Foreign
Tinubu Backs Gulf States Amid Iran/Israel War
President Bola Tinubu has declared Nigeria’s support for countries in the Gulf region following rising tension linked to the ongoing conflict involving the United States, Israel, and Iran.
Naija News reports that he made this known in Abuja during a formal ceremony where he received letters of credence from several foreign diplomats. The event had representatives from countries such as Qatar and Saudi Arabia, alongside envoys from Lebanon, Sudan, Namibia, Rwanda, Somalia, Argentina, and Congo.
During the meeting, the president assured the visiting diplomats that Nigeria stands with nations in the Gulf, including the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Bahrain, Oman, and Jordan. He praised their calm approach in handling the situation and stressed the need for peace across the region.
Tinubu described the diplomatic gathering as an important step in strengthening Nigeria’s relationship with other countries. He encouraged the envoys to build stronger partnerships with Nigeria that would benefit both sides.
He also spoke about his government’s economic direction, saying efforts are being made to position Nigeria as an attractive destination for investors. He pointed out opportunities in areas like infrastructure, economic growth, and diaspora involvement, inviting the diplomats to explore these sectors.
On regional matters, the president restated Nigeria’s role in the Economic Community of West African States, especially in maintaining democratic order, improving trade among member states, and addressing instability in the Sahel region.
Tinubu further noted that global issues such as climate change, energy challenges, terrorism, and unfair financial systems require countries to work together.
He said Nigeria is ready to cooperate with other nations both directly and through international platforms to promote a safer and fairer global system.
Elon Musk’s wealth jumped by about $165 billion in one day as SpaceX stock surged after its historic stock market debut. SpaceX briefly crossed a $3 trillion valuation, making it one of the world’s most valuable companies and further cementing Musk’s position as the richest person on earth. The company also holds 18,712 bitcoin, while some analysts warn that SpaceX’s rapid rise in value may be difficult to sustain over the long term.
Elon Musk has added an astonishing $165 billion to his personal fortune in just one day, pushing his estimated net worth to around $1.3 trillion after SpaceX shares continued their explosive run on the stock market.
The sharp jump came as SpaceX stock gained nearly 20% during its second full trading session following its historic Nasdaq debut. The rally briefly pushed the company’s market valuation above $3 trillion, cementing its position among the world’s most valuable publicly traded companies.
SpaceX entered the public market under the ticker symbol SPCX after pricing its initial public offering (IPO) at $135 per share. The company raised approximately $75 billion, making it the largest IPO ever recorded. Investor demand was reportedly overwhelming, with orders exceeding $350 billion, nearly four times the amount of stock available.
By Monday’s close, SpaceX shares had climbed as high as $229.40, giving the aerospace and satellite internet giant a market capitalization of about $2.52 trillion. At one point during trading, the company’s value crossed the $3 trillion mark.
The rally has had a massive impact on Musk’s wealth because he remains the company’s largest shareholder. According to estimates, his one-day gain exceeded the entire net worth of Microsoft co-founder Bill Gates.
Investor and entrepreneur Anthony Pompliano highlighted the scale of the surge in a post on X, writing:
At least 12 people have been killed in a plane crash in Missouri in the midwestern United States, according to authorities.
The crash on Sunday was near Butler Memorial Airport in Bates County, south of the state’s largest city, Kansas City.
“Troopers are on scene assisting the Butler Police Department & Bates County Sheriff’s Office of a Fatal Plane Crash near the Butler Memorial Airport,” the Missouri State Highway Patrol posted on X.
“At this time reports indicate all occupants (12 total) have perished,” it said.
Missouri Highway Patrol Sergeant Justin Ewing said the plane was taking people up to skydive.
Emergency responders received a call that a plane was down and engulfed in fire around 11:30 am local time (16:30 GMT) on Sunday, he said.
They were able to extinguish the fire shortly after the crash, he said, describing the scene as “brutal.”
“It landed in a field adjacent to the airport, but I think they’re shutting down the roadway just as a precaution,” Ewing said.
The identities of those killed were not immediately released.
Ewing said the National Transportation Safety Board (NTSB) was on scene investigating the crash.
The cause was not immediately available.
The cost of importing petrol into Nigeria dropped sharply following the recent decline in global crude oil prices, creating fresh competition for local refiners, including the $20 billion Dangote Refinery.
New data released by the Major Energy Marketers Association of Nigeria (MEMAN) showed that the landing cost of imported Premium Motor Spirit (PMS), also known as petrol, had fallen to N1,117 per litre as of June 4, 2026.
The figure was significantly lower than Dangote Refinery’s gantry price of N1,250 per litre, leaving a difference of N133 per litre.
Meanwhile, Nigeria’s fuel market is facing renewed uncertainty after the Dangote Refinery reportedly reduced petrol production, prompting fuel marketers to increase imports of cheaper products amid concerns over supply stability.
The development comes at a sensitive period for global energy markets, with rising crude oil prices and geopolitical tensions already putting pressure on fuel costs worldwide.
According to industry monitor IIR Energy, the Dangote Refinery has reduced operating rates at its key gasoline-producing unit, the Residual Fluid Catalytic Cracking Unit (RFCCU), by about 34%.
The reduction is linked to technical issues affecting the unit, which plays a major role in converting heavy crude residues into valuable products such as petrol, diesel and cooking gas.
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