Justice Edward Asante, the President of the ECOWAS Court of Justice, during the 16th administrative and budget retreat stated concerns about the high operational costs that are straining the court’s budget. Justice Asante revealed that a staggering 80% of the court’s budget is currently allocated to administrative and operational expenses. This allocation leaves minimal funds available for other critical activities. He called for careful and strategic financial planning to ensure the court can continue fulfilling its mandate effectively. Justice Asante reassured attendees of the court’s commitment to its responsibilities. “We still have to do our programmes to let…
Author: Omolemi Eboisetale
The Nigeria Deposit Insurance Corporation (NDIC) has initiated the liquidation process for Heritage Bank Plc, following the revocation of its banking license by the Central Bank of Nigeria (CBN) on June 3, 2024. In a statement issued by Bashir Nuhu, Director of Communication & Public Affairs at NDIC, the corporation stated its commitment to protecting depositors’ funds. “The NDIC has commenced the liquidation of Heritage Bank Plc,” Nuhu announced, citing Sections 55(1) & (2) of the NDIC Act 2023 as the legal basis for this action. Verification and Payment Process To facilitate the payment process, depositors with…
The World Bank has pledged $45 billion to combat the ongoing food crisis, with a focus on Africa. This commitment surpasses the initial $30 billion promised over 15 months, aiming to address food insecurity through new lending and existing portfolio funds. The expanded food and nutrition security portfolio now covers 90 countries, emphasizing both short-term interventions, such as social protection expansion, and long-term resilience measures, including climate-smart agriculture and productivity enhancement. In Africa, the interventions are expected to benefit millions, especially women, who are disproportionately affected by the crisis. One key initiative is the $2.75 billion Food Systems…
The Federal Government has called for an emergency meeting with the leaders of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) on Tuesday in a bid to resolve the ongoing nationwide strike over minimum wage issues. The meeting, organized by the National Salaries Wages and Income Commission, aims to address the demands of organized labour, which include an increase in the proposed minimum wage and a reversal of the recent electricity tariff hike to N65/kWh. The nationwide strike, which began at midnight on Sunday, June 2, 2024, has led to several unions shutting down workplaces across the…
The Central Bank of Nigeria (CBN) has officially revoked the operating license of Heritage Bank Plc, citing financial instability and continuous decline as the primary reasons. In a statement released by Hakama Sidi Ali, the Acting Director of Corporate Communications at CBN, the decision was made in line with the CBN’s mandate to maintain a sound financial system in Nigeria, as stipulated under Section 12 of the Banks and Other Financial Act (BOFIA) 2020. According to the statement, Heritage Bank breached Section 12 (1) of BOFIA 2020, and despite several supervisory interventions by the CBN, the bank’s financial performance…
The West African Examinations Council (WAEC) has urgently appealed for an exemption from the ongoing nationwide strike organized by labor unions, to ensure the smooth conduct of the West African Senior School Certificate Examination (WASSCE), which started on April 30 and is scheduled to end on June 24, 2024. Dr. Amos Dangut, the Head of the Nigeria National Office of WAEC, emphasized the importance of allowing students to complete their exams, highlighting the global disadvantage they would face if unable to do so. He acknowledged the severe economic challenges and the justified demands of Nigerian workers for a minimum wage…
After being found guilty in his hush money case, Donald Trump launched a series of attacks on the U.S. criminal justice system, labeling the trial “rigged” and echoing sentiments from the Kremlin. This rhetoric, analysts argue, could significantly benefit autocrats such as Russian President Vladimir Putin. Fiona Hill, a former senior White House national security adviser, suggested that Putin likely found Trump’s comments advantageous, potentially using them to reinforce his own power and influence. Trump’s remarks that the trial’s outcome could happen to anyone align with Kremlin narratives, helping autocrats like Putin and Hungarian Prime Minister Viktor Orban, who called…
The African National Congress (ANC) has lost its majority for the first time since the end of apartheid system, a shift in South Africa’s political history. With more than 99% of votes counted from Wednesday’s parliamentary election, the ANC garnered just over 40%, falling short of the majority it has held since 1994 when Nelson Mandela became president. The final results, to be formally declared by the Independent Electoral Commission on Sunday, confirm the ANC’s inability to surpass 50%, ushering in an era of coalition government for South Africa. This marks a turning point for the nation, as the ANC…
In a recent address, President Joe Biden announced a three-phase cease-fire plan between Israel and Hamas, aimed at achieving a lasting peace. Despite this effort, the proposal is encountering significant resistance from various factions. Biden emphasized that Israel’s military actions had significantly weakened Hamas, suggesting it was time to pursue peace. “It’s time for this war to end, for the day after to begin,” Biden declared, unveiling what he described as a comprehensive plan authored by Israel. However, he acknowledged the plan’s potential lack of support within Israel, including from members of its government coalition. The proposal’s first phase includes…
The National Association of Nigerian Students (NANS) has called on the Bola Tinubu-led administration to heed the demands of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) for an increase in the national minimum wage. Pedro Obi, the president of NANS, issued a statement over the weekend stating that the current economic conditions, characterized by rampant inflation, the rising cost of living, and the continuous devaluation of the naira, have severely impacted the purchasing power of Nigerian workers. “We urge the Federal Government to respond promptly and favorably to the legitimate demands of Nigerian workers,”…
The Lagos State Government on Saturday handed over a police station it constructed to the Marine Division of the force in Epe. The News Agency of Nigeria reports the old police station is to be demolished by the state government to pave the way for a road project in the local government area. Speaking at the handing-over ceremony, Special Adviser to Governor Babajide Sanwo-Olu on Infrastructure, Olufemi Daramola, said the planned demolition of the old station and construction of a new one was to enable government promptly deliver the expansion of Awolowo Way-Ita Marina road project. Daramola, represented by Permanent…
U.S. Defense Secretary Lloyd Austin stated that a war with China is “neither imminent nor unavoidable.” This statement came during the Shangri-La Dialogue, a premier security summit in Singapore, following Austin’s first in-person meeting with Chinese Defense Minister Adm. Dong Jun. Austin stated the Biden administration’s commitment to cooling tensions despite recent military frictions around Taiwan and the South China Sea. He highlighted the importance of direct communication channels between the U.S. and China to prevent any unnecessary escalation. “Our goal is to make sure that we don’t allow things to spiral out of control unnecessarily,” Austin said, reinforcing that…