AMBC

The Nigerian Air Force (NAF) has sustained aerial surveillance operations in support of ongoing efforts to rescue teachers and pupils abducted from Yawota and Ahoro-Esinele communities in Oriire Local Government Area of Oyo State.

The development was disclosed by Oyo State Governor, Engineer Seyi Makinde, during a courtesy visit by the representative of the Chief of the Air Staff (CAS), Air Marshal Sunday Kelvin Aneke, and the Air Officer Commanding Logistics Command, Air Vice Marshal Abubakar Suleh, on June 5, 2026.

Governor Makinde said the NAF swiftly deployed an aerial surveillance platform immediately after the abduction was reported, providing critical intelligence that has aided search-and-rescue operations.

According to the governor, intelligence gathered through the surveillance missions has continued to support security agencies in tracking developments and coordinating efforts aimed at securing the safe release of the victims.

He appealed to residents to remain patient and supportive, assuring them that all necessary resources were being deployed to ensure the successful resolution of the incident.

Makinde commended the Chief of the Air Staff and the Nigerian Air Force for their prompt intervention and sustained support, noting that the Air Force provided the surveillance platform while the state’s newly acquired aerial assets are still being assembled at the NAF Base in Lagos.

The governor explained that Oyo State procured the aerial platforms following consultations with the NAF to guarantee access to maintenance support, engineering expertise, and pilot training. He expressed confidence that the assets would significantly strengthen security operations within Oyo State and neighbouring states once they become fully operational.

Speaking on behalf of the Chief of the Air Staff, Air Vice Marshal Suleh reaffirmed the NAF’s solidarity with the government and people of Oyo State and pledged continued support for efforts to secure the safe return of the abducted teachers and pupils.

He also commended the Oyo State Government for its support towards NAF projects and infrastructure development within the state.

The Nigerian Air Force reiterated its commitment to working closely with other security agencies and relevant stakeholders to protect lives and property and address security challenges across the country.

Taiwo Oyedele, minister of finance and coordinating minister of the economy, on Wednesday, June 3, announced that Nigeria has received multiple funding offers from investors and institutional lenders, including the Africa Finance Corporation (AFC), the African Development Bank (AfDB), and Afreximbank.

In a statement, Oyedele said the current market environment presents an opportunity for the country to refinance some of its expensive debts while mobilising additional funds.

“We think that the timing is good for us to be able to maybe even refinance some of our expensive past debts, but also to raise more funding for our development at this critical time,” the minister said.

Oyedele said any decision to issue a Eurobond or pursue other commercial financing would depend on prevailing market conditions, the funding amount sought, and how quickly the government needs to access the market.

“We will balance that over time. We have a lot of offers, there is a lot of interest in Nigeria by investors, which is good for us,” Oyedele said.

“We have also institutional lenders. We have these various organisations from the Africa Finance Corporation (AFC) to the African Development Bank (AfDB) to Afreximbank. We also have deals with other countries. So we have many options.”

The finance minister said the government would weigh the cost and risks of available funding options and determine whether they are best suited for specific projects or broader financing needs before making a decision.

He said the goal is to get the best results from every dollar or every naira that we spend.

The free school initiative championed by the Ooni of Ife, His Imperial Majesty, Arole Oduduwa, Oba Adeyeye Enitan Ogunwusi, Ojaja II (CFR), through his non-governmental organisation, Hopesalive Initiative (HAI), is steadily gaining momentum as construction work on the project progresses significantly.

Situated in the Eyinogbe Communities, Adamo, in the Ikorodu area of Lagos State, the school project is gradually transforming into a magnificent educational complex designed to serve children from underprivileged backgrounds.

The initiative has continued to receive massive support from governors across Nigeria, as well as prominent philanthropists and individuals who believe in the vision of providing free and quality education to less privileged children.

Among the governors acknowledged for their contributions are Governor Ahmed Usman Ododo of Kogi State, Governor Bala Mohammed of Bauchi State, Governor Peter Mbah of Enugu State, and Governor Alex Otti of Abia State. Their support, according to the organisers, demonstrates a commitment to investing in the future of Nigerian children through education.

Also commended for their contributions are the Yeye Bobagunwa of Oodua, Chief Mrs. Olayinka Latinwo; Prince Mufutau Adetayo Adekoya, Chief Executive Officer of WOSAM Arena; Her Royal Highness Abosede Abosunde; alongside many other Nigerians who have continued to support the project.

Speaking on the development, the Deputy Convener of Hopesalive Initiative for Africa and Queen of the Ooni of Ife, Her Regal Majesty Olori Temitope Enitan-Ogunwusi, expressed delight over the growing support the initiative has attracted from eminent Nigerians who share in the Ooni’s vision of delivering lasting educational opportunities to children in the seven communities that make up Eyinogbe in Ikorodu.

She explained that upon completion, the school will provide completely free education for pupils from less privileged homes. The facility will cater for primary school pupils from Classes One to Six and will feature modern facilities including an ICT centre, library, sick bay, event centre, and other learning amenities.

The HAI Free School Project is still appealing for more support from corporate organisations, public and private sector stakeholders, and well-meaning Nigerians to help bring the vision to full reality.

ECOWAS has projected that Nigeria could emerge as one of the world’s leading economic powers within the next 50 years, potentially ranking as the fifth-richest country globally if ongoing reforms and regional trade growth continue.

The forecast was made during the ECOWAS 2026 parliamentary session in Abuja, where officials said West Africa is entering a new phase of economic transformation.

ECOWAS Commissioner for Economic Affairs and Agriculture, Dr Kalilou Sylla, said Nigeria’s future growth will depend on stronger intra-regional trade and sustained economic reforms.

He also projected that Ghana and Côte d’Ivoire could break into the world’s top 15 economies within 25 years, adding that Côte d’Ivoire may eventually surpass France economically.

Sylla said: “It is not the American or English markets that will let the Nigerian market grow, but the sub-regional markets.”

He noted that intra-ECOWAS trade has doubled to 40% in four years despite challenges such as instability, border issues, and currency pressures.

The remarks come as Nigeria continues implementing economic reforms under President Bola Tinubu, including fuel subsidy removal and currency liberalisation, which have caused short-term inflation but are aimed at long-term economic stability and growth.

Tech billionaire Elon Musk has accused the administration of U.S. President Donald Trump of improperly using Starlink’s civilian satellite internet system for military purposes amid reports of tensions between the Pentagon and SpaceX over operational costs.

The controversy emerged after Musk posted on X that the U.S. Department of Defense had violated the terms of service attached to Starlink’s civilian network.

“They made improper use of the Starlink civilian system for military purposes. Direct violation of terms of service,” Musk wrote.

According to AMBC source, the disagreement centers around the Pentagon’s alleged use of Starlink systems for military operations linked to the ongoing Iran conflict, including communications support involving U.S. military drone operations.

Reports indicated that SpaceX officials argued the Pentagon subscribed to lower-cost civilian-grade services while allegedly using the systems in ways that required higher-tier military or aviation-level subscriptions.

The Pentagon reportedly relied heavily on Starlink technology in operations connected to Iran, including efforts to bypass Iranian internet restrictions and support communication infrastructure during periods of unrest.

A Pentagon spokesperson, Sean Parnell, denied claims of any breakdown in relations with SpaceX, describing the company as “a strong and valued partner.”

The Department of Defense also stated that it remains committed to maintaining a competitive environment among satellite communication providers while exploring additional vendors.

The dispute highlights the increasingly complex relationship between private technology companies and national defense operations, especially as governments rely more heavily on privately owned communication infrastructure during geopolitical conflicts.

The disagreement comes months after Musk and Trump reportedly repaired tensions following earlier disagreements over federal spending and economic policy.

The Chief Executive Officer of Common Sense Group and cleric, Dr Olumide Emmanuel, has urged Nigerians to adopt solar energy, revealing that the entire Presidential Villa at A*o Rock is powered by solar and arguing that President Bola Tinubu’s decision to settle the seat of power with renewable energy is itself a message to the nation about the future of electricity in Nigeria.

Emmanuel, in an extensive interview with PUNCH, also rated the Tinubu administration six out of ten on economic management, defended the removal of the fuel subsidy and the floating of the naira as “right decisions,” praised the Dangote Petroleum Refinery as the country’s “saviour,” called for governors and local government chairmen to be held more accountable for their use of increased allocations, and offered practical advice on savings, investment, and generational wealth creation in an era of economic hardship.

Emmanuel’s most striking revelation was his assertion that the Presidential Villa operates entirely on solar power — a fact he used to argue that ordinary Nigerians and businesses should follow the same path rather than continuing to depend on diesel generators and an unreliable national grid.

“Do you know that the whole of A*o Rock is solar-powered? What are they telling you? ‘Go and do solar.’ If the president that is telling you he will give you light has settled himself and everybody in A*o Rock with solar, what is he telling you? So, why are we fooling ourselves?” Emmanuel stated.

He illustrated the economic logic using his own organisation’s experience. Common Sense Group was spending N7.5 million monthly on diesel as of February 2026, but by May that figure had doubled to N15 million — a projected annual diesel bill of nearly N200 million.

When the organisation explored solar alternatives, the cost of a comprehensive solar installation was quoted at N130 million. Emmanuel said the decision was straightforward: borrow the money at 30 per cent interest, eliminate the diesel expenditure entirely, and allow the solar system to pay for itself over five years.

“We considered solar. They said it will cost N130 million. So, if we do solar, we will put everything on solar. I said, ‘Let’s go and borrow the money.’ We’ll pay 30 per cent interest. At the end of the day, we’ll still spend the N200 million, but now we’ll no longer pay for the diesel, and the solar will now take us five years,” Emmanuel explained.

Emmanuel addressed the significant revenue boost that Nigeria has received from rising crude oil prices, driven by geopolitical developments including what he described as the US-Iran war and the closure of the Strait of Hormuz. With crude oil prices rising above $100 per barrel — well above the 2026 budget benchmark of $64.85 per barrel — Nigeria is experiencing a substantial windfall.

However, Emmanuel argued that the critical question is not how much money is available but how it is spent, shifting the accountability spotlight from the presidency to state governors and local government chairmen.

“A lot of the governors actually have more money available to them than they have ever had in the history of the states. Some governors are getting up to four times what they used to get and some three times. So, there has been a lot of money available since the removal of the subsidy,” Emmanuel observed.

He insisted that despite these unprecedented allocations, many governors are not delivering on their responsibilities. “We need to begin to hold the governors and the local government chairmen more accountable than just looking towards the president for everything. Because now, the governors really have serious money with them. And despite the money that they have, a lot of them are not doing what they’re supposed to do,” he stated.

Emmanuel rejected the commonly held view that Nigeria suffers from insufficient revenue, arguing instead that the country’s fundamental challenge is one of management and multiplication of resources.

“I don’t think our country has a revenue problem, even though people try to claim that. I think we have a management and multiplication problem. I’ve never believed that Nigeria is poor. Because if you look at the level of corruption that is going on, you realise that all the money that people have stolen, if that money was not stolen, then the money would be there. So, it’s not a revenue problem,” Emmanuel declared.

He broke down the wealth creation process into three stages making money, managing it, and multiplying it arguing that Nigeria’s failure occurs primarily at the management stage. “If you make the money and you don’t manage it well, improper management of what you make will make you look like someone that is not making any money, which is part of our major issue,” he explained.

On fuel prices, which have climbed above N1,300 per litre despite rising oil revenues, Emmanuel mounted a vigorous defence of the Dangote Petroleum Refinery and argued that Nigerians have short memories about the suffering that preceded the refinery’s operations.

“Truth be told, the Dangote Petroleum Refinery has become our saviour. The man had foresight and did what he did. If there were no Dangote refinery, all these people talking about price would be in the queue now for hours because we seem to always forget all those things. Now the fuel is available. If you cannot afford it, keep your car or decide where you want to go,” Emmanuel stated.

He explained the economic reality facing Dangote: the same oil price increase that benefits Nigeria as a crude exporter hurts the refinery as a crude buyer. “Dangote is not the government. The man is buying crude at above $100. That $100+ that is benefiting Nigeria, it is suffering for Dangote. And you expect him to sell it to you cheap. This is just economics. If you want cheap fuel, produce your own. All the refineries should work,” Emmanuel argued.

He drew comparisons with developed economies: “There are people that have cars in London; they can’t drive them to work every day because they cannot afford it. They have to use public transport or use the train to go to work.”

Emmanuel called for every state government to invest in independent power generation, noting that the constitutional barriers that previously prevented states from entering the power sector have been removed.

He recalled the confrontation between then-Governor Bola Tinubu and the Olusegun Obasanjo administration over Lagos State’s attempt to develop independent power, which was blocked on the grounds that electricity was on the exclusive legislative list. “But now all those things are gone. Every state can generate power now. Why are states not generating power? Why are the states not doing that now that they have the money and they have the freedom?” Emmanuel asked.

Sunday Adeyemo, the Yoruba Nation activist popularly known as Sunday Igboho, has launched TheIru EkunSecurity network.

Igboho said the initiative was created to protect the southwest from marauding criminal elements, adding that he consulted President Bola Tinubu before the launch and reportedly received approval from the Nigerian leader.

Igboho, 53, warned bandits, kidnappers, insurgents and terrorists to leave the southwest or be prepared for “the worst.”

He lamented that terrorists have turned forest reserves in the southwest into hubs for criminal activities.

According to Igboho, the initiative is free and voluntary, and is aimed at protecting communities from bandits and insurgents.

Nigerian Fintech Sycamore Wants $29 million in Deposits After MFB Acquisition

Sycamore, a Nigerian fintech, wants to build a deposit base that could exceed ₦40 billion ($29.13 million) as it expands from digital lending into banking and payments following its acquisition of a microfinance bank licence.

The company is targeting between ₦40 billion ($29.13 million) and ₦50 billion ($36.41 million) in loans this year, according to Akin-Moses, who said Sycamore would need deposits that exceed that figure to support its lending ambitions.

The digital lender acquired the MFB licence through the acquisition of an undisclosed Kano-based microfinance bank. The startup’s chief executive officer, Babatunde Akin-Moses, confirmed in an interview on Tuesday that deposit mobilisation would become one of its biggest priorities now that it can hold funds.

Nigerian billionaire Femi Otedola will invest $100 million in Dangote Refinery

Femi Otedola, chairman of First HoldCo, has revealed he will invest $100 million (approximately N137.2bn) in Dangote refinery.

He announced his plans on Wednesday after leading top executives of First HoldCo to Dangote refinery.

The development comes days after the billionaire reportedly acquired a luxury mansion for £53 million (approximately N96 billion) in London.

Otedola’s planned investment is part of the $2 billion private placement Dangote refinery is targeting from private investors ahead of the initial public offering (IPO), which has no date yet.

“From on a personal note, I’ve appealed to him (Aliko Dangote). I’ve been here with him 25 times, so my compensation is he’s going to allocate to me shares worth $100 million in the private placement,” the billionaire said.

“That’s one of the reasons why I sold my stake in Geregu plant to come and invest my proceeds in the IPO of Dangote refinery.”

Dangote, on October 22, 2025, said the refinery could sell up to 10 percent stake in the listing, which Bloomberg valued to be about $5 billion.

The billionaire is planning to make the IPO a cross-border listing to enable the refinery draw investments from domestic and international investors.

In an earlier report, Dangote said the IPO is designed to democratise wealth creation and give Africans direct access to participate in the continent’s industrial transformation.

On May 12, Bloomberg reported that the billionaire is reportedly aiming for a valuation of up to $50 billion for Dangote refinery.

Dangote Industries Limited has commenced preliminary processes for the development of a proposed 10,000-hectare deep seaport at the Olokola Free Trade Zone, marking a major expansion of its push into maritime infrastructure, logistics and export-driven industrialisation.

The project, which forms part of the group’s Vision 2030 strategy, is designed to position the conglomerate as a globally recognised industrial and manufacturing powerhouse, according to a statement from the company.

Located within Ogun State and extending toward Ondo State along Nigeria’s Atlantic coastline, the proposed seaport is expected to serve as a major logistics hub for imports, exports and regional trade.

A delegation from Dangote Industries Limited, led by the Managing Director of Infrastructure and Logistics, Capt. Jamil Abubakar, has begun stakeholder engagements with host communities in both states ahead of project ex*****on.

Speaking during engagements with host communities, Abubakar said the project would transform economic activity and create opportunities across the region.

“The Olokola Port project is a major step in opening up Nigeria’s economic potential, strengthening trade, reducing pressure on existing ports and supporting industrial growth. It will create real opportunities for host communities through jobs, business activities and long-term developments across both Ogun and Ondo states,” Abubakar said.

He added that the port’s location gives it strategic importance in regional and global trade.

“With its strategic location, Olokola would serve as a key gateway for exports and imports, boosting Nigeria’s competitiveness in regional and global trade. This project reflects our commitment to building infrastructure that benefits both the people and the economy at large.”

According to the company’s statement, the proposed seaport is expected to support multiple industrial and export-oriented activities across several sectors.

These include the export of fertilisers, petrochemicals and refined petroleum products, as well as future liquefied natural gas exports. It will also facilitate the importation of heavy industrial equipment required for large-scale industrial development.