Oil prices settled down on Wednesday and recorded the largest monthly drop in almost 3-1/2 years after Saudi Arabia signaled a move toward producing more and expanding its market share, while the global trade war eroded the outlook for fuel demand.

Brent crude futures settled $1.13, or 1.76%, lower at $63.12 a barrel. U.S. West Texas Intermediate crude futures dropped $2.21, or 3.66%, to close at $58.21, the lowest settlement since March 2021.

For the month, Brent settled down 15% and WTI was down 18%, the biggest monthly percentage declines since November 2021.

Both benchmarks slumped after Saudi Arabia, one of the world's biggest oil producers, signaled it was unwilling to prop up the oil market with further supply cuts and could handle a prolonged period of low prices.

"It raises concern that we could be headed towards another production war," said Phil Flynn, senior analyst with Price Futures Group. "Are the Saudis trying to send a message that they are going to get back their market share? We'll have to wait and see."

Earlier this month, Saudi Arabia pushed for a larger-than-planned OPEC+ output hike in May.

Several OPEC+ members will suggest a ramp-up of output increases for a second straight month in June, sources told Reuters last week. The group will meet on May 5 to discuss output plans.

"The trade war directly reduces oil demand and hinders travel by consumers. Combined with OPEC’s unwinding of output cuts, the risk of oversupply is escalating," said Raymond James investment strategy analyst Pavel Molchanov.

U.S. President Donald Trump's announced tariffs on all U.S. imports on April 2 and China responded with its own levies, stoking a trade war between the world's top two oil-consuming nations.

Concerns over the global economy weakening continued to pressure oil prices.

Data on Wednesday showed the U.S. economy contracted in the first quarter, weighed down by a deluge of goods imported by businesses eager to avoid higher costs.

Trump's tariffs have made it probable the global economy will slip into recession this year, a Reuters poll suggested.

U.S. consumer confidence, meanwhile, slumped to its lowest in nearly five years in April on growing concerns over tariffs, data showed on Tuesday.

U.S. crude oil stockpiles fell unexpectedly last week on higher export and refinery demand, limiting some price losses.

Crude inventories fell by 2.7 million barrels to 440.4 million barrels in the week ended April 25, the Energy Information Administration said on Wednesday, compared with analysts' expectations in a Reuters poll for a 429,000-barrel rise.

Reuters

US backs Israel's ban on UNRWA Gaza aid operations at World Court

Israel cannot be forced to allow the U.N. Palestinian refugee agency UNRWA to operate in Gaza, the United States said on Wednesday at a World Court hearing in The Hague.

Israel last year passed a law that banned UNRWA from operating in the country, as it said the organisation had employed members of Hamas who took part in the attacks on Israel on October 7, 2023.

The U.N. said in August that nine UNRWA staff may have been involved in the assault and had been fired. Another Hamas commander, confirmed by UNRWA as one of its employees, was killed in Gaza in October, according to Israel.

The United Nations General Assembly in December asked the U.N.'s top court to give an advisory opinion on Israel's obligations to facilitate aid to Palestinians that is delivered by states and international groups, including the United Nations.

At the third day of hearings on the matter, the U.S. said Israel had the right to determine which organisations could provide basic needs to the population of the occupied Palestinian territories.

"An occupational power retains a margin of appreciation concerning which relief schemes to permit," U.S. State Department legal adviser Joshua Simmons said.

"Even if an organisation offering relief is an impartial humanitarian organisation, and even if it is a major actor, occupation law does not compel an occupational power to allow and facilitate that specific actor's relief operations."

Simmons also stressed the "serious concerns" Israel has about UNRWA's impartiality.

U.N. and Palestinian representatives at the opening of hearings on Monday had accused Israel of breaking international law by refusing to let aid into Gaza.

Since March 2, Israel has completely cut off all supplies to the 2.3 million residents of the Gaza Strip, and food stockpiled during a ceasefire at the start of the year has all but run out.

Israeli Foreign Minister Gideon Saar said in Jerusalem on Monday that Israel had submitted its position in writing to the hearings, which he described as a "circus".

Reuters

Against the background of ongoing defections to the All Progressives Congress by politicians from the so-called opposition parties, we still harbour the fear of a one-party state as an imminent reality. The truth is, what we run is already tantamount to a one-party system, a short historical distance away from the military era, where the head of state, who creates political parties, also hands political parties their respective defining ideologies. The multi-party democratic system, planked as it is on the distinctiveness of ideas and ideologies between parties, and requires the independence of political agents. Contenders must have equal chances to sell their moral vision to the people, contest for power, and maintain their stance even when they have not been voted to power. Also, the institutions must be autonomous enough to regulate the activities of political actors across the board. These are all features that have been seriously lacking in Nigerian politics.

Properly speaking, Nigeria does not even have political parties. What we have are platforms on which any candidate who can commandeer money and influence runs an election. The closest to an ideology that anyone will find in Nigeria’s present political arrangement is the desperation to seize power and, if that fails, to get as close to it as possible. Once upon a time, the PDP called itself the most formidable political party and boasted it would sustain power for the next 60 or even 100 years. They hardly survived one election cycle out of presidential power. Their party members virtually emptied themselves into the winning party even before the 2015 electoral losers had fully understood what had befallen them.

In any case, it does not quite matter which side wins an election because we will ultimately be governed by the same cross-carpeting agents. Our politics mostly lacks a distinguishing philosophy. Take, for instance, the APC. Does anyone have any examples of the progressive causes they have pursued since their founding? I even doubt anyone in the APC ever wonders if they are staying true to their “progressive” appellation. One can say the same for the PDP, whether as the “Peoples Democratic Party” or as “Power to the People.” One of the most laughable comments I read about the Labour Party during the 2023 elections was that it platformed a candidate whose antecedents did not match the “labour” ideology. There was an implicit assumption that the Nigerian “Labour Party” had an ideological affinity with the “Labour Party” of, say, the UK and Australia (which are typically peopled by social democrats) and should therefore act according to character. But there is nothing like that in Nigeria. Whatever name a political party calls itself is, at best, aspirational. It has little to do with what they can be trusted to always stand for. What matters is the control of federal power and mobilising resources for electoral victory.

 Our politics has always been more of an aggregation of personalities managing their self-interests rather than an espousal of a governing vision. If you ever watch parliamentary debates in Nigeria, you would have noted that it never happens that lawmakers disagree with their peers based on any philosophy of how government should be structured. They all agree and disagree on the same thing; they collectively sign off the padded national budgets, and like serfs, they jump to their feet to chorus “on your mandate, we shall stand” when Bola Tinubu appears in their hollowed chamber. Without any internal differences, does it truly matter whether we have one party or a dozen?

Besides, the nature of our politics makes no room for abstract ideas. Elections are won or lost based on what they call “structure”, a euphemism for clout cultivated at grassroots levels and which will be sold to the highest bidder during elections. Politics is a pyramid scheme where those who hold sway at different levels exchange the votes of the people over whom they maintain some influence, and their calculations are always based on immediate material gains. The average Nigerian, too, hardly subscribes to a politics of ideas; people vote for personalities representing their identity groups and who they believe will hold power in trust for them. The platform on which such candidates compete hardly matters to our people, and it would seem superfluous for any party to maintain a distinctive ideology.

Perhaps, the biggest reason we never seem to evolve beyond a singularising political order is the nature of our economic system itself. We are largely an extractive economy, a system where the primary function of leadership is to manage and allocate raw resources. It is a political arrangement that makes the president disproportionately powerful since the opportunities for everyone’s social mobility are concentrated in his hands. He distributes to them based on the perceived degree of their fidelity to him. It is not in his personal interest to institutionalise the social instruments of democracy, and he will do everything to ensure opposition parties do not flourish.

If the “opposition” does not allow themselves to be amicably enticed with money and other offers, they will find themselves forcefully crippled. It is not strange that Ifeanyi Okowa, the man who could have become the vice president in 2023, is now crawling on his face to join the APC. He could simply have joined the APC without a fuss, like his peers had done, but he had to add a cringeworthy explanation. For a man who has a N1tn case with the EFCC, who can blame him for being practical? He is not the first person to join the APC to have his sins forgiven, as Adams Oshiomole once enjoined. Godswill Akpabio, the Senate President, too, was once in Okowa’s shoes. He joined the APC, and his case with the EFCC has been put in permanent abeyance. In a country where their president can suspend a governor, how many people will not bow and worship if their survival depends on it?

About the only time since 1999 “opposition” politics thrived in Nigeria was when the regional ACN contended with the national PDP. Now that power has changed hands, we know that the APC was hardly driven by ideological commitment during those years. Their “opposition” politics was funded by ambitious Tinubu with Lagos’ money. Once he got into power, he muted their bought voices. The only state in Nigeria where the “Lagos model” of sponsoring political opposition can replicate itself is Rivers State, and Tinubu has already anticipated that possibility. Not only did he undercut the strength of the PDP in that state by taking over one of their chieftains, Nyesom Wike, but he also showed his hand of power by suspending the substantive governor for six months. The Rivers State Governor, Siminalayi Fubara, who—just months ago—stood defiantly on his two feet, now grovels before the almighty federal power. The reality of being out of power must have hit him.

Such is the disempowering nature of our democracy. It constricts our choices to either being rewarded for compliance or punished with marginality. The average career politician chooses the former for obvious reasons, but also because they are amoral like that. Let me be clear that the fear of a one-party state is a well-founded one. To the best of our ability, we must resist it from becoming fully official because it will further degrade our politics. Yet, we cannot just mourn a politics that we wished we had—rather than the one that is already operative.

Punch

From elementary school to undergrad, I often found myself being the person who does all the work during group projects.
I like things the way that I like them, and I surely wasn’t putting my name on a project that didn’t meet my standards. Nor was I interested in lecturing my classmates about the importance of pulling their own weight. Doing the work myself was more convenient.
That mindset probably won’t get you far in the workplace, according to Monica Cepak, CEO of women’s telehealth company Wisp. It can even be a red flag for her, and she screens for it by asking one job interview question: What’s the hardest problem you’ve ever solved at work, and how did you reach a solution?
If an interviewee’s answer is “cross-functional in nature” — meaning it shows how they worked with other professionals to solve an issue — they’re probably a team player, says Cepak, 38, who has nearly 10 years of experience in executive-level roles.
An answer like, “Oh, I did everything myself,” is a telltale sign that a person “can’t work well in an environment like ours,” Cepak says, “because nobody can solve every problem [on their own]. We’re a team at the end of the day, and your ability to problem solve by working with others is key.”
The best way to answer Cepak’s question is to anticipate it and prepare examples of effective collaboration in advance, she says. 
Try a response like this: “At my last job, our team struggled with communication and meeting tight deadlines. I suggested we create a shared dashboard to track real-time updates and ensure everyone is aware of deadlines. I collaborated with our operations lead to build it out quickly, and we got everyone on board in a day.”
This approach shows a candidate's ability to problem-solve with curiosity and empathy, which “ultimately drives solutions forward,” Cepak says. 
Now that I’m in the workforce, I agree with Cepak — collaboration and teamwork play a huge role in my company’s culture. I often lean on my managers and fellow reporters when I have questions or want another pair of eyes on a story, for example. That’s helped me create lasting connections and learn from the unique perspectives around me.

CNBC

As Nigeria prepares to lay to rest one of its most illustrious sons, Chief Ayo Adebanjo, on May 3, 2025, the nation mourns not just a man but an institution—an unwavering symbol of integrity, justice, and relentless advocacy for true federalism. At 96, Baba Adebanjo departed this world, leaving behind a legacy that will continue to inspire generations.

A Life of Uncompromising Principles

Pa Adebanjo was a rare breed—a man whose public convictions were perfectly mirrored in his private life. From his early days as a Zikist to his evolution into one of Obafemi Awolowo’s most steadfast disciples, he remained resolute in his beliefs. Unlike many of his contemporaries who wavered under political pressure, Adebanjo stood firm, even when it meant standing alone.

His life was a testament to the power of consistency. Whether advocating for restructuring, condemning military rule, or championing the rights of the marginalized, he never shied away from speaking truth to power. His courage was legendary—imprisoned several times, harassed by successive governments, yet never silenced.

A Personal Honour: The Lecture That Defined My 50th Birthday

Among the many privileges I had in knowing Baba Adebanjo, one stands out as a defining moment in my life—his acceptance to deliver the lecture at my 50th birthday celebration on July 8, 2012. For a man of his stature to honour me in such a manner was not just a personal milestone but a validation of the values we both held dear.

That day, he spoke with his characteristic passion—on Nigeria’s political failures, the betrayal of Awolowo’s ideals, and the urgent need for restructuring. His words were not just a birthday gift to me but a clarion call to all present: "We must never sacrifice principles for temporary gains." That lecture remains etched in my memory, a reminder of the kind of leader he was—one who gave of himself freely in the service of truth.

The Advocate Who Never Retired

Even in his 90s, Adebanjo remained a digital sage—dispensing wisdom via WhatsApp, engaging with younger activists, and writing fiery press statements. His support for Peter Obi in the 2023 elections was not a departure from his principles but a reinforcement of them. He believed in equity—that after decades of northern and southern presidencies, it was only just for the Southeast to produce a leader. Many criticized him, but he stood his ground, proving once again that for him, justice was not negotiable.

The Sorrow of a Patriot

Yet, beneath his fiery exterior was a man burdened by Nigeria’s unfulfilled potential. He often lamented the selfishness of the political class, the abandonment of Awolowo’s welfarist ideals, and the reluctance to restructure the country. His greatest sorrow was that he might not live to see the Nigeria of his dreams—a nation built on equity, fairness, and true federalism.

How Do We Honour Him?

As we bid farewell to this titan, the question arises: How best can we immortalize Ayo Adebanjo?

Renaming monuments after him is fitting, but the greatest tribute would be to realize the Nigeria he fought for—a restructured nation where no region dominates another, where justice is not a privilege but a right. The best way to honour him is to continue his struggle, to demand accountability, and to uphold the principles he lived and died for.

Final Farewell to a Father and Mentor

Baba Adebanjo was more than a leader; he was a mentor, a father figure, and a moral compass. His absence leaves a void, but his life offers a blueprint. As he is laid to rest, we take solace in knowing that his legacy will endure—not in stone or bronze, but in the ideals he instilled in us.

Rest well, Baba. Your fight was noble, your life was impactful, and your memory will forever be a beacon for those who believe in a just and equitable Nigeria.

Adieu, Baba rere - the true Afenifere!

The Nigerian National Petroleum Company Limited is under scrutiny after the Warri Refining and Petrochemical Company has been shut down since January 25, 2025, due to safety issues, just one month after being declared operational.

Documents from the Nigerian Midstream and Downstream Petroleum Regulatory Authority reveal that despite a $897.6m maintenance investment, the refinery failed to produce petrol before shutting down. Meanwhile, the Port Harcourt Refining Company, which resumed operations in November 2024, is operating below 40% capacity instead of the claimed 70%.

The 125,000 barrels-per-day Warri refinery was commissioned in 1978 and restarted on December 30, 2024, after decades of being moribund. Former NNPC Group Chief Executive Mele Kyari had proudly stated, "This plant is running... We have proved that it is possible to restart a plant that you deliberately shut down."

Industry experts have expressed dismay at the situation. Chinedu Ukadike of the Independent Petroleum Marketers Association called it "very disheartening that a refinery that gulped a whole lot of money would be shut down in less than two months of operations," urging presidential intervention.

Energy expert Dan Kunle described the rehabilitation efforts as "a scandal," stating the former NNPC team "created wealth for themselves but failed to create value for the country."

When contacted, NNPCL spokesperson declined to comment on the current issues.​​​​​​​​​​​​​​​​

The Islamic State West Africa Province (ISWAP) has claimed responsibility for a deadly attack in Nigeria’s northeastern Borno State that killed at least 26 people, underscoring renewed violence in the region and prompting a change in military leadership. The group announced the attack via its Telegram channel on Tuesday, as insurgents continue to target civilians and security forces using improvised explosive devices (IEDs) and other guerrilla tactics.

In response to the surge in attacks by both ISWAP and Boko Haram—its Islamist rival—Nigeria has appointed Major General Abdulsalam Abubakar as the new commander of its counterinsurgency operations in the northeast. Abubakar becomes the 15th commander to lead the long-running military campaign, according to Reuben Kovangiya, spokesperson for the operation. His previous roles include deputy commandant of the Nigerian Defence College and commander of a key security operation in north-central Nigeria.

Security experts warn that the increasing frequency and sophistication of attacks—including the use of armed drones and roadside bombs—signal a possible resurgence of jihadist activity. Governor Babagana Zulum of Borno State recently raised alarm over the deteriorating security situation, stating, “The renewed Boko Haram attacks and kidnappings in many communities, almost on a daily basis without confrontation, signal that Borno State is losing ground.”

Although the army did not explicitly link the leadership change to the rise in militant violence, the developments highlight the urgent need for a stronger and more adaptive security strategy in Nigeria’s northeast, where Islamist insurgency has persisted for over 15 years.

The Federal Government has declared Thursday a public holiday in celebration of Workers’ Day, observed annually on May 1st. The announcement was made on Tuesday by the Minister of Interior, Olubunmi Tunji-Ojo.

In his statement, Tunji-Ojo praised Nigerian workers for their dedication and contributions to the nation’s development, both at home and abroad. He emphasized the importance of labour in national progress and called for a renewed commitment to innovation and productivity.

“There is dignity in labour,” he said. “The dedication and commitment to our work are essential to building a stronger nation.”

The minister highlighted the administration’s commitment to the security of all citizens and residents, and urged workers to remain hopeful and united in the face of challenges. He also encouraged them to enhance their skills and professionalism, stating that improved governance and equitable distribution of national resources depend on the quality of labour.

Tunji-Ojo concluded by wishing Nigerian workers a happy Workers’ Day celebration and reaffirmed the government’s support for their welfare and progress.

UN chief urges 'irreversible action' on Israel, Palestinian two-state solution

United Nations Secretary-General Antonio Guterres on Tuesday pushed countries to "take irreversible action towards implementing a two-state solution" between Israel and the Palestinians ahead of an international conference in June.

"I encourage Member States to go beyond affirmations, and to think creatively about the concrete steps they will take to support a viable two-state solution before it is too late," Guterres told a Security Council meeting on the Middle East.

France and Saudi Arabia will co-host the conference at the United Nations in June.

"Our objective is clear: to make progress on the recognition of Palestine and the normalization of relations with Israel at the same time," French Foreign Minister Jean-Noel Barrot told the Security Council.

"This is how we will be able to guarantee Israel's security and its regional integration, whilst responding to the legitimate aspirations of the Palestinians to have their own state," he said.

He said the road map for the effective implementation of the two-state solution also required the disarming of Palestinian militants Hamas, defining a credible government structure in the Gaza Strip that will exclude Hamas and reform of the Palestinian Authority.

The United Nations has long endorsed a vision of two states living side by side within secure and recognized borders. Palestinians want a state in the West Bank, East Jerusalem and Gaza Strip, all territory captured by Israel in a 1967 war with neighboring Arab states.

Reuters