Foreign

Mining dispute: FG Alleges Plot To Embarrass Tinubu During UK Visit

Published

3 months ago

March 15, 2026

The Federal Government has alleged that an embattled mining company, Jupiter Ltd, is planning what it described as a “campaign of calumny” against Nigeria during the planned state visit of President Bola Tinubu to the United Kingdom.

The Ministry of Solid Minerals Development said the alleged move was aimed at discrediting ongoing reforms in the mining sector and misleading the international community about the circumstances surrounding the revocation of certain mineral licences.

In a statement issued on Sunday by the Special Assistant on Media to the Minister of Solid Minerals Development, Segun Tomori, the ministry dismissed claims that Nigeria seized a British lithium project under armed guard, describing the allegation as false and misleading.

Tomori said the Federal Government had no legal or contractual relationship with any company known as Jupiter Lithium, stressing that Nigerian mining laws prohibit foreign companies from directly holding mineral titles.

The statement read, “It has come to the attention of the Ministry of Solid Minerals Development that an embattled mining firm, Jupiter Ltd, plans to orchestrate a campaign of calumny against the Federal Government of Nigeria during the state visit of President Bola Tinubu to the United Kingdom.

“Earlier in the week, the Special Adviser to the Minister of Solid Minerals Development, Kehinde Bamigbetan, authored a response to what we described as a tissue of falsehoods sponsored by Jupiter Ltd in a publication titled ‘Nigeria Seizes British Lithium Project Under Armed Guard.’

“Our response, titled ‘In Nigeria’s Mining Sector, The Law Is No Respecter of Persons,’ exposed the activities of one Steve Davis and Hamish MacDonald, whose enterprise in the mining sector eventually met the full weight of the law.”

According to the ministry, the controversy stemmed from the revocation of mineral titles belonging to Basin Mining Ltd, a Nigerian company linked to an Australian national, Steve Davis.

The government said the revocation followed the company’s failure to meet statutory financial obligations under Nigeria’s mining regulations.

Tomori stated that Basin Mining Ltd lost its mineral titles after failing to pay statutory annual service fees amounting to N2.494bn for the 2024 and 2025 fiscal years.

The unpaid fees covered mineral titles 45454ML, 45117ML, 45118ML, 40532ML and 40533ML, which were revoked after due notice was served on the company in line with existing regulations.

The ministry also dismissed claims that the titles were reassigned to a Chinese firm, describing the allegation as a fabrication intended to mislead the public and the international community.

It further alleged that Davis had interests in several mining companies operating in Nigeria, including Comet Minerals Ltd, Basin Mining Ltd, Range Mining Ltd, Northern Numero Ltd, Sunrise Minerals Ltd and Iron Ore Mining Ltd.

According to the government, such arrangements are often used by speculators to acquire mineral titles without undertaking actual mining operations.

The ministry said the practice had contributed to the problem of dormant mining licences and illegal mining activities in the country.

It noted that the Federal Government was determined to end such practices as part of ongoing reforms aimed at repositioning the mining sector as a key driver of economic growth.

“The Federal Government of Nigeria cannot and will not be intimidated or blackmailed into abandoning reforms by the antics of any individual or company,” Tomori added.

“Our commitment to transforming the mining sector into a major contributor to the nation’s Gross Domestic Product is unwavering.”

The ministry urged Nigerians and international stakeholders to disregard what it described as attempts by “discredited individuals” to undermine the country’s reform agenda.

Nigeria has intensified efforts in recent years to develop its solid mineral resources, including lithium, gold, iron ore and rare earth elements, as part of a broader strategy to diversify the economy away from crude oil.

PUNCH Online reports that Tinubu is scheduled to embark on a state visit to the United Kingdom from March 18 to 19, 2026, following an invitation from King Charles III, who will host the Nigerian leader at Windsor Castle.

The visit is expected to focus on strengthening diplomatic and economic ties between both countries, including cooperation in trade, investment, security and migration.

Foreign

Elon Musk’s Net Worth Surges To $1.3 Trillion As SpaceX Stock Rally Continues

Published

24 hours ago

June 16, 2026

Uthman Abdulganiyu

Elon Musk’s net worth surged to $1.3 trillion after SpaceX shares soared following its record-breaking IPO, adding an estimated $165 billion to his fortune in a single day.

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:

“SpaceX hit a $3 trillion market cap today. This means Elon Musk made more money in the last 24 hours than Warren Buffett made in his entire lifetime.”

At an estimated $1.3 trillion, Musk’s fortune now stands far ahead of every other billionaire on the planet. His wealth is worth roughly two-thirds of the combined fortunes of the next nine richest individuals.

Much of that wealth is now tied directly to SpaceX, which has rapidly become one of the most valuable companies in the United States following its public listing. The company’s businesses span reusable rocket launches, satellite communications through Starlink, government contracts, and emerging artificial intelligence infrastructure projects.

Institutional investors have also rushed into the stock. ARK Invest, led by Cathie Wood, purchased nearly 3.3 million SpaceX shares across multiple exchange-traded funds shortly after trading began. Wood has previously expressed confidence in the company’s long-term prospects, citing Starlink’s global broadband network and SpaceX’s leadership in reusable rocket technology.

SpaceX’s Bitcoin holdings draw attention

Beyond its space and telecommunications businesses, SpaceX has also attracted attention for its cryptocurrency holdings.

The company reportedly owns 18,712 bitcoin, making it one of the largest corporate holders of the digital asset. When combined with Tesla’s reported holdings of 11,509 BTC, companies linked to Musk control more than 30,000 bitcoin.

Earlier this year, crypto asset manager Grayscale suggested that SpaceX could become the most valuable publicly traded company with direct bitcoin exposure once it completed its IPO.

The development has fueled debate among investors about whether capital is shifting away from cryptocurrencies and into high-growth technology stocks. Some market participants believe blockbuster public listings such as SpaceX, OpenAI and Anthropic are attracting money that might otherwise have flowed into digital assets.

Despite the excitement, not everyone is convinced the rally can continue at its current pace.

Some analysts argue that SpaceX’s valuation may have moved ahead of its underlying financial performance. Critics have pointed to the company’s heavy reliance on Starlink revenue and warned that post-IPO enthusiasm could fade once insider lockup periods expire and early investors begin taking profits.

Still, supporters argue that SpaceX’s dominance in commercial space launches, satellite internet services and future space exploration initiatives gives it a unique position in global markets.

For now, investors appear focused on growth, with the company’s stock continuing to attract strong demand as Wall Street bets on SpaceX becoming one of the defining technology companies of the coming decade.

Foreign

JUST IN: 12 Dead as Aircraft Crashes Near Airport

Published

2 days ago

June 15, 2026

The Daily Voice

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

Published

5 days ago

June 12, 2026

The Daily Voice

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.