News
Niger Coup: CNG seeks political, traditional leaders intervention
By Abubakar Yunusa
The Coalition of Northern Group (CNG) has appealed to political, religious, traditional and cultural leaders across the West African subregion to urgently intervene the situation in Nigel Republic by impressing the need for a window for serious negotiations to be provided.
The group also called on the Federal Government of Nigeria to reconsider its stand on the closure of borders with Niger and the seizure of electricity supply.
It warned against unnecessary escalation of the situation by the unsolicited intervention of the international community and other dubious foreign interests.
This was contained in a terse statement issued by the group spokesperson Abdul-Azeez Suleiman on Friday .
According to the group, “These leaders should identify a neutral location within Africa at which to hold such honest discussions to finally bring a bloodless enduring end to this impasse.”
The statement partly read : “To call on the leaders of the coup in Niger Republic to discard their rigid stance and unhelpful show of bravado and embrace all diplomatic overtures in order to reach a peaceful and bloodless resolution of the matter, keeping in mind that threats and conflicts have very little or no utility value.
“We condemn with all our might the burning in Niger of the Nigerian national flag which is our symbol of nationhood and demand the military junta to order it to stop forwith.
“We declare the discrediting of our President and leaders not only immoral and illegal, but also abhorrent to Nigeria’s collective sensibilities and ordinary decency and therefore unacceptable.
“We demand from the military leaders in Niger action against the continued burning of the Nigerian flag and to warn that they stand to lose the ample public sympathy freely given to them by the vast majority of Nigerians.
“It is imperative that they understand that bilateral relationships are guided by the principles of sovereignty, promotion of peace and the standards that guide legitimate interference. ”
The group, however said that their intervention, exclamations and actions in the affairs of the continent should not be drawn to discountenance the effort of African to protect its citizens and to impose law and order.
“It is important to call the attention of the entire international community/organizations to weigh the impact and consequence of a destabilized West African subregion which will certainly threaten the peace and security of the entire Africa.
“Any breakdown of law and order will only compound the security and humanitarian situations in the region, especially in Mali, Libya etc. This will further worsen the continent, disrupt international cohesion, compound the despondent cases of human trafficking, migration and other challenges the continent and the world are now facing.”
Bitcoin experienced sharp fluctuations following President Donald Trump’s April 2 tariff announcement, initially surging to $88,000 before dropping to $82,000.
By April 3, it stabilized around $83,000, with the broader crypto market down over 4%. Major altcoins like Ethereum and Solana also declined over 6%, hitting multi-month lows.
Analysts see the tariff news as reducing market uncertainty, potentially attracting institutional investors.
Despite higher-than-expected rates, experts believe the clarity could help Bitcoin regain momentum toward $90,000. Bitcoin ETFs, led by BlackRock, recorded $218 million in inflows on April 2, reversing prior outflows.
Kraken’s Thomas Perfumo challenged the idea that institutional interest stabilizes crypto, emphasizing that volatility signals demand for a scarce asset.
Some analysts viewed the sell-off as an overreaction to trade policy concerns, highlighting Bitcoin’s resilience as a store of value.
With ETFs showing strong demand, Bitcoin’s price may stabilize and rise, though market participants remain cautious, monitoring trade policies and economic conditions.
Violent clashes between pastoralist groups and settled farming communities have long been a challenge in South Sudan.
However, the recent outbreak of violence in the northern Ruweng Administrative Area has further heightened concerns over the nation’s fragile peace. At least 30 people lost their lives after an armed youth group launched a brutal attack on a northern South Sudanese town, according to local officials.
The incident, linked to an escalating cattle raid, saw the town briefly fall under the control of the attackers before security forces regained control.
The violence began when a group of armed youth stole lambs earlier in the week. Security forces quickly intervened, forcing the raiders to retreat. However, instead of dispersing, the group reorganised and launched a more aggressive attack on Abiemnom the following day.
Local Minister of Information, Simon Chol Mialith, confirmed that despite resistance from local youth and security personnel, the town was overrun by the Mayom armed youth. The attack led to significant casualties and destruction before security forces were able to reclaim the town.
On Wednesday, the South Sudan People’s Defence Force (SSPDF) successfully pushed the attackers out, restoring a semblance of calm. However, the scale of the destruction was already severe, with over 40 individuals injured in addition to the fatalities.
Although reports suggest that some of the deceased were members of the armed groups, official confirmation remains pending.
The attack comes at a time of growing instability in South Sudan, with tensions between forces loyal to President Salva Kiir and First Vice President Riek Machar intensifying. This political rivalry threatens to unravel the delicate 2018 peace agreement that ended the nation’s five-year civil war.
Since gaining independence in 2011, South Sudan has struggled with continuous unrest. Despite its vast oil resources, the country remains impoverished, with conflicts like these exacerbating economic and social difficulties.
Key Business Developments to Monitor This Week: Crude Oil Transactions in Naira and Resumption of Emirates Flights
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) have announced an increase in crude oil production by 411,000 barrels per day (bpd) starting in May. This decision follows a virtual meeting among eight member nations, which agreed to gradually reduce previously implemented output cuts.
The nations involved in this agreement include Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman.
As a result of this production increase, Brent crude prices fell by 6.8% to $69.85 per barrel, while West Texas Intermediate (WTI) crude dropped by 7.08% to $66.63, as of 10 PM WAT.
According to Reuters, these fluctuations are closely linked to the recent announcement by U.S. President Donald Trump imposing a 10% tariff on all imported goods.
### Voluntary Production Cuts by Eight OPEC+ Member Nations
In April 2023, eight OPEC+ countries declared additional voluntary reductions amounting to 1.65 million bpd, lasting until the end of December 2026. Subsequently, in November 2023, an additional voluntary cut of 2.2 million bpd was announced.
On December 5, 2024, the oil cartel revealed plans to extend these adjustments through March 2025, indicating that the 2.2 million bpd reductions would be gradually phased out on a monthly basis until the end of September 2026, aimed at maintaining market stability. However, on March 3, these nations agreed to implement a planned increase in oil production starting April 1.
### Monthly Phasing Out of Oil Production by Eight OPEC Member Countries
OPEC stated that the eight participating countries will implement a production adjustment of 411,000 barrels per day, divided into three monthly increments, beginning in May 2025. This adjustment includes the planned increment for May plus two additional monthly increases. The oil alliance emphasized that these gradual increases could be paused or reversed depending on market conditions, allowing for continued support of oil market stability.
Furthermore, OPEC+ noted that this measure would provide an opportunity for member nations to expedite their compensation efforts. The eight countries will convene monthly to assess market conditions, compliance, and compensation strategies.
The next meeting is scheduled for May 5, where decisions regarding June production levels will be made.