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China Approves Standard Bank, ICBC As Africa’s Yuan Clearing

Yemisi Lanre-Idowu
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China Approves Standard Bank, ICBC As Africa’s Yuan Clearing

China’s central bank has authorised Standard Bank and the Industrial and Commercial Bank of China (ICBC) to provide Renminbi (RMB) clearing services across Africa, marking a significant step in Beijing’s efforts to expand the international use of its currency.

The approval, granted by the People’s Bank of China (PBOC), gives businesses and financial institutions across the continent direct access to China’s onshore financial system for the first time. This includes access to China’s capital markets and liquidity infrastructure, making cross-border trade and investment transactions more efficient.

The latest development forms part of China’s broader strategy to internationalise the yuan and reduce reliance on the global financial system, which is largely dominated by the U.S. dollar.

Last week, PBOC Governor Pan Gongsheng announced several new initiatives during the annual Lujiazui Forum in Shanghai aimed at promoting offshore yuan transactions. Among the measures was the approval for six major state-owned Chinese banks to conduct offshore yuan business within Shanghai’s free trade zone.

Under the new arrangement, Standard Bank and ICBC will jointly operate as the “Renminbi Clearing Bank of Africa,”with the capacity to clear RMB transactions across 19 African countries, Standard Bank said in a statement released on Friday.

The move comes as economic ties between China and Africa continue to strengthen. According to Chinese customs data, trade between China and Africa increased by nearly 18 percent last year. In addition, Beijing removed all tariffs on imports from 53 African countries effective May 1.

Speaking on the development, Richard de Roos, Head of Operations for Corporate and Investment Banking at Standard Bank, said the new status would further strengthen the bank’s role in facilitating trade between Africa and China.

“China is Africa’s largest export market, and with clearing status added to CIPS participation, Standard Bank is even better placed to support Africa’s trade with China,” he said, expressing confidence that demand for RMB clearing services would continue to grow.

Standard Bank made history in November 2025 as the first African financial institution to join China’s Cross-Border Interbank Payment System (CIPS). According to the bank, it processed approximately $500 million in transactions during its first four months of participation, driven mainly by physical trade activities.

The bank also highlighted changing trade patterns across the continent. According to its latest Africa Trade Barometer, Asian countries have become the preferred trading partners for 35 percent of businesses across ten African markets, up from 24 percent in 2024. The report also found that 67 percent of respondents identified China as their leading source of business inputs.

The latest approval is expected to further simplify trade settlements, improve access to yuan liquidity, and strengthen financial cooperation between China and African economies.

Lagos Government To Demolish Distressed Buildings In Alakija After Fatal Building Collapse

Enyosa Favour
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Lagos Government To Demolish Distressed Buildings In Alakija After Fatal Building Collapse

The Lagos State Government has announced plans to demolish all distressed buildings in the Alakija area following the collapse of a two-storey building that claimed nine lives and left 27 others rescued.

The decision was disclosed by the Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, during an inspection of the collapsed building on Thursday.

According to Omotoso, the building had previously been identified as unsafe and marked for demolition. However, despite repeated warnings, occupants failed to vacate the premises.

He stated that the government will now move ahead with the demolition of all distressed structures in the area, including buildings located beneath high-tension power lines, to prevent similar tragedies.

The commissioner, who led a government delegation to the scene, expressed condolences to the families of those who lost their loved ones and wished those receiving treatment a speedy recovery.

Meanwhile, the Lagos State Emergency Management Agency (LASEMA) confirmed that search, rescue, and recovery operations at the collapsed building located at Alakija Bus Stop, Satellite Town, Amuwo-Odofin Local Government Area, have been completed.

According to the agency, 27 people were rescued alive through the combined efforts of the LASEMA Response Team, other emergency agencies, and community members.

The agency also confirmed that nine bodies were recovered, including four adults who had already died before emergency responders arrived at the scene.

Following the incident, Lagos State Governor Babajide Sanwo-Olu directed the Lagos State Building Control Agency (LASBCA) to immediately begin structural integrity assessments of neighbouring buildings.

The governor also instructed the agency to strictly enforce compliance with building regulations and safety standards in the area to reduce the risk of future building collapses.

The latest tragedy has renewed concerns over the safety of aging and distressed buildings in Lagos, with authorities reaffirming their commitment to enforcing building regulations and protecting residents from preventable disasters.

UN Suspends Strait Of Hormuz Evacuation After Cargo Ship Attack

Enyosa Favour
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UN Suspends Strait Of Hormuz Evacuation After Cargo Ship Attack

The United Nations’ International Maritime Organization (IMO) has temporarily halted its evacuation plan for more than 11,000 sailors stranded in the Strait of Hormuz after a cargo vessel travelling through the strategic waterway came under attack.

IMO Secretary-General Arsenio Dominguez said several vessels had already been evacuated before the decision was taken, but stressed that the agency wanted to ensure that “necessary safety guarantees” remained in place before continuing the operation.

The United Kingdom Maritime Trade Operations (UKMTO) reported on Thursday that a merchant vessel was hit by “an unknown projectile” about 7.5 nautical miles southeast of Oman’s Port of Dahit. No casualties were recorded.

The incident followed a warning from Iran’s Islamic Revolutionary Guard Corps (IRGC), which stated that vessels using an IMO-designated transit route through the strait would face unacceptable risks and should instead coordinate directly with Iranian authorities.

According to reports by US media, American officials believe Iran was responsible for firing on the vessel.

Maritime risk management company Vanguard identified the affected ship as the Singapore-flagged Ever Lovely, noting that it continued its voyage through the strait despite the attack.

Data from ship-tracking platform MarineTraffic, reviewed by BBC Verify, showed that the Ever Lovely travelled along the southern route designated by the IMO on Thursday morning.

The vessel reportedly led a convoy of four other ships through the waterway, according to the Wall Street Journal.

Crew members aboard vessels in the convoy told the newspaper they did not receive any radio warnings from the Iranian navy during the transit.

In a statement issued Thursday, Dominguez clarified that the attacked vessel “did not transit under IMO’s evacuation framework”.

“I have always reiterated that the safety of the seafarers remains paramount. Therefore, to ensure a coordinated approach and navigational safety, the evacuation plan will be paused until further clarity is obtained,” he said.

More than 11,000 seafarers and hundreds of commercial vessels have remained stranded in the Gulf since February due to the conflict involving the United States, Israel, and Iran.

The IMO announced the evacuation initiative earlier this week after the Strait of Hormuz reopened. Dominguez said the operation had been coordinated with Iran, Oman, the United States, other regional coastal states, and the maritime industry.

Meanwhile, Iran’s Persian Gulf Strait Authority (PGSA) warned that ships travelling outside approved routes would not be guaranteed protection.

In a statement posted on X, the agency said: “Any consequences arising from the use of unauthorised routes shall be the responsibility of the vessel’s owner, operator and master”.

Reports indicate that many commercial ships have been relying on an alternative route along Oman’s coastline to reduce security risks.

Last week, the United States and Iran agreed to end hostilities under a 14-point agreement, which included a commitment by Tehran to use its “best efforts for the safe passage of commercial vessels with no charge for 60 days”.

Despite the agreement, Iranian authorities have repeatedly stated they intend to impose maritime service fees for vessels crossing the Strait of Hormuz, insisting the charges are service fees rather than transit tolls.

The proposal has drawn strong opposition from Washington, with US Secretary of State Marco Rubio declaring on Tuesday that no country has the authority to impose tolls on what he described as “an international waterway”.

Rubio is currently visiting Bahrain as part of a Gulf tour focused on discussions surrounding the agreement with Tehran.

Following the outbreak of hostilities between the US, Israel, and Iran in late February, Tehran effectively shut down the Strait of Hormuz, a vital global shipping route responsible for transporting significant volumes of oil, gas, fertiliser, and other commodities. The disruption triggered a sharp rise in global oil prices.

Since the United States and Iran signed a Memorandum of Understanding (MOU) on June 17, outlining a 60-day negotiation period on Iran’s nuclear programme and measures to end the conflict, crude oil prices have steadily declined.

On Thursday, oil prices briefly fell below $72.48 per barrel, the level recorded before the US and Israel launched military strikes on Iran, before recovering slightly to $73.23 per barrel.

Key Figure In South Africa Police Corruption Scandal Pleads Guilty

Ayomitunde Adeyemi
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Key Figure In South Africa Police Corruption Scandal Pleads Guilty

Vusimusi “Cat” Matlala, a central figure in South Africa’s high-profile police corruption investigation, has pleaded guilty to charges of corruption, fraud and money laundering as part of a plea agreement with state prosecutors.

Matlala was accused of bribing senior police officials to secure a 360 million rand ($22 million; £16.5 million) government contract for his healthcare company, Medicare24, in 2024.

Under the proposed plea deal, which is still awaiting approval from a magistrate, the 49-year-old has agreed to cooperate with prosecutors and provide evidence against what the state describes as “high-ranking officials” involved in the alleged corruption network.

Among those facing charges linked to the case is South Africa’s national police commissioner, General Fannie Masemola, who has denied any wrongdoing.

State advocate Santhos Manilall told the court in Pretoria that negotiations over the agreement lasted nearly two months. If approved, Matlala would serve an eight-year prison sentence in exchange for his cooperation.

Manilall argued that offering a reduced sentence was justified because Matlala had provided investigators with crucial information that could help expose individuals who may otherwise have escaped prosecution.

As part of the agreement, Matlala is required to provide truthful and complete testimony in future court proceedings involving other suspects.

However, the deal has drawn strong criticism from the Democratic Alliance (DA), the second-largest party in South Africa’s governing coalition. The party described it as a “sweetheart deal” and “a betrayal of accountability”, arguing that it gives one of the country’s most prominent corruption suspects an unfairly lenient sentence without guaranteeing successful prosecutions.

DA justice spokesperson Glynnis Breytenbach said the arrangement highlighted what she called a two-tier justice system, where influential suspects are able to negotiate significantly lighter punishments.

A magistrate in Pretoria is expected to decide next week whether to formally accept the plea agreement.

Matlala is also facing a separate murder charge, which he has denied.

In addition, a witness appearing before the Madlanga Commission — the judicial inquiry investigating corruption within South Africa’s police service — alleged that Matlala was linked to a drug trafficking syndicate that had infiltrated senior levels of law enforcement.

Although Matlala has not publicly responded to those allegations, he previously denied having personal relationships with senior police officers or politicians while testifying before a separate parliamentary corruption inquiry last year.

He has yet to appear before the Madlanga Commission, where several witnesses have accused organised crime figures of working closely with senior police officials.

The commission was established in September last year after Lieutenant-General Nhlanhla Mkhwanazi alleged that organised criminal networks had infiltrated sections of the South African government and police service.

Families Honour Victims As Kenya Marks Anniversary Of Anti-Government Protests

Ayomitunde Adeyemi
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Families Honour Victims As Kenya Marks Anniversary Of Anti-Government Protests

Families of victims killed during Kenya’s 2024 anti-government protests gathered outside parliament to lay flowers on a barbed wire barricade as the country marked two years since the deadly demonstrations.

Authorities sealed off parliament with barbed wire, preventing relatives from placing wreaths and flowers at the site. Police also blocked major roads across Nairobi and arrested 355 protesters nationwide, although turnout in the capital was much lower than during the mass demonstrations in 2024 and last year’s anniversary protests.

Among those mourning was Jacinta Anyango, whose 12-year-old son, Kennedy, was killed during clashes on the outskirts of Nairobi in 2024.

Speaking to the BBC outside parliament, she called for accountability from the government, saying she wanted the officers responsible for her son’s death to face the families and apologise.

She also questioned the government’s actions ahead of next year’s elections, asking who President William Ruto expected to vote for him if the killings continued.

The anniversary demonstrations were organised by activists demanding justice for the more than 80 people who lost their lives and dozens more who were injured during the youth-led protests.

The original demonstrations erupted in 2024 after widespread public anger over controversial tax proposals, triggering one of Kenya’s biggest waves of anti-government protests in recent years.

Peter Obi Files Suit Kenneth Okonkwo For N8bn Over Bribery Claims

Enyosa Favour
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Peter Obi Files Suit Kenneth Okonkwo For N8bn Over Bribery Claims

The presidential candidate of the Nigerian Democratic Congress (NDC), Peter Obi, has filed a defamation lawsuit against politician and lawyer Kenneth Okonkwo at the High Court of Justice in Anambra State over allegations of bribery and irregularities in the party’s candidate selection process.

The case, filed at the Onitsha Judicial Division, commenced with a writ of summons dated June 25, 2026.

According to court documents, Obi is demanding a total of N8 billion in damages, a public apology, and a perpetual injunction preventing Okonkwo from making or publishing similar allegations in the future.

The legal action follows comments allegedly made by Okonkwo during an appearance on Channels Television’s Sunrise Daily programme on June 8, 2026. During the interview, he reportedly claimed that Obi and other leaders of the party collected N10 million from House of Representatives aspirants seeking party tickets and manipulated the selection of candidates outside the officially recognised primary election process.

Obi, through his legal team led by Chief Alex Ejesieme (SAN), had earlier issued a seven-day demand letter on June 9, requesting that Okonkwo retract the statements and publish a public apology. The notice also warned that legal proceedings would follow if the demand was ignored.

After Okonkwo allegedly failed to withdraw the claims, Obi proceeded with the suit.

In the lawsuit, Obi is seeking N5 billion as general damages for the alleged harm caused to his reputation, integrity, and political standing, N2 billion as aggravated damages, and N1 billion as exemplary damages, citing the continued circulation of the allegations on various social media platforms.

He is also asking the court to order Okonkwo to publish an unreserved apology on Channels Television, across his social media platforms, and in three national newspapers.

Additionally, Obi is requesting a perpetual injunction restraining Okonkwo, his agents, or associates from making or disseminating any further statements accusing him of bribery, fraud, scams, or any other criminal conduct.

According to the suit, Obi sought judicial intervention because allegations of such seriousness should be resolved by the courts rather than through public media debates, especially after Okonkwo reportedly indicated that he possessed additional information that he intended to reveal later.

Dangote Refinery Cuts Petrol Price To N1,125 Per Litre

Yemisi Lanre-Idowu
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Dangote Refinery Cuts Petrol Price To N1,125 Per Litre

Dangote Petroleum Refinery has announced another reduction in the ex-gantry price of Premium Motor Spirit (PMS), commonly known as petrol, lowering the price by N50 per litre.

In a notice issued to customers, the refinery stated that the ex-depot price has been reduced from N1,175 per litre to N1,125 per litre. It also lowered the coastal supply price from N1,495,215 per metric tonne to N1,428,165 per metric tonne.

The company said the latest price adjustment was made possible by easing tensions in the Middle East, which have contributed to a decline in global energy prices.

The reduction comes less than a week after the refinery cut its ex-gantry petrol price by N75 per litre, bringing it down to N1,175 per litre from N1,250 per litre. At the time, the refinery also cited the easing of geopolitical tensions in the Middle East and their impact on international energy markets.

Earlier this year, the refinery had increased petrol prices on several occasions due to supply concerns arising from the Middle East conflict and disruptions to global crude oil supplies.

In March, the refinery raised its ex-gantry price to N1,175 per litre after crude oil prices surged as a result of the regional conflict.

The latest price cut is expected to influence depot prices and eventually lead to lower retail pump prices as fuel marketers adjust to the new pricing structure.

Meanwhile, global crude oil prices have continued to decline following the peace agreement signed between the United States and Iran in Switzerland, which initiated a 60-day negotiation period.

Brent crude, the international oil benchmark, fell to $72.97 per barrel, its lowest level since February when the conflict began.

Court Adjourns ADC, Four Other Parties’ Appeals Against Deregistration

Enyosa Favour
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Court Adjourns ADC, Four Other Parties’ Appeals Against Deregistration

The Court of Appeal in Abuja has postponed the hearing of appeals filed by the African Democratic Congress (ADC) and four other political parties challenging a Federal High Court judgment that ordered the Independent National Electoral Commission (INEC) to deregister them.

A three-member panel of the appellate court, headed by Justice Abba Mohammed, fixed July 7 for the substantive hearing after conducting preliminary proceedings to allow all parties identify and regularise the documents they filed before the court.

Aside from the ADC, the other political parties involved in the appeals are the Action Peoples Party (APP), Action Alliance (AA), Accord Party (AP), and Zenith Labour Party (ZLP).

The appellate court directed that all the appeals would be heard together on the scheduled date.

Appeal Court Faults Trial Judge

The Court of Appeal had earlier, on June 16, granted a stay of execution of the Federal High Court judgment and criticised the trial judge, Justice Peter Lifu, for proceeding with the matter despite an existing order from the appellate court.

According to the panel, Justice Lifu ignored its May 22 order directing him to suspend proceedings pending the determination of the appeals.

The court held that although the trial judge had been informed of the order, he went ahead to deliver judgment.

Describing the action as “a form of judicial impertinence,” the appellate court noted that the Supreme Court had previously ruled that a judge who behaves in such a manner “is unfit for the bench, as the conduct amounts to judicial rascality”.

High Court Ordered Deregistration

Justice Lifu had ruled that INEC should deregister the five political parties, holding that they failed to satisfy the constitutional requirements necessary to remain registered and participate in future elections.

The judgment also restrained INEC from recognising the affected parties, accepting candidates nominated by them, or allowing them to participate in the 2027 general elections.

The trial court further ordered the parties to stop presenting themselves as registered political parties, after ruling in favour of the National Forum of Former Legislators (NFFL), which instituted the suit.

The NFFL asked the court to determine whether INEC had a constitutional obligation to deregister political parties that failed to meet the electoral performance requirements outlined in Section 225A of the 1999 Constitution (as amended), as well as provisions of the Electoral Act 2022 and INEC regulations.

According to the plaintiffs, the five political parties consistently failed to meet the constitutional benchmarks required to retain their registration.

They argued that the requirements include securing at least 25 per cent of votes in a state during a presidential election or winning at least one elective position at the federal, state, or local government level.

The former lawmakers maintained that the ADC and the four other parties performed poorly in the 2023 general elections and subsequent by-elections, failing to secure any qualifying electoral victories.

Dissatisfied with the ruling, the affected political parties, alongside INEC, approached the Court of Appeal, asking it to overturn the Federal High Court judgment.

Lagos Building Collapse: 9 Dead, 27 Rescued As Search Operation Ends

Enyosa Favour
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Lagos Building Collapse: 9 Dead, 27 Rescued As Search Operation Ends

Nine people have been confirmed dead, while 27 others were rescued alive after a two-storey building collapsed in the Alakija area of Lagos State.

The Lagos State Emergency Management Agency (LASEMA) announced that search and rescue operations at the collapsed building located near Alakija Bus Stop, Satellite Town, in Amuwo-Odofin Local Government Area, have officially been concluded.

According to a statement issued by LASEMA’s Head of Public Affairs, Afolabi Olawale, emergency responders successfully rescued 27 victims through a coordinated operation involving the LASEMA Response Team, sister agencies, and members of the local community.

“Twenty-seven persons were rescued alive through coordinated efforts by the LASEMA Response Team, sister agencies, and members of the community. Victims received immediate pre-hospital care from LASAMBUS and were transferred to nearby hospitals for further treatment,” the statement said.

LASEMA also confirmed that nine people lost their lives in the incident.

“Nine fatalities recovered, including four adults confirmed dead before responders’ arrival, and five additional victims, including a two-year-old baby girl. All deceased were respectfully bagged and handed over to the State Environmental Health Monitoring Unit, SEHMU, for identification and onwards release to families.”

Rescue Effort

The agency said its Director of Operations, Olanrewaju Akinsanya, alongside the Cappa Base Coordinator, Salami, supervised the rescue operation.

To support the recovery effort, LASEMA deployed one of its heavy-duty excavators to work alongside two excavators provided by the China Civil Engineering Construction Corporation (CCECC), enabling responders to safely reach trapped victims and complete the operation.

“LASEMA’s heavy-duty excavator was deployed to augment two CCECC excavators already on site, enabling safe access to trapped victims and accelerating the operation to ground zero,” the agency stated.

Lagos Orders Structural Assessment

The Lagos State Government has expressed condolences to the families of those who died and wished those receiving treatment a speedy recovery.

Following the incident, Governor Babajide Sanwo-Olu directed the Lagos State Building Control Agency (LASBCA) to immediately carry out structural integrity assessments on nearby buildings and enforce compliance with building safety regulations in the area.

LASEMA also reaffirmed its commitment to rapid emergency response, professionalism, and collaboration with other agencies, while urging residents to report distressed or unsafe buildings to both LASBCA and LASEMA.

The latest incident occurred less than 24 hours after another building under construction collapsed in Rivers State. Experts have continued to link the increasing cases of building collapses across Nigeria to factors such as the use of substandard building materials and poor construction practices.

FRSC Recruitment 2026: Step-By-Step Guide On How To Apply, Requirements And Available Positions

Enyosa Favour
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FRSC Recruitment 2026: Step-By-Step Guide On How To Apply, Requirements And Available Positions

The Federal Road Safety Corps (FRSC) has officially announced the commencement of its 2026 recruitment exercise, inviting qualified Nigerians to apply for various positions across its officer, marshal inspectorate, and road marshal assistant cadres.

The recruitment exercise is part of the agency’s efforts to strengthen its workforce and improve service delivery across the country. Interested applicants who meet the required qualifications are encouraged to submit their applications once the recruitment portal opens.

Step-By-Step Guide To Apply For FRSC Recruitment 2026

Step 1: Confirm the Position You Want to Apply For

The FRSC has opened vacancies across several cadres, including:

  • Superintendent Route Commander (SRC)
  • Route Commander/Deputy Route Commander (RC/DRC)
  • Assistant Route Commander (ARC)
  • Marshal Inspector II
  • Marshal Inspector III
  • Road Marshal Assistant I
  • Road Marshal Assistant II
  • Road Marshal Assistant III

Applicants should carefully select the category that matches their qualifications.

Step 2: Check the Educational Requirements

Candidates applying for the officer cadre must possess relevant university degrees or Higher National Diplomas (HNDs) obtained from recognised institutions.

Those applying for the Marshal Inspectorate and Road Marshal Assistant cadres must also meet the academic and professional requirements specified for their chosen category.

The FRSC also stated that artisans, drivers, and riders with relevant qualifications and work experience are eligible to apply under the Road Marshal Assistant cadre.

Step 3: Ensure You Meet the General Eligibility Criteria

Before applying, applicants must satisfy the following conditions:

  • Be a Nigerian by birth.
  • Be computer literate.
  • Be medically fit.
  • Possess a certificate of medical fitness issued by a government-approved hospital.
  • Hold relevant professional licences where applicable.
  • Meet the minimum height requirement of 1.65 metres for males and 1.58 metres for females.
  • Be of good character.
  • Be free from financial embarrassment.
  • Have no criminal conviction.

The FRSC also noted that having a valid National Driver’s Licence will be an added advantage.

Step 4: Apply Through the Official Recruitment Portal

According to the FRSC, the recruitment portal will open on Friday, July 3, 2026.

Applicants are expected to complete and submit their applications through the official FRSC recruitment portal once the exercise begins.

The application window will remain open for four weeks from the opening date.

Step 5: Beware of Fraudsters

The corps stressed that the entire recruitment process is completely free.

It warned applicants not to pay anyone for recruitment or processing, emphasizing that no payment is required at any stage of the exercise.

Conclusion

The FRSC 2026 recruitment exercise offers qualified Nigerians an opportunity to join one of the country’s key public safety agencies. Prospective applicants are advised to carefully review the eligibility requirements, prepare the necessary documents ahead of time, and submit their applications within the four-week application period through the official recruitment portal. Candidates should also remain vigilant against fraudsters, as the corps has made it clear that the recruitment process is entirely free of charge.

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