. Adunola Oseni, described the occasion as one of the proudest moments in the company’s journey, noting that Sedabuk’s steady growth has been deliberately anchored on staff welfare and well-being. She said the company, from inception, made a firm commitment to put its people first, stressing that no organisation can truly thrive if its workforce is neglected.
Oseni disclosed that Sedabuk has never owed or delayed salaries since it commenced operations, describing prompt payment as a mark of respect and responsibility. She added that the company reviewed and increased salaries twice in 2025, improved wages across the board, and sustained its seven-year-old One-Day-Meal Programme to ensure employees do not work hungry.
The managing director announced cash awards spanning retail operations, station-based roles, marts, laundromats, and group-wide excellence categories, explaining that the initiative was not just about financial rewards but about recognising hard work and reinforcing a culture of appreciation. According to her, a loyal and motivated workforce remains the company’s most valuable asset.
She assured staff that management is entering 2026 with stronger welfare policies, better incentives, and more opportunities, with the aim of positioning Sedabuk as one of the best organisations to work in Nigeria. Oseni further urged employees to raise the bar in the coming year by working harder, smarter, and together.
Several employees emerged winners across key categories, including Pump Attendant of the Year, Station Captain of the Year, Mart and Laundromat Excellence Awards, and Special Recognition honours.
The highlight of the ceremony was the Group Chairman’s Spirit of Excellence Award, where Adediran Segun Aderonke emerged Sedabuk Star of the Year with a ₦2 million prize, while Ibiloye Olayinka won the Most Outstanding Employee of the Year award with ₦1 million.
In his remarks, the Group Head, Human Resources and Administration, Mr. Adeleye Olusanjo, lauded the managing director for her consistent leadership and unwavering commitment to staff welfare, assuring employees that more incentives and improved support structures are already being planned for 2026.
The event was attended by senior executives, including the General Manager, Finance and Strategy, Mr. Aderoju Sola; the Group Head, Operations and Logistics, Mr. Rufus Enioshunwa; and the Group Head, Corporate Audit, Risks and Ethics, Mrs. Tolulope Omotola, among others.
Established in 2018, Sedabuk Oil & Gas Industry Ltd operates over 12 petrol stations across Lagos, Ogun, and Oyo states.
The Securities and Exchange Commission (SEC) has raised a red flag over two cryptocurrency products — Zugacoin and Samzuga GPT — warning the Nigerian public to steer clear of them.
In a strongly worded statement issued on Wednesday, the apex capital market regulator described the digital assets as unauthorised crypto schemes with no legal backing or regulatory approval in Nigeria.
According to the Commission, neither the promoters nor issuers of Zugacoin and Samzuga GPT are registered to operate in any capacity within the Nigerian capital market.
“Preliminary investigations revealed that Zugacoin and Samzuga GPT are meme coins,” the SEC said. “Meme coins generally have no use case, intrinsic value, or tangible projects backing them.”
The regulator added that the only perceived value of such coins often stems from aggressive promotion by their creators or community hype, making them prime candidates for “pump-and-dump” fraud — a deceptive scheme where promoters artificially inflate the price of a coin through misleading information before dumping it at peak value, leaving unsuspecting investors with massive losses.
“Once the promoters dump their coins and stop hyping the coin, the coin price typically falls and investors lose money,” the SEC warned.
The Commission urged members of the public to avoid engaging in the purchase or promotion of Zugacoin, Samzuga GPT, or any similar crypto assets, noting that anyone who chooses to invest in such schemes does so entirely at their own risk.
To further safeguard investors, the SEC advised the public to always verify the legitimacy of any virtual, crypto, or digital assets and their promoters through its official platforms:
https://home.sec.gov.ng/fintech-and-innovation-hub-finport/registered-fintech-operators/
www.sec.gov.ng/cmos
This warning is the latest in the SEC’s ongoing crackdown on fraudulent digital asset operations targeting unsuspecting Nigerians amid a rise in crypto-related scams.
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