Meet CBN’s New Governor Dr Yemi Cardoso

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September 16, 2023

Dr Yemi Cardoso is a citizen of Lagos State in South-west Nigeria.

He attended Corona School Ikoyi and St. Gregory’s College, Lagos for his primary and secondary education respectively.

His undergraduate studies earned him a Bachelor’s Degree (B.Sc.) in Managerial and Administrative Studies from Aston University, in the United Kingdom in 1980.

He furthered his education at the Harvard Kennedy School of Government (HKS), where he earned a Master’s degree in Public Administration in 2005, as a Mason Fellow.

In recognition of his outstanding achievements in the private and public sector, Cardoso was awarded an Honorary Doctorate in Business Administration (DBA) (honoris causa) by Aston University in 2017.

He is also a Fellow of the Chartered Institute of Stockbrokers, among several other honours to his credit.

As Chairman of the Board of Directors of Citibank Nigeria, Dr Yemi Cardoso is a financial and development expert with over thirty years’ experience in the private, public and not-for-profit sectors.

In 1999, Yemi was appointed the first Commissioner for Economic Planning and Budget for Lagos State.

In this capacity, he wrote and monitored the implementation of the blueprint which catalysed economic development in the world’s sixth largest megacity.

He also served on the board of several leading companies including Texaco and Chevron Oil Plc.

Dr Cardoso is a member of the Belgian-based Cities Alliance Think Tank, which aims to shape and influence policy and decision making on urban development in Africa and has strong relationships with key international donor agencies.

BREAKING: Pres. Tinubu Suspends Emefiele As CBN Governor

His dedication to life-long learning has garnered for him recognition from various institutions, including as:

•Trustee of the Harvard club of Nigeria from 2022 till present

•Trustee of the Harvard Kennedy School

Nigeria Alumni from 2020 till present

•Board Advisor of the Lagos Business School from 2019 till present

•Trustee of St. Augustine University from 2018 till present

•Global Alumni-elected Board member of Harvard Kennedy School from 2006 – 2010.

President Bola Tinubu had on Friday, approved the nomination of Dr. Olayemi Cardoso as the new Governor of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending his confirmation by the Nigerian Senate.

NNPCL Signs $7bn Agreement To Promote Natural Gas Usage

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Rhoda Onuzulike

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September 16, 2023

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The Nigerian National Petroleum Company (NNPC) Limited says it has signed a landmark memorandum of understanding (MoU) with Indorama Eleme Petrochemicals Limited (IEPL) on gas supply.

In a post on the X social media on Saturday, the company said the deal, estimated at $ 7 billion, was sealed in to promote the use of natural gas by large-scale gas utilisation industries.

The IEPL is a subsidiary of Indorama corporation that produces poly-olefins of a range of polyethylene and polypropylene products.

The deal is an offshoot of the recently held Nigeria-India presidential roundtable and conference at the G20 summit.

Minister Pledges Increased Investments To Unlock Gas Potential

At the meeting, Indian conglomerates made investment commitments in Nigeria.

Four Indian multinationals, including Indorama Petrochemical Limited and Jindal Steel and Power Limited, pledged to invest $14 billion in Nigeria.

The IEPL was said to have pledged $8 billion in the expansion of its fertiliser production and petrochemical facility in Eleme, Rivers State.

President Bola Tinubu had commended the firms for making investments in a country that offers “the best returns for investment possible”, adding that “there’s nowhere else like our country”.

He asked the investors to put their fears aside, assuring that he leads a team that can drive the goal of broad prosperity through investment and infrastructure.

“Do not procrastinate. Don’t be frightened about investments in Nigeria. Bring it on. Ask your questions and make your requests. The trade and investment opportunities are enormous. I have a team, and I am the captain of that team, and I assure you that we solve problems,” Tinubu had said.

Federal Govt., States Partner To Harness Solid Mineral Resources

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Rhoda Onuzulike

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September 16, 2023

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The Minister of Solid Minerals Development, Dele Alake, says the Federal Government will work with states to harness the country’s solid mineral resources.

The Minister gave the assurance during a courtesy visit by Gov. Abdullahi Sule of Nasarawa State on Friday in Abuja.

“The ministry will work with governors to harness mineral resources for maximum socio-economic development of the country.

“Nasarawa state is very significant in terms of the development of the mineral sector and we are putting the mechanisms together.

“We want to make sure that the nation derive maximum benefits from this God given gift of minerals that are in abundance in Nigeria,” Alake added.

Nigeria’s Minister of Solid Minerals Development Orders Illegal Miners To Vacate Sites

The minister, who described solid minerals as the next petroleum of Nigeria, assured that the country would harness and utilise the resources efficiently and effectively.

Alake however emphasised the need for effective synergy and coordination in all the dynamics surrounding minerals exploration, exploitation and judicious utilisation of the resources.

He appreciated the governor for the visit, adding that partnership between the federal and states would promote and bring strong development to the sector.

Earlier, the governor expressed confidence in the new minister, saying Alake’s appointment was a win win situation for the entire nation.

Greenland Cruise Ship Pulled Free After Three Days Stuck In Mud

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Zoe Maven

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September 15, 2023

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A luxury cruise ship, Ocean Explorer that has been stuck in the mud in Greenland since Monday has finally been pulled free.

The Ship and its 206 passengers and crew were rescued on Thursday by a Greenland research trawler after it was grounded within the Northeast Greenland National Park.

The Ocean Explorer became stuck in mud and silt above the Arctic Circle in Alpefjord, 1,400 km northeast of Greenland’s capital Nuuk. A number of attempts were made to free the ship during high tide but they failed.

The Danish military’s Joint Arctic Command said an inspection vessel had been due to arrive at the scene on Friday.

The ship was eventually dislodged based on a pull from a Greenland government-owned trawler called Tarajoq, which means “salt” in Greenlandic, as well as Ocean Explorer’s own power.

There had been no pollution to the environment and no breach of the hull, it added.

The 112 passengers and 94 crew on the Australian tour operator’s cruise had set off from Norway on 2 September and were due to return on 22 September.

Many of the passengers were from Australia, as well as New Zealand, the UK, South Korea and the US. Steven Fraser and Gina Hill, a retired couple on board the Ocean Explorer, said passengers’ spirits were high despite being stranded.

Aurora Expeditions said earlier this week that three people had contracted the virus but were being kept in isolation. The Northeast Greenland National Park is nearly the same size as France and Spain combined and is famed for its fjords, icebergs and mountains.

It is also home to wildlife such as polar bears, muskoxen and the elusive narwhal.

Bangladesh Jails Activists For 2013 Report On Killings

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Zoe Maven

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September 15, 2023

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A Bangladesh court has sentenced two prominent human rights activists – Adilur Rahman Khan and Nasiruddin Elan from rights group Odhikar, to two years in jail.

The two were convicted on Thursday in Dhaka after a 10-year judicial process and prosecutors said their report on security force killings in 2013 “undermined” the country’s image

However they have always denied decade-old charges that they published a report with false information and critics say the sentence is part of a crackdown ahead of elections.

Both activists have spent decades documenting thousands of alleged extrajudicial killings, disappearances of opposition activists and police brutalities in Bangladesh.

They were convicted for a report Odhikar published in 2013 about a protest by an Islamist group which had sought to impose a stricter form of the religion on Bangladeshi society.

Dozens of international human rights groups have called for the two men’s immediate release, saying the pair were denied a fair trial.

Their report documented that security forces killed at least 61 people, including children, in an overnight operation in Dhaka to remove protesters.

Khan and Elan were detained shortly after the report was published and then released on bail. The charges were only again picked up by prosecutors in recent times.

Human Rights Watch has pointed out prosecutorial action on their case did not proceed until 2021- after US sanctions were brought against Bangladesh’s elite paramilitary force for their alleged involvement in hundreds of enforced disappearances and extrajudicial killings since 2009.

Last week, the United Nations also highlighted that both men had faced harassment and intimidation while on bail.

UK, France And Germany To Keep Nuclear Sanctions On Iran

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Zoe Maven

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September 15, 2023

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The UK, France and Germany are to retain sanctions on Iran in an attempt to deter Tehran from selling drones and missiles to Russia.

Iran has said the move is illegal and provocative and clearly violated the terms of the nuclear deal.

In 2015 Iran agreed to a nuclear deal and, under the terms, some sanctions were due be lifted next month. However, the European nations believe Iran breached the deal by enriching and storing uranium.

The European powers announced that they would incorporate expiring UN sanctions into their own laws.

Some of the measures are supposed to stop Iran developing and exporting ballistic missiles and drones. But despite the sanctions, many drones made in Iran have been used by Russia in its war against Ukraine.

Iran agreed to the deal, known as the Joint Comprehensive Plan of Action (JCPOA), with a group of world powers known as the P5+1 – the US, UK, France, China, Russia and Germany – eight years ago.

Under the 2015 accord, Iran agreed to limit its sensitive nuclear activities and allow in international inspectors in return for the lifting of crippling economic sanctions. The accord bars anyone from buying, selling or transferring drones and missiles to and from Iran.

The agreement envisaged a transition day eight years later, when remaining ballistic missile and nuclear-related sanctions on Iran would be lifted.

The deal also included an asset freeze on a list of people and organisations believed to be helping advance the nuclear programme.

Countries such as Russia and China will no longer be bound by the restrictions if they do not adopt sanctions similar to those of the UK, France and Germany before 18 October.

The latter three countries, known collectively as the E3, said the sanctions would remain in place until Tehran was fully compliant with the deal.

Workers Start Strike At US Motor Industry Giants

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Zoe Maven

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September 15, 2023

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In the United StatesWork has been stopped at three plants owned by General Motors (GM), Ford and Stellantis.

The move came after labour contracts expired on Thursday night and the United Autoworkers Union (UAW) said the firms had not put forward acceptable offers.

The strike started at midnight eastern time (04:00 GMT) at GM’s Wentzville, Missouri mid-size truck plant, Ford’s Bronco plant in Michigan and the Jeep plant in Toledo, Ohio owned by Stellantis.

The plants are critical to the production of some of the “Detroit Three’s” most profitable vehicles.

The fight threatens to trigger higher prices for buyers and major disruption for the motor industry giants but UAW’s president Shawn Fain told the News correspondents it was now up to the companies to resolve the dispute.

The UAW however said other facilities will continue to operate, but it did not rule out broadening the strikes beyond the initial three targets.

With the deadline looming on Thursday, the White House said that President Joe Biden had spoken on the phone with Mr Fain about the negotiations but provided no further details.

The union had sought a 40% pay increase for its roughly 140,000 members over four years, noting a comparable rise in pay for company leaders.

Other demands included: A four-day working week, the return of automatic pay increases tied to inflation, stricter limits on how long workers can be considered temporary staff who do not receive union benefits.

The UAW’s proposals would more than double its US labour costs, Ford said in a statement.

Last month, 97% of the union’s members voted to authorise a strike with Workers insisting the companies could afford to be more generous after years of record profits.

Gabon’s President Relaunches Probes Into Public Markets

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Zoe Maven

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September 15, 2023

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Gabon’s new Military President, General Brice Oligui Nguema, has announced a commission of inquiry into public procurement to track down fraud.

A press release read on public television said the President had decided to reactivate the task force for controlling internal and external debt in order to carry out the verification of all public markets.

It continued, the task force will take up all the actions left suspended by the previous one without obvious reasons.

The Head of State invites the companies awarded public contracts and all the administrative entities concerned to contact the Commission upon receipt of their summons.

Also taking to social Media, General Oligui said the country requires careful and rigorous evaluation of public contracts to detect any irregularity or potential fraud.

Proclaimed transitional president who overthrew Ali Bongo Ondimba two weeks ago in Gabon, immediately called on the bosses practicing overbilling against kickbacks paid to senior officials of the deposed power to stop these maneuvers in public procurement.

A few days later, he publicly reprimanded hundreds of senior civil servants and public sector executives asking them to refund any embezzled funds within 48 hours or face repercussions.

The same day of the coup, the military arrested one of the sons of the deposed head of state, Noureddin Bongo Valentin , as well as six other young senior officials in the cabinet of the ex-president and his wife Sylvia. Bongo Valentin.

The searches at their homes, broadcast extensively by state television, showed them at the feet of trunks, suitcases and bags overflowing with wads of bank notes .Gabon is ranked 136th out of 180 for perception of corruption by Transparency International (2022).

Libya Buries Thousands In Mass Graves After Flood

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Zoe Maven

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September 15, 2023

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The Mayor of Libyan city of Derna says thousands of people have been buried in mass graves, even as search teams scoured ruins following the devastating floods.

The deluge swept away entire families on Sunday night and according to Health officials 5,500 deaths have been confirmed and 9,000 people are still missing.

Daniel, an unusually strong Mediterranean storm, caused deadly flooding in towns across eastern Libya, but the worst-hit was Derna, when two dams outside the city collapsed.

The Health Ministry further said the storm also killed around 170 people in other parts of eastern Libya, including the towns of Bayda, Susa, Um Razaz and Marj.

Meanwhile, World Meteorological Organization head Petteri Taalas told reporters in Geneva that most casualties could have been avoided if there would have been a normal operating meteorological service which could have issued the warnings.

The WMO said earlier this week that the National Meteorological Center had issued warnings 72 hours before the flooding, notifying all governmental authorities by email and through media.

Officials in eastern Libya warned the public about the coming storm but did not suggest the dams could collapse or present an evacuation plan.

The two dams that collapsed outside Derna were built in the 1970s. A report by a state-run audit agency in 2021 said the dams had not been maintained despite the allocation of more than 2 million euros for that purpose in 2012 and 2013.

Libya’s Tripoli-based Prime Minister Abdul Hamid Dbeibah acknowledged the maintenance issues in a Cabinet meeting Thursday and called on the Public Prosecutor to open an urgent investigation into the dams’ collapse.

France Says Ambassador To Niger Held Hostage In Embassy

By

Zoe Maven

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September 15, 2023

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President of France, Emmanuel Macron says the Country’s envoy to Niger is living like a hostage in the French embassy and accused military rulers of blocking food deliveries to the mission.

Addressing Reporters in the eastern town of Semur-en-Auxois, Macron said,” As we speak, we have an ambassador and diplomatic staff who are literally being held hostage in the French embassy.

Macron said the envoy “cannot go out, he is persona non grata and he is being refused food”.

Asked whether France would consider bringing him home, Macron said: “I will do whatever we agree with President Bazoum because he is the legitimate authority and I speak with him every day.”

Niger’s military leaders told French ambassador Sylvain Itte he had to leave the country after they overthrew President Mohamed Bazoum on July 26.

But a 48-hour ultimatum for him to leave, issued in August, passed with him still in place as the French government refused to comply, or to recognise the military regime as legitimate.

Macron has for weeks rejected the call to remove the French ambassador, a stance backed by the EU which has described the demand as “a provocation”.

France keeps about 1,500 soldiers in Niger, and said earlier this month that any redeployment could only be negotiated with Bazoum.

The country’s new leaders have torn up military cooperation agreements with France and asked the troops to leave quickly.

EU foreign affairs spokeswoman Nabila Massrali last month, said like France, the EU does not recognise the authorities that seized power in Niger.