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Behold World’s New Richest Man, Bernard Arnault!

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French fashion tycoon, Bernard Arnault is now the world’s richest man after his net worth climbed to $186.3billion.

The chief executive of Moët Hennessy Louis Vuitton (LVMH) saw his luxury goods firm stock increase by 0.4 per cent during the first hours of trading on Monday, May 24.

The rise pushed Arnault’s personal stake up by more than $600million and placed LVMH’s market cap at $320billion, according to Forbes.

Arnault’s overall net worth jumped to $186.3billion, edging past Amazon CEO Jeff Bezos, who is worth $186 billion, by ‘only’ $300 million in the world’s rich list.

It comes just days after Arnault pushed Elon Musk, worth $147.3billion, out of his spot as the world’s second-richest man after Tesla’s share price sank.

Musk dropped out of his spot as the world’s second-richest man after his fortune sank by$3.16billion last week, to $160.6billion.

Arnault, 72, has seen his fortune jump more than $110million in the past 14 months thanks to his French luxury goods firm LVMH, which owns the likes of Louis Vuitton, Fendi, Christian Dior, and Givenchy in its portfolio of 70+ luxury brands.

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UK Court Clears Ex-Petroleum Minister Alison-Madueke of All Corruption Charges

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Former Nigerian oil minister Diezani Alison-Madueke was on Wednesday found not guilty ​by a London jury of six bribery charges, after ‌a rare corruption trial of a high-profile former energy official.
Alison-Madueke, minister for petroleum resources between 2010 and 2015 under then-president Goodluck Jonathan, stood trial ​charged with five counts of accepting bribes and a ​charge of conspiracy to commit bribery, which she denied.
Prosecutors ⁠alleged Alison-Madueke, 65, was given “a life of luxury” in London ​from oil and gas industry figures seeking lucrative contracts in Nigeria, ​which has long grappled with mismanagement and corruption.
But the former minister, who was also briefly president of the Organization of the Petroleum Exporting Countries, ​said she never took any bribes and had no real ​influence over the awarding of lucrative government contracts.
After a trial at London’s Southwark ‌Crown ⁠Court, Alison-Madueke was acquitted by a jury of all six charges she faced after more than 46 hours of deliberation.
The not guilty verdicts are a major blow to British authorities, which began their ​investigation into corruption ​allegations against Alison-Madueke ⁠more than a decade ago.
Alison-Madueke stood trial alongside oil industry executive Olatimbo Ayinde, 54, who was ​charged with one count of bribery relating to ​Alison-Madueke ⁠and a separate count of bribery of a foreign public official.
Alison-Madueke’s brother Doye Agama, 69, was charged with conspiracy to commit bribery ⁠with ​his sister relating to payments made to ​Agama’s church.
Both Ayinde and Agama denied the charges against them and were also ​acquitted by the jury.

Source: Reuters

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INEC Heads to Appeal Court, Seeks Suspension of Judgment on Deregistration of ADC, Others

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The Independent National Electoral Commission (INEC) has asked the Court of Appeal in Abuja to stay the execution of the judgment that ordered the deregistration of the African Democratic Congress (ADC) and four other political parties.

The Commission also threw its weight behind a notice of appeal lodged by the political parties.

Addressing a three-member panel of the appellate court on Tuesday, the electoral body said it was shocked by the decision of Justice Peter Lifu of the Federal High Court in Abuja to deliver the judgment despite an order that stopped him from doing so.

INEC, through its team of lawyers led by Mr. Haliru Mohammed, decried that it was not notified that the judgment would be delivered, saying it only heard about the court’s decision through media reports.

“My Lords, we are aware of an order that this court made on May 22, which stopped the delivery of the judgment of the lower court, which was initially reserved for delivery on June 5.

“We were not aware of any notice from the court regarding the delivery of the judgment. We only saw it as breaking news in the media.

“We therefore do not oppose the application of the appellant to stay the execution of the judgment.”

Likewise, counsel to the ADC, Mr. Shuaibu Aruwa, SAN, told the appellate court that Justice Lifu notified the party of the delivery of the judgment via WhatsApp.

Insisting that the decision of the high court was an invitation to anarchy, counsel to the ADC urged the appellate court to invoke its powers and sanction Justice Lifu for disrespecting the judicial hierarchy.

“Sincerely, my Lords, a lot has happened to the judiciary and this profession. What the trial judge did was dare this Court of Appeal by insisting that no one could arrest his judgment, even after his attention was drawn to the stay order from this court.

“The action of the trial judge calls for swift and extraordinary measures from this court. We have come to the stage where this court should press the reset button.

“We are calling on this court to exercise disciplinary jurisdiction under Section 6 of the 1999 Constitution, as amended.

“We urge this court to take disciplinary steps by immediately suspending that judgment. This court has the power to protect its own integrity. We pray this court suspends the judgment immediately without further delay,” ADC’s lawyer submitted.

The other parties also drew the attention of the appellate court panel to the fact that on June 20, INEC would conduct by-elections across six states of the federation.

They contended that if the judgment were not stayed, it would create problems across the country, maintaining that the Court of Appeal has inherent powers to act in a supervisory capacity and not allow its orders to be disregarded by lower courts.

The appellate court is still hearing submissions from the other parties in the matter.

It will be recalled that aside from the ADC, the other parties the high court directed INEC to deregister are the Action Peoples Party (APP), Action Alliance (AA), Accord Party (AP), and Zenith Labour Party (ZLP).

According to the court, the five political parties failed to meet the constitutional requirements to warrant their continued existence and participation in future elections.

It barred INEC from further according recognition to the parties, accepting nominations of candidates from the affected parties, or giving effect to their activities for the purpose of participating in the 2027 general elections.

Moreover, Justice Lifu ordered the defendants to stop parading themselves as registered political parties in the country.
He held that there was merit in a suit filed against them by the National Forum of Former Legislators (NFFL).

The group, in the suit marked FHC/ABJ/CS/2637/2026, prayed the court to determine whether INEC has a constitutional obligation to remove political parties that fail to meet the electoral performance thresholds set out in Section 225A of the 1999 Constitution (as amended), as reinforced by the Electoral Act 2022 and INEC’s regulations.

It was the position of the plaintiff that the five political parties listed as defendants had persistently failed to meet the constitutional benchmarks required to retain their registration.

The former legislators stressed that the requirements include winning at least 25 per cent of votes in a state during a presidential election or securing at least one elective seat at the national, state, or local government level.

They told the court that the ADC and the four other parties performed poorly in both the 2023 general elections and by-elections conducted by INEC, thereby failing to win seats across key tiers of government.

The litigants insisted that the continued existence of the ADC and the other defendants as recognised political parties is unlawful and undermines the integrity of the country’s electoral system.

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2027: Atiku Picks Rotimi Amaechi as Presidential Running Mate

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The African Democratic Congress (ADC) presidential candidate, former Vice President Atiku Abubakar, has picked former Rivers State Governor and former Minister of Transportation, Rotimi Amaechi, as his running mate.

Announcing the decision, ADC National Publicity Secretary, Bolaji Abdullahi, said Amaechi’s emergence followed broad consultations within the party and reflected his strong performance as runner-up in the party’s presidential primaries as well as his track records of service to his state and the country.

According to the ADC, Amaechi’s extensive experience across both the legislative and executive arms of government, as former Speaker of the Rivers State House of Assembly, two-term Governor of Rivers State, and former Minister of Transportation, makes him uniquely qualified to complement Atiku’s leadership, strengthen the party’s national appeal, and bolster its campaign to offer Nigerians an experienced and credible alternative ahead of the 2027 presidential election.

The party said the choice of Amaechi underscores its commitment to presenting a leadership team with proven governance experience and national appeal as it prepares for the 2027 presidential contest.

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