Author: Ogochukwu Ndubuisi

Chinese President not Going to BRICS Summit for the 1st time Chinese President Xi Jinping will not be going to the upcoming summit of the BRICS group of emerging economies, Foreign Ministry spokeswoman Mao Ning announced in Beijing on Wednesday. Prime Minister Li Qiang will travel to this year’s meeting in Brazil, she said. No reason was given for Xi’s absence. The Kremlin has announced that Russia President Vladimir Putin would also not attend the meeting. His absence is linked to the arrest warrant issued by the International Criminal Court, which Brazil as a signatory to the Rome Statute would…

UN Approves $5.4bn Peacekeeping Budget for 2025-2026 The UN General Assembly on Monday approved a $5.38 billion budget for peacekeeping operations for the 2025-2026 fiscal year. The approved budget is down slightly from the 2024-2025 year, which stood at $5.59 billion for 14 operations. The approval followed weeks of negotiations by delegates amid warnings about persistent funding challenges. The 2024-2025 peacekeeping budget, which reflects a modest decrease, followed final settlements of former missions in Côte d’Ivoire and Liberia. Acting on the recommendation of its Fifth Committee (Administrative and Budgetary), the Assembly endorsed the budgets for 12 missions. It also endorsed…

CBS to pay $16m in Lawsuit Settlement With Trump Paramount Global, one of the largest U.S. media and entertainment corporations, agreed on Tuesday to pay 16 million dollars to settle a lawsuit with U.S. President Donald Trump. According to U.S. media reporting the case, Trump sued CBS News, a subsidiary company of Paramount, in a district court in Texas in last October. He alleged that his electoral chances were harmed after the network aired two separate versions of an answer given by then Vice President Kamala Harris during an interview for its program “60 Minutes.’’ The agreement came after months…

OPEC Says $17.4trn Global Upstream Investment Needed to Avoid Oil Market Deficit by 2030 The Organisation of Petroleum Exporting Countries (OPEC) says its research estimates a huge oil market deficit of 23 million barrels per day (bpd) by 2030, if investment in the global upstream industry stops. OPEC also said that global cumulative oil-related investments of 17.4 trillion dollars are required by 2050 to meet up the energy demand. OPEC Secretary-General, Haitham Al Ghais disclosed this at the 24th Nigeria Oil and Gas (NOG) Energy Week Conference and Exhibition held on Tuesday in Abuja. Al Ghais said that to meet…

NNPC Ltd Records 100% Crude Oil pipeline Uptime The Nigerian National Petroleum Company Limited (NNPC Ltd.) says it has recorded a 100 per cent availability on Major Crude Oil Pipelines in the country. The Group Chief Executive Officer of NNPC Ltd., Mr Bashir Ojulari, said this while delivering a Keynote Address at the 24th NOG Energy Week (NOG) on Tuesday in Abuja. Ojulari said that for the first time in a long while, the nation enjoyed 100 per cent crude oil pipelines availability throughout June 2025. He said that the feat, which was possible through the industry-wide security interventions led…

AfDB Approves $474.6m Loan to Support South Africa’s Infrastructure The Board of Directors of the African Development Bank Group (AfDB) has approved a $474.6 million loan for South Africa’s Infrastructure Governance and Green Growth Programme (IGGGP). This financing marks a significant milestone in the country’s transition toward a sustainable, low-carbon economy. This IGGGP is the second phase of the Bank’s strategic support for South Africa’s Just Energy Transition. It builds on the success of the $300 million Energy Governance and Climate Resilience Programme, approved in 2023, which delivered key reforms that bolstered financial stability and increased renewable energy capacity. Structured…

Reps to Investigate Nigeria’s €1.2M Debt to OACPS The House of Representatives says it will investigate Nigeria’s outstanding debt of 1.2 million Euros to Organisation of African, Caribbean and Pacific States (OACPS). Nigeria, like other member-states, is expected to contribute financially to the OACPS budget and various development programmes. However, reports suggest that Nigeria has struggled to meet these financial obligations consistently, potentially hindering the organisation’s operations and the implementation of projects. The decision to carry out an investigation on the outstanding debt was taken, following a motion under matters of urgent national importance moved by Deputy Chief Whip, Ibrahim…

Dangote Refinery Reduces Ex-depot Price by N40 Dangote Refinery has reduced ex-depot price as more market joined to lift output. New marketers signed on the partnership deal with Dangote Refinery just as the Refinery management announced a reduction in its ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N880 to N840 per litre. The new pricing took effect on 30 June 2025. Dangote Group’s spokesperson, Mr. Anthony Chiejina, confirmed the price adjustment in Lagos, stating: “PMS price has been reduced from N880 to N840 per litre effective 30th June.” The previous increase to N880 per litre…

Nigeria Seeks Trade, Investment Relations with Saint Lucia Nigeria has expressed interest in expanding trade and investment relations with Saint Lucia, focusing on key growth areas such as agriculture, tourism, manufacturing, renewable energy and ICT. The Minister of Foreign Affairs, Amb. Yusuf Tuggar, made this known on Monday during a meeting with Saint Lucia’s Minister for External Affairs, International Trade, Civil Aviation, and Diaspora Affairs, Alva Romanus Baptiste. This is contained in a statement issued by Alkasim Abdulkadir, the Special Assistant on Media and Communications Strategy to the minister. The meeting took place during President Bola Tinubu’s state visit to…

NGX Group, DEG launch N-Zero climate initiative in Germany The Nigerian Exchange Group (NGX Group) has launched its ambitious Net Zero Programme (N-Zero) in collaboration with the German Investment and Development Company (DEG). DEG is a subsidiary of the German Government Investment Corporation. The launch and signing ceremony, which took place at DEG’s headquarters in Cologne, marked a major milestone in the NGX Group’s efforts to promote sustainable finance, responsible investing, and climate action across Africa. Dr Umaru Kwairanga, Chairman of the NGX Group in a statement on Tuesday, said the partnership symbolised a shared commitment to driving transformative change…