Connect with us

News

Oil prices ease as investors track Venezuela fallout

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

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.

Advertisement

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.

Advertisement

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.

Advertisement
Continue Reading
Advertisement

News

ISWAP attacks military base in Borno, kill five soldiers

Published

on

By

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

Five Nigerian soldiers were reportedly killed on Friday, April 17, 2026, when suspected fighters of the Islamic State West Africa Province (ISWAP) attacked a military base in Mussa village, Borno State.

According to militia sources who spoke to AFP, the insurgents stormed the base before being repelled by troops. Following the attack, clashes were also reported in nearby Leho village.

However, the Armed Forces of Nigeria (AFN) have recorded significant operational successes across multiple theatres of operation between April 10 and 16, 2026, as troops sustained coordinated offensives against Boko Haram, ISWAP, JAS, violent extremist groups, kidnappers, and secessionist armed elements nationwide.

According to a statement issued by the Directorate of Defence Media Operations, the operations led to the arrest of several suspects, rescue of kidnapped victims, interception of terrorist logistics supplies, and neutralisation of armed criminals in ongoing efforts to create a safer and more secure environment across the country.

Advertisement

Troops of Operation HADIN KAI in the North East also maintained sustained pressure on insurgent networks across Borno, Yobe, and Adamawa States, recording multiple arrests and seizures.

In Gubio Local Government Area of Borno State, a suspect who confessed to supplying Premium Motor Spirit (PMS) to terrorists for about 10 years was arrested, with 60 litres of fuel, a mobile phone, and cash recovered.

In Adamawa State, 20 suspects were apprehended during raids on criminal hideouts in Mubi North, with items including electronics, cash totaling over ₦2.1 million, and other materials recovered.

In Yobe State, troops arrested three suspected informants linked to monitoring troop movements.

Advertisement

However, the Nigerian military had also in recent times suffered set backs in the fight against insurgency in the North East. Nigeria Tourism Guide

Suspected fighters of Islamic State West Africa Province (ISWAP) had last week attacked a military formation, killing a colonel, I.A. Mohammed, and other soldiers.

Also Brigadier General Oseni Omoh Braimah and 6 soldiers paid the supreme price early in a coordinated attacks by suspected members of the Islamic State of West Africa Province (ISWAP) on military formations in Benisheikh, Kaga Local Government Area, as well as Ngamdu and Pulka town in the Gwoza LGA of Borno state.

Advertisement
Continue Reading

News

Nigerian oil governance, Contracts: ‘I was a rubber stamp, Diezani tells UK Court

Published

on

By

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

Former Nigerian Petroleum Minister Diezani Alison-Madueke told a UK court that her role in approving oil contracts was largely routine, stating that major decisions were already taken before documents reached her desk.

Speaking at Southwark Crown Court in London, she explained that the structure of Nigeria’s oil sector meant she had limited direct control, as key operations were handled by the leadership of the Nigerian National Petroleum Corporation (NNPC).

“The system was already in motion before files came to me,” she said, adding that the size and complexity of the industry made it difficult for a minister to oversee everything directly.

She said she rarely declined contract approvals because they had already passed through detailed technical and regulatory checks.
“I was, in many instances, a rubber stamp in the process,” she said.

Advertisement

Diezani also recounted a 2014 incident in which she discovered a questionable crude oil deal allegedly linked to businessman Igho Sanomi. She said the matter came to light following a whistleblower report, prompting her to cancel the arrangement.

However, she told the court that powerful individuals opposed her decision and escalated complaints to then President Goodluck Jonathan.

On allegations that $20 billion in oil revenue went missing, she disagreed with former Central Bank Governor Lamido Sanusi, insisting the reports were inaccurate.

“There were no missing funds as widely reported,” she said, explaining that audits and legislative reviews later showed the money was tied to subsidy payments and operational costs.

Advertisement

She acknowledged serious challenges in the fuel subsidy system, including multiple claims by some marketers, but said reforms were introduced to reduce fraud.

According to her, these efforts came with risks. She said she faced security threats, including the kidnapping of family members, which she linked to her attempts to challenge powerful interests in the sector.

She also said politicians and business figures frequently pressured her office for preferential treatment in oil allocations.
“I declined requests that did not follow due process,” she said.

Addressing questions about her personal finances, Diezani said she used Nigerian bank cards even during foreign trips, in line with rules preventing public officials from holding foreign accounts.

Advertisement

She added that the cards sometimes failed abroad, forcing others to temporarily cover expenses.

The court also examined records of her official trips between 2011 and 2015.
She said she usually travelled with about 30 officials, including aides, security personnel, and protocol staff.
“All movements were documented and archived in ministry records,” she said, noting that both commercial and chartered flights were used depending on official requirements.

Despite the allegations against her, Diezani insisted her time in office focused on increasing local participation in the oil sector and improving transparency, saying she has been unfairly portrayed.

She is currently on trial alongside Olatimbo Ayinde and Doye Agama on five counts related to bribery.

Advertisement

All the defendants have pleaded not guilty, and the case is ongoing in London.

Continue Reading

News

Army raises alarm over low South-East recruitment

Published

on

By

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

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.

Advertisement

“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.

Advertisement

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.

Advertisement

The sensitisation held at the Ministry of Youths in Awka, attracting a cross-section of young people.

Continue Reading

Trending

Copyright © 2024 Naija Blitz News