NCR Nigeria stated that the appointment followed a written resolution passed by its Board of Directors on June 11, 2026.

“The Board of Directors of NCR (Nigeria) Plc, by way of a written resolution dated Thursday, 11 June 2026, appointed Her Excellency, Mrs Oluwatoyin Saraki, as a Non-Executive Director on the Board of the Company with effect from 11 June 2026, subject to ratification by the shareholders at the next Annual General Meeting of the Company”, the statement noted.

The company said Saraki brings extensive experience in law, governance, policy advocacy, and strategic leadership gained across the private, public, and multilateral sectors. The Board and Management also expressed confidence in her ability to contribute meaningfully to the company’s long-term growth and governance objectives.

Saraki is widely recognised for her work in global health and development. She serves as the Inaugural and Emeritus Global Goodwill Ambassador for the International Confederation of Midwives.

She is a Special Adviser to the World Health Organisation (WHO) Regional Office for Africa.

Saraki also holds several advocacy roles, including UNFPA Nigeria Family Planning Champion and Global Champion for the White Ribbon Alliance for Safe Motherhood.

Market watchers recalled that the prolonged crisis in the Middle East forced crude prices above the $100 per barrel mark, with some periods seeing prices rise beyond $120. The increase had a direct impact on fuel costs across several countries, including Nigeria.

During the period, petrol prices in Nigeria surged from about N830 per litre to around N1,300 per litre. Diesel and aviation fuel also recorded major increases, putting pressure on businesses and transport operators.

Market analysts attribute the sharp fall to expectations that Iranian oil exports could resume more freely and that shipping activities through the Strait of Hormuz may normalize in the coming weeks. The prospect of increased global supply has prompted major financial institutions to cut their oil price forecasts.

Beyond geopolitical developments, weaker demand from China, persistent inflation concerns, and slowing global economic growth have also weighed on crude prices. Traders are increasingly betting that global oil supplies will improve while demand growth remains subdued.

For Nigeria, the decline in crude oil prices presents a mixed picture. While lower global oil prices could help reduce the cost of imported refined petroleum products and potentially ease pressure on fuel prices, it may also reduce government revenues, given the country’s heavy dependence on crude oil exports.

Despite the recent crash, analysts warn that volatility remains high and that any fresh disruption in the Middle East could quickly send prices higher again. For now, however, the market appears focused on improving supply prospects, pushing crude prices to their lowest levels since March

The refinery stated that the new rates will take effect at midnight.

“Kindly note that all outstanding unloaded gantry volumes will be repriced at the new rate effective 12:00 AM, June 16, 2026.

“We sincerely appreciate your continued patronage and assure you of our unwavering commitment to reliable product supply and excellent service delivery,” the circular noted.