Foreign
Benin Republic Lawmakers Approve Seven-Year Presidential Term
The National Assembly of Bénin (National Assembly Benin) has approved a revision of the country’s Constitution, extending the presidential term from five to seven years and creating a bicameral parliament.
In a post shared on Facebook on Saturday by the Assemblée Nationale du Bénin, lawmakers announced that the bill was passed during a plenary session held on Friday at the Palace of the Governors in Porto-Novo.
According to the Assembly, 90 deputies voted in favour and 19 against, approving the amendment to the Constitution of 11 December 1990, previously revised in 2019.
“The Deputies of the 9th Legislature… adopted by 90 votes for and 19 against, the law modifying the Constitution of the Republic of Bénin,” the statement read.
The legislative body added that, in line with Article 154, the proposal first had to secure the required three-quarters majority during a preliminary vote. Deputies met this threshold with 87 votes for and 22 against, before proceeding to the final secret ballot.
The post, originally published in French, has been translated by PUNCH Online using Google Translate.
According to the Assembly’s breakdown, 15 new articles were created and 18 amended.
One of the most significant changes is contained in the newly modified Article 42, which now states: “The President of the Republic is elected by direct universal suffrage for a term of seven years, renewable only once. No one may, in his or her lifetime, serve more than two terms as President of the Republic.”
The reform also introduces a bicameral legislature, as stipulated in the updated Article 79, giving legislative powers and government oversight to both the National Assembly and a newly established Senate.
“Beyond this major change, Parliament—under the amended Article 79—exercises legislative power and oversees government action. It is now composed of two chambers: the National Assembly and the Senate.”
Under Article 80, deputies’ terms are now set at seven years, renewable, with an additional clause stating that any deputy who resigns from the party that sponsored them during legislative elections will automatically lose their mandate.
“The term of office for deputies is 7 years, renewable. Any deputy who resigns and thereby ceases to be a member of the party that sponsored them for the legislative election loses their mandate.”
The reformed Article 113.1 defines the Senate as an institution responsible for regulating political life and safeguarding “national unity, development, territorial defence, public security, democracy, and peace.”
The law also extends the tenure of mayors and municipal councillors to seven years, renewable.
Foreign
Elon Musk’s Net Worth Surges To $1.3 Trillion As SpaceX Stock Rally Continues
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:
Foreign
JUST IN: 12 Dead as Aircraft Crashes Near Airport
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.
Foreign
Relief as Marketers Release Cheaper Petrol Prices Nationwide
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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