Business
Experts Warn of Catastrophic Environmental Fallout From Iran War
The war in Iran is sending shockwaves through global energy markets that will be felt for years to come. The conflict is causing the single biggest oil supply disruption in history, as the closure of the Strait of Hormuz has caused a nine-day disruption of 20 percent of the world’s oil transports, more-than doubling the previous record set during the Suez crisis of 1956. But the war and its energy market impacts represent much more than just economic chaos – they are also the harbingers of serious and lasting human and environmental impact across the region and the world.
The United States and Israel have been targeting Iran’s energy infrastructure in their ongoing attacks, with disastrous results for local lands and people. Monitors have admitted that they are so overwhelmed by the scale and breadth of environmental impacts from the war that they are “struggling to keep track of the environmental disasters arising from the widening war” according to The Guardian. Explosions at oil storage facilities have left fires burning for days as a black rain has fallen over the capital city of Tehran as it chokes on noxious smoke.
“To me, this black rain indicates toxic pollutants such as hydrocarbons, ultrafine particles known as PM2.5, and carcinogenic compounds called polycyclic aromatic hydrocarbons (PAHs) have made their way into the rain,” Gabriel da Silva, Associate Professor of Chemical Engineering at The University of Melbourne, recently wrote for The Conversation. He added that this rain would also include heavy metals and inorganic compounds from all of the buildings and other materials set ablaze by the strikes. The resulting acid rain could be catastrophic for human, animal, and environmental health, experts warn.
While this rain alone is cause for massive concern for Iranians, it’s likely just the tip of the iceberg. “Oil raining down on Tehran is likely only the first tell of the environmental damage – and the impact that that has on people’s health – that the US and Israel’s war will cause,” Global Witness cautioned in a recent report.
Environmental incidents are already widespread across the country. The Conflict and Environment Observatory has assessed 232 incidents for their level of environmental risk, and has flagged three types of emerging environmental harm: pollution from the destruction of military sites, marine pollution from the destruction of oil infrastructure along the Gulf coast, and the destruction of inland fossil fuel infrastructure.
There is also cause for concern about potential damage to Iran’s nuclear power infrastructure, and all of the associated environmental and health risks that would come along with such damage. In last year’s 12 days of war between Iran and Israel, there was considerable concern about lasting impacts of irradiation on the lands and soils near attacked nuclear power plants and nuclear enrichment sites.
“I want to make it absolutely and completely clear, [in] case of an attack on [a nuclear power plant], a direct hit could result in a very high release of radioactivity to the environment,” Rafael Mariono Grossi, director general of the International Atomic Energy Agency (IAEA), warned in a June 23 statement about the war between Iran and Israel.
But even the missiles that didn’t hit nuclear sites carry serious environmental and public health hazards, as aerial attacks and the fires they create release huge amounts of toxic pollutants that end up in soil and groundwater. “This has been an issue that is concerning in the Middle East, and some of these impacts are even transboundary and trans generational,” Kaveh Madani, director of the United Nations University Institute for Water, Environment and Health, told the Bulletin of the Atomic Scientists last year. “So, the war might be over, but these impacts would remain there.”
The Conflict and Environment Observatory also warns that there will be new forms of environmental fallout as the war drags on. In addition to the threat of nuclear irradiation, the watchdog warns that Israel and the United States may also target desalination plants, gravely impacting the availability of freshwater and potentially unleashing sodium hypochlorite, ferric chloride and sulfuric acid into the environment. The organization also warns that Iranian environmental governance, already weak, will all but collapse under this new stress.
In addition to the risks imposed by direct attacks on energy infrastructure, the war also poses a major threat to the climate. Wars are huge contributors to climate change. The greenhouse gas emissions associated with Russia’s war in Ukraine, for example, reached levels comparable with the entire annual emissions of France in just the first two years, according to a report from a Ukrainian watchdog organization.
By Haley Zaremba
Continue Reading
NEM Insurance Plc – the number one motor insurance provider in Nigeria, in a vibrant commemoration of the 2026 International Women’s Day (IWD), has reaffirmed its dedication to fostering an inclusive environment that empowers women to excel in their endeavours.
Speaking at the corporate headquarters in Lagos, the Chairman of NEM Insurance Plc, Tope Smart, stated that the company remains resolute in its mission to support women affairs, noting that their contributions are vital to the sustainability of the insurance industry.
Aligning with the global theme “Give To Gain,” Smart highlighted that the insurance provider views gender diversity not just as a corporate social responsibility, but as a core driver of innovation and high-level performance.
“Our commitment to female professionals at NEM Insurance is unwavering,” Smart declared. “We recognize that by ‘giving’ women the right tools, mentorship, and leadership platforms, the industry ‘gains’ unparalleled dedication and diverse perspectives that move the needle of progress.”
The multiple award winning underwriting company and one of the top three leading general insurance business companies in Nigeria, has remained focused in promoting and supporting women affairs.
Adding her voice to the celebration, the General Manager, Corporate Services, Mrs. Mojisola Teluwo, emphasized that the company’s gender-focused initiatives, such as the “She Means Business” contest, represent a practical approach to inspiring inclusion.
Mrs. Teluwo maintained that supporting women-led initiatives is a strategic investment in the fabric of society, rather than just a philanthropic gesture.
“At NEM Insurance, we believe that when a woman thrives, a family thrives, and the nation prospers,” Mrs. Teluwo stated. “The ‘She Means Business’ initiative is our way of moving beyond mere applause for women toward active, tangible support. We are proud to provide the financial catalyst needed for visionary women to turn their business aspirations into reality.”
To mark the occasion, the leadership outlined several key pillars of support:
Leadership Development: Targeted training programs to prepare more women for executive-level decision-making.
Inclusive Work Culture: Sustaining a workplace environment that balances professional growth with personal well-being.
Economic Catalyst: Providing grants and professional frameworks to help female entrepreneurs upscale their operations.
The event featured a series of internal sessions where female staff engaged in mentorship dialogues, focusing on career advancement within the evolving landscape of the Nigerian insurance sector and paint and Sip, which provided an opportunity for women to showcase their creativity.
Smart concluded by urging other industry stakeholders to prioritize the development of female talent, asserting that a more inclusive sector is a more prosperous one for all Nigerians.
Trading on the Nigerian Exchange (NGX) closed slightly lower on Wednesday as profit-taking in selected equities continued to weigh on the market, dragging key performance indicators into negative territory.
Market data showed that the benchmark All-Share Index (ASI) declined by 0.09 per cent to close at 195,898.53 points, compared with the previous session’s level, as investors booked profits in some large and mid-cap stocks.
Consequently, market capitalisation shed N107.57 billion, settling at N125.75 trillion. Despite the marginal decline, the market still maintained positive returns, with the month-to-date gain standing at 1.6 per cent, while the year-to-date return moderated to 25.89 per cent.
The downturn was largely driven by losses recorded in stocks such as Presco Plc and UAC of Nigeria Plc, both of which declined by 10 per cent, alongside Dangote Cement Plc, which slipped by 0.6 per cent.
Market breadth closed negative, reflecting bearish investor sentiment, as 40 stocks recorded losses compared with 29 gainers, translating to a market breadth ratio of 0.7 times.
Among the top gainers were NGX Group Plc and Premier Paints Plc, which appreciated by 10 per cent and 9.9 per cent respectively. Other notable gainers included Omatek Ventures Plc, Prestige Assurance Plc and HMC Allied Plc.
On the losers’ chart, Presco Plc and UAC of Nigeria Plc led the decline with 10 per cent losses each, followed by Morison Industries Plc, LivingTrust Mortgage Bank Plc and SCOA Nigeria Plc.
Sectoral performance was mixed, with the Industrial Goods index leading the gainers after advancing by 1.42 per cent, while the Banking index recorded a marginal gain of 0.04 per cent.
Conversely, the Commodities sector topped the laggards, declining by 1.30 per cent. The Insurance index fell by 0.44 per cent, the Consumer Goods index dipped by 0.43 per cent, while the Oil and Gas index edged down by 0.06 per cent.
Activity level on the exchange weakened as investors traded a total of 671.27 million shares valued at N26.13 billion in 58,792 deals.
This represents a decline of 8.61 per cent in volume, 5.18 per cent in value and 9.31 per cent in the number of transactions compared with the previous trading session.
Wema Bank Plc emerged as the most actively traded stock by volume and value, accounting for 106.36 million shares worth N2.75 billion.
Analysts said the cautious mood in the market reflects continued portfolio rebalancing by investors following the strong rally recorded earlier in the year.
They noted that trading may remain mixed in the near term as investors react to corporate earnings releases and macroeconomic development.
Wema Bank has admitted 10 Nigerian startups into the 2026 edition of its Hackaholics Accelerator Programme as part of efforts to strengthen innovation, entrepreneurship, and sustainable business growth in the country.
The 10 cohort selected startups for the 2026 edition such as; Farmslate, Ploy, Stocmed, Feest , Varsityscape, MamaAlert, Sane, Cyclex, Kieva and Loocomo were drawn from the top performing finalists of Hackaholics 6.0.
The Hackaholics Accelerator, a selective growth programme under the bank’s Hackaholics platform, is designed to help promising startups reinforce their business foundations while preparing them for scalable growth and investment readiness.
Wema Bank said the programme represents a strategic expansion of its support for innovators, moving beyond ideation and competition to hands-on startup development after six years of driving innovation through the Hackaholics initiative.
According to Wema bank, the accelerator provides founders with structured mentorship, industry guidance and access to networks required to transform innovative ideas into viable and scalable businesses.
Speaking at the programme, Managing Director and Chief Executive Officer of Wema Bank, Mr. Moruf Oseni, said the accelerator demonstrates the bank’s commitment to supporting founders beyond the early stages of innovation.
He noted that Hackaholics has evolved from a competition into a platform that showcases Nigeria’s entrepreneurial potential and technological creativity. Where he explain that the second edition of the accelerator focuses on helping founders transition from ideation to building sustainable business capable of long trem projects .
“Over the past six years, Hackaholics has grown into more than a competition; it has become a platform that reveals the depth of innovation and entrepreneurial potential that exists across Nigeria,”Oseni said.
Oseni stressed that the startups selected are representing some of the most promising solutions emerging from the Hackaholics ecosystem, and the back remain committed to helping them refine their business models, strengthen their operational foundations, and scale their impact.
Also speaking at the program , Wema Bank’s Chief Transformation Officer,Mr. Babatunde Mumuni, said the accelerator would guide founders through a structured process aimed at strengthening their operations and positioning them for sustainable growth.
As part of the programme, startups founders will participate in intensive training sessions facilitated by industry experts across key areas of business growth. Facilitators include Wema Bank executives such as Chief Transformation Officer, Babatunde Mumuni; Head of Strategy and Investor Relations, Femi Akinfolarin; Head of Data Transformation, Olamide Jolaoso; and Team Lead, Corporate Social Investment, Oluwatoyin Adetunji. While External facilitators include Managing Director of Impact Hub Lagos, Idowu Akinde; Managing Director of B4B Partners, Napa Onwusa; startup advisor and scout, Onaopemipo Dara; Google for Startups mentor, Rosemond Phil-Othihiwa; Head of Growth at Africhange, Tega Ogigirigi; and startup advisor and mentor, Ademola Adewuyi.
The Hackaholics Accelerator is also supported by Wema Bank’s broader innovation ecosystem, including IDEAx Labs, the bank’s innovation and venture platform, and its corporate venture programme focused on enabling startup growth through partnerships, infrastructure and access to capital.
Since its launch in 2019, Hackaholics has grown into one of Nigeria’s leading youth innovation platforms, attracting more than 15,000 applicants and supporting hundreds of digital solutions across multiple sectors.
Through the initiative, Wema Bank said it has disbursed more than $400,000 in funding to young innovators and startup founders nationwide.
Previous participants such as Feegor, Myitura and Bunce have emerged from earlier editions of the programme, highlighting the accelerator’s focus on nurturing growth-ready companies. Meanwhile the 2026 edition builds on this progress by supporting startups as they transition from innovation to sustainable business growth.
-
News10 hours agoNavy Destroys Illegal Refinery In Rivers, Intercepts Stolen Fuel In C’ River
-
News10 hours agoYou’re The Backbone Of Our Society, Fubara Salutes Mothers On Mothering Sunday
-
Rivers6 hours agoCounty Grammar School Old Boys Elect New Executive
-
Environment7 hours agoIllegal Buildings On Embassies’ Land Will Be Demolished – Wike
-
Business8 hours agoWema Bank Admits 10 Startups into Hackaholics 2026
-
News10 hours agoODU PLEDGES PARTNERSHIP WITH WACCIMA TO ADVANCE WOMEN’S ECONOMIC EMPOWERMENT
-
News10 hours agoRSNC To Partner Wikimedia In Documenting N’Delta
-
News10 hours agoProbe ?5.9bn NNPC Rebranding Cost, SERAP Urges Tinubu