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Nigeria Misses Oil Production Target, Records $3.6 Billion Shortfall

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Nigeria has once again fallen short of its oil production target, recording an estimated $3.6 billion revenue deficit in the first five months of 2026 despite rising crude oil prices and improved output levels.

Although the country’s oil production increased to 1.7 million barrels per day (bpd) in May, up from 1.52 million bpd in April, it remained below the 1.84 million bpd benchmark set in the 2026 budget.

This marks the fifth consecutive month Nigeria has failed to meet its production target, raising concerns about the country’s ability to achieve projected oil revenue goals despite favourable market conditions.

Nigeria’s oil sector has repeatedly projected production levels of up to two million barrels per day in 2026. However, both industry projections and the official budget benchmark have remained out of reach for much of the year, even with condensates included in total output figures.

Data released by the Nigerian Upstream Petroleum Regulatory Commission shows that production shortfalls persisted throughout the first five months of the year:

  • January: Production stood at 1.63 million bpd, resulting in a shortfall of 212,539 bpd.
  • February: Output dropped to 1.48 million bpd, creating a deficit of 356,046 bpd.
  • March: Production rose slightly to 1.55 million bpd but still fell short by 293,907 bpd.
  • April: Output reached 1.66 million bpd, leaving a gap of 176,587 bpd.
  • May: Production improved to 1.7 million bpd but remained 140,000 bpd below the benchmark.

The cumulative production deficit over the period amounted to approximately 1.36 million barrels, contributing to an estimated $3.6 billion loss in projected oil revenue.

Among Nigeria’s major production streams, Bonny Terminal recorded the highest output with 293,870 bpd, followed closely by Forcados Terminal at 289,900 bpd.

Other top contributors included:

  • Qua Iboe – 173,360 bpd
  • Escravos Oil Terminal – 135,470 bpd
  • Odudu (Amenam Blend) – 63,250 bpd

The NUPRC attributed the improvement in production to stable operations, the completion of scheduled maintenance programmes, and the absence of major pipeline or facility disruptions during the reporting period.

Despite concerns about production performance, the Organization of the Petroleum Exporting Countries maintained a positive outlook for Nigeria’s economy.

According to OPEC, Nigeria’s economy expanded by 3.9 percent year-on-year in the first quarter of 2026, nearly matching the four percent growth recorded in the final quarter of 2025.

The organisation noted that growth was largely driven by sectors such as:

  • Agriculture
  • Manufacturing
  • Construction
  • Information and communication
  • Trade
  • Finance and insurance

Business activity also strengthened, with the Purchasing Managers’ Index (PMI) rising to 54.1 in May, its highest level since August 2025.

OPEC credited ongoing reforms, increased infrastructure investments, stronger trade conditions, rising domestic refining capacity, and improved macroeconomic stability for the positive outlook.

However, the organisation warned that persistent oil production challenges could continue to affect government revenue generation if not addressed.

While Nigeria’s economic indicators are showing signs of improvement, industry observers say achieving production targets remains critical to funding government spending plans and meeting revenue projections outlined in the 2026 budget.

Atiku Picks Amaechi As Running Mate Ahead Of Presidential Election

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Former Vice President Atiku Abubakar has reportedly selected former Minister of Transportation Rotimi Amaechi as his running mate for the 2027 presidential election under the African Democratic Congress.

The reported decision comes after weeks of consultations and negotiations within the opposition coalition and is expected to result in an Atiku-Amaechi ticket ahead of the January 16, 2027 presidential election.

Political analysts view Amaechi’s emergence as a strategic move aimed at creating regional balance between the North-East and South-South geopolitical zones. Observers believe the combination could strengthen the ADC’s position against other opposition contenders and the ruling All Progressives Congress.

Amaechi, a former governor of Rivers State, had previously dismissed speculation linking him to a vice-presidential role. After obtaining his presidential nomination form, he maintained that he was pursuing his own presidential ambition and publicly rejected suggestions of a consensus arrangement within the party.

However, sources familiar with the discussions claim that Atiku assured Amaechi of a prominent role during the campaign and in a potential future administration, helping to secure his acceptance of the vice-presidential position.

The development comes amid growing political realignments as parties and key figures reposition ahead of the 2027 general elections.

Atiku Criticises Tinubu’s Administration on Democracy Day

Meanwhile, Atiku used his Democracy Day message to criticise the administration of Bola Tinubu, arguing that recent actions by the government contradict the democratic ideals associated with June 12.

In his statement, the former vice president urged Nigerians to defend democratic institutions, resist intimidation, and oppose what he described as attempts to weaken opposition parties.

According to Atiku, Nigerians should draw inspiration from the sacrifices of pro-democracy activists to preserve the significance of June 12 and protect democratic values.

He further alleged that opposition parties have faced sustained pressure through leadership disputes, defections, and the misuse of state institutions, warning against what he described as democratic backsliding.

Atiku also maintained that institutions meant to serve the public impartially should not be used for political persecution, stressing the need to safeguard democratic freedoms as Nigeria approaches the 2027 elections.

Senate Cancels Arrest Warrant Against Mele Kyari

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The Senate has nullified the arrest warrant earlier issued against former Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, while also distancing itself from comments allegedly made by Senator Adams Oshiomhole describing the Nigerian National Petroleum Company Limited (NNPCL) as “a bunch of criminals and thieves.”

The decision followed the adoption of a motion sponsored by Senate Leader Opeyemi Bamidele, aimed at protecting the integrity of the National Assembly and ensuring strict compliance with constitutional procedures.

As part of its resolutions, the Senate reaffirmed that no committee of the Red Chamber has the authority to independently issue or execute an arrest warrant. Lawmakers emphasized that such powers remain exclusively with the Senate President.

The development comes amid allegations that Kyari was avoiding an ongoing Senate investigation. However, the former NNPCL chief rejected the claims, stating that he had informed the committee through a letter dated May 11, 2026, that he was undergoing medical treatment outside Nigeria.

According to the Senate, all legislative oversight activities must be carried out within the framework of the Constitution, due process, and the principles of fair hearing.

Presenting the motion, Bamidele argued that while Sections 88 and 89 of the Constitution empower the National Assembly to conduct investigations, the authority to compel attendance through warrants is reserved for the presiding officer of the chamber.

He noted that provisions of the Legislative Houses (Powers and Privileges) Act clearly assign such authority to the Senate President in matters relating to Senate proceedings and committee activities.

Bamidele warned that any committee acting independently to issue or enforce an arrest warrant without approval from the Senate President would be exceeding its legal powers.

“The power to issue a warrant affecting the liberty of a citizen is an extraordinary statutory power which must be exercised strictly in accordance with the procedure prescribed by law,” he said.

He further stressed that legislative investigations should not be treated as criminal trials and that no individual or institution should be presumed guilty before the conclusion of investigations or judicial proceedings.

“The constitutional doctrine of fair hearing and the presumption of innocence require that no person or institution be adjudged guilty except by a court of competent jurisdiction after due process of law,” Bamidele stated.

The Senate Leader also criticised Oshiomhole’s comments, saying that describing the NNPCL as “a bunch of criminals and thieves” suggested criminal liability before the completion of any investigation.

According to him, such statements could be interpreted by the public as the official position of the Senate and potentially undermine confidence in the objectivity of legislative oversight.

“Such statements, if left unclarified, may be misconstrued by the public as representing the official position of the Senate and may undermine confidence in the impartiality and objectivity of ongoing legislative oversight proceedings,” he said.

Following deliberations, the Senate formally dissociated itself from the remarks, declaring that they do not reflect its official position or findings.

Deputy Senate President Barau Jibrin backed the motion, noting that Senate committees are subordinate bodies that can only make recommendations and not exercise powers reserved for the full chamber.

He stated that the Public Accounts Committee had exceeded its authority.

“The committee overstepped its bounds, and he (Oshiomhole) has done the right thing by drawing attention to it,” Barau said.

Other lawmakers, including Senate Minority Leader Abba Moro, Senator Mohammed Tahir Monguno, Senator Adamu Aliero and Senator Orji Uzor Kalu, also supported the motion, urging restraint in public comments and stressing the importance of protecting the reputation of national institutions.

Aliero warned that such remarks could negatively affect investor confidence.

“The NNPC is the cash cow of this country. Such reckless statements send wrong signals to outsiders and can jeopardise foreign direct investment,” he said.

Kalu similarly urged caution, stating:

“It is not good for any committee or individual to criminalise a big company like the NNPC.”

“Our future lies in this country. We have no other country than Nigeria.”

Responding, Oshiomhole maintained that his comments were made under provocation during a Public Accounts Committee hearing.

The Edo North senator said he reacted to what he considered unfair conduct by NNPCL officials appearing before the committee over audit queries involving the company.

“I acted under provocation because distinguished senators were being attacked unjustly,” Oshiomhole said.

He added that he was defending the Senate’s integrity and had no intention of bringing the institution into disrepute.

At the end of the debate, the Senate adopted all eight prayers contained in the motion, including the cancellation of the purported arrest warrant against Kyari and a reaffirmation that only the Senate President can authorise warrants compelling attendance before Senate committees.

Meanwhile, Kyari insisted he was not evading the investigation and expressed surprise at the committee’s decision to issue a warrant.

“I refer to the news of the arrest warrant issued against me during the proceedings of your esteemed Committee today, June 10, 2026. I am deeply shocked by the issuance of the warrant,” he stated.

The former NNPCL boss explained that he had not received any fresh invitation from the committee and reiterated his willingness to cooperate fully once he returns to Nigeria.

“I wish to reiterate that I remain very willing and ready to honour the invitation of the Committee and to appear before it once I return to the country.”

Kyari also defended his tenure, stating that his administration transformed the company into a commercially viable and profitable organisation, with all transactions properly documented and available for scrutiny.

“I remain deeply grateful to my country for the opportunity afforded me to serve with utmost diligence and commitment,” he said.

The Senate Public Accounts Committee is currently investigating the financial records and transactions of the NNPCL, including issues linked to over ₦210 trillion reportedly under review.

Who Is Colonel Timothy Ajato? The Nigerian Army Officer Who Made History At The U.S. Army War College

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Colonel Timothy Ajato has earned international recognition after becoming the first International Fellow in the history of the United States Army War College (USAWC), Carlisle, Pennsylvania to win the prestigious Frank Kelly Writing Award.

The Nigerian Army officer achieved the milestone after graduating with honours from the college’s Academic Year 2026 programme, where he ranked among the top-performing officers in a class of 365 senior military officers and strategic leaders from the United States and allied nations.

Beyond winning the institution’s highest academic writing honour, Ajato also earned a Master’s Degree in Strategic Studies and developed model examination materials that were adopted by the college for future student assessments.

Who Is Colonel Timothy Ajato?

Colonel Timothy G. Ajato is a senior officer of the Nigerian Army who gained international attention in 2026 after making history at the U.S. Army War College.

What is known is that he is a serving colonel who represented Nigeria as an International Fellow at one of the world’s most respected military institutions.

Ajato distinguished himself academically throughout the 2026 programme and achieved several notable milestones:

  • Graduated with honours
  • Emerged among the top-performing officers in a class of 365 participants
  • Won the Frank Kelly Writing Award
  • Became the first international student to receive the award
  • Earned a Master’s Degree in Strategic Studies
  • Produced model answers for Oral Comprehensive Examinations later approved by the institution for future student use

The Frank Kelly Writing Award is regarded as the highest academic writing recognition at the War College and comes with prestigious institutional honours and lifelong membership benefits.

The United States Army War College is one of the world’s leading military educational institutions.

Located in Carlisle, Pennsylvania, the college prepares senior military officers and civilian leaders for strategic-level leadership, national security planning, defence policy formulation, and global security management.

Attendance at the institution is typically reserved for highly accomplished senior officers who have demonstrated exceptional leadership potential in their military careers.

His Contribution Beyond the Classroom

Ajato’s accomplishments went beyond academic excellence.

The Nigerian Army revealed that he developed sample model answers for Oral Comprehensive Examinations, which were reviewed and approved by the college as reference materials for future student cohorts.

This means his academic work will continue to influence future participants at the institution long after his graduation.

What The Nigerian Army Says About His Achievement

The Nigerian Army described Ajato’s success as evidence of the growing reputation of Nigerian military personnel in international institutions.

According to the Army, the achievement aligns with the professionalisation and leadership development goals of the Chief of Army Staff, whose vision is to build a more professional, adaptable, combat-ready and resilient force.

Military authorities also said the accomplishment demonstrates the Army’s commitment to investing in professional military education and developing strategic leaders capable of addressing modern security challenges.

Colonel Timothy Ajato’s achievement places him in a select group of Nigerian military officers who have earned global recognition through academic excellence. By becoming the first International Fellow to win the Frank Kelly Writing Award, he has not only elevated his personal profile but also strengthened Nigeria’s reputation within international military and strategic studies circles.

Democracy Day Address: Key Takeaways From President Tinubu’s Speech

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President Bola Ahmed Tinubu’s 2026 Democracy Day address focused on Nigeria’s democratic journey, security challenges, economic reforms, and national unity. Speaking on June 12, the President reflected on the sacrifices of democracy heroes, highlighted achievements of his administration, announced new national honours, and outlined plans to tackle insecurity and improve the economy.

Key Takeaways From President Tinubu’s Democracy Day Speech

  1. Nigeria Has Enjoyed 27 Years of Uninterrupted Democracy

Tinubu celebrated Nigeria’s longest period of civilian rule, noting that for 27 years Nigerians have chosen their leaders through elections and resolved disputes through democratic institutions rather than violence.

  1. He Called for Credible Elections in Ekiti and Osun

Ahead of upcoming elections in Ekiti and Osun states, the President urged INEC, political parties, and security agencies to ensure peaceful and transparent polls.

He stressed that democracy is weakened whenever citizens lose confidence in the electoral process.

  1. Tinubu Encouraged Young Nigerians to Build the Nation

The President challenged young people to contribute to Nigeria’s development rather than lose hope.

According to him, Nigeria’s future depends on young people choosing to innovate, work, vote, and create solutions within the country.

  1. Security Remains a Top Priority

Tinubu acknowledged the pain caused by the abduction of schoolchildren in Oyo and Borno states, describing it as one of the factors that dampened this year’s Democracy Day celebrations.

He expressed optimism that the kidnapped children would return safely and reiterated that “Democracy without security is not solid enough.”

  1. Strong Warning Issued to Bandits, Kidnappers and Terrorists

One of the strongest parts of the speech was his message to criminal groups.

The President revealed that his administration has declared a security emergency, approved the recruitment of more than 50,000 police officers and thousands of military personnel, and allocated N5.41 trillion to defence and security in the 2026 budget.

He warned:

“To bandits, kidnappers, and sponsors of terror: Surrender or face the full force of the Nigerian State. These windows of surrender will not remain open forever. No mercy will be shown to those who trade in the blood of Nigerians.”

He also disclosed that over 13,000 terrorists had been neutralised in the past year, while more than 124,000 fighters and their dependents had surrendered through Operation Safe Corridor since 2023.

  1. He Honoured June 12 Heroes and Democracy Activists

Tinubu paid tribute to the late Chief MKO Abiola and Alhaja Kudirat Abiola, as well as several democracy advocates including Chief Gani Fawehinmi, Chief Bola Ige, Chief Alfred Rewane, Pa Abraham Adesanya, Dr Beko Ransome-Kuti, Frank Kokori, Chima Ubani, and many others.

He described their sacrifices as the foundation of the freedoms Nigerians enjoy today.

  1. National Honours Announced for Democracy Defenders

The President announced national honours for dozens of individuals who played significant roles in Nigeria’s democratic struggle.

Among those recognised were:

  • Chief Ayo Opadokun
  • Dr Joe Okei-Odumakin
  • Richard Akinnola
  • Major-General Ishola Williams (rtd)
  • Femi Aborisade
  • Babajide Kolade-Otitoju
  • Ike Okonta
  • Prof. Sylvester Odion-Akhaine
  • Dr Arthur Nwankwo (Posthumous)

He also honoured several military officers described as “soldier-democrats” who supported the June 12 struggle, including Major General MA Garba, Brigadier General Lawal Jaafaru Isa, Col Sambo Dasuki, Col Lawan Gwadabe, and others.

  1. Economic Reforms Are Beginning to Yield Results

The President defended his administration’s economic reforms, saying they were necessary to stabilise public finances and restore investor confidence.

According to him, reforms since 2023 have improved revenue generation, reduced leakages, strengthened fiscal transparency, and attracted investments across agriculture, manufacturing, technology, mining, transportation, and the creative sector.

  1. Power Sector and Infrastructure Reforms Were Highlighted

Tinubu said the Electricity Act has empowered states to generate, transmit, and distribute electricity independently.

He also revealed that efforts are ongoing to close Nigeria’s metering gap and settle legacy debts in the power sector.

Other initiatives highlighted include:

  • Deployment of mini-grids and off-grid electricity projects
  • Distribution of 10,000 tractors through the National Agricultural Development Fund
  • Certification of over 1,000 SMEs for export
  • A 21% growth in non-oil exports
  1. Prosperity Is the Next National Mission

Tinubu said the generation that fought for independence secured freedom, while the June 12 generation secured democracy.

According to him, the responsibility of the current generation is to secure prosperity for Nigerians.

He stated:

“The heroes of June 12 secured political freedom. Our challenge is to secure economic freedom.”

The President concluded by urging Nigerians to embrace unity, reject division and cynicism, and work together toward a future where democracy delivers tangible benefits through jobs, opportunity, security, and improved living standards.

Conclusion

President Tinubu’s Democracy Day speech combined reflections on Nigeria’s democratic journey with a strong focus on security, economic reforms, and national development. From issuing stern warnings to bandits and kidnappers to honouring democracy heroes and outlining plans for economic growth, the address sought to reassure Nigerians that the government remains committed to strengthening democracy and improving citizens’ lives.

Trump Calls Off Planned Strikes On Iran Amid High-Level Peace Talks

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United States President Donald Trump has announced the cancellation of planned military strikes against Iran, citing progress in ongoing high-level discussions with the Iranian leadership.

In a statement shared on his Truth Social platform, Trump said the decision followed significant diplomatic developments involving the Islamic Republic of Iran and several international stakeholders.

“Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have… cancelled the scheduled strikes and bombings against Iran this evening,” Trump stated.He further revealed that a potential agreement is nearing completion, adding that, “Time and place of the signing to be announced shortly.”

Before Trump’s announcement, tensions had risen sharply as both nations exchanged threats and military actions, raising fears of a wider regional conflict.

Iran’s chief negotiator and parliamentary speaker, Mohammad Bagher Ghalibaf, warned the United States that renewed military action could trigger long-term instability and economic disruption.

“Wrong strategies and impulsive decisions will reset the entire board for the worse, explode energy infrastructure and markets and create an endless quagmire that you will be stuck in for years,” Ghalibaf said.

The conflict, which began on February 28 following a series of US-Israeli strikes on Iran, was temporarily halted under a ceasefire agreement in April. However, efforts to secure a permanent peace deal have faced repeated setbacks.

Hours before reversing course, Trump had threatened to launch fresh attacks on Iran and even suggested taking control of Kharg Island, Iran’s main oil export terminal.

“At some point in the not too distant future, we will be taking Kharg Island, and other oil infrastructure points, and assume total control of their Oil and Gas Markets, much like we have with Venezuela,” Trump had said.

Iranian military officials responded by warning that any renewed attacks would be met with a stronger response and could spread instability across the region.

The ongoing tensions between Washington and Tehran have contributed to volatility in global oil and gas markets, increasing concerns over inflation and economic growth.

The World Bank recently lowered its global growth forecast for 2026 to 2.5 percent, citing rising geopolitical tensions, higher energy costs, and disruptions to global supply chains as major risks.

Despite the fragile situation, Trump’s latest announcement has raised hopes that a diplomatic agreement could help prevent further military escalation and restore stability in the region.

Court Jails Five Suspects Over Papiri School Abduction Attack

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The Federal High Court in Abuja has sentenced five men linked to the November 21, 2025 attack on St. Mary’s Catholic School, Papiri, Niger State, to 25 years imprisonment each.

Justice Binta Nyako delivered the judgment on Thursday after the defendants, including two citizens of Niger Republic, pleaded guilty to all four terrorism-related charges brought against them.

The suspects were arrested by operatives of the Department of State Services (DSS) on May 31, 2026, in connection with the attack on the school.

The charges involved providing support for acts of terrorism, in violation of Section 16 of the Terrorism (Prevention and Prohibition) Act, 2022, as well as provisions of the Firearms Act.

According to Count One, the defendants were accused of conspiring and deliberately assisting terrorists by facilitating the transportation of 15 AK-103 rifles and approximately 1,434 rounds of 7.62mm live ammunition from the Diffa region of Niger Republic to one Malam Ahmad, an alleged member of the Boko Haram terrorist group operating in Borgu, Niger State. The offence was said to be contrary to Section 26(1) of the Terrorism (Prevention and Prohibition) Act, 2022.

The five suspects were apprehended at different locations during DSS operations carried out less than two weeks ago.

In one of the operations, security agents recovered 15 AK-47 rifles and 1,434 rounds of live ammunition concealed in sacks inside a Volkswagen Golf vehicle.

The recovered weapons and ammunition were presented before the court as exhibits.

Justice Nyako also ordered the forfeiture of the Volkswagen Golf vehicle used in the operation to the Federal Government.

The Papiri school attack occurred in the early hours of November 21, 2025, when dozens of heavily armed men riding motorcycles invaded St. Mary’s Catholic Primary and Secondary Boarding School.

The attackers abducted students and teachers at gunpoint. Although about 50 students managed to escape during the confusion, more than 250 pupils were reportedly forced into the Kainji Lake Reserve Forest, where they were held for several days.

The incident sparked nationwide outrage and renewed concerns over insecurity and school attacks across the country.

Following a series of kidnappings and terrorist activities, President Bola Tinubu declared a nationwide security emergency on November 26, 2025.

The President also directed increased recruitment into the Nigerian Armed Forces and the Nigeria Police Force, while authorising the DSS to deploy trained forest guards to combat terrorists and bandits operating in forested areas.

Slightly more than a month after the abduction, officials of both the Federal Government and the Niger State Government confirmed the successful rescue and safe return of all the captives, stating that no student remained in captivity.

Court Sets June 18 For Trial Against Kabiru Turaki

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The Federal Capital Territory (FCT) High Court in Maitama, Abuja, has fixed June 18 for the commencement of trial in the criminal case involving the factional Chairman of the Peoples Democratic Party (PDP), Kabiru Turaki.

Justice Peter Kekemeke scheduled the hearing on Thursday after declining a request by Turaki’s counsel, Abdulaziz Ibrahim (SAN), who asked the court to first rule on an application challenging the validity of the charge filed against his client by the Inspector-General of Police (IGP).

Turaki is facing a one-count charge accusing him of allegedly providing false information to the IGP through a petition dated October 5, 2022, which was written on his official letterhead against one Saidu Mohammed Mainasara. The prosecution claims the petition was intended to invoke the lawful powers of the IGP to the detriment or annoyance of Mainasara.

According to the prosecution, the alleged offence is punishable under Section 140 of the Penal Code Law.

During Thursday’s proceedings, Ibrahim informed the court of an application seeking the dismissal of the charge, marked CR/647/2025, arguing that it failed to establish a prima facie case against Turaki and amounted to an abuse of court process.

With the court’s permission, the defence lawyer moved the application and urged the court to strike out the charge.

In response, prosecuting counsel Usman Rabiu adopted the prosecution’s counter-affidavit and asked the court to dismiss the application, insisting that the prosecution should be allowed to present evidence in support of its case.

Ibrahim further requested an expedited ruling, arguing that putting the defendant through trial before deciding on the application could subject him to unnecessary emotional and physical hardship.

However, Rabiu opposed the request, citing Section 396(2) of the Administration of Criminal Justice Act (ACJA), which requires courts to reserve rulings on such applications until the final judgment stage.

He maintained that the provision is mandatory and leaves no room for discretion, urging the court to proceed with the trial while deferring its ruling on the application.

In his ruling, Justice Kekemeke agreed with the prosecution, holding that Section 396(2) of the ACJA must be complied with.

The judge stated that Turaki would not suffer any injustice by standing trial before the court delivers its decision on the application.

Following the agreement of both parties, the court adjourned the matter until June 18 for the commencement of trial, during which the prosecution is expected to call its sole witness.

Global Stocks Rebound As Inflation Data And Iran Tensions Keep Markets On Edge

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Global stock markets edged higher on Thursday, recovering some of the losses recorded earlier in the week, while the U.S. dollar strengthened and oil prices climbed as investors weighed fresh inflation data and escalating tensions in the Middle East.

Investor attention remained focused on the conflict between the United States and Iran after President Donald Trump warned that Washington could strike Iran “very hard” and target the country’s key oil export hub, Kharg Island. The renewed hostilities have cast doubt on hopes for a lasting peace agreement and raised concerns about potential disruptions to global energy supplies.

Oil prices moved higher as traders reacted to the growing geopolitical risks, while gold remained relatively stable near its lowest level in more than six months.

In the United States, new economic data showed producer prices rose more than expected in May, marking the strongest annual increase in three and a half years. Higher energy costs linked to the Middle East conflict were a major factor behind the increase. At the same time, unemployment claims rose only slightly, suggesting the U.S. labor market remains resilient.

Wall Street recovered from two consecutive sessions of losses, with investors cautiously returning to the market. Analysts noted that while uncertainty surrounding the Middle East remains a major concern, strong economic fundamentals have so far prevented fears of a broader market downturn.

Technology stocks, particularly chipmakers, helped drive gains, although software giant Oracle came under pressure. The company’s shares fell 11% after announcing ambitious AI investment plans and a proposal to raise nearly $40 billion through debt and equity financing, prompting concerns among analysts.

By midday trading in New York:

  • The Dow Jones Industrial Average gained 420 points (0.84%) to 50,337.
  • The S&P 500 rose 41 points (0.57%) to 7,308.
  • The Nasdaq Composite advanced 209 points (0.83%) to 25,378.

Globally, MSCI’s world equities index climbed 0.37%, reflecting a modest improvement in investor sentiment.

European markets also moved higher, with the STOXX 600 index rising 0.54% after the European Central Bank delivered its first interest rate increase in nearly three years, a move that had been widely anticipated by investors.

Despite the rebound in stocks, markets remain cautious as traders continue to monitor inflation trends, central bank policy decisions, and developments in the Middle East conflict.

Senate Calls For Arrest Of Bandits Displaying Cash On TikTok

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The Senate of Nigeria has called on security agencies to step up efforts to track and arrest bandits and terrorists who openly showcase their activities and proceeds of crime on social media platforms, particularly TikTok.

The resolution was adopted on Thursday following a motion sponsored by Senator Sunday Karimi, who raised concerns over increasing bandit attacks and security threats in Kogi West and other parts of the country.

During the debate, Senator Natasha Akpoti-Uduaghan proposed an additional prayer urging the Nigeria Police Force National Cybercrime Centre and other security agencies to intensify efforts to identify, monitor, and arrest individuals using social media platforms to promote criminal activities.

According to her, criminal groups have increasingly turned to digital platforms to flaunt wealth acquired through illegal activities and to publicise their operations.

“Bandits and terrorists who carry out these activities live on their social media handles. Two days ago, bandits conducted a giveaway, distributing over ₦100m within the space of 30 minutes through their social media handles, especially TikTok,” she said.

Akpoti-Uduaghan questioned why such visible online activities had not resulted in arrests.

“I wonder why the Cybercrime Unit and the Police Force generally cannot track these activities and apprehend them since they are on social media. Therefore, I urge the Nigerian Police Force National Cybercrime Centre to track and arrest these individuals,” she stated.

The proposal received support from Senator Osita Ngwu, who seconded the motion, leading to broad backing from lawmakers.

Reacting to the discussion, Senate President Godswill Akpabio described the public display of criminal activities online as a direct challenge to the authority of the state.

“The Department of State Services should be able to track their movements and arrest them because this is a show of impunity, as if there is no law at all,” Akpabio said.

He argued that videos showing criminals displaying cash and boasting about their activities are intended to undermine public confidence in security institutions.

“I do not see why we should not have control over the social media space. That idea of showing themselves, showing the cash collected and displaying it is a way of challenging the government,” he added.

Akpabio called on intelligence and security agencies to treat the issue as a national security concern and improve coordination in responding to information gathered from digital platforms.

“I want the security agencies and heads of security services to see this as a major challenge. Whenever anybody finds such content, bring it to the attention of the Senate, and we shall invite the relevant federal authorities to explain why those people have not been apprehended,” he said.

The Senate President also stressed the need for transparency and accountability whenever arrests are made.

“If they are apprehended, they should also report back so that Nigerians can know that those who openly show their faces while committing crimes are being arrested and prosecuted,” he stated.

The resolution reflects growing concern among lawmakers about the use of social media by criminal groups to publicise their activities, recruit followers, and display proceeds from illegal operations while remaining at large.