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The price of North Sea Brent crude and West Texas Intermediate slipped close to five percent to $99.41 and $92.49 a barrel, respectively.

The United States and Iran appear closer than ever to a deal that would end the war that has ravaged the Middle East since late February, sending energy prices soaring and stoking global inflation.

But sticking points in their negotiations have tempered hopes of a swift resolution to restore the transit of oil and gas through the Strait of Hormuz.

US President Donald Trump said on Sunday he had informed US negotiators “not to rush into a deal”.

“The negotiations are proceeding in an orderly and constructive manner, and I have informed my representatives not to rush into a deal in that time is on our side,” a post to Trump’s official Truth Social account said.

Iran’s Tasnim news agency said that, based on their information, key clauses of a possible agreement remained unresolved.

One of the main sticking points has been whether Tehran is willing to hand over its stockpile of highly enriched uranium.

The release of Iran’s frozen assets held under longstanding US sanctions and whether Lebanon, repeatedly targeted by Israeli strikes, will be included in any peace deal are also key issues.

Markets across Asia climbed in early trade on hopes that Washington and Tehran will be able to overcome these hurdles.

Tokyo soared more than three percent in early trade on Monday, while Hong Kong and Seoul were closed for public holidays.

Shanghai inched upwards, with Taipei, Manila, Bangkok, Jakarta, Singapore, Sydney, and Wellington also climbing.

Kuala Lumpur was down 0.1 percent.

“The weekend news flow has once again focused on the prospects for a negotiated deal between the US and Iran,” said Chris Weston, head of research at Pepperstone.

“According to reports from Donald Trump, a memorandum of understanding has been ‘largely negotiated’, with details to be announced at some stage soon, although there appears to be limited urgency,” Weston said.

Investors will also be keeping an eye on how the US Federal Reserve and its new chief, Kevin Warsh, react to Personal Consumption Expenditures (PCE) data this week, as well as European inflation metrics.

“The inflation story remains central to the entire setup,” said SPI Asset Management analyst Stephen Innes.

“Investors will receive another critical read on Thursday with the release of the Personal Consumption Expenditures index, the Federal Reserve’s preferred inflation gauge.

“After several hotter-than-expected consumer and producer inflation reports earlier this month, markets are increasingly concerned that elevated oil prices and supply disruptions tied to the Middle East conflict are beginning to seep into the broader inflation pipeline.”

The conflict erupted after the United States and Israel attacked Iran on February 28, and the Islamic Republic responded with missile and drone attacks across the region.

The United States and Iran have observed a ceasefire since April 8 while mediators push for a negotiated settlement, although Tehran has imposed controls on Gulf shipping and Washington has blockaded Iran’s ports.

Currency dealers monitor exchange rates as an electronic screen shows the prices of WTI (L), Brent crude (C), and Dubai crude (R) in a foreign exchange dealing room at the Hana Bank headquarters in Seoul on March 13, 2026. (Photo by Jung Yeon-je / AFP)

Key Figures At Around 0215 GMT

Brent North Sea Crude: DOWN 3.99 per cent at $99.41 a barrel

West Texas Intermediate: DOWN 4.25 per cent at $92.49 a barrel

Tokyo – Nikkei 225: UP 3.2 per cent at 65,358.97

Shanghai – Composite: UP 0.3 per cent at 4123.89

Hong Kong – Hang Seng Index: UP 0.9 percent at 25,606.03 (close)

Euro/dollar: UP at 1.1640 from 1.1608 on Friday

Pound/dollar: UP at $1.3480 from $1.3441

Dollar/yen: DOWN at 158.86 from 159.13 yen

Euro/pound: DOWN at 86.35 from 86.36 pence

New York – DOW: UP 0.6 per cent at 50,579,70 (close)

New York – S&P 500: UP 0.4 per cent at 7,473.47 (close)

New York – Nasdaq: UP 0.2 per cent at 26,343.97 (close)

London – FTSE 100: UP 0.2 per cent at 10,466.26 (close)

Paris – CAC 40: UP 0.4 per cent at 8,115.75 (close)

Frankfurt – DAX 30: UP 1.2 per cent at 24,888.56 (close)

AFP

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The Socio-Economic Rights and Accountability Project has urged the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, to immediately disclose the identities of all local contractors, subcontractors, consultants and vendors that benefited from payments made under the controversial $460m Abuja CCTV Project.

SERAP’s demand followed recent disclosures by the Federal Ministry of Finance in response to contempt proceedings initiated by the organisation over alleged non-compliance with a Federal High Court judgment delivered in May 2023.

In a letter dated May 15, 2026 and signed by the Permanent Secretary of the Federal Ministry of Finance, R.O. Omachi, the ministry stated that records from the Ministry of Police Affairs showed that “while local subcontractors may have been engaged, there is an absence of detailed subcontracting records identifying specific local companies that received funds directly from the Chinese loan.”

Reacting in a letter dated May 23, 2026, and signed by its Deputy Director, Kolawole Oluwadare, SERAP expressed concern over what it described as delayed and partial compliance with the court order.

“We are concerned that although the judgment was delivered in May 2023, the Ministry only released some information after we commenced contempt proceedings and served a Notice to Show Cause in January 2026,” SERAP said.

According to the organisation, “Nigerians still do not know the exact names of local contractors for the project.

“The absence of this information raises serious concerns about record-keeping, transparency and accountability, and whether the project was implemented in a manner consistent with the public interest.”

SERAP recalled that Justice Emeka Nwite of the Federal High Court, Abuja, had on May 15, 2023 ordered the Ministry of Finance to disclose the total amount paid under the $460m Abuja CCTV loan, the identities of local and Chinese contractors who received the funds, the implementation status of the project, and details relating to the N1.5bn reportedly paid for the Code of Conduct Bureau headquarters project.

The organisation stated that the information released so far amounted to only partial compliance with the judgment.

“The details provided amount to only partial compliance with Justice Emeka Nwite’s judgment. Key questions remain unanswered, and further clarification is needed to ensure full and effective compliance with the judgment,” SERAP stated.

It warned that failure to provide the outstanding details within 48 hours would lead to the continuation of contempt proceedings against the ministry.

“We would be grateful if the requested details are provided within 48 hours of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall proceed with our contempt proceedings against the Federal Ministry of Finance for failure to fully and effectively comply with the judgment of the Federal High Court,” the letter added.

SERAP acknowledged that the ministry had provided some information regarding the Chinese loan drawdown, counterpart funding arrangements and records relating to equipment deliveries connected with the project.

However, the organisation said critical issues remained unresolved, particularly concerning 6,035 items reportedly not delivered under the project.

“There is still no explanation regarding the missing 6,035 items as part of the status of implementation of the project. It remains unclear whether the items were subsequently delivered, whether payment was made for them, whether the contractor defaulted, whether Nigeria suffered any financial loss, and whether any steps were taken to recover public funds,” SERAP said.

The organisation also questioned the operational status of the CCTV infrastructure.

“The ministry lists items reportedly delivered in 2013.

However, it has failed to clarify how many cameras were installed, if any; where they were installed; whether the cameras are currently operational; and whether the project delivered value for money,” it said.

SERAP stressed that the project, which was financed through public borrowing, required full transparency.

“For a project financed through public borrowing, debt Nigerians continue to repay, full transparency over all beneficiaries, foreign and domestic, is essential. Nigerians have the right to know how public funds were spent, who received them, and what was delivered in return,” the organisation stated.

The group further noted that compliance with court judgments was fundamental to the rule of law and democratic accountability.

“Government agencies cannot selectively comply with judicial orders or release partial information while withholding records central to public accountability,” SERAP said.

The organisation linked the demand for accountability to the prevailing insecurity across the country, particularly in Abuja.

“The urgency of full disclosure is heightened by the continuing security crisis across Nigeria, including persistent insecurity in Abuja, where the project was specifically intended to strengthen surveillance, public safety, and emergency response,” it stated.

According to SERAP, Nigerians deserve to know whether the massive investment in the CCTV project translated into improved security outcomes.

“Residents of the Federal Capital Territory and several states, including Benue and Oyo, continue to face abductions, violent crime and other serious threats to safety, while communities across the country grapple with widespread insecurity and loss of lives.”

“Against this backdrop, Nigerians are entitled to know whether the Abuja CCTV project was fully delivered, whether it became operational, whether the infrastructure is functional, and whether the huge public investment achieved the promised security outcomes,” the organisation said.

SERAP also disclosed details contained in the ministry’s response, including that the Federal Government received $399.5m from the Export-Import Bank of China for the National Public Security Communication System project, popularly known as the Abuja CCTV Project.

The ministry reportedly stated that the funds were drawn in 10 instalments between March 2011 and December 2013, while the Federal Government contributed an additional $70.5m as counterpart funding, representing 15 per cent of the total project cost of $470m.

According to SERAP, the ministry further disclosed that the naira equivalent of the counterpart funding was N10.68bn at an exchange rate of N150 to one dollar, including a one per cent Central Bank of Nigeria commission.

The organisation also noted that the principal contractor for the project was identified as ZTE Corporation of China, with payments made through the Bank of China, Shenzhen Branch.

“According to the ministry, several equipment items, including GOTA phones, data cards, PC servers, LED monitors, cables and related communications infrastructure were delivered. Inventory records show 61,970 units delivered out of 68,005 expected, leaving 6,035 units outstanding,” SERAP stated.

The ministry also reportedly clarified that the N1.5bn mobilisation payment for the Code of Conduct Bureau headquarters project was not part of the Chinese loan arrangement.

SERAP urged the Federal Government to fully implement the court judgment by publishing the names of all Nigerian companies, subcontractors, consultants and vendors involved in the project, disclosing the amount paid to each entity and the nature of work performed, and releasing certificates of completion alongside a detailed account of the undelivered project items.

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Wives of detained military officers facing alleged coup-related charges have appealed to President Bola Tinubu to ensure fairness and transparency in the ongoing military trial, warning against the conviction of suspects without credible evidence.

The plea was contained in a letter addressed to the President on Friday and titled, “A Humble Appeal for Fairness, Transparency, and Justice in the Ongoing Military Trial.”

The correspondence from spouses of the detained officers was exclusively obtained by The PUNCH.

The signatories are Shafa’atu Ali Agbo, Fatima Dauda, Josephine Enemona, Nana Aisha, Zara Abba, Helen Sunday, Khadija Aminu, Aisha Abubakar, Aisha Yusuf, Hauwa’u Aliyu, Firdausi Ibrahim and Zuzu Igbaseimokumo.

In the letter, the women acknowledged Tinubu’s approval for the commencement of the military trial, describing it as “an important step toward accountability, clarity, and the pursuit of justice.”

They, however, expressed fears that the process could be tainted by bias, coercion and institutional prejudice.

“As citizens, we understand the importance of discipline within the armed forces and the sensitive responsibility placed upon the military in safeguarding national security.

“We also recognise that allegations relating to mutiny, coup plotting, or acts capable of undermining military authority are grave matters that must never be treated lightly.

“However, it is precisely because of the seriousness of these allegations that the process through which justice is pursued must itself remain just, transparent, impartial, and free from every appearance of prejudice,” the letter read.

The wives recalled past controversial military trials in Nigeria, saying some later became subjects of “national reflection and regret.”

It added, “From past allegations of ‘phantom coups’ to disputed dismissals and prolonged detentions of officers, many Nigerians have witnessed instances where prosecution appeared, in the eyes of the public, to drift dangerously toward persecution.”

The women also raised concerns over the prolonged detention of the accused officers and allegations of inhumane treatment.

According to them, reports suggesting that confessional statements may have been obtained under coercion had further heightened public anxiety over the integrity of the proceedings.

“The prolonged detention of the accused officers, the reports of inhumane treatment, and concerns that the case relies heavily on statements allegedly obtained under coercion and severe pressure have raised serious questions in the minds of many Nigerians,” the letter added.

They argued that justice must not only be done but must also be seen to be done, stressing that the credibility of the trial would depend on the fairness of the process and the independence of the tribunal.

“No individual should be condemned without credible and independently verifiable evidence.

“No confession extracted through fear, torture, or inhumane treatment should become the foundation upon which lives, careers, and families are destroyed. Justice loses its moral authority the moment it appears predetermined,” they wrote.

The wives urged Tinubu, as Commander-in-Chief, to ensure that the proceedings do not become “another painful chapter” in Nigeria’s history.

“We pray that under your leadership, Nigeria will continue to move toward a future where no citizen fears persecution disguised as prosecution, and where the law remains stronger than suspicion, fear, or institutional pressure,” the letter concluded.

The arrest of the indicted officers was first announced on October 4, 2025, by the then Director of Defence Information, Brig Gen Tukur Gusau, who disclosed that 16 officers were taken into custody for alleged breaches of military regulations and acts of indiscipline.

However, an interim investigation later suggested the existence of a clandestine network of officers allegedly coordinated by a senior Army officer, which had begun preliminary planning for a coup.

According to the report, the alleged plot involved surveillance of key national assets, including the Presidential Villa, Armed Forces Complex, Niger Barracks in Abuja and major international airports, with October 25, 2025, scheduled as the planned date for the operation.

Those reportedly in custody include Brig Gen M. A. Sadiq, Col M. A. Ma’aji, Lt Col S. Bappah, Lt Col A. A. Hayatu, Lt Col P. Dangnap, Lt Col M. Almakura, Maj A. J. Ibrahim, Maj M. M. Jiddah, Maj M. A. Usman, Maj D. Yusuf, Capt I. Bello, Capt A. A. Yusuf, Lt S. S. Felix, Lt Cdr D. B. Abdullahi, Sqn Ldr S. B. Adamu and Maj I. Dauda.

The alleged plot, according to findings, targeted senior government officials, including President Tinubu and Vice President Kashim Shettima.

The appeal comes barely two weeks after a Federal High Court in Abuja admitted as exhibits the extra-judicial statements of six persons standing trial over an alleged plot to overthrow the Tinubu government, as the court commenced a trial-within-trial to determine whether the statements were voluntarily made.

Justice Joyce Abdulmalik admitted the statements and video recordings during proceedings aimed at resolving objections raised by the defendants over the admissibility of the evidence.

The defendants had earlier challenged the statements, alleging that they were obtained through coercion, torture, inducement and in violation of provisions of the Administration of Criminal Justice Act and the Anti-Torture Act.

The Federal Government is prosecuting retired Maj-Gen Mohammed Ibrahim Gana; retired Navy Capt Erasmus Ochegobia Victor; police inspector Ahmed Ibrahim; Presidential Villa electrician Umoru Zekeri; Bukar Kashim Goni; and a Zaria-based Islamic cleric, Sheikh Abdulkadir Sani, on charges bordering on treason, terrorism and conspiracy to stage a coup.

At the previous proceedings, the court played a video recording in which Sani allegedly told investigators that he warned the suspected plotters that the coup plan “would fail” and that members of the group would eventually betray themselves.

Following objections by defence lawyers to the admissibility of the defendants’ statements, Justice Abdulmalik ordered a joint trial-within-trial to determine whether the statements were voluntarily made.