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BREAKING: US Oil Price Collapses To $0.01/Barrel

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The US benchmark crude oil price collapsed on Monday, falling to one cent a barrel amid an epic supply glut caused largely by the coronavirus pandemic’s hit to demand.

After beating the record low multiple times, West Texas Intermediate (WTI) for May delivery continued to sink to the unheard of price of a penny a barrel, before inching up to $0.27 at about 1815 GMT in New York.

Sellers of the May contract have just one more day to find buyers, but with storage in short supply, they are struggling to find takers.

The WTI contract for June delivery is trading at a still-low $22 a barrel.

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JUST IN: Pro-Wike PDP NEC Expels Makinde, Bala Mohammed, Bode George, Others

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A factional National Executive Committee of the Peoples Democratic Party has approved the expulsion of Oyo State Governor Seyi Makinde, Bauchi State Governor Bala Mohammed, Zamfara State Governor Dauda Lawal, former Board of Trustees Chairman Senator Adolphus Wabara, Senator Kabiru Tanimu Turaki, Deputy National Chairman (South) Taofeek Arapaja, and several other members over alleged anti-party activities.

The committee also dissolved the State Executive Councils in Bauchi, Oyo, Zamfara, Yobe, Lagos, Edo and Ekiti States.

These decisions emerged from the party’s 103rd NEC meeting held on Tuesday at the PDP national secretariat in Abuja.

Presenting the memo recommending the expulsions, Acting National Chairman Alhaji Mohammed Abdulrahman said the affected members were sanctioned for allegedly disregarding court judgments, a situation he said brought the party into disrepute.

The communiqué of the meeting was read by the National Secretary, Senator Samuel Anyanwu.

According to the communiqué, “The National Executive Committee (NEC) met on 18 November 2025 to address recent developments affecting the unity, stability, and constitutional order of our Party. At a time when Nigerians look to the PDP for leadership, NEC convened to uphold truth, justice, discipline, and respect for the rule of law.”

The statement noted that “NEC expressed deep concern over the actions of some members who violated subsisting court orders by organizing and attending a purported and unauthorized convention,” adding that the action triggered confusion, factionalisation, and the defection of governors and legislators nationwide.

The communiqué emphasised that “NEC reaffirmed that the PDP draws its legitimacy from strict adherence to its Constitution and that of the Federal Republic of Nigeria, not from impunity.”

The committee noted that it received a report from the Acting National Chairman outlining breaches of Articles 58(1) and 59(1), including anti-party activities, disobedience to court orders, and conduct bringing the party into disrepute.

NEC subsequently approved the commencement of disciplinary procedures against Adolphus Wabara, Olabode George, Ben N. Obi, Kabiru Tanimu Turaki (SAN), Bala Mohammed, Oluseyi Makinde, Dauda Lawal, Taofiq Arapaja, Setonji Koshoedo, Okechukwu Obiechina Daniel, Woyengikuro Daniel, Mohammed Kadade Suleiman, Emmanuel Ogidi, Sumaila Adamu Burga, Umar Sani, Udom Emmanuel, and Emmanuel Enorden.

The communiqué added that “NEC further resolved that Chief Ali Odefa must refund all salaries and allowances collected after his expulsion on 12 December 2024.” It also ratified Hon. Chidiebere Egwu Goodluck as Acting National Vice Chairman (South East).

NEC also endorsed the dissolution of the State Executive Committees in Bauchi, Oyo, Zamfara, Yobe, Lagos, and Ekiti States. It directed the National Working Committee to set up caretaker committees and commence fresh congresses immediately, while the Edo State Exco led by Barr. Nosa Ogieva was approved.

The committee mandated deputies in all vacant National Working Committee positions to assume acting roles with immediate effect.

Furthermore, the NEC confirmed the appointment of Alhaji Mohammed Abdulrahman as Acting National Chairman of the party.

The communiqué added that NEC directed the party’s legal team and NWC to begin immediate constitutional steps to recover the seats of elected officials who defected from the PDP, citing Sections 68(1)(g) and 109(1)(g) of the 1999 Constitution.

NEC also approved a party-wide reconciliation drive aimed at resolving internal disputes and restoring unity, while stressing that reconciliation efforts would not supersede discipline. It also announced that a nationwide membership audit and revalidation exercise would begin ahead of the 2027 elections.

According to the statement, NEC acknowledged the anxieties among party members but assured them that the decisions were taken to stabilise and strengthen the PDP.

The communiqué stated that “The NEC affirms that the era of indiscipline is over. The PDP will not bow to lawlessness or personal ambition,” adding that the party intends to rebuild with “unity, discipline, and renewed purpose” ahead of the next electoral cycle.

Earlier in their opening remarks, the BoT Chairman, Senator Mao Ohuabunwa, and the Acting National Chairman, Alhaji Mohammed Abdulrahman, urged members to remain steadfast and expressed confidence that the PDP would overcome its internal challenges.

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JUST IN: Turaki, Makinde, Mohammed Tear Gassed As Wike Arrives PDP Secretariat [PHOTOS]

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Governors Seyi Makinde of Oyo State, Bala Mohammed of Bauchi State, and factional National Chairman of the Peoples Democratic Party (PDP), Tanimu Turaki, were among individuals affected by tear gas fired by police operatives during efforts to disperse a crowd at the PDP National Secretariat on Tuesday.

The three political figures were prevented from entering the Wadata House premises by the Senator Samuel Anyanwu-led faction, whose members maintained control of the main gate and restricted access.

As tensions escalated at the entrance and the crowd became increasingly agitated, police personnel deployed tear gas to restore order and disperse those gathered.

The situation shifted when the Minister of the Federal Capital Territory, Nyesom Wike, arrived at the Secretariat, prompting security personnel to open the gate widely to allow his entry.

 

More to come…

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JUST IN: Security Operatives Provide Heavy Cover As Wike’s Men Take Over PDP National Secretariat

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The faction of the Peoples Democratic Party loyal to the Minister of the Federal Capital Territory, Nyesom Wike, has taken control of the party’s national secretariat, Wadata Plaza, Abuja. The News Agency of Nigeria reports that the move occurred ahead of a parallel meeting scheduled for the same venue by another faction that held its national convention in Ibadan over the weekend.

The Taminu Turaki-led National Working Committee elected at the controversial Ibadan convention had fixed its inaugural meeting with party stakeholders for 10 a.m. at the national secretariat. At the same time, the Abdulrahman-led faction of the NWC convened emergency National Executive Committee and Board of Trustees meetings for 11 a.m. and 2 p.m., respectively, at the same location.

NAN reports that the factional National Chairman, Abdulrahman Mohammed, had already arrived at the secretariat building, which had previously been under lock and key. Armed security operatives were also deployed to the area, marking a significant escalation in the leadership tussle.

According to reports, personnel of the Mobile Police Force, Nigeria Security and Civil Defence Corps, and the Department of State Services were stationed at the entrance gates and other strategic points within the premises and surrounding areas. Security patrol vehicles were also positioned along adjoining roads to prevent any breakdown of law and order as the opposing PDP factions laid claim to offices in the complex.

Suspended National Secretary of the party, Senator Samuel Anyanwu, was seen inside the secretariat, where accreditation was ongoing ahead of their 103rd NEC meeting already in progress. The Turaki faction, however, had not yet arrived at the secretariat at the time of reporting.

Anti-Turaki protesters were also present at the scene, carrying placards with inscriptions such as “No to Turaki” and “Turaki must go,” while dancing to music provided by drummers nearby.

Speaking with journalists before the BoT meeting, Anyanwu described the heavy security presence as routine arrangements made whenever the party holds either a BoT or NEC meeting. He explained, “Anytime we’re having a BoT meeting or NEC meeting, we usually invite the security because of the people who are around, so they don’t embarrass our members.”

He added that formal letters requesting security coverage had been sent in advance. “Well, first of all, I wrote to all the security agencies on the 14th of November, 2025, that we are going to have a BoT at the NEC meeting, the largest NEC meeting here. I wrote to INEC as well.”

Anyanwu insisted he remained the legitimate National Secretary, stating, “I’m the National Secretary of the party. My office is still running until Dec. 8. So, undoubtedly, I’m doing my function.” He emphasized that since their meeting had already commenced, any group attempting to disrupt it would be considered intruders.

Responding to his reported suspension at the Ibadan convention, Anyanwu dismissed the development, arguing that no valid convention took place. “On what premise are you expelling us? What platform are you using to expel us? The convention that never held?” he asked.

He maintained that he had not communicated any convention notice to INEC, explaining, “Every communication to INEC for any congress/convention, I must sign it. I never communicated any letter to INEC for any convention. So, there was no convention. As a matter of fact, there was no convention anywhere.” He added that INEC did not monitor or supervise the Ibadan exercise, which he described as invalid.

Anyanwu further claimed that two-thirds of state delegates were absent from the convention. He alleged that “Even the 17 states they said came for that jamboree, we had people who were picked by the roadside and given PDP uniforms to occupy some state podiums.”

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