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Oil prices fall on Iran-US peace optimism

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Oil prices tumbled on Tuesday as growing optimism over a possible diplomatic breakthrough between Iran and the United States triggered a sharp sell-off in global crude markets, with Brent sliding toward the $91 per barrel mark.

According to the Economic Times, Brent crude fell by over three per cent during intraday trading, while WTI dropped nearly four per cent, as markets reacted to reports that a draft Iran–US peace agreement had been submitted for review in Washington and described as “preliminarily acceptable”.

The development immediately weakened the geopolitical risk premium that had kept oil prices elevated in recent weeks, particularly following heightened tensions that disrupted sentiment around Middle East supply routes and the strategically critical Strait of Hormuz.

The strait, through which roughly 20 per cent of global crude shipments pass, had been a key focus for traders after earlier disruptions triggered a sharp rally that pushed oil prices above $120 per barrel in late February.

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At the time, fears of prolonged supply shocks sent global energy markets into panic buying. Tuesday’s decline therefore marks a significant reversal, as traders began pricing in the possibility that easing geopolitical tensions could stabilise supply flows and reduce the likelihood of further disruptions.

Experts said the market is now reacting less to immediate supply concerns and more to expectations of diplomatic progress, although they warn that sentiment remains highly sensitive to any setback in negotiations.

Any breakdown in talks, they note, could quickly reverse the current price trend given the still-fragile security environment in the Gulf region.

The Economic Times notes that energy markets reacted swiftly to shifting geopolitical signals and easing fears over supply disruption.

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Oil traders said the combination of easing geopolitical fears and shifting supply data continued to drive volatility in global crude markets.

In Nigeria, the Nigerian National Petroleum Company Limited recorded an over 70 per cent rise in revenue and profit. The Dangote Refinery also benefited from high fuel exports, but households are enduring higher fuel prices, raising inflation pressures.

However, the conflict involving Iran led to a sharp rise in fuel costs, impacting Nigeria’s inflation figures negatively. It is expected that a further crash in oil prices would translate to cheaper fuel for Nigerians.

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Red carpet reception for banned referee Artan on arrival in Somalia

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Referee Omar Artan has vowed to officiate at the 2030 World Cup after arriving home in Somalia following his ban from entering the United States.

Hundreds of people gathered at the Mogadishu Airport to give a warm welcome to Omar Artan.

Some in the crowd carried banners with supportive slogans while others wore specially made hats bearing pictures of the referee, who has quickly become an icon in his homeland.

There were also social media celebrities who posed for photos with Artan and live-streamed the welcome on their platforms.

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Amid the celebratory reception, there was also visible anger that the first Somali appointed as a World Cup referee had been denied entry to the United States.

The 34-year-old – Africa’s referee of the year in 2025 – was set to be the first Somali to referee at a World Cup finals but was denied entry at Miami International Airport on Monday despite holding a diplomatic passport and a single entry US visa.

No reason for his repatriation has been given by US immigration authorities, but Somalia is one of several countries on a travel ban list introduced by President Donald Trump.

He arrived back in Somalia on Wednesday, landing at Aden Adde International Airport in Mogadishu where he was greeted by government officials and representatives of the Somali Football Federation, as well as fellow referees and local residents.

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Artan is expected to attend a public event at Mogadishu Stadium later on Wednesday afternoon and watch a match between Heegan and Dekadaha.

“I’d like to thank the officials, ministers, MPs and everyone. I want to thank my country and people for their support. The encouragement I received here, I know I’ll get more support outside [the airport],” Artan said, translated into English by the BBC.

“Everything is pre-destined. Fifa supported me well and were in touch with me until I reached Mogadishu.

“I promise you that I’ll be officiating in the next World Cup. Somalia, everywhere, I’m letting you know.”

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Artan, who was named the Confederation of African Football (Caf) men’s referee of the year in 2025, was one of 52 referees selected for the tournament.

However, his “dream” came crashing down as he attempted to travel to the on-pitch officials’ base in Florida, with Artan telling the New York Times, external he had faced an 11-hour immigration interview and was detained for several hours before be was put on a flight back to Istanbul, Turkey.

Speaking to BBC World Service, Andrew Giuliani, who leads the White House Task Force on the World Cup, said: “While I can’t go into the derog [derogatory information] on that I can tell you it was the right decision by customs and border patrol and I support that decision.”

It was not possible for Artan to stay outside the United States and referee matches played in Canada or Mexico, with all on-pitch officials based in Florida for training, preparation, and security.

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Trump placed a full entry ban under any visa category for 12 countries, including Somalia, in June 2025.

Two days before the World Cup draw in December 2025, Trump drew widespread attention for comments made about Somalia in the lead up to a planned immigration enforcement operation in Minnesota, which has a large Somali community.

“With Somalia, which is barely a country, you know, they have no anything,” he said.

“They just run around killing each other. There’s no structure.”

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He added that Somali immigrants should “go back to where they came from” and that the US would “go the wrong way if we keep taking in garbage to our country”.

On arriving home, Artan urged Somalia’s youth not to lose hope in their country in the face of his treatment, stating: “Let’s all defend Somalia’s honour. We all belong to Somalia whether it’s bad or good.

“That flag is ours and so is the passport – let’s defend it.

“The youth shouldn’t be demoralised about their country. Despite this happening to me, I’ll still stand for my nation.

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“I want to continue my journey from here and urge the youth to do the same.”

For his part, Artan was very happy with the welcome he received. The determined look on his face backed up the statements he has made about continuing his career and he told friends that he is ready to start training right away.

After the press conference, he was given a grand farewell. Thousands more people are expected to greet him at the Mogadishu Stadium on Wednesday afternoon. Another hero’s welcome is on the cards.

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Tinubu set to commission newly constructed Arterial Rd N5 Obafemi Awolowo Way today

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Today, June 10th 2026, President Tinubu will commission the newly constructed Arterial Road N5 (Obafemi Awolowo Way) from Life Camp Junction to RR III, Dape District section.

#FCTProjects2026
#RenewedHopeFCT

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Obi drags former political acolyte Okonkwo to court over alleged defamatory bribery claims

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The presidential candidate of the Nigerian Democratic Congress (NDC), Peter Obi, has started legal action against his former political acolyte and kinsman, Kenneth Okonkwo, over allegations that he and other party leaders collected bribes from aspirants seeking elective positions.

The lawsuit marks a significant escalation in the public fallout between the two political associates, whose relationship has deteriorated in recent months following disagreements over political developments and party affairs.Politics

According to court documents filed by Obi’s legal team, the former Anambra State governor is challenging a series of statements allegedly made by Okonkwo during a public broadcast, in which he accused Obi and leaders of the NDC in the South-East of demanding illicit payments from aspirants seeking tickets to contest for seats in the House of Representatives.

The suit, dated June 9, 2026, was filed by Chief Alex Ejesieme (SAN) of Alex Ejesieme (SAN) & Co. (Madiba Chambers), who described the allegations as false, malicious, and highly damaging to Obi’s reputation.

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According to the legal filing, Okonkwo allegedly claimed that House of Representatives aspirants were required to pay an additional ₦10 million to party leaders after paying the official expression of interest and nomination fees.

The suit quoted Okonkwo as alleging that Obi and South-East leaders of the NDC informed aspirants that payment of the additional sum was necessary to secure consideration within the party.

Obi’s lawyers further stated that Okonkwo claimed documentary evidence existed to support the allegation and that receipts had allegedly been issued for the payments.

The actor-turned-politician was also accused of alleging that Obi personally compiled the list of party candidates from a hotel room and manipulated the candidate selection process.

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Among other assertions attributed to Okonkwo were claims that Obi travelled abroad to collect money from individuals and that he, alongside other NDC leaders in the South-East, was involved in activities amounting to criminal conduct.

Obi Describes Allegations as False and Defamatory

In the legal action, Obi’s lawyers strongly rejected the allegations, insisting that the statements were entirely fabricated and intended to tarnish the former governor’s image.

The legal team argued that the claims portrayed their client as a dishonest political figure involved in bribery, extortion, fraud, and criminal conspiracy.

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According to the suit, the statements were capable of exposing Obi to public hatred, ridicule, contempt, and distrust among members of society.

“The above statements, in their natural and ordinary meaning and by necessary implication, falsely and maliciously represent our client as a person who demands, solicits, organises and collects bribes; who extorts, defrauds and swindles political aspirants of their money; who is a fraudster, a scammer and a dishonest political actor,” the legal team stated.

The lawyers further argued that the allegations struck directly at Obi’s reputation as a public servant and political leader.

They described the remarks as reckless and unsupported by any credible evidence.

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Concern Over Social Media Amplification

Obi’s legal representatives also expressed concern over the manner in which the statements were allegedly disseminated.

According to the law firm, the comments were made during a live television appearance before being widely circulated across social media platforms and online channels, thereby increasing their reach and potential impact.

The legal team maintained that while freedom of expression remains a constitutional right, it does not extend to publishing statements capable of damaging another person’s reputation without factual basis.

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They argued that the remarks went beyond the limits of political criticism and fair comment.

“Your words were not mere political commentary. They crossed the permissible bounds of fair comment and constituted a direct assault on our client’s person, integrity, image and reputation,” the lawyers stated.

Obi Demands Retraction, Apology and Compensation

As part of the reliefs sought, Obi’s legal team is demanding that Okonkwo immediately withdraw the statements in their entirety and issue a public apology.

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The proposed apology, according to the lawyers, must be clear, unconditional, and given the same level of prominence as the original allegations.

They further requested that the apology be published across all major social media platforms, including X, Facebook, Instagram, and YouTube.

In addition, the legal team is seeking a written undertaking from Okonkwo, committing him to refrain from making further defamatory statements against their client.

The suit also includes a demand for financial compensation for the alleged damage caused to Obi’s reputation and public standing.

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The legal battle comes amid ongoing political realignments and public disagreements involving former allies within Nigeria’s opposition landscape, with the dispute expected to attract significant public and political attention in the coming weeks.

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