Home Blog Page 1750

Nigerians lose N300b to ponzi schemes, speculative trade

0

Rising inflation, perceived poor performance of the capital market, as well as low returns on government securities have exposed Nigerians to speculative and dubious schemes with victims suffering over N300 billion in the last five years.
   

Following the losses, experts have urged the Federal Government to create policies that will promote national development, tackle prevailing stock market volatility, restore the stock market to sustainable growth and make returns on investment in Federal Government bonds more attractive.
   

Notwithstanding some modest advancement in the equities market, the country’s investment climate has continued to witness the proliferation of illegal fund managers. This has become a source of worry to the capital market community.

UAE puts six Nigerians with ties to Boko Haram on terrorist list

0

Authorities in the United Arab Emirates (UAE) Monday named six Nigerians with ties to insurgent group Boko Haram as terrorist financiers.

The UAE Cabinet on Monday issued Resolution No 83 of 2021, designating a total of 38 individuals and 15 entities on its approved list of persons and organisations supporting Boko Haram and other terrorist cause.

Nigerians on the UAE’s terrorism list were Abdurrahaman Ado Musa, Salihu Yusuf Adamu, Bashir Ali Yusuf, Muhammed Ibrahim Isa, Ibrahim Ali Alhassan and Surajo Abubakar Muhammad.

The six persons have been previously tried and sentenced in UAE.

Buhari seeks Senate appproval for $4b, €710m loans to execute ’emerging needs’

0

Nigeria President Muhammadu Buhari is seeking the approval of the National Assembly to borrow another $4 billion ($4,054,476,863) and €710 million loan from bilateral and multilateral organisations to fund the deficit in the 2021 budget.

Buhari, in a letter to the Senate, said the loan request is an addendum to the 2018-2020 borrowing plan.

Senate President Ahmad Lawan read Buhari’s letter at the start of plenary on Tuesday.

95 lecturers in Bauchi, Gombe, Plateau yet to receive 13-month salaries – ASUU

0

The Academic Staff Union of Universities (ASUU) has alleged that 95 of its members across Abubakar Tafawa Balewa University, Bauchi, Federal University, Kashare, and University of Jos are yet to be paid between two to 13 months.

The Coordinator for Bauchi Zone which comprises the three states, Prof. Lawan Abubakar Zonal said this during a press conference at the ATBU Campus on Tuesday. He said that the Federal Government’s payment platform (IPPIS) has kept omitted the salary of their members.

Lawan said that “The inconsistencies observed in the application of the IPPIS in the payments of salaries, remittances of third-party deductions have continued in all the Federal Universities. Since the introduction of IPPIS in February 2020, our members have continued to be omitted from the payments of salary on a monthly basis.

Nigerian leader of money laundering ring sentenced in United States

0

Afeez Adebara’s group, the United States Department of Justice, said defrauded multiple victims, including elderly individuals across the United States, and caused losses of at least $2.5 million.

Adebara pleaded guilty to conspiracy to commit money laundering on Nov. 3, 2020.

Court documents and testimony, between 2017 and November 2019, Adebara and co-conspirators knowingly concealed the proceeds of a romance scam operation by moving money between and among multiple bank accounts that were opened under various aliases using fake passports and other fraudulent identification documents to obscure the source of the funds and the identities of the co-conspirators.

Israeli Firm Unveils Armed Robot To Patrol Volatile Borders

0

An Israeli defense contractor has unveiled a remote-controlled armed robot it says can patrol battle zones, track infiltrators and open fire.

The unmanned vehicle is the latest addition to the world of drone technology, which is rapidly reshaping the modern battlefield.

Proponents say such semi-autonomous machines allow armies to protect their soldiers, while critics fear this marks another dangerous step toward robots making life-or-death decisions.

The four-wheel-drive robot presented Monday was developed by the state-owned Israel Aerospace Industries’ “REX MKII.”

It is operated by an electronic tablet and can be equipped with two machine guns, cameras and sensors, said Rani Avni, deputy head of the company’s autonomous systems division. The robot can gather intelligence for ground troops, carry injured soldiers and supplies in and out of battle, and strike nearby targets.

It is the most advanced of more than half a dozen unmanned vehicles developed by Aerospace Industries’ subsidiary, ELTA Systems, over the past 15 years.

The Israeli military is currently using a smaller but similar vehicle called the Jaguar to patrol the border with the Gaza Strip and help enforce a blockade Israel imposed in 2007, after the tiny territory was seized by the Islamic militant group Hamas.

Gaza is home to 2 million Palestinians who have largely been locked in by the blockade, which is also supported to some extent by Egypt.

The border area is the site of frequent protests and occasional attempts by Palestinian militants or desperate laborers to infiltrate into Israel.

According to the Israeli army’s website, the semi-autonomous Jaguar is equipped with a machine gun and was designed to reduce soldiers’ exposure to the dangers of patrolling the volatile Gaza-Israel border.

Japan Warns Citizens Of Possible Attack In Southeast Asia

0

Japan’s Foreign Ministry urged its citizens to stay away from religious facilities and crowds in six Southeast Asian nations, warning of a possible attack.

The ministry said it had obtained information that “there are increased risks such as suicide bombings.”

The warning applies to Japanese citizens in Indonesia, the Philippines, Singapore, Malaysia, Thailand and Myanmar.

The advisory was met with puzzlement in several of those nations, which said they had no knowledge of such a threat, or details from Japan as to the source of its information.

Tanee Sangrat, spokesman for Thailand’s Foreign Ministry, said Japan had not revealed the origin of the warning and that the Japanese Embassy had no further details other than to say it was “not specific to Thailand.”

Thai security agencies have no information of their own about a possible threat, said deputy police spokesman Kissana Pathanacharoen.

Similarly, the Philippine Department of Foreign Affairs said it was not aware of any information about an elevated threat level, while Indonesian Foreign Ministry spokesman Teuku Faizasyah denied that any warning was even sent to Japanese citizens there.

Malaysian police also have not received any information or detected any security threats, national police chief Acryl Sani Abdullah Sani said.

In the short advisory, Japan urged its citizens to pay close attention to local news and information and use caution “for the time being,” but did not give a specific timeframe or other details.

Japan’s Foreign Ministry refused to provide the source of the information or say whether it was shared with other countries.

Guinea Junta Starts Transitional Government Talks

0

The junta that ousted Guinea’s President Alpha Conde last week has started a week-long consultation with political, religious, and business leaders that it says will lead to the formation of a transitional government.

The dialog, which began with a meeting with leaders of the main political parties on Tuesday, is expected to lay out the framework of a promised government of national unity that would lead Guinea back to constitutional order.

The talks are expected to define the duration of the transition, what political and institutional reforms are needed before elections, and who will lead the transition.

The coup led by Guinea’s special forces and helmed by Mamady Doumbouya, a former French Foreign Legionnaire, has been condemned by Guinea’s partners and regional bodies.

West Africa’s regional bloc, the Economic Community of West African States (ECOWAS) which suspended Guinea from its decision making bodies, has called for a short, civilian-lead transition.

The meeting with political party leaders on Tuesday will be followed by a meeting with representatives regional governments, then religious organizations.

Civil society organizations, diplomatic missions, heads of mining companies and business leaders are also scheduled for meetings with the junta throughout the week.

Deal Allowing Russian Mercenaries Into Mali Is Close – Sources

0

A deal is close that would allow Russian mercenaries into Mali, extending Russian influence over security affairs in West Africa and triggering opposition from former colonial power France.

According to seven diplomatic and security sources, Paris has begun a diplomatic drive to prevent the military junta in Mali enacting the deal, which would permit Russian private military contractors, the Wagner Group, to operate in the former French colony.

A European source who tracks West Africa and a security source in the region said at least 1,000 mercenaries could be involved. Two other sources believed the number was lower, but did not provide figures.

Four sources said the Wagner Group would be paid about $10.8 million a month for its services. One security source working in the region said the mercenaries would train Malian military and provide protection for senior officials.

It could not be independently confirmed how many mercenaries could be involved, how much they would be compensated, or establish the exact objective of any deal involving Russian mercenaries would be for Mali’s military junta.

France is worried the arrival of Russian mercenaries would undermine its decade-old counter-terrorism operation against al Qaeda and Islamic State-linked insurgents in the Sahel region of West Africa at a time when it is seeking to draw down its 5,000-strong Barkhane mission to reshape it with more European partners.

The French foreign ministry also did not respond but a French diplomatic source criticised interventions by the Wagner Group in other countries.

Algeria Aims At $2.6 Bln Increase In Energy Investment

0

OPEC member Algeria plans to increase investment in its oil and gas sector by $2.6 billion next year to boost production by 8.9 million tonnes of oil equivalent.

Speaking to parliament awhile presenting his government action plan, Prime Minister Ayman Benabderrahmane said Oil and gas investment in 2022 will total $10 billion, up from $7.4 billion this year, aiming to increase output to 195.9 million tonnes of oil equivalent from 187 million tonnes of oil equivalent.

Algeria, which relies heavily on the energy sector, last year halved planned investment spending in oil and gas to $7 billion to cope with financial pressure caused by a fall in global crude oil prices due to the pandemic.

The government expects energy export earnings to rise to $33 billion this year from $20 billion in 2020 after a rise in oil prices in international market.

The action plan includes reforms to improve the investment climate mainly in the non-energy sector to help to reduce Algeria’s reliance on oil and gas which account for more than 90% of total export earnings and 60% of the state budget.

The plan also included a commitment to keep the government’s subsidy policy unchanged to avoid social unrest. It currently subsidies almost everything from basic foodstuffs to housing, medicine and fuel.