News
Oil prices ease as investors track Venezuela fallout
By Francesca Hangeior
Oil prices dipped Monday after the United States ousted Nicolas Maduro, leader of crude-rich Venezuela, raising the prospect that billions of barrels could be added to the global market in coming years.
Shares prices of defence companies and gold miners rallied on the new geopolitical risks in the wake of the US invasion, while prospects of more US interest-rate cuts this year and a booming technology sector lent additional support to equity markets.
The dollar traded mixed while gold, seen as a safe haven investment, jumped along with silver.
The prices of Brent North Sea crude oil, an international oil benchmark, and the main US contract WTI were slightly lower after US forces seized Maduro on Saturday.
Leftist strongman Maduro, 63, faces narcotrafficking charges along with his wife, who was also seized and taken out of Caracas in the shock US assault that involved commandos, bombing by jet planes, and a massive naval force off Venezuela’s coast.
The oil market, which is currently oversupplied, “will likely absorb this short-term supply uncertainty, with a limited impact on oil prices”, said Helge Andre Martinsen, senior energy analyst at DNB Carnegie.
Trump said he wanted to allow American oil companies to head back into Venezuela to tap its massive crude reserves, boosting their share prices in limited trading Monday ahead of the Wall Street open.
Venezuela has the largest proven oil reserves in the world, at around 303 billion barrels, according to OPEC.
But its output is very low because of a lack of investment in the country’s infrastructure.
The first full week of business for 2026 will also see the release of key US jobs data that could play a role in the Federal Reserve’s decision-making on borrowing costs.
But the stock gains in Asia and Europe on Monday suggest investors are brushing off worries that valuations in the tech sector have become stretched, amid doubts about the timing and size of returns on huge investments in artificial intelligence.
Brig.-Gen. Uche Nnabuihe has raised concern over low enlistment from the South-East, revealing Anambra recorded only 117 applications out of 38,000 nationwide.
Nnabuihe led an Army delegation to sensitise youths in Awka, noting the figure was recorded on April 7, before a nationwide awareness campaign began.
He said the exercise aimed to encourage more youths from Anambra and the South-East to join the 91 Regular Recruits Intake before the May 27 deadline.
“We observed with concern that out of 38,000 applications received nationwide, only 117 came from Anambra as of April 7.
“This sensitisation is to correct that imbalance and encourage our youths to take advantage of opportunities in the Nigerian Army,” he said.
Nnabuihe urged eligible youths to apply, noting the Army offers a structured career path and opportunities for national service.
Lt.-Col. Ogbemudia Osawe, member of the sensitisation delegation, said training infrastructure had expanded, with new institutions in Abakaliki and Osogbo to accommodate incoming recruits.
Osawe listed benefits, including career progression, regular pay, continuous military education, specialised training, and exposure to diverse cultures.
He added personnel enjoy welfare packages, free medical care for families, pensions, gratuities, and opportunities for international assignments.
The Permanent Secretary, Anambra Ministry of Youths, Ifeatu Emodi, commended the initiative, describing military enlistment as crucial for South-East youths.
Emodi said declining interest among youths stemmed from misconceptions and misinformation about the Army.
Traditional ruler, Igwe Michael Okeke-Uche of Enugwu-Agidi, praised the Army’s welfare structure and urged youths to enlist for better regional representation.
The sensitisation held at the Ministry of Youths in Awka, attracting a cross-section of young people.
Peter Obi has reacted to former Vice President Atiku Abubakar’s recenpt remark that 2027 would be his final presidential bid if he secures the African Democratic Candidate, ADC, ticket.
Speaking on Naija Unfiltered podcast on Saturday, Obi described Atiku as his respected leader and elder brother.
He said, “At this point, we are not at that stage yet. Atiku is my respected leader and my dear elder brother. His statement, I will always say, is a statement of a leader, and look at what he used ‘if’.
“So we can’t say what will happen about tomorrow. I can only tell you I am contesting in the election for the office of the president.”
When asked whether he would abide by any agreement reached after party primaries, Obi maintained that his acceptance would depend strictly on the credibility of the process.
“I accept what happens after it if it’s through a transparent process you can call fair and credible. I’ve said it before I left parties because I found the whole process transactional.
“It’s critical that the process through which people come into office is far more fundamental than what they do after,” he stated.
He further emphasised the importance of due process in leadership emergence, warning against cutting corners.
“You cannot jump into the house through the window and start cleaning the house and expect everybody to accept you. The process must be right,” Obi added.
Alhaji Ibrahim Galadima, a former Chairman of the Nigeria Football Association (NFA), died on Saturday after a prolonged illness.
His death was confirmed by former Secretary-General of the NFA, Sani Ahmed Toro.
Galadima was a prominent figure in Nigerian sports administration, having led the NFA before it was restructured into the Nigeria Football Federation (NFF).
He also served as Chairman of the Kano State Sports Council between 1981 and 1983.
Born in 1951 in Fagge, Kano, Galadima had a long-standing career in sports governance.
He was a member of the National Sports Commission and was elected Vice President of the Nigeria Olympic Committee in 1985, a position he held until 1987.
He was later reappointed as Chairman of the Kano State Sports Council and continued to play key roles at both state and national levels.
Galadima also served on the Presidential Monitoring Committee on the development of sports facilities for the 1995 FIFA World Youth Championship, which was initially scheduled to be hosted in Nigeria but later relocated due to health-related challenges.
In addition, he was a member of the Confederation of African Football (CAF) Youth Championship Organising Committee.
In 2002, he was elected Chairman of the then Nigeria Football Association, further cementing his legacy as one of the country’s influential sports administrators.
Burial arrangements will be announced later according to family sources.
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