NEWS
Nigerians in Diaspora Contribute $20b to Country’s Economy-APC Canada

The All Progressives Congress (APC) says that Nigerians in diaspora contribute US$20 billion annually to the country’s economy, and so deserve to vote and be voted for.
The Vice Chairman of APC in Canada, Dr Abiola Oshodi, stated this while speaking to newsmen on telephone on Monday.
Oshodi explained that there was the need for diaspora voting for Nigerians outside the shores of the country because they contribute immensely to the development of their fatherland through representation.
“It is a pleasure mixed with pain, disappointments, passion for change, and patriotism.
“And it is another opportunity for me to preach again on the rights of Nigerians in diaspora to vote and even be voted for, “because we don’t deserve less
“We are ambassadors of Nigeria.
And home calls us to service, duty and patriotism. We work under cold sheets of ice to remit US$20 billion home annually.“To stress how important the diasporan contribution is to the Nigerian economy: Our nation is borrowing US$3 billion from Afrexim Bank to be repaid for years at an interest. Another US$7 billion is to be gotten from securitization of our annualized dividends from Liquified Natural Gas.
“These two interventions are meant to pay the backlogs of forex and reduce the pressure on the Naira. But irrespective of how helpful this intervention might seem, the bigger truth is that a borrower is servant to the lender,” he stated.
Oshodi said that the funds were a remittance inflow from Nigerians living in US, Canada, UK, France and other foreign countries.
“These are almost free funds. Not foreign loans. But free dollars, pounds, euros sent by Nigerians abroad to pay the school fees of relations, hospital bills of relations, set up a dialysis centre, repair old bridge constructed by the community to connect the next town.
“ US$20 billion! Huge funds. Big money. Yet freely given to Nigerian banks, and Central Bank of Nigeria (CBN) for onward transmission to aid local businesses and even service our foreign debts.
“And US$20 billion is a fraction of the potential that we could do. In 2022, India remitted home US$111 billion, Philippines sent US$39 billion, and Egypt remitted US$28 billion.
“The difference between Nigeria and these three countries is that their nationalities abroad are permitted to vote and participate effectively in their political processes.
“If only we would be recognized and encouraged to participate in our elections, we too would contribute so much to the sustainability of our country,” he said.
The APC Vice Chairman, who commended the Nigerian Senate Majority Leader, Sen. Opeyemi Bamidele, for sponsoring the Diaspora Voting Bill, said that it was high time Nigerians in diaspora were given a stake on the conference table, adding that “we deserve to be equal partners just like other stakeholders.”
According to him, “there are about 15 million Nigerians, made up of doctors, engineers, educators, entrepreneurs, artists, and professionals of all kinds, living outside the country.
“If Nigerians abroad were classified as a state, it would be the largest state in the country. Our voting strength would be higher than Kano and it would eclipse Lagos.
“Why should this important bloc be excluded from the political process? Who knows, maybe there is fear that our number could tilt established voting trend and change things since it obviously would be tougher to buy a Canadian-Nigerian consultant and other professionals with a bag of rice.”
Oshodi, a Canadian-Nigerian consultant psychiatrist, described Nigerians abroad as a patriotic stock, a polished breed and well travelled folks, saying it will be wise to draft diasporans who were used to living according to their means into participation in the political process of the country.
The APC chieftain said acquired cultures from saner climes, where laws are feared and obeyed, could impact more on the orientation of the average Nigerian to be better citizens if only Nigerians in diaspora would be permitted.
Oshodi asked the Nigerian legislature to provide a nationwide legal infrastructure within the Electoral Act for overseas voting.
“Our constitution and laws must be reworked to accommodate the innovation. Of course the path towards Diaspora Voting is fraught with challenges, including logistical, legal, and administrative hurdles.
“However, these challenges are not insurmountable. We must work collectively to overcome them,” he said. (NAN)
Foreign News
Israel Vows to Build Jewish Settlements, Rejects Macron’s Call for Palestinian State

“Do not threaten Israel with sanctions” as it will continue to build a “Jewish state” on the ground,” Israeli Defense Minister, Israel Katz, warned on Friday.He also rebuffed a call by French President Emmanuel Macron for establishing a Palestinian State.In open defiance of international law, Katz claimed that world powers may recognize a Palestinian state “on paper.
”Katz made the remarks during a visit to Sa-Nur, an illegal outpost in the northern West Bank that the Tel Aviv government recently decided to officially designate as a settlement for illegal Israeli settlers. In a direct message, Defense Minister Israel Katz targets French President Macron and European allies.He also dismissed the potential international consequences.He said: “They will recognise a Palestinian state on paper, while we will build the Jewish Israeli state on the ground.“Don’t threaten us with sanctions. You will not make us bow.“The State of Israel will not kneel before threats.”His comments came hours after President Macron stated that recognising the State of Palestine was a “moral duty”.Macron also reiterated that France may move toward official recognition during an upcoming international conference focused on the two-state solution.Earlier this week, Israeli newspaper Yedioth Ahronoth reported that the Israeli Security Cabinet had secretly approved the establishment of 22 new illegal settlements in the occupied West Bank.In response, the Israeli anti-settlement group Peace Now issued a statement Thursday, revealing that 12 of the newly approved settlements were previously unauthorised outposts and farming sites established in recent years.According to Peace Now, there are currently 156 illegal settlements and 224 outposts across the occupied West Bank, including East Jerusalem, with over 736,000 illegal Israeli settlers living on occupied Palestinian land.The international community, including the UN, considers the Israeli settlements illegal under international law.The UN has repeatedly warned that continued settlement expansion threatens the viability of a two-state solution, a framework seen as key to resolving the decades-long Palestinian-Israeli conflict.In July 2024, the International Court of Justice declared Israel’s decades-long occupation of Palestinian land illegal and demanded the evacuation of all existing settlements in the West Bank and East Jerusalem.(AA/NAN)NEWS
Stock Market Sheds N48bn Amid Sell-offs

The stock market on Friday closed the week on a bearish note, as key performance indicators dipped by 0.07 per cent.Specifically, the market capitalisation declined by N48 billion, or 0.07 per cent, to N70.462 trillion from N70.510 trillion recorded on Thursday.The All-Share Index also dropped by 0.
07 per cent or 76.07 points to close at 111,742. 01 down from 111,818.08 posted on Thursday. The decline was largely attributed to sell-offs in heavyweight stocks like Beta Glass, NCR Nigeria, Conoil, Legend Internet and 33 others.Also, the market breadth closed negative with 37 stocks declining against 28 gainers.On the flip side, Beta Glass declined by 10 per cent, closing at N232.65 while NCR Nigeria also lost by 10 per cent, finishing at N6.57 per share.Conoil dropped by 9.99 per cent, settling at N298.10 and Legend Internet fell by 9.94 per cent, closing at N6.16 per shareAlso, Industrial Medical Gases shed by 9.91 per cent, ending the session at N33.65 per share.On the gainers’ chart, Omatek grew by 9.86 per cent, settling at 78k while Red Star Express climbed by 9.62 per cent, closing at N8.32 per share.Deap Capital Management rose by 9.38 per cent, finishing at N1.05 and Sovereign Trust Insurance soared by 9.09 per cent, ending the session at N1.08 per share.May and Baker also increased by 8.26 per cent, closing at N11.80 per share.A total of 1.90 billion shares valued at N64.14 billion were traded across 18,653 transactions, in contrast to the 556.45 million shares worth N17.17 billion exchanged across 18,505 deals on Thursday.Transactions in the shares of United Bank for Africa topped the activity chart with 1.41 billion shares worth N49.02 billion.United Capital followed with 66.84 million shares valued at N1.32 billion while Access Corporation sold 53.97 million shares worth N1.19 billion.Fidelity Bank traded 31.38 million shares valued at N606.09 million and Zenith Bank transacted 29.93 million shares worth N1.46 billion. (NAN)NEWS
Customs Intercepts 39,425 Litres of Smuggled Petrol

The Comptroller-General of the Nigeria Customs Service, Bashir Adeniyi, said Operation Whirlwind intercepted 39,425 litres of petrol worth ₦39.4 million within Lagos-Ogun axis. Mr Adeniyi disclosed this on Friday at a news conference in Lagos, organised following recent petroleum product seizures by Operation Whirlwind at the Federal Operations Unit, Ikeja.
Represented by the National Coordinator of Operation Whirlwind, Asst. Comptroller-General Hussein Ejibunu, Adeniyi said it marked another milestone by operatives in the Lagos-Ogun axis. He attributed the success to officers’ dedication, commitment and resilience over the past year within the zone. Adeniyi said the Office of the National Security Adviser, NMDPRA, and Attorney General’s office all commended Customs’ efforts in intercepting smuggled petroleum products. He said, “On May 23, we were in Yola for a similar exercise where over 46,000 litres of seized PMS were auctioned. “Today, we are conducting another auction following seizures made at Laro, Imeko, Badagry, Owode, Ajilete, and other flashpoints.” He added that investigations confirmed the petrol was intended for smuggling into Benin Republic. A total of 1,577 jerrycans of 25 litres each — amounting to 39,425 litres — were seized, along with eight vehicles used for transportation. Adeniyi stated that the seized petrol had a duty paid value of ₦39.4 million, and the vehicles were valued at ₦24 million, totalling ₦63.4 million. He reiterated that there was no safe haven for smugglers, and Customs would continue disrupting illegal activities to the barest minimum. The CGC directed that the seized petrol be auctioned immediately to Nigerians in 25-litre jerrycans at ₦10,000 each. He thanked strategic partners—ONSA, the Attorney General’s office and NMDPRA—for their unwavering support and cooperation. Adeniyi added that the success of Operation Whirlwind was due to strong collaboration with these agencies. “Since Operation Whirlwind began in 2025, Customs officers have not fired a single shot, and four suspects are currently facing trial,” he said. Comptroller Charles Orbih, Zonal Coordinator, Zone ‘A’ of NCS, reaffirmed the service’s commitment to protect Nigeria’s economy and ensure policy benefits reach all citizens. He noted that every litre smuggled across the borders causes revenue loss, scarcity, market instability and weakens energy security. “Operation Whirlwind, launched by the National Security Adviser’s office, proves Nigeria Customs is capable of defending and securing the nation’s borders,” Orbih stated. Comptroller Muhammed Shuaibu, FOU Zone ‘A’, commended Customs Management for the success achieved during Operation Whirlwind. He said the seizure was a joint effort by officers committed to combating smuggling and protecting the nation’s borders. He added that the seizure would help revive the economy, and Customs would maintain its focus on revenue generation and supporting legitimate trade. Mr Patrick Musa, of the NSA’s Lagos Zonal office (NMDPRA), said the operation proved Customs’ competence in border protection. He noted that NMDPRA, mandated with petroleum distribution, would continue collaborating with Customs and other agencies to stop petrol smuggling. Mrs Abidemi Aluko, representing the Attorney General’s office, appreciated the CGC, Customs officers and partner agencies for curbing petrol smuggling. “This is not business as usual. Suspects are currently under investigation for illegal petroleum dealings and will face trial,” she said. Quoting relevant laws, she stated the offence carries a sentence of life imprisonment or a fine, including forfeiture of transport means. “The Federal Government remains committed to prosecuting and bringing to justice those involved in petrol smuggling,” Aluko added. She called on sister agencies and stakeholders to strengthen collaboration to fight economic sabotage. In his closing remarks, ACG Kola Oladeji thanked the CGC for his leadership and enabling environment that contributed to the operation’s success. Oladeji urged officers to stay committed and intensify efforts to enhance national security. (NAN)