WESTERN PERSPECTIVE

Russian drones attack Kyiv, apartment building hit, seven injured

Russian drones attacked the Ukrainian capital Kyiv early on Sunday and injured at least seven people as fragments set an apartment building on fire and damaged homes, officials said.

Timur Tkachenko, head of the city's military administration, said four people requested medical aid after a five-storey apartment building was struck in the Holosiivskyi district just outside the city centre.

Mayor Vitali Klitschko said the building's exterior was damaged, and three people were injured in other city districts.

Tkachenko had earlier warned that more drones and possibly missile strikes were likely. Reuters witnesses heard anti-aircraft units in operation around the city.

In northeastern Ukraine, Mayor Ihor Terekhov of Kharkiv, the second-biggest city, said drones hit three city districts and damaged a business. Terekhov said many drones remained in the air over the city.

Unofficial Telegram channels reported a fire after a strike on the Black Sea port of Odesa.

RUSSIAN PERSPECTIVE

Attacks by over 100 Ukrainian drones repelled overnight – MOD

Russian air defenses have eliminated 104 Ukrainian drones in the country’s airspace overnight, the Defense Ministry in Moscow has said.

Belgorod Region, where 74 drones were shot down, was most affected, the ministry said in a statement on Saturday morning.

Bryansk Region saw 24 interceptions, and UAVs were also destroyed in Kursk, Lipetsk, Voronezh and Tula regions, according to the statement.

The ministry did not report any incursions in Moscow Region; the capital has been the main target of Kiev’s drone attacks in recent days.

Ukraine has intensified its UAV raids this week, with 776 UAVs being shot down in Russian airspace between Tuesday and Friday, according to the Defense Ministry.

The Russian Foreign Ministry said in a statement on Friday that the incursions had led to one person being killed and injured 20, including four children.

According to the ministry, the continued “terror attacks against civilians” by Kiev’s forces are “an attempt to thwart direct Russia-Ukraine talks facilitated by the US administration [of President Donald Trump], which are designed to settle the conflict definitively.”

The Russian military will respond to the drone raids, but “unlike the Ukrainian side, our targets will be strictly limited to military facilities and defense industry plants,” the Foreign Ministry stressed.

Reuters/RT

In May 2023, immediately after assuming office, President Bola Tinubu boldly implemented two of the most aggressive policy reforms demanded by the Bretton Woods institutions: the removal of the fuel subsidy and the liberalisation of the exchange rate.

These moves, applauded by both the International Monetary Fund (IMF) and the World Bank, were sold to Nigerians as necessary steps toward economic stability and long-term growth. Yet, barely two years later, the same institutions are projecting a grim future for the very people these reforms were meant to uplift.

According to the World Bank’s “Africa’s Pulse” report of 23 April — released on the sidelines of the recently concluded Spring Meetings in Washington — poverty in Nigeria is expected to worsen significantly over the next five years.

The report predicts a 3.6 percentage point increase in poverty through 2027 in countries like Nigeria and the Democratic Republic of Congo — both resource-rich yet fragile economies. This projection is not only disheartening but also contradictory.

If the much-heralded reforms were supposed to lead to progress, why is poverty deepening? To understand this paradox, we must examine both Nigeria’s recent policy trajectory and the role of its external advisors.

Upon assuming office, President Tinubu swiftly ended Nigeria’s decades-old fuel subsidy regime — an action that sparked immediate inflationary pressure. The price of petrol tripled, dragging up food and transportation costs.

For millions of Nigerians already on the brink, the impact was devastating. Within months, protests erupted across the country. Hunger, job losses, and failing businesses became widespread.

Meanwhile, the naira’s value plummeted following the decision to float the currency, sending the cost of imported goods soaring. Amidst this climate of economic pain, the IMF and World Bank remained curiously enthusiastic.

Their endorsements of Nigeria’s reforms gave the government a dangerous sense of validation, despite the massive outcry over the crippling impact of these draconian policies.

Tinubu, emboldened by praise from abroad, even boasted that he deserved a Guinness World Record for his sweeping changes. But for ordinary Nigerians, there was no cause for celebration — only survival.

The contradiction lies in the fact that while Nigeria is implementing the textbook prescriptions of its international creditors, it is also descending into deeper socioeconomic chaos.

And this is not the first time. The Structural Adjustment Programme (SAP) of the late 1980s, another IMF-backed initiative, similarly resulted in devaluation, subsidy removal, and industrial collapse.

Textile factories shuttered, inflation soared, and poverty spread like wildfire. History, it seems, is repeating itself. The core issue is not that reforms are inherently bad — economic reform is vital for any country’s progress.

However, when reforms disproportionately burden the poor, enrich the elite, and come without accountability or transparency, they become destructive, rather than developmental.

In the case of Nigeria, there is little to show for the billions borrowed under the banner of reform. Infrastructure is crumbling, healthcare and education are underfunded, and corruption continues unchecked.

Curiously, while the World Bank applauds fuel subsidy removal, it admits that Nigeria may still be paying subsidies — suggesting a lack of clarity or even transparency. Even more puzzling is the Bank’s silence on how much has truly been saved and how those savings are being utilised.

Instead of asking hard questions about government spending — on luxury jets, inflated budgets, and political patronage — the Bank urges Nigeria to “stay the course” for another 10 to 15 years.

For a nation in which over half of its 233 million people live in poverty, that is a dangerously tone-deaf prescription. One must then ask: what do the IMF and World Bank really want from Nigeria? Is it meaningful development or simply compliance? Their history suggests that debt servicing, policy alignment, and market liberalisation matter more to them than human impact. Poverty, after all, does not show up in quarterly reports. But it is felt every day in Nigerian homes where families now choose between a balanced diet and fuel.

Nigeria deserves reforms — but not the kind that strangle its people in the name of fiscal discipline. True reform must come with compassion, oversight, and a relentless focus on improving the lives of citizens — not just balancing the books for the benefit of foreign lenders.

Until then, the question of the Bretton Woods institutions’ true intentions in Nigeria remains unanswered — and increasingly, deeply troubling.

** Umar Farouk Bala writes from Abuja. He can be reached through This email address is being protected from spambots. You need JavaScript enabled to view it.

So Jotham became mighty, because he prepared his ways before the LORD his God ~ 2 Chronicles 27:6.

Introduction:

When you look closely into the life of any normal human being, one of the amazing things you will quickly notice is that unquenchable desire or dream for a better life. Happily, God Himself is in it! He designed us originally to dominate, and not to be dominated, curtailed or halted by the elemental forces here on earth (Genesis 1:26-28)!

However, we have to get really ready to fully partake of the divine promises of new things in the realm of glory (Isaiah 54:1-5). We must work on ourselves and be adequately prepared for the new things which the El-Shaddai God wishes to reveal in our lives.

Good preparation is a required platform to set the stage for the next levels of God’s glory in our lives (2 Chronicles 27:6). Therefore, we need to regularly fact-check our spiritual foundation by the yardsticks of God’s Word. Certainly, a sound foundation is very crucial to any new Christian experience we hope to see and enjoy.

No matter how beautiful, fanciful, attractive or splendid a structure appears to be, if the foundation is not right, the structure is doomed to collapse. The stability and the durability of any building are largely dependent on the depth and strength of its foundation. Hence, even God often prepares people for their next levels of assignment before He finally entrusts them with it!

In this regard, to be adequately prepared for the new things, new songs and higher levels of glory, you must clearly define the tracks of your vision for new things. You must also make broad rooms for training and skill development, and be prayerful, keeping in mind that it is either you are praying or fainting (2 King 6:1-7; Luke 18:1).

In addition, it is essential to regularly seek God’s ideals in all your ways. In 2 Chronicles 26:1-11, we read of a very young successful King Uzziah, whose main trade secret was his close affinity for the things of God: “And he sought God in the days of Zechariah, who had understanding in the visions of God: and as long as he sought the LORD, God made him to prosper” (v5).

The pursuit of God’s ideals grants insight that will root any man in the resources that are quite essential for the next level. And, this also engenders broad-based faith, which is sometimes manifested in a kind of strange boldness to tackle oppositions on the path of life’s assignments.

The very next phase of God’s doing in your life will require you to dare where others are dismayed. The future belongs to covenant risk-takers, like David who dared the critical odds of life to cruise through to greatness. He killed a lion and a bear; afterwards, he went for Goliath to make room for his enthronement.

At any rate, all those who will enjoy new things from the Lord must be ready to engage change, which is paramount to newness. Where change is resisted, new things are denied their emergence. In short, those who cannot allow change may never see new things or experience new levels of glory. New things are not traditional, but transitional!

Meanwhile, the focus of the works of the Spirit in the lives of believers is to create the right changes (1 Samuel 10:6). Hence Job said he would do anything in favour of change (Job 14:14).

Choosing and Working On Your Environment

In relation to the foregoing discourse on our necessary preparation for the holy streams, God’s people who desire to relish their moments of new things must carefully choose and work on their environments, including the associations they keep.

It is a basic truth of life that somebody somewhere has what you are looking for, no matter what they may be. And, when you cultivate  opportunities for right associations and utilise the same, your struggles to attract new things — new levels of glory, new social status in life and new dimensions of spiritual relevance — may happily cease.

There is great strength in right relationships, and your choicest asset in life is access to people who are both goodly and resourceful. When you have access to an outstanding man in any field of life’s endeavours, you can gain access to the working principles that stand him out, and can therefore become equipped to replicate his success. Choose your associates and friends wisely; they can make or mar your destiny!

Most importantly, when you consciously build your access to God through a well groomed affinity to the Holy Spirit, you are inescapably set for a supernatural stream of new things upon the earth (Isaiah 40:28–31; Psalm 35:13).

The realm of the spirit is the realm of great consequences. Nothing happens here unless it has happened there to start with. And, the earlier you know how to access that realm, the shorter your battle against stagnation becomes.

Particularly, spiritual sensitivity to the Holy Spirit is a most advantageous benefit we can derive from a genuine affinity with the Lord. When you are privileged to “know” what God is doing at a particular moment and you join Him to accomplish same, and you “know” what the devil is doing at a particular time and you confront him to stop his evil works, you naturally become a showpiece of wonder to your generation.

Those who are adequately sensitive in the realm of the spirit are sure carriers of the indomitable power that guarantees the next level, and they are forces that cannot be ignored. For sure, great power is needed for the demands of the promised new things.  

The first time the mantle fell upon Elisha, it was an indication of a calling (1 Kings 19:19). But then much power was needed to fulfil that calling, hence the experience in 2 Kings 2:13, where Elisha got the power through faithful continuance in the steps of his master Elijah. And, this is very consistent with what our Master, the Lord Jesus Christ, also taught His disciples (John 12:24-26, 32).

Valuable things are always rare and very costly. For this reason, obtaining Holy Ghost power for new things calls for a considerable spiritual investment. You must be totally yielded (Acts 1:8; Luke 4:1,14). You must lead a purposeful life that fulfils scripture (Matthew 3:15). And, you must be a living sacrifice, living ready to die to self and sin, daily (Romans 12:1-2).

In conclusion, beloved friends, always remember that the Voice of the Lord is the champions’ surest trade secret. When David traded with it, his streams of new things as well as his records of victory and promotion became unbroken (1 Samuel 30: 8). As you  get yourself set for the promised new things by giving heed to these words and by trading with the same secret, you will be very glad you did sooner than later, in Jesus Name. Amen. Happy Sunday!

____________________

Archbishop Taiwo Akinola,

Rhema Christian Church,

Otta, Ogun State, Nigeria.

Connect with Bishop Akinola via these channels:

Facebook: www.facebook.com/bishopakinola

SMS/WhatsApp: +234 802 318 4987

A fundamental spiritual principle of God’s kingdom says God is the centre and circumference of everything. He is the Alpha and the Omega. He is the Beginning and the End. (Revelation 1:8). “For of Him and through Him and to Him are all things, to whom be glory forever. (Romans 11:36).

This means if something is of men, it cannot be of God. And if it is of God, it cannot be of men. Accordingly, Jesus asks the Pharisees: “The baptism of John — where was it from? From heaven or from men?” (Matthew 21:25).

Jesus reveals that the things of men are not only not of God, but that they are of Satan. Therefore, He rebuked Peter: “Get behind Me, Satan! You are an offense to Me, for you are not mindful of the things of God, but the things of men.” (Matthew 16:23).

Since the things of men cannot be of God, it follows that the pleasures of men cannot be the pleasures of God. Indeed, Jesus drew a sharp distinction between the two by pointing out that: “What is highly esteemed among men is an abomination in the sight of God.” (Luke 16:15).

Good Pleasure

There are two types of pleasure according to the scriptures. There is pleasure that is of God, and there is pleasure that is of man.

Good pleasure is the pleasure of God. Bad pleasure is the pleasure of men. Good pleasure is what is pleasing and acceptable to God. For example, Jesus says: “Do not fear, little flock, for it is your Father’s good pleasure to give you the kingdom.” (Luke 12:32).

Bad pleasure refers to what is pleasing to men and the flesh. This is commonly referred to simply as pleasure. Once it is the pleasure of men, it is bad and unacceptable to God.

It is like success. There is “good success” and “bad success.” The success that God approves is “good success.” God says to Joshua:

“This Book of the Law shall not depart from your mouth, but you shall meditate in it day and night, that you may observe to do according to all that is written in it. For then you will make your way prosperous, and then you will have good success.” (Joshua 1:8).

Bad success is the success men approve of. It is simply referred to as success. It gives great pleasure to men but not to God.

For example, when a man makes enough money to buy a Lamborghini, it gives him much pleasure. He might even thank and praise God for the exclusive car. What he does not know is that God hates Lamborghinis. It is an abomination to him because it is highly esteemed by men. (Luke 16:15). 

The things that give men pleasure are often ungodly. They are often bad. They are often sinful, and they tend to lead to sin.

However, the good pleasure of God redeems the soul. It gives: “All things that pertain to life and godliness, through the knowledge of Jesus.” (2 Peter 1:3). It makes us “wise for salvation through faith in Christ Jesus.” (2 Timothy 3:15). It leads to eternal life.

Bad pleasure, on the other hand, poisons the soul. It gratifies the flesh and produces sinful lusts. It leads to sin, death, and hell.

Jesus provides good pleasure, while the devil promotes bad pleasure. Jesus says: “The thief does not come except to steal, and to kill, and to destroy. I have come that they may have life, and that they may have it more abundantly.” (John 10:10).

The Suffering Quotient

There is also good suffering and bad suffering. When we suffer for Christ’s sake, it is good. Peter says: “If you should suffer for righteousness’ sake, you are blessed.” (1 Peter 3:14).

Bad suffering is when we suffer for malfeasances and crimes. “But let none of you suffer as a murderer, a thief, an evildoer, or as a busybody in other people’s matters.” (1 Peter 4:15). 

The disciples of Christ rejoiced when they were beaten for preaching the gospel.

“When they had called for the apostles and beaten them, they commanded that they should not speak in the name of Jesus, and let them go. So they departed from the presence of the council, rejoicing that they were counted worthy to suffer shame for His name.” (Acts 5:40-41).

The abundant life that Jesus gives includes suffering in this life. Good pleasure often includes suffering in this life and consolation in the life to come. The Bible says of Jesus, the author and finisher of our faith (Hebrews 12:2):

“Though He was a Son, yet He learned obedience by the things which He suffered.” (Hebrews 5:8).

Isaiah prophesies likewise in his messianic psalm:

“The Lord God has opened My ear; and I was not rebellious, nor did I turn away. I gave My back to those who struck Me, and My cheeks to those who plucked out the beard; I did not hide My face from shame and spitting. “For the Lord God will help Me; therefore I will not be disgraced; therefore I have set My face like a flint, and I know that I will not be ashamed.” (Isaiah 50:5-7).

Recognising the vanity of the pleasure of men, Moses opted instead for the suffering that meets the good pleasure of God:

“By faith Moses, when he became of age, refused to be called the son of Pharaoh’s daughter, choosing rather to suffer affliction with the people of God than to enjoy the passing pleasures of sin, esteeming the reproach of Christ greater riches than the treasures in Egypt; for he looked to the reward.” (Hebrews 11:24-26). 

Bad pleasure, on the other hand, avoids suffering in this life. Bad pleasure chooses enjoyment in this life, and ends up with suffering in the life to come.

Avoidance of Suffering

Those who opt for the bad pleasures of this life and try to avoid suffering cannot enter the kingdom of God. This is because God has decreed, “We must through many tribulations enter the kingdom of God.” (Acts 14:22).

Those devoted to bad pleasures who try to avoid tribulation easily fall into sin. Thus Elihu cautions: “Take heed, do not turn to iniquity, for you have chosen this rather than affliction.” (Job 36:21). 

This was Peter’s predicament. He was a lover of pleasure, determined to avoid affliction. Peter disagreed when Jesus told His disciples He was appointed for the cross.

“Peter took Him aside and began to rebuke Him, saying, ‘Far be it from You, Lord; this shall not happen to You!’ But He turned and said to Peter, ‘Get behind Me, Satan! You are an offense to Me, for you are not mindful of the things of God, but the things of men.’” (Matthew 16:22-23).

From this, the devil knew he had Peter. He was ready to sift him like wheat. (Luke 22:31). Peter had before him two choices: sin or suffering. He chose sin. So, he denied the Lord Jesus three times to avoid affliction. He cursed and swore that he did not know Jesus. He sinned because he loved his life, loved pleasure, and was afraid of persecution.

Jesus had to offer Peter, on his resurrection, the very cross he had disdained. He said to Peter:

 “I tell you the truth, when you were young, you were able to do as you liked; you dressed yourself and went wherever you wanted to go. But when you are old, you will stretch out your hands, and others will dress you and take you where you don’t want to go.” Jesus said this to let him know by what kind of death he would glorify God. Then Jesus told him, “Follow me.’” (John 21:18-19).

To follow Jesus, Peter had to accept the predicament that he was appointed to suffer for the gospel. The message is clear. There can be no salvation without the cross. Paul cautions about this:

“For many walk, of whom I have told you often, and now tell you even weeping, that they are the enemies of the cross of Christ: whose end is destruction, whose god is their belly, and whose glory is in their shame — who set their mind on earthly things.” (Philippians 3:18-19).

Therefore, the good pleasure of God ends in eternal life. But the bad pleasure of men ends in eternal death. Good pleasure makes a man hate his life in this world.  Jesus says: “He who hates his life in this world will keep it for eternal life.” (John 12:25).

But bad pleasure, on the other hand, makes a man love his life in this world. Jesus says: “He who loves his life will lose it.” (John 12:25).

Valley of Decision

Moses says to the church in the wilderness:

“I call heaven and earth as witnesses today against you, that I have set before you life and death, blessing and cursing; therefore choose life, that both you and your descendants may live.” (Deuteronomy 30:19-20).

Nevertheless, virtually all of them chose death.

But why? Why did they choose death? Why did they reject life?

They chose death because they were devoted to pleasure. They chose death because they did not want to suffer. But the life that God offers involves suffering. God’s good pleasure always involves suffering. God kills before He makes alive. He wounds and then heals.” (Deuteronomy 32:39).

If you reject the killing, you will not be made alive. If you love pleasure, you will not be made alive.

The Israelites in the wilderness were lovers of pleasure.

“They soon forgot (God’s) works; they did not wait for His counsel, but lusted exceedingly in the wilderness, and tested God in the desert. And He gave them their request, but sent leanness into their soul.” (Psalm 106:13-15).

Jesus killed them all because they were lovers of pleasure. Therefore Paul warns that perilous times will come because men will be lovers of pleasure. (2 Timothy 3:1-4).

“I don’t want you to forget, dear brothers and sisters, about our ancestors in the wilderness long ago. All of them were guided by a cloud that moved ahead of them, and all of them walked through the sea on dry ground. In the cloud and in the sea, all of them were baptised as followers of Moses. All of them ate the same spiritual food, and all of them drank the same spiritual water. For they drank from the spiritual rock that traveled with them, and that rock was Christ. Yet God was not pleased with most of them, and their bodies were scattered in the wilderness.” (1 Corinthians 10:1-5).

God was not pleased with them because they were lovers of pleasure. So, Jesus killed virtually all of them over 40 years in the desert.

“These things happened as a warning to us, so that we would not crave evil things as they did, or worship idols as some of them did. As the Scriptures say, ‘The people celebrated with feasting and drinking, and they indulged in pagan revelry.’ And we must not engage in sexual immorality as some of them did, causing 23,000 of them to die in one day. Nor should we put Christ to the test, as some of them did and then died from snakebites. And don’t grumble as some of them did, and then were destroyed by the angel of death. These things happened to them as examples for us. They were written down to warn us who live at the end of the age.” (1 Corinthians 10:6-11).

What is the warning?

Beware of the pleasures of this world and this life. The man devoted to bad pleasure walks in the flesh and fulfils the sinful lusts of the flesh. But the man devoted to good pleasure walks in spirit and does not fulfil the lusts of the flesh. (Galatians 5:16). 

“Those who are Christ’s have crucified the flesh with its passions and desires.” (Galatians 5:24). CONTINUED.

This email address is being protected from spambots. You need JavaScript enabled to view it.; www.femiaribisala.com

Alcohol associated cancer deaths have doubled in the United States over the past three decades, disproportionately impacting men and people 55 and older, according to a new, yet to be published, study being presented at the American Society of Clinical Oncology annual conference this week.

The analysis of national death rates attributable to alcohol use between 1990 to 2021 found a significant increase from 11,896 to 23,207 deaths.

"We already know other risk factors, such as tobacco, for cancer," Dr. Chinmay Jani, the study's lead author and a clinical fellow in hematology and oncology at Sylvester Comprehensive Cancer Center, told ABC News. "However, it is very important to know that alcohol is also a risk factor and can be a carcinogen in many different cancers."

As the study pointed out, any amount of alcohol has the potential to harm health. It doesn’t necessarily mean that you are drinking every day, Jani explained.

The study relied on self-reported drinking habits, which can have some inaccuracies, but researchers used statistical methods to help correct for that.

In January, the U.S. surgeon general issued an advisory linking alcohol use to seven cancers, including breast and colorectal. The advisory recommended adding cancer risk warning labels to alcoholic beverages.

The International Agency for Research on Cancer (IARC) has classified alcohol as a Group-1 carcinogen, with evidence linking its use to cancers of the liver, breast, colorectal, esophagus, larynx, mouth and throat. Scientists are still working to understand how alcohol causes cancer at the biological level.

Deaths attributable to alcohol use rose by 70.2% in men and 15.2% in women, the study found. Men may be at higher risk because they start drinking at an earlier age and are more likely to engage in risky alcohol behaviors. Biological differences may also make them more vulnerable, Jani said.

The study uncovered some statewide differences, with the highest alcohol associated death rates reported in Washington, D.C., and the lowest in Utah, likely reflecting regional alcohol consumption patterns.

Liver cancer emerged as the most serious risk related to alcohol use, especially in those 55 and older. Even low to moderate levels of alcohol consumption can increase liver cancer risk in those with other conditions like obesity, diabetes or high cholesterol.

"When people are drinking at a younger age, it starts accumulating in your body and then you have manifestations in elderly age, these things we are not aware of when we are young and drinking alcohol, usually more frequently," Jani explained.

Dr. Gilberto Lopes, the chief of medical oncology at Sylvester Comprehensive Cancer Center and one of the study’s authors, stressed the critical need for targeted prevention efforts and public health policies to raise awareness about the serious health risks posed by alcohol.

"We hope that our study will help educate the public on the impact of alcohol on individual cancer risk," he said.

ABC News

The Supreme Court has dismissed a suit filed by the 36 state governments and the Nigeria Governors’ Forum (NGF) challenging the Federal Government’s handling of over N1.8 trillion in recovered looted assets. In a unanimous decision delivered on Friday by Mohammed Idris, based on a lead judgment prepared by Chidiebere Uwa, the apex court ruled that it lacked jurisdiction to entertain the matter, which properly belongs before the Federal High Court.

The suit, marked SC/CV/395/2021, was filed in 2021 and alleged that between 2015 and 2021, the Federal Government recovered looted assets totaling N1,836,906,543,658.73 in cash, alongside 167 properties, 450 cars, 300 trucks and cargoes, and 20 million barrels of crude oil valued at over N450 billion. The state governments claimed that these recoveries were not remitted to the Federation Account as required by the Constitution, but were instead diverted into the Consolidated Revenue Fund (CRF) and other accounts not recognized by law.

According to the plaintiffs, the CRF is intended only for the Federal Government’s share of the Federation Account and its exclusive earnings, including income from licenses, rents, administrative fees, and other federal revenue sources. They argued that the creation and use of accounts such as the Asset Recovery Account and Interim Forfeiture Recovery Account by the Federal Government and its agencies—including the EFCC, ICPC, Nigerian Police Force, and the Office of the Attorney-General—violated constitutional provisions.

Relying on sections 80, 162(1), and 162(10) of the 1999 Constitution (as amended), and Section 2 of the Finance (Control and Management) Act of 1958, the governors insisted that all proceeds from recovered assets constitute revenue that must be paid into the Federation Account for distribution among all tiers of government.

The plaintiffs had sought a court declaration affirming this position, an order mandating the remittance of the N1.8 trillion in cash and N450 billion in non-cash assets to the Federation Account, and a directive requiring the Federal Government to account for all unremitted recovered assets. They also requested that the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) be ordered to design modalities for distributing such recovered assets equitably among federal, state, and local governments.

However, the Supreme Court ruled that it was not the appropriate forum for such a dispute, and struck out the case accordingly.

Nigeria's stock market is displaying contrasting trends, with weekly trading showing mixed performance while foreign investor participation has declined dramatically in recent months.

Weekly Market Performance Reveals Split Trends

The Nigerian Exchange concluded its latest trading week with conflicting signals. Market capitalization rose by 0.19 percent, gaining N130 billion to close at N68.751 trillion, up from the previous day's N68.621 trillion. This increase was primarily attributed to United Bank for Africa's additional shares listing on the NGX.

However, the All-Share Index painted a different picture, dropping 0.14 percent or 154.40 points to close at 109,028.62, down from 109,183.02. This marked the third consecutive daily loss for the index during the week.

Trading activity showed positive market breadth with 30 advancing stocks outpacing 22 declining ones. Red Star Express led the gainers, soaring 10 percent to close at N6.71, followed by University Press which climbed 9.82 percent to N4.36 per share. Other notable performers included ABC Transport (up 9.69 percent to N2.49) and McNicholas (rising 9.05 percent to N2.29).

On the downside, Northern Nigeria Flour Mills suffered the steepest decline, falling 9.97 percent to N118.70, while Transcorp Hotel dropped 9.95 percent to N138.50 per share.

The week's trading volume totaled 637.54 million shares worth N18.122 billion across 15,927 transactions, representing a decrease from the previous period's 1.65 billion shares valued at N19.098 billion in 26,176 transactions. Tantalizer dominated trading activity with 145.08 million shares worth N384.45 million.

Aruna Kebira, managing director of Globalview Capital Ltd., explained that the divergence between market capitalization and the All-Share Index resulted from UBA's rights issue of 6.8 billion units, which increased the bank's outstanding shares from 34.199 billion to 41.039 billion. He noted that investors are beginning to take profits, particularly on dividend-paying stocks.

Foreign Investment Sees Dramatic Decline

A more concerning trend has emerged in foreign investor participation, which plummeted by 90.9 percent in April 2025. Foreign transactions totaled just N63.07 billion (approximately $39.50 million), a sharp drop from March's N699.89 billion (about $455.41 million).

This dramatic decline contrasts with domestic investor activity, which showed resilience with a modest 0.8 percent increase to N418.97 billion in April, up from N415.62 billion in March. Domestic investors now account for 74 percent more transaction value than their foreign counterparts.

The Nigerian Exchange attributed the foreign investment decline to the absence of large block trades that had boosted March figures, along with ongoing concerns about foreign exchange volatility and repatriation challenges that continue to deter international investors.

Domestic Investors Drive Market Activity

The data reveals a clear shift toward domestic market dominance. Throughout 2024, local investors accounted for approximately 85 percent of total market transactions, while foreign participation represented only 15 percent. This trend has continued into 2025, with domestic transactions reaching N1.837 trillion compared to foreign transactions of approximately N877.12 billion.

Despite the month-on-month decline, April 2025 activity remained robust compared to the previous year, with total transactions rising 39.22 percent from April 2024's N346.23 billion. However, overall April activity fell 56.79 percent from March's N1.1155 trillion to N482.04 billion.

Within the domestic market, institutional investors maintained their edge over retail participants by 14 percent in April. While retail participation declined 8.02 percent to N181.31 billion, institutional activity grew 8.77 percent to N237.66 billion.

Long-term Growth Despite Recent Volatility

Looking at broader trends, both domestic and foreign investor activity have shown substantial growth over the past 18 years. From 2007 to 2024, domestic transactions increased 33.2 percent from N3.556 trillion to N4.735 trillion, while foreign transactions expanded 38.31 percent from N616 billion to N852 billion.

The improved domestic investor confidence appears driven by relative macroeconomic stability, attractive corporate earnings releases, and sustained institutional investor participation, suggesting underlying market strength despite recent foreign investment volatility.

UN says more food needed in Gaza as looting hampers deliveries

Israeli airstrikes killed at least six Palestinians guarding aid trucks against looters, Hamas officials said on Friday, as the head of the United Nations warned that only a "teaspoon" of aid was getting in following Israel's 11-week-long blockade.

The Israeli military said 107 trucks carrying flour and other foodstuffs as well as medical supplies entered the Gaza Strip from the Kerem Shalom crossing point on Thursday, for a total of 305 since Monday when the blockade was relaxed.

But getting the supplies to people sheltering in tents and other makeshift accommodation has been fitful and U.N. officials say at least 500 to 600 trucks of aid are needed every day.

So far, an umbrella network of Palestinian aid groups said, 119 aid trucks have got past the Kerem Shalom crossing point and into Gaza since Israel eased its blockade on Monday in the face of an international outcry.

Despite the relaxation of the blockade, distribution has been hampered by looting by groups of men, some of them armed, near the city of Khan Younis, an umbrella network representing Palestinian aid groups said.

"They stole food meant for children and families suffering from severe hunger," the network said in a statement, which also condemned Israeli airstrikes on security teams protecting the trucks.

The U.N. World Food Programme said 15 trucks carrying flour to WFP-supported bakeries had been looted, which it said reflected the dire conditions facing Gazans.

"Hunger, desperation and anxiety over whether more food aid is coming is contributing to rising insecurity," it said in a statement.

A Hamas official said six members of a security team tasked with guarding the shipments were killed.

Israel imposed the blockade in early March, accusing Hamas of stealing aid meant for civilians. Hamas rejects the charge, saying a number of its own fighters have been killed protecting the trucks from armed looters.

There was no immediate comment from the Israeli military, which generally considers all armed Palestinians as militants.

"Hamas constantly calls the looters 'guards' or protectors' to mask the fact that they're disturbing the aid process," a military official said.

'DESPERATION'

With most of Gaza's 2 million population squeezed into an ever narrowing zone on the coast and in the area around the southern city of Khan Younis by Israel's military operation, international pressure to get aid in quickly has ratcheted up.

"Without rapid, reliable, safe and sustained aid access, more people will die – and the long-term consequences on the entire population will be profound," said U.N. Secretary General Antonio Guterres.

A German government spokesperson said the aid was "far too little, too late and too slow," adding that delivery of supplies had to be increased significantly.

Israel has announced that a new system, sponsored by the United States and run by private contractors, will soon begin operations from four distribution centres in the south of Gaza, but many details of how the system will work remain unclear.

The U.N. has already said it will not work with the new system, which it says will leave aid distribution conditional on Israel's political and military aims.

Israel says its forces will only provide security for the centres and will not distribute aid themselves.

As the aid has begun to trickle in, the Israeli military has continued the intensified ground and air operation launched last week, which Prime Minister Benjamin Netanyahu said would end with Israel taking full control of the Gaza Strip.

The military said it had conducted more strikes in Gaza overnight, hitting 75 targets, including weapons storage facilities and rocket launchers. Palestinian medical services said at least 25 people had been killed in the strikes.

Israel launched an air and ground war in Gaza after Hamas militants' cross-border attack on October 7, 2023, which killed some 1,200 people by Israeli tallies and saw 251 hostages abducted into Gaza.

The Israeli campaign has since killed more than 53,600 Palestinians, according to Gaza health authorities, and devastated the coastal strip. Aid groups say signs of severe malnutrition are widespread.

Reuters

WESTERN PERSPECTIVE

Kyiv mayor says Russian drones, missiles trigger fires, injure eight

Russia attacked Ukraine's capital Kyiv early on Saturday with drones and missiles, triggering fires, strewing debris in districts throughout the city and injuring at least eight people, the city's mayor said.

Reuters witnesses saw and heard successive waves of drones flying over Kyiv, and a series of explosions jolted the city.

Mayor Vitali Klitschko said two residents had required hospital treatment and that air defence units were in action.

Pictures posted online showed smoke billowing from the top of one block of flats and flames leaping from part of another as emergency crews trained water on it. An orange-red glow lit up the city as plumes of smoke wafted across the horizon.

Klitschko said fragments from one drone struck the top floor of an apartment building in the Solomynskyi district on the west bank of the Dnipro River, which bisects the city. One apartment building was on fire in the area as was one non-residential building.

Timur Tkachenko, head of Kyiv's military administration, said a fire had also broken out on two floors of an apartment building in Dniprovskyi district on the opposite bank.

Officials also reported a fire in Obolon in the city's northern suburbs and fallen debris on a shopping centre in the same area. They said drone fragments hit the ground in a number of other widely separated neighbourhoods.

An air alert remained in effect more than two hours after it was first declared.

The overnight strikes followed several days of Ukrainian drone attacks - some 800 attacks - on targets inside Russia, including capital Moscow.

Russian Foreign Minister Sergei Lavrov had vowed on Friday to respond to those attacks.

RUSSIAN PERSPECTIVE

Russian Army enters Yunakovka in Ukraine’s Sumy region — military expert

Russian forces have entered Yunakovka in Ukraine’s Sumy Region, from where Kiev used to move troops to the bordering Russian region of Kursk, military expert Andrey Marochko told TASS.

"According to information at my disposal, our troops have already entered the locality of Yunakovka, which served as a logistics hub for moving Ukrainian militants to the Kursk Region," he said.

On April 19, Marochko told TASS that Russian servicemen had expanded their fire control over a motor road between Yunakovka and Oleshnya that Kiev used for sending supplies to the Ukrainian battlegroup at this sector of the front line.

Reuters/Tass