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BREAKING NEWS: Oil Prices Fall on Venezuela Crisis Shortly After US Strikes, Intervene In Oil Affairs

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Nigeria’s 2026 budget may be threatened following the US strike on Venezuela at the weekend. This is as a result of the ripple effect the action is having on the price of crude in the international market.....TAP TO CONTINUE READING

Yesterday, oil prices continued their decline with Brent dropping by 0.38 per cent to $60.56 a barrel. The United States(US) West Texas Intermediate (WTI) crude fell by 1.17 per cent to $56.46 a barrel as the market reacted to President Donald Trump’s announcement that the US had secured a deal to import up to $2 billion in Venezuelan crude.

Also, Trump said Venezuela will turn over between 30 million and 50 million barrels of oil to the US in two months.

With Nigeria’s 2026 federal budget of N58.18 trillion predicated on a “conservative” crude oil benchmark of $64.85 per barrel, experts reckon that should the decline continue, the revenue earnings of the country may be affected.

Just yesterday, US Energy Secretary Chris Wright further accentuated Trump’s plans for Venezuela’s oil, affirming that the plans to take long-term control of Venezuela’s oil industry, including overseeing crude sales and revenues, “indefinitely.”

Under the plan, Washington would sell Venezuelan oil directly on global markets, thus adding to the current glut being experienced in the global supply and delivery position.

Mayowa Sodipo, an oil and gas consultant, said continued involvement of America in Venezuelan oil will negatively affect Nigeria’s revenue projection for this year because the US has always been the world’s largest buyer of the country’s oil.

‘’The gains being recorded by the local currency, the Naira, may also be in jeopardy given that oil remains the largest source of foreign exchange for the country.

“Our forex may suffer if the price decline continues; it means reduced Forex inflow for the country, including affecting our external reserves, and this will put more pressure on the naira,” Sodipo said.

He warned that the effect will reverberate in the overall economy as major projects may be impacted negatively. “The government has embarked on huge projects; they may suffer funding should the price continue to decline,” Sodipo added.

This view was reechoed by former chairman of the Chartered Institute of Bankers of Nigeria (CIBN), Prof. Segun Ajibola, who warned that as one of Nigeria’s top oil buyers, any reduction in U.S. demand could have knock-on effects for export volumes and prices.

Ajibola said: “At the current price of about $60.8 per barrel compared with Tinubu’s proposed $64.85, the situation is already becoming stressed. If a price war ensues, as could be triggered by increased supply from Venezuela, it will affect Nigeria’s projections for 2026.”

On the contrary, an economist and Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, opined that the situation in Venezuela was unlikely to have any significant impact on the global oil market, particularly in the near term.

He based his argument on the present glut being experienced in the oil market and the insignificant contribution of Venezuela to the market.

Yusuf said: “Venezuela’s current oil output is extremely low, accounting for less than one per cent of global oil production. Years of underinvestment, operational inefficiencies, sanctions, and institutional collapse have severely weakened the country’s oil sector.

‘’As a result, Venezuela no longer plays a material role in influencing global oil supply dynamics. Importantly, the recent attack and the circumstances surrounding Maduro’s capture did not damage Venezuela’s oil production infrastructure. Consequently, oil output is expected to remain broadly unchanged in the short term.”

Beyond Venezuela’s limited production capacity, he further argued, the global oil market is presently experiencing a supply glut. This supply cushion means that even if Venezuela were to experience some level of production disruption, it would not translate into any meaningful impact on global oil prices. Current market fundamentals, he said, are therefore resilient enough to absorb any marginal shocks from Venezuela.

Yusuf, however, noted that the country remains strategically significant in the longer term as it holds one of the largest proven oil reserves in the world- about 18 per cent of global reserves, a resource base he argued, gives Venezuela substantial latent potential.

“If the current political developments do not escalate into prolonged instability, and if Donald Trump follows through on indications that American oil companies could re-enter the Venezuelan oil sector, the country’s oil output could gradually recover,” the economist said.

He added that such a turnaround would occur only in the medium to long term. Yusuf also noted that rebuilding production capacity would require significant capital investment, technical expertise, regulatory clarity, and time. Therefore, any supply boost from Venezuela would not be immediate and should not be factored into short-term oil market expectations.

“In summary, while Venezuela’s political developments are geopolitically notable, they do not pose a short-term risk to global oil supply or prices. Any meaningful impact would depend on long-term political stability and sustained reinvestment in the country’s oil industry,” Yusuf said.

However, in the medium to long term, the economist argued that there may be a significant increase in output, which may lead to a significant increase in supply and which may affect the global oil price.

“But that is in the medium to long term because for now, Venezuela will be experiencing some instability. Even the investors that Trump was talking about will also be very cautious in returning to Venezuela to produce.

“So, it will take some time for them to have that level of confidence to go to Venezuela and invest. I mean, it will also take some time, a minimum of a year. These are investors who have left the place for some time. These are investors who also want to watch the political environment and the security environment in the place. So, investors will also take their time before they go there to begin to invest in oil production; these are private investors. These are not government investors.

However, the Organisation of Petroleum Exporting Countries (OPEC+) appears to be girding its loins. At its January 4 meeting, OPEC+ agreed to keep output steady, despite internal tensions, reinforcing expectations that 2026 will be marked by oversupply. With inventories comfortable and alternative barrels available, traders see little reason to panic. On that narrow view, oil’s muted reaction looks rational.

Yet markets are rarely adept at pricing geopolitical risk in real time. President Trump’s threats, not only against Venezuela but also Colombia, Mexico and even Greenland, inject a level of headline risk that is hard to model but difficult to underestimate. History suggests that investors’ instinct to “keep calm and carry on” often holds until it suddenly does not.

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10 most dangerous places around the world where you might not return alive

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Think you’re brave? Think again.....TAP TO CONTINUE READING

From toxic lakes that can turn you into a statue to islands where even setting foot could get you killed, these places aren’t just wild; they’re straight-up nope zones.

We’re talking zero Wi-Fi, zero second chances, and danger levels so high, even your GPS might scream, “Turn back!”

Whether you’re an adrenaline junkie or just love a good doom-scroll, here are the 10 most dangerous places on Earth where going there is risky… But coming back? That’s not guaranteed.

10 Most Dangerous Places Around The World

1. Mount Everest Death Zone (Nepal/Tibet)

Mount Everest Death Zone

One of the most treacherous locations is the death zone on Mount Everest, which lies above 8,000 metres (26,247 feet).

At this altitude, the atmospheric oxygen level is just a third of what we breathe at sea level, causing the human body to deteriorate rapidly.

Climbers suffer from cerebral and pulmonary oedema, extreme fatigue, and organ failure, all while facing bone-chilling temperatures and sudden storms.

Rescue is virtually impossible above 7,000 metres due to thin air that prevents helicopters from operating.

Ground rescues are rare and dangerous, often leading to more fatalities. Over 300 climbers have died in this zone, their bodies serving as chilling landmarks along the route to the summit.

2. Chernobyl Exclusion Zone (Ukraine)

Chernobyl Exclusion Zone

Equally inhospitable is the Chernobyl exclusion zone in Ukraine, the site of the world’s worst nuclear disaster.

The remains of Reactor No. 4 continue to emit deadly radiation, and the infamous “Elephant’s Foot”, a mass of radioactive corium, delivers lethal doses within minutes.

Acute Radiation Syndrome (ARS) caused by exposure leads to vomiting, internal bleeding, and death in weeks.

Even short visits raise cancer risks significantly, as radiation exposure is both invisible and cumulative. Wildlife and vegetation have absorbed radioactive isotopes, turning seemingly harmless environments into hidden hazards.

3. North Sentinel Island (India)

North Sentinel Island

On North Sentinel Island in the Andaman Sea, the danger comes not from nature but from people.

The Sentinelese, one of the world’s last uncontacted tribes, have lived in isolation for over 60,000 years and violently repel any intruders.

In 2018, American missionary John Allen Chau was killed shortly after arriving on the island.

The risk of spreading fatal diseases to the tribe, combined with their lethal resistance, led the Indian government to enforce a strict no-contact policy.

Anyone approaching within three nautical miles faces arrest, and authorities avoid retrieval efforts due to the extreme hostility.

4. Lake Natron (Tanzania)

Lake Natron

Lake Natron in Tanzania is one of the most caustic bodies of water on Earth, with a pH as high as 10.5 due to volcanic chemicals.

Contact with the lake can cause severe chemical burns and blindness. The lake’s red waters emit toxic gases, including hydrogen sulphide, which can induce respiratory failure.

Temperatures in the region can soar above 60°C (140°F), creating an environment where dehydration and heatstroke occur rapidly.

Animal corpses that fall into the lake are preserved through natural mummification, standing as eerie testaments to the lake’s lethality.

5. The Danakil Depression (Ethiopia)

The Danakil depression in Ethiopia is another brutally extreme environment. Sitting below sea level in one of the hottest regions on Earth, daily temperatures often exceed 50°C (122°F).

The region features active volcanoes, sulphur springs, and salt flats, all releasing toxic gases such as sulphur dioxide and chlorine.

The depression lies atop a tectonic triple junction, making earthquakes and sudden ground shifts frequent. Visitors face the combined threats of extreme heat, lethal gases, and unstable ground, with little to no access to rescue or medical support.

6. Death Valley (California, USA)

Death Valley (California, USA

In the United States, death valley in California holds records for some of the highest temperatures ever recorded on Earth.

Summer temperatures routinely rise above 50°C (122°F), causing rapid dehydration and heatstroke.

Vehicles often break down due to overheated engines and melted tyres, leaving travellers stranded in remote areas with no water or cellular service.

Ironically, despite being one of the driest places in the world, death valley is also prone to sudden flash floods, which can turn arid plains into deadly torrents in minutes.

7. Fukushima Exclusion Zone (Japan)

Fukushima Exclusion Zone

Japan’s Fukushima exclusion zone, formed after the 2011 nuclear meltdown, remains hazardous due to lingering radioactive contamination.

The meltdown of three nuclear reactors released radioactive materials that persist in the environment, damaging human tissue and immune systems upon exposure.

Even advanced robots have failed inside the damaged reactor sites due to radiation-induced electronic failures.

The area is largely abandoned, and though some cleanup efforts are ongoing, many parts of the zone remain too dangerous for human or robotic entry.

8. Ciudad Juárez (Mexico)

Ciudad Juárez

Moving from environmental threats to human conflict, Ciudad Juárez in Mexico was once the epicentre of cartel violence.

Located along the U.S. border, it witnessed murder rates surpassing those of active war zones during peak years.

Civilians, journalists, and tourists were frequently caught in the crossfire, and targeted assassinations were common.

Police corruption and fear allowed criminal organisations to operate with impunity, leading to rampant kidnappings, extortion, and mass disappearances.

Though the violence has decreased in recent years, it remains a volatile and high-risk destination.

9. The Sahara Desert (North Africa)

The Sahara Desert

The Sahara desert, stretching across North Africa, is a vast, unforgiving expanse of sand dunes and barren plains.

Navigation is challenging due to featureless terrain and shifting sands that confuse even GPS systems.

Without access to water or shelter, dehydration can claim lives in a single day. Sudden sandstorms, or “haboobs”, can last for hours or days, reducing visibility to zero and causing suffocation from inhaling fine sand particles.

The sheer scale of the desert makes rescue efforts unlikely once someone becomes lost.

10. Drake Passage (Southern Ocean)

Finally, the Drake Passage, the turbulent stretch of sea between South America and Antarctica, is considered the most dangerous nautical crossing in the world.

The convergence of three major ocean currents generates massive waves that can reach 20 metres in height, along with gale-force winds and freezing temperatures.

Ships caught in storms here are at risk of capsizing, and those who fall overboard face hypothermia and death within minutes.

The remote location and harsh conditions make rescue efforts extremely difficult, if not impossible, especially during storms.

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I Considered Otti My Friend, Never Spoke Against Him – Orji Kalu Reveals Reason For Fallout With Abia Gov

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The Senator representing Abia North Senatorial District, Orji Uzor Kalu, has vowed to work against the re-election of Abia State Governor, Alex Otti.....TAP TO CONTINUE READING

Speaking on Thursday at his country home in Igbere, Kalu lamented that he once considered Otti his friend and never spoke against him, but was angered by a statement issued by the governor’s Chief Press Secretary, Njoku Okaoha, which criticised him over comments that he would support President Bola Tinubu and deliver Abia State to the All Progressives Congress (APC).

Kalu insisted that his decision to work for the APC should not attract attacks, describing the criticism as unacceptable and accused the governor’s media team of provoking the rift between them.

He said, “I have not for once criticised the state government. For two years, I considered the governor my friend and never spoke against him.

“But three days ago, I saw where the governor’s press secretary issued a statement against me. There is no governor who can deny that whatever his press secretary says reflects his position.

“They fired the first salvo, and I replied by saying that since I am APC, I will work for APC to win. We worked for him to win in 2023, but we are not going to do that again.

“We will work for our party. What is wrong with that? Is that why I should receive insults? I will work for my party.”

The senator also dismissed claims of Otti’s outstanding performance in office, arguing that the governor had not initiated major infrastructure projects but was only rehabilitating roads constructed during his own tenure as governor.

“I don’t know about outstanding performance. What I did in two years as governor is there for everyone to see.

“The money Alex Otti received in four months is what I received in eight years. So, what has he done? He is just repairing and rebuilding the roads I built between 1999 and 2007. I have not seen any new major road,” Kalu added.

He further accused the governor of neglecting rural communities, saying, “As a senator, the roads I am doing in communities are brand-new farmland roads. I have not seen him enter farmland roads. In two years, I had already done what people never believed was possible in Abia State.”

Kalu recalled that during his administration, education and healthcare were free, adding that his achievements earned him praise from former President Olusegun Obasanjo, who reportedly described him as an “action governor.”

He concluded by downplaying social media praise of the current administration, saying governance was not driven by online narratives.

“I don’t know all the noise on social media. This business is not done on social media; it is done at the right time by the people you are seeing here,” he said.

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BREAKING NEWS: Nigerian Street Slangs “Nyash,” “Abeg,” “Biko,” “Mammy Market” and “Ghana Must Go,” Makes Its Way Into Oxford Dictionary

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The Oxford English Dictionary (OED) has expanded its vocabulary with the inclusion of several words rooted in Nigerian language and culture, underscoring the country’s growing impact on global English usage.....TAP TO CONTINUE READING

In its December 2025 update released on Wednesday, the dictionary introduced over 500 new words, expressions and meanings. The update also revised more than 1,000 existing entries and traced the origins of familiar terms such as “troll,” “coffee” and “snooker.”

OED editors said the latest additions draw from different varieties of English spoken around the world, including West African, Maltese, Japanese and South Korean English, reflecting the increasing global reach of these linguistic forms.

Among the newly recognised Nigerian expressions are popular everyday words and cultural references such as “nyash,” “abeg,” “biko,” “mammy market” and “Ghana Must Go,” as well as food items like “amala” and “moi moi.”

The update also features “Afrobeats,” which the dictionary defines as a genre of popular music that blends elements of West African rhythms with jazz, soul and funk.

According to the OED, “abeg” functions as an interjection conveying emotions such as surprise, disbelief or frustration, while “biko,” borrowed from the Igbo language, is used to make polite requests or add emphasis, similar to “please.”

“Nyash” is described as a colloquial term referring to a person’s buttocks, particularly a woman’s, while “Ghana Must Go” is defined as the large, colourful, zippered plastic bags commonly used across West Africa. The name traces its history to the 1983 expulsion of undocumented Ghanaian migrants from Nigeria.

The term “mammy market” is recognised as a marketplace traditionally run by women, first associated with military barracks before spreading to youth service camps and educational institutions.

In the culinary category, “amala” is defined as a dough-like meal made from yam, cassava or unripe plantain flour, usually served with soups, while “moi moi” is described as a steamed dish made from blended beans, peppers and onions, with roots in Yoruba cuisine.

The December update builds on a similar expansion in January 2025, when the OED added 20 Nigerian words and expressions, further highlighting the influence of Nigerian English, Pidgin and street slang on the evolving global lexicon.

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