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Trump Announces Venezuela to Turn Over Up to 50 Million Barrels of Oil to United States

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U.S. President Donald Trump announced on Tuesday that interim authorities in Venezuela will turn over between 30 and 50 million barrels of high-quality sanctioned oil to the United States, following the recent U.S. military operation that removed Venezuelan leader Nicolás Maduro from power.

In a post on Truth Social, Trump stated: “I am pleased to announce that the Interim Authorities in Venezuela will be turning over between 30 and 50 Million Barrels of High Quality, Sanctioned Oil, to the United States of America.

This Oil will be sold at its Market Price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States!

“The president added that he has directed Energy Secretary Chris Wright to execute the plan immediately, with the oil to be transported via storage ships directly to U.S. unloading docks.

The announcement comes amid ongoing developments in Venezuela, where the oil—previously held in storage due to U.S. sanctions—is estimated to be worth up to $2.8 billion at current market prices around $56 per barrel.

Analysts note that this volume represents a modest addition to global supply but could divert exports previously destined for China.U.S. crude futures dipped slightly following the news, closing lower by about 1.3%. Major U.S. oil companies, including Chevron, ExxonMobil, and ConocoPhillips, are reportedly monitoring the situation, with meetings planned between industry representatives and the administration to discuss future investments in Venezuela’s vast oil reserves.

The deal marks a significant step in Trump’s stated goal of revitalizing Venezuela’s oil sector, which holds the world’s largest proven reserves but has seen production decline sharply in recent years due to sanctions, underinvestment, and mismanagement.

International

Mojtaba Khamenei named Iran’s supreme leader

Politicians and institutions issued pledges of loyalty to the new supreme leader, whose wife, son and mother also died at the start of the U.S.-Israeli air onslaught according to Iranian state media.

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• Photo : People hold placards with an image of Iran’s new supreme leader Mojtaba Khamenei in Tehran. Majid Asgaripour/WANA via REUTERS.

Ayatollah Mojtaba Khamenei 56, a Shi’ite cleric with a power base among the security forces and their vast business empire, has been declared the new Supreme Leader of Iran.

Iranian state media reports on Monday that large crowds in several cities rally behind the new leader, waving Iranian flags and holding portraits of his father Ali Khamenei, killed by strikes on the war’s first day.

In Isfahan, state TV reported the sound of nearby explosions from apparent airstrikes as loyalists gathered in the historic Imam Square, chanting “God is the Greatest”

In Tehran, a eulogist could be heard singing: “Either death or Khamenei, our blood leads to paradise.”

Politicians and institutions issued pledges of loyalty to the new supreme leader, whose wife, son and mother also died at the start of the U.S.-Israeli air onslaught according to Iranian state media.

“We will obey the commander-in-chief until the last drop ⁠of our blood,” a defence council statement said.

Iranians reached by telephone were divided, with supporters of the authorities hailing the choice as a declaration of defiance and opponents fearful it would dash their hopes for change.

“I am so happy that he is our new leader. It was a slap in the face to our enemies that thought the system will collapse with the killing of his father. Our late leader’s path will continue,” said university student Zahra Mirbagheri, 21, from Tehran.

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International

President Tinubu Approves 65 Ambassadors for Postings [Full List]

President Tinubu has directed that the Ministry of Foreign Affairs should immediately commence the induction programme for the ambassadors-designate and High Commissioners.

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President Bola Tinubu. Credit: X

President Bola Ahmed Tinubu has approved the postings of 31 career and 34 non-career ambassadors to various countries and the United Nations.

The Senate confirmed the ambassadors-designate last December.

Bayo Onanuga, Special Adviser to the President(Information and Strategy), confirmed the postings, on Friday.

NON CAREER AMBASSADORS / HIGH COMMISSIONERS

  1. 1. SENATOR GRACE BENT: LOME-TOGO
  2. 2. SEN. ITA ENANG: SOUTH AFRICA
  3. 3. IKPEAZU VICTOR: SPAIN
  4. 4. NKECHI LINDA UFOCHUKWU: TEL-AVIV, ISRAEL
  5. 5. MAHMUD YAKUBU: QATAR
  6. 6. PAUL OGA ADIKWU: THE VATICAN CITY HOLY SEE
  7. 7. VICE ADMIRAL IBOK-ETE EKWE IBAS: THE PHILIPPINES
  8. 8. MR. RENO OMOKRI: MEXICO CITY, MEXICO
  9. 9. HON. (ENGR.) ABASI BRAIMAH (FMHR): BUDAPEST, HUNGARY
  10. 11. MRS. ERELU ANGELA ADEBAYO: PORTUGAL
  11. 12. BARR. OLUMILUA OLUWAYIMIKA AYOTUNWA: TOKYO, JAPAN
  12. 13. RT. HON. UGWUANYI IFEANYI LAWRENCE: ATHENS, GREECE
  13. 15. BARR. CHIOMA PRISCILLA OHAKIM: WARSAW, POLAND
  14. 16. AMINU DALHATU: UNITED KINGDOM, UK
  15. 17. LT. GEN ABDULRAHMAN BELLO
  16. 18 DAMBAZAU: BEIJING, CHINA
  17. 19 .HON. TASIU MUSA MAIGARI: GAMBIA
  18. 20. OLUFEMI PEDRO: AUSTRALIA
  19. 21. BARR. MUHAMMED UBANDOMA ALIYU: ARGENTINA
  20. 22. LATEEF KAYODE ARE: USA
  21. 23. AMB. JOSEPH SOLA IJI: RUSSIA
  22. 24. SEN. JIMOH IBRAHIM: UN PERMANENT REPRESENTATIVE
  23. 25. FEMI FANI KAYODE: GERMANY
  24. 26. PROF. ISAAK FOLORUNSO ADEWOLE. OTTAWA, CANADA
  25. 27. AJIMOBI FATIMA FLORENCE (F): AUSTRIA
  26. 28. MRS. LOLA AKANDE (F): SWEDEN
  27. 29. AYODELE OKE: FRANCE
  28. 30.YAKUBU N. GAMBO: SAUDI ARABIA
  29. 31. SENATOR PROF. NORA LADI DADUUT: SEOUL, SOUTH KOREA
  30. 32. BARR. ONUEZE CHUKWUJIKA JOE OKOCHA SAN: DUBLIN
  31. 33. DR. KULU HARUNA ABUBAKAR: TUNIS, TUNISIA
  32. 34. RT. HON. JERRY SAMUEL MANWE: PORT OF SPAIN, T&T

CAREER AMBASSADORS / HIGH COMMISSIONERS

  1. AMB. NWABIOLA EZENWA CHUKWUMEKA: COTE D’IV/OIRE
  2. BESTO MAIMUNA IBRAHIM: NIAMEY-NIGER
  3. MONICA OKWUCHUKWU ENEBECHI: SAO TOME, STP
  4. AMB. MOHAMMED MAHMUD LELE: ALGIERS-ALGERIA
  5. ENDONI SYNDOPH PAEBI: OUAGADOUGOU-BURKINA FASO
  6. AHMED MOHAMMED MONGUNO: CAIRO EGYPT
  7. AMB.JANE ADAMS (NEE OKON) MICHAEL (F): KINGSTON-JAMAICA
  8. AMB. CLARK-OMERU ALEXANDRA (F): LUSAKA-ZAMBIA
  9. CHIMA GEOGGREY LIOMA DAVID: BAMAKO-MALI
  10. AMB. ODUMAH YVONNE EHINOSEN: MALABO –E/GUINEA
  11. AMB WASA SEGUN IGE: BEIRUT, LEBANON
  12. RUBEN ABIMBOLA SAMUEL (F): ROME, ITALY
  13. AMB.ONAGA OGECHUKWU KINGSLEY: MAPUTO, MOZAMBIQUE
  14. AMB.MAGAJI UMAR: KINSASHA, DR CONGO
  15. AMB.MUHAMMAD SAIDU DAHIRU: NEW DELHI-INDIA
  16. AMB. ABDUSSALAM HABU ZAYYAD: DAKAR-SENEGAL
  17. AMB SHEHU ILU BARDE: ACCRA GHANA
  18. AMB.AMINU NASIR: ETHIOPIA
  19. ABUBAKAR MUSA MUSA: N’DJAMENA, CHAD
  20. AMB. HAIDARA MOHAMMED IDRIS: THE HAGUE-NETHERLANDS
  21. AMB.BAKO ADAMU UMAR: RABAT-MOROCCO
  22. AMB. SULU GAMBARI OLATUNJI AHMED: MALAYSIA
  23. AMB.ROMATA MOHAMMED OMOBOLANLE (F): TANZANIA
  24. AMB. SHAGA JOHN SHAMAH: BOTSWANA
  25. SALAU, HAMZA MOHAMMED: TEHRAN, IRAN
  26. AMB.IBRAHIM DANLAMI: KENYA
  27. IBRAHIM ADEOLA MOPELOLA (F): COTONOU-BENIN
  28. AMB.AYENI ADEBAYO EMMANUEL: BRUSSELS, BELGIUM
  29. AMB.AKANDE WAHAB ADEKOLA: BERNE-SWITZERLAND
  30. AMB. AREWA (NEE ADEDOKUN) ESTHER (F): WINDHOEK-NAMIBIA
  31. AMB.GERGADI JOSEPH JOHN: LIBREVILLE-GABON
  32. AMB. LUTHER OGBOMODE AYO-KALATA (F): SIERRA LEONE
  33. DANLADI YAKUBU NYAKU : KHARTOUM-SUDAN
  34. BELLO DOGON-DAJI HALIRU: BANGKOK, THAILAND

The Ministry of Foreign Affairs has already received agrément from the United Kingdom for the High Commissioner-designate, Ambassador Aminu Dalhatu. Similarly, France has sent the agrément for Ambassador Ayo Oke.

The Ministry has also conveyed the nominations of the other 62 designated envoys to all the countries concerned, including a request for their agréments in line with standard diplomatic practice.

President Tinubu has directed that the Ministry of Foreign Affairs should immediately commence the induction programme for the ambassadors-designate and High Commissioners.

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Business

BPP Saves FG N1.1trn Public Sector Procurements

While speaking on beneficial ownership, the BPP DG harped on the need to ensure transparency and to, among others, weed out those he called same and multiple bidders.

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Photo: Director -General of BPP, Dr. Adebowale Adedokun, during a courtesy call on the Registrar-General/CEO of Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, March 5, 2026.

The Bureau of Public Procurement (BPP) revealed that in the last 12 months, it saved 1.1 trillion for the government in view of its implementation of a robust price intelligence mechanisms.

The Director General of the BPP, Dr. Adebowale Adedokun, disclosed this today during a courtesy call on the Registrar-General/CEO of Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, to strengthen collaboration in order to support the present administration’s agenda for a trillion-dollar economy.

Dr. Adebowale recalled the long-standing collaboration between the two agencies which dates back to 2008 and therefore applauded the reforms being implemented by the Commission.

Adebowale remarked that the two agencies have a critical role to play in the efforts being made to realize a trillion dollar economy.

While speaking on beneficial ownership, the BPP DG harped on the need to ensure transparency and to, among others, weed out those he called same and multiple bidders.

While highlighting BPP’s reforms, Adebowale stressed the need for robust enforcement measures to ensure compliance and accountability by professional bodies whose executives often overstay their tenure of office in contravention of the code of corporate governance.

In his remarks, the Registrar-General highlighted CAC’s reform initiatives which are in tandem with President Bola Ahmed Tinubu’s renewed hope agenda, especially Item 7 that harps on digitization and innovation.

The CAC boss, who enjoined the BPP to utilize the Commission’s globally acclaimed Beneficial Ownership Register to enhance their operations, also asked for collaboration on capacity development between the two agencies.

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