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General News Investment

African Development Fund mobilizes $8.9 billion for Africa’s low-income countries

Tangier, Dec. 7, 2022 – Development partners of the African Development Fund (ADF) have agreed to commit $8.9 billion to its 2023 to 2025 financing cycle. A statement from the African Development Bank (AfDB) on Wednesday said this would be the largest replenishment in the history of the Fund. ADF is the concessional window of the African Development Bank Group, providing grants and soft loans to the continent’s low-income countries. The $8.9 billion replenishment package includes $8.5 billion in core ADF funding and $429 million for the newly created Climate …

General News

FG recovers N120bn proceeds from crimes

Abuja, Dec. 7, 2022 – The Minister of Information and Culture, Alhaji Lai Mohammed, on Wednesday said the federal government had recovered N120 billion proceeds from crimes through the instrumentality of the Proceeds of Crime (Recovery and Management) Act. The minister said this during the presentation of a scorecard of President Mohammadu Buhari’s administration in Abuja. He said that the federal government was winning the war, stressing that the Proceeds of Crime (Recovery and Management) Act was among three legislations designed by the executive to combat corruption. The minister said …

Uncategorized

Mozambique ex-president’s son jailed 12 years for corruption

Maputo, Dec. 7, 2022  (AFP/GBN) – A Mozambican court on Wednesday sentenced the son of Mozambique’s ex-president Armando Guebuza to 12 years in jail. This is following a vast corruption scandal in which the government unleashed financial havoc by trying to conceal huge debts. “The crimes committed have brought consequences whose effects will last for generations,” said Judge Efigenio Baptista who found Ndambi Guebuza guilty of embezzlement, money laundering and criminal association, in a scandal that arose after state-owned companies in the impoverished country illicitly borrowed $2 billion between 2013 …

General News Trade

Nigeria Customs Service in Ogun impounded N4.9bn worth of goods in 9 months – controller

Idi-Iroko (Ogun), Dec 7, 2022 – The Ogun Area One Command of Nigeria Customs Service impounded goods worth N4.9 billion between February and December this year. Comptroller Bamidele Makinde, the Controller of the Command, disclosed this on Tuesday to journalists at a briefing on the activities of the command in Idi-Iroko. He said that the command generated N58, 676,751 from import duties and auction sales of petroleum products. Bamidele said the command intercepted 16,224 kegs of petrol, and 99 vehicles used as means of conveyance of smuggled goods during the …

Foreign Trade

China’s trade suffers worst slump in 2-1/2 yrs on COVID woes, feeble demand

Beijing, Dec. 7, 2022 (Reuters/GBN) – China’s exports and imports shrank at their steepest pace in at least 2-1/2 years in November, as feeble global and domestic demand, COVID-led production disruptions and a property slump at home piled pressure on the world’s second-biggest economy. The downturn was much worse than markets had forecast, and economists are predicting a further period of declining exports, underlining a sharp retreat in world trade as consumers and businesses slash spending in response to central banks’ aggressive moves to tame inflation. Exports contracted 8.7 per …

Commodities Oil and Gas

Oil falls close to 2022 lows on economic worries, easing supply fears

London, Dec. 7, 2022 (Reuters/GBN) Oil weakened on Wednesday, with Brent crude falling close to its lowest this year, pressured by concern about recession and easing fears that a Western cap on Russian oil prices would significantly curb supply. Warnings from big U.S. banks about a likely recession next year weighed, and supported the U.S. dollar. A stronger dollar makes oil more expensive for holders of other currencies and tends to dampen appetite for risk assets. Brent crude fell $1.05, or 1.3%, to $78.30 a barrel by 1020 GMT. It touched …

General News

Dangote-led flood committee commences distribution of N1.5bn relief items to victims nationwide 

Lagos, Dec.7, 2022 – The Dangote-led Presidential Committee on Flood Relief and Rehabilitation (PCFRR), otherwise known as Dangote Flood Committee, has started distributing relief materials worth N1.5 billion to flood victims nationwide.   The PCFRR, which was established by the Federal Government following the 2012 floods, is co-chaired by Africa’s foremost industrialist, Aliko Dangote, and Dr. Olisa Agbakoba.   The flagging off ceremony for this year’s distribution, started in Borno State on Tuesday. It was conducted by the State Governor, Professor Babagana Umara Zulum, in Maiduguri, Borno State capital.  The Governor thanked the …

General News Maritime/Shipping

NIMASA wins taxation institute award, Jamoh bags 2022 outstanding service award

Lagos, Dec. 7, 2022 – The Nigerian Maritime Administration and Safety Agency (NIMASA) has received the ‘Corporate Organization Award’  from the Chartered Institute of Taxation of Nigeria (CITN) for its good corporate citizenship. Dr Bashir Jamoh, its Director General, was also awarded the 2022 ‘Outstanding Service to Taxation Profession’ award by the CITN. A statement by NIMASA in Lagos on Wednesday said that the awards were given to the organisation for its exemplary record of tax-compliance and corporate social initiatives. These, it said, included NIMASA’s nationwide distribution of relief materials …

General News

Petrol tanker falls, blocks Onitsha – Enugu road

Onitsha, Dec. 7, 2022 –  A tanker laden with petrol on Tuesday fell along the Onitsha-Enugu Expressway between Toll Gate and Ogbunike Slaughter. The incident happened at about 2:05 pm as the tanker driver was diverting to Ndumore Oil & Gas Filling Station along the expressway. The cause of the incident was due to loss of control of the tanker by the driver. The incident caused the Awka-bound lane to be cordoned, while vehicles were diverted to the Onitsha-bound lane, thereby causing heavy traffic on the axis. “The men of …

Foreign

Buhari reiterates determination to handover on May 29

Abuja, Dec. 6, 2022 – President Muhammadu Buhari today reaffirmed his determination to hand over the leadership of Nigeria to an elected president on May 29, 2023 as enshrined in the constitution. He expressed his determination when he received the Special Envoy of King Mohammed the VI of Morocco, Shakib Ben Musa, at the State House, Abuja. Musa is also the Minister of National Education, Pre-School, and Sports of the Kingdom of Morocco. According to President Buhari, his term of office will end with the inauguration of a new president …


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