oleh admin | Mar 25, 2025 | financial services, investing, investors, securities, securities law
The Securities and Exchange Commission has reaffirmed its commitment to ensuring that only fit and proper individuals operate in Nigeria’s capital market, vowing to clamp down on fraudulent activities and protect investors.
A statement provided to our SEC correspondent on Sunday quoted the Director General of SEC, Emomotimi Agama, as saying that individuals involved in improper conduct within the marketplace will face consequences and won’t escape punishment.
He highlighted that the main focus of the Commission continues to be protecting investors, underlining that starting in 2025, there will be absolutely no leniency for those who do not comply.
It is crucial to emphasize that all investors in Nigeria operate under the protection of the SEC when they engage with the Nigerian capital market. Therefore, 2025 marks a year wherein we declare zero tolerance for activities outside the bounds set forth by the Investments and Securities Act of 2007.
The head of the SEC emphasized that adequate disclosure from publicly traded firms will be a major priority, since openness is crucial for maintaining investors’ trust.
As per his statement, businesses that do not furnish sufficient data to stakeholders will be subject to fines, since concealing important facts goes against SEC rules.
Public disclosures by corporations will be crucial in guaranteeing that investors receive sufficient information to make well-informed choices,” he said. “Failure to provide this information as mandated will be regarded as a breach of both the SEC regulations and the ISA.
It should be evident that there is nowhere left for people or organizations trying to deceive investors in Nigeria’s stock market to hide.
The Investment and Securities Act, which has been approved by the National Assembly, was also mentioned by Agama as an enhancement to the SEC’s regulatory structure. He remains hopeful that upon being enacted by President Bola Ahmed Tinubu, this legislation will grant additional authority for combating deceptive practices and improving overall market fairness.
“We are thrilled that the National Assembly has approved the new Investment and Securities Act, and we eagerly await the President’s endorsement. The legislation is presently going through various administrative procedures prior to being presented to the President for ratification,” he stated.
He noted that one of the provisions of the new Act is stricter penalties for fraudulent schemes, including Ponzi schemes that have exploited unsuspecting investors. The SEC chief warned that perpetrators of such schemes will face severe consequences under the new law.
Ponzi schemes will no longer serve as a means for scammers to dupe investors,” he asserted confidently. “The sanctions outlined in the new ISA are severe enough to discourage these practices, and we are dedicated to enforcing them thoroughly.
The statement indicates that the SEC has initiated significant actions to rectify the marketplace. According to Agama, the recent license cancellations, suspensions of market participants, and efforts against non-registered organizations mark only the start of an extensive enforcement approach.
What you’ve witnessed until now—the cancellation and suspension of licenses along with punitive measures taken against non-registered operators—only scratches the surface,” he said. “In 2025, we plan to escalate our initiatives aimed at safeguarding investors. An empowered investor stems from protection, and we’ll utilize all available regulatory tools to prevent dishonest people from exploiting Nigerian investors.
He encouraged current as well as future marketplace operators to adhere to SEC regulations, stressing that adherence and openness are crucial for establishing a robust and enduring capital market.
Agama informed investors that the SEC is dedicated to maintaining a thoroughly regulated marketplace, fully supported by President Bola Tinubu’s administration. He emphasized that all investors in Nigeria’s capital market receive SEC protection as long as they adhere to legal guidelines.
PUNCH disclosed that the Securities and Exchange Commission intends to publicly expose capital market operators who have been convicted of breaching market rules and regulations.
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oleh admin | Mar 25, 2025 | armed forces, breaking news, foreign policy, indian national news, police and law enforcement
Agartala
(
Tripura
[India], March 25 (ANI): Deputy Inspector General (DIG),
BSF
Eastern Command
Ravi Gandhi
, arrived in
Tripura
On Monday for a duration of three days. Upon arrival, he was greeted by Ashwani Kumar Sharma, who holds the position of Inspector General (IG).
BSF
Tripura
.
Upon his arrival at
BSF
HQ, ADG
Ravi Gandhi
He was honored with a Guard of Honour. Additionally, he paid tribute to those who gave their lives for the nation’s service.
He received updates from the Frontier IG regarding operational readiness and important strategic issues.
Ravi Gandhi
, ADG also appealed to the esteemed Chief Minister.
Tripura
,
Manik Saha
, Chief Secretary J.K. Sinha, IAS, along with the DGP
Tripura
During the meeting with Police Amitabh Ranjan, IPS, they discussed the prevailing security situation along with several concerns related to the state.
Tripura
were discussed.
As per his schedule, ADG
Ravi Gandhi
plans to tour several border-deployed units to evaluate the current conditions on the ground and engage with field officers and soldiers. The purpose of his trip is to enhance operational effectiveness and uplift the spirits of the personnel.
BSF
personnel. (ANI)
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oleh admin | Mar 25, 2025 | female empowerment, gender, government, politics, public policy
The Nigerian federal government has reiterated its dedication to closing the gender gap in technology access during the unveiling of the National Gender Digital Inclusion Strategy at the UN’s 69th session of the Commission on the Status of Women.
Led by the National Information Technology Development Agency together with the Federal Ministry of Women Affairs, this initiative seeks to broaden digital accessibility, improve cybersecurity measures, and generate economic prospects for women and children.
At the event held in New York, Iklima Salihu, who serves as the Special Assistant to the Director-General for Strategic Partnerships at NITDA, highlighted the organization’s commitment to promoting fair digital accessibility.
“The NGDIS aims to eliminate obstacles to digital inclusion by enhancing access to digital skill development, infrastructure, and mentoring opportunities for women and girls,” stated Salihu in a press release on Sunday.
The Director-General of NITDA, represented by his special advisor Kashifu Abdullahi, referred to the strategy as a “game-changer” for attaining gender equality within Nigeria’s digital sector.
He observed that the framework emphasizes digital literacy, entrepreneurship, online safety, and gender-responsive policies to boost women’s involvement in the nation’s expanding digital sector.
Aligned with Nigeria’s Renewed Hope Agenda and the United Nations’ Sustainable Development Goals 5 and 8, the NGDIS seeks to bridge the gender divide by providing women and girls with essential digital competencies needed for success in our rapidly advancing technological landscape.
The Minister for Women Affairs, Imaan Sulaiman-Ibrahim, highlighted the critical need to tackle gender imbalances in digital accessibility, pointing out startling figures.
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oleh admin | Mar 25, 2025 | bank accounts, financial literacy, money, money management, personal finance
TEMITOPE AINA outlines 12 crucial tips for maintaining your bank account effectively, ensuring financial stability, preventing avoidable charges, and optimizing the advantages provided by banking institutions.
Effectively managing a bank account is crucial as numerous individuals grapple with bad banking practices, resulting in overdrafts, high fees, and financial troubles.
By gaining proficiency in managing bank accounts, people can have complete oversight over their financial resources and make sure their funds are contributing positively instead of negatively.
The contemporary banking sector has moved past conventional branch-based interactions, with online and mobile banking becoming predominant in financial services. Although this shift offers greater convenience, it necessitates increased personal responsibility when tracking one’s finances. Regardless of whether you’re a student, a working individual, a business owner, or retired, mastering the art of managing your bank account effectively is essential for sustaining healthy finances. Therefore, it’s vital to adopt these tips:
Selecting the appropriate bank for your monetary requirements
Choosing the appropriate bank serves as the cornerstone for successful bank account management. Various institutions provide different kinds of accounts each boasting distinct perks and attributes. Certain banks target students and newcomers to the workforce offering them accounts with minimal charges, whereas others concentrate on affluent clients providing exclusive banking options. In making your selection, ensure you evaluate aspects like transaction costs, convenience, support from customer service, and the variety of monetary offerings at hand.
Bank fees and charges can substantially affect your financial situation. Various institutions impose monthly service fees, ATM usage costs, overdraft fines, and transaction expenses. Therefore, it’s crucial to select a banking option with minimal or zero fees, particularly if you anticipate making numerous transactions. Carefully examining these cost structures prior to setting up an account might prevent unforeseen reductions that could reduce your available funds.
When choosing a savings account, the interest rate is an essential factor to consider. A financial institution offering higher interest rates enables your funds to increase gradually. Certain banks may offer extra investment opportunities like fixed deposits, treasury bills, and mutual funds, aiding in generating passive revenue. Grasping the various interest rates and possible returns from these saving alternatives helps optimize the advantages of your banking services.
The accessibility of digital banking options is also an essential aspect. A financial institution equipped with a user-friendly mobile banking application and website enables clients to effortlessly view account balances, execute fund transfers, settle bills, and keep track of their transactions. Additionally, banks that implement robust security features like two-step verification and theft notifications add an additional layer of defense against unauthorized activities.
Monitoring your financial activities
Regularly monitoring your financial activities is crucial for maintaining control over your monetary situation. A common oversight many individuals commit is believing that having funds available means there’s no necessity to routinely review bank statements. Nonetheless, consistently recording entries like deposits, debits, and various dealings aids in spotting discrepancies, fraudulent actions, and unauthorized fees.
A great method for tracking your financial activities is through mobile banking applications. Such tools offer instant notifications regarding account actions, enabling you to track deposits and withdrawals promptly. Additionally, configuring alert preferences sent either as emails or texts ensures continuous awareness concerning modifications in your account status. Should you identify any unusual behavior, contacting your financial institution right away is crucial.
Keeping track of transactions by examining monthly bank statements helps ensure consistency between your financial records and actual activities. Mistakes like double charges, wrong deductions, or unauthorized actions might happen occasionally; tackling these issues promptly can help avoid monetary setbacks.
Configuring automated bill payments and savings transfers
Streamlining payments and savings can significantly enhance your management of a bank account. Numerous financial institutions provide features for automated billing, enabling clients to settle regular costs like rent, utility bills, and subscription services effortlessly without having to handle each transaction individually. Such automation guarantees timely bill payments, thereby minimizing the chances of overdue charges or interruptions in service.
Automated saving tools assist people in setting funds aside for upcoming objectives with minimal ongoing involvement. Numerous financial institutions enable clients to arrange routine transfers from their checking accounts into savings accounts either every week or each month. This simplifies consistent saving and reduces the urge to dip into primary spending balances.
People looking to invest can use automated banking services that let them put small sums into stocks, bonds, or mutual funds at regular intervals. This method helps build wealth steadily over time without the hassle of constantly deciding where to invest.
Steering clear of overdrafts and avoidable charges
An overdraft happens when someone withdraws or spends more money from their bank account than what they actually have, leading to a deficit balance along with extra fees. Preventing these unwanted costs involves regularly checking your account balance and confirming you have adequate funds prior to spending. Certain financial institutions provide overdraft protection services; this feature connects either a linked savings account or a credit facility to the primary account as a safeguard against lacking funds, thus minimizing potential fines.
Extraneous charges like ATM withdrawal fees, foreign transaction fees, and paper statement fees can accumulate over time. Reducing these expenses can be achieved by using ATMs from your own bank’s system, choosing electronic statements rather than physical copies, and steering clear of international transactions when not essential. Understanding the various fees tied to different activities aids in making well-informed monetary choices.
Protecting your bank account from scams
The rise in bank fraud and cybercrimes highlights the importance of safeguarding your bank account against unauthorized entry. A key method to boost protection is through robust password usage along with activating two-step verification for internet banking services. Steer clear of weak passcodes like birthdates or straightforward numeric patterns, and ensure you change these periodically.
Common strategies employed by scammers include sending deceptive emails or texts that mimic communications from banks. These phishing attempts aim to obtain your financial data. Protect yourself by refraining from disclosing banking details via email or telephone unless you’ve confirmed the authenticity of who you’re communicating with. Legitimate banks will not ask for confidential information through unexpected messages; thus, always approach such inquiries with skepticism.
Frequently checking your account activities and enabling fraud alert services can aid in spotting dubious transactions at an initial stage. Should you identify an unauthorized transaction, promptly informing the financial institution may stop additional monetary loss. Many banking institutions provide options for provisional account blocks or card-lock mechanisms, which permit clients to halt payments when they suspect fraudulent behavior.
Effectively planning your budget and controlling costs
Effective budgeting is essential for successfully handling your bank account. Lacking a detailed plan makes it simple to exceed planned expenditures and have trouble controlling costs. Monitoring earnings and organizing expense behaviors enables people to make educated choices about finances. Numerous banks include budget management features in their smartphone applications, offering analytics on spending trends and recommending methods to cut down on expenses.
Establishing spending caps for various costs helps ensure that funds are used judiciously. Assigning a portion of your earnings to necessities like rent, groceries, and transit, along with setting some aside for saving and investing, fosters a systematic method for handling cash flow. Regularly examining and tweaking these budget plans enables ongoing enhancement in fiscal stewardship.
Utilizing several bank accounts for various financial goals can improve your budgeting efforts. As an illustration, maintaining one account specifically for savings, another dedicated to everyday spending, and a third as an emergency fund helps keep finances neatly organized and minimizes the chance of over expenditure.
Periodically reviewing and adjusting your financial strategy
As personal finance objectives and requirements evolve with time, it becomes essential to regularly reassess and adjust your banking approaches accordingly. Fluctuations in interest rates, charges, and offered services might necessitate an evaluation of whether your present bank continues to cater to your evolving demands. By contrasting various financial entities and contemplating a potential switch when superior alternatives arise, you can ensure ongoing access to top-tier banking solutions.
Reviewing your saving and investing tactics ensures they stay aligned with evolving personal objectives. Boosting your contribution rates, investigating fresh avenues for investments, and establishing updated monetary aims foster sustained fiscal expansion. Keeping up-to-date with novel bank offerings like premium savings plans or linked-investment tools enables people to seize advantageous financial prospects.
Utilizing cashback and rewards programs
A number of financial institutions provide cashback and reward schemes designed to incentivize the use of debit or credit cards. By leveraging these programs, individuals have an opportunity to boost their savings and accumulate points or receive reductions on regular buys. It’s crucial, however, to be well-versed in the rules governing these initiatives so as to reap maximum advantages without going overboard with spending.
Grasping and enhancing your credit score
Having a solid credit score is crucial when you want to secure loans, mortgages, or various financial services. Keeping your bank account well-managed, ensuring timely bill payments, and steering clear of overdrafts all play roles in building a favorable credit record. It’s also beneficial to routinely review your credit reports and correct any inaccuracies to sustain a robust financial standing.
Utilizing several banking accounts for enhanced financial control
Maintaining distinct bank accounts for various monetary goals can enhance your financial control. By designating one account for everyday costs, another for saving, and a third as an emergency fund, you keep your finances neatly structured and minimize the urge to spend excessively.
Investigating investment options with your financial institution
A number of banking institutions provide various investment avenues like mutual funds, Treasury bills, and fixed deposits. Delving into these choices may assist in expanding your savings and accumulating wealth gradually. Gaining insight into the associated risks and possible earnings from each type of investment aids in making well-informed monetary choices.
Mastering a bank account demands discipline, meticulous financial strategy, and consistent oversight. Selecting an appropriate bank, logging all transactions, automatizing bill payments and deposits, sidestepping avoidable charges, fortifying accounts from scams, defining monetary objectives, and investigating potential investments enable people to attain fiscal security and enduring prosperity. Through this methodical process, managing finances evolves into more than mere storage; it transforms into a potent instrument for crafting a robust economic outlook.
Frequently refreshing your individual details with your banking institution
It’s crucial to keep your personal details current with the bank to maintain seamless banking processes and enhance security. Any modifications such as changes in your address, telephone number, email, or job position must be swiftly reported. This ensures you receive critical notices, account statements, and alert messages without any lag time.
Stale contact information may result in failed detection of fraudulent activities, unresolved financial transactions, or problems with account access. Moreover, should your debit or credit card expire or get misplaced, accurate contact data guarantees that new cards will be issued smoothly.
Regular updates are crucial for ‘Know Your Customer’ regulations, since banks often ask clients to confirm their identity. Not adhering to this can lead to limitations or pauses in account usage. Maintaining precise bank records guarantees smooth transactions, enhanced security, and constant availability of financial services.
Mastering a bank account demands precision, self-control, and smart financial strategy. Selecting an appropriate bank, monitoring transactions, setting up automated transfers and savings, sidestepping extra charges, protecting your account from scams, allocating funds prudently, and periodically assessing your monetary plan all contribute to achieving fiscal balance and expansion. Adopting this mindset transforms banking into more than merely holding cash—it turns it into a robust instrument for crafting a stable economic outlook.
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oleh admin | Mar 25, 2025 | business, economics, investing, investing company news, investing news
In February 2025, The Nigerian Exchange Limited saw a significant drop in trading activities with total transactions falling by 16.07 percent to N509.47 billion from N607.05 billion observed in January.
The decrease was primarily caused by a substantial exodus of foreign investors, with their activities dropping by 40.36% from N71.51 billion to N42.65 billion during that period.
The NGX’s Domestic and Foreign Portfolio Investment Report, published on Monday, indicated that foreign investments decreased by 29.67% to ₦18.05 billion in January from ₦25.66 billion previously. Additionally, foreign outflows saw a reduction of 46.33%, dropping to ₦24.60 billion from ₦45.85 billion.
The decrease in international involvement lowered their total trading share to merely 8.37 percent, down from 11.78 percent in January, underscoring the ongoing prominence of local investors in the stock market.
On the contrary, local investors maintained dominance over the market, representing 91.63 percent of all trades conducted. Nonetheless, their transaction value dropped by 12.83 percent, decreasing from N535.54 billion in January down to N466.82 billion in February.
An analysis of local trades showed that individual investors invested N214.51 billion, marking a 19.76 percent decline from the N267.35 billion recorded in January. Meanwhile, institutional investors put in N252.31 billion, which represents a 5.92 percent reduction compared to the N268.19 billion they had committed in the prior month.
The decrease in international deals highlights increasing worries about investors’ trust in Nigeria’s stock exchange.
Year-to-date, the total transaction volume for January and February 2025 was recorded at ₦1.12 trillion. Domestic investors were responsible for ₦1 trillion, which constitutes approximately 89.78%, whereas foreign investors accounted for ₦114.16 billion, constituting around 10.22%.
In comparison to the corresponding timeframe in 2024 when the total transactions amounted to N1.01 trillion, there has been a rise of 10.62 percent in market activity this year. Nevertheless, the proportion of involvement from international investors has decreased from 11.78 percent in 2024 down to 10.22 percent in 2025.
In the last 18 years, statistics indicate a consistent rise in local involvement in Nigeria’s stock exchange, with domestic activity climbing by 33.15%, from ₦3.56 trillion in 2007 to ₦4.73 trillion in 2024. During this timeframe, international dealings also expanded by 38.31% from ₦616 billion to ₦852 billion. Nonetheless, despite these increases, overseas engagement stayed comparatively modest at around 15% of all trades in 2024, whereas indigenous traders made up approximately 85%.
PUNCH disclosed that foreign investors pulled out ₦455.62 billion from the Nigerian stock market in 2024, far exceeding overall investments and highlighting worries regarding investor trust, even as the Central Bank of Nigeria attempted to stabilize the naira.
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oleh admin | Mar 25, 2025 | diplomacy and diplomats, foreign policy, international relations, military, politics
The event sparked online outrage in Japan, leading to calls for more stringent measures against China’s ‘authoritarian breaches of international law’.
Beijing has been accused of “two-faced diplomacy” after pledging greater dialogue and cooperation during high-level talks in Tokyo on Saturday, only for three Chinese coastguard vessels to enter waters around Japanese-controlled islands the next day, pursuing a Japanese fishing boat.
Japan
Japan’s Foreign Minister Takeshi Iwaya expressed optimism after the trilateral meeting with his Chinese and South Korean counterparts on Saturday. He characterized the talks as “an open exchange of opinions” and stated that the three countries agreed to “foster forward-looking collaboration.”
Chinese Foreign Minister
Wang Yi
seemed to concur, stating in a release that improved dialogue and teamwork could assist the trio of countries in “collectively combating threats” and boosting their reciprocal comprehension.
Contemplating the worldwide issues that had drawn Japan, China, and
South Korea
To “a pivotal moment in history,” Iwaya stressed the importance of bridging divides on Saturday. He stated, “Now more than ever, it is crucial to strive to transcend division and conflict via dialogue and collaboration.”
But the goodwill generated by these statements quickly began to evaporate when, less than 24 hours later, Chinese coastguard vessels entered waters near the
Diaoyu Islands
. The islands, administered by Japan as the Senkakus but claimed by China, have long been a flashpoint in the region.
Experts noted that the coast guard’s behavior contradicted the cooperative ethos promoted during negotiations and reflected China’s diplomatic style—presenting itself as collaborative externally while reinforcing territorial assertions in disputed regions.
Many individuals express pessimism following China’s statements and ensuing activities; however, few are truly taken aback,” noted Ryo Hinata-Yamaguchi, an associate professor at Tokyo International University’s Institute for International Strategy, in conversation with This Week in Asia. “Those who find themselves shocked by these developments lack perceptiveness.
Hinata-Yamaguchi described Beijing’s strategy as “showing a pleasant facade” publicly while aggressively reinforcing its territorial assertions. He explained, “Although they claim benign intent in diplomatic circles, their deeds convey a different message.”
‘Sink ships, arrest trespassers’
The events over the weekend sparked significant anger online in Japan, where people were not just upset about China’s behavior but also criticized their own government for what they saw as inadequate response. In comments on Okinawa’s Yaeyama Daily News website, one user condemned Beijing’s approach, calling it “duplicitous diplomacy.”
The commenter proceeded to assert that the Japanese government was being “duped” and cautioned that Japan might relinquish control over the contested islands if it persisted in trusting China.
“One cannot condone China’s oppressive breaches of international law,” stated an online remark. Other comments urged Tokyo to take more stringent actions, with some users advocating for legal amendments allowing Japan to “submerge vessels, detain intruders, and prosecute them in courts.”
“The Japanese government just gives warnings without taking action, allowing China to act as they please,” the commentator noted.
Toshimitsu Shigemura, a professor of political science and international relations at Waseda University, noted that there was significant distrust toward Beijing within the Japanese government. He explained, “Their statements often contradict their actions.” This sentiment was further illustrated when, on the very day that the foreign minister expressed his desire for collaboration to maintain regional stability, the Chinese coast guard entered Japanese territorial waters and intimidated a fishing vessel.
We can’t rely on China to keep its diplomatic commitments.
Toshimitsu Shigemura, a Japanese professor specializing in politics
“We can’t rely on China to keep its diplomatic commitments,” Shigemura stated, suggesting that this indicates possible tensions within the Chinese administration.
He suggested that the defense ministry might have feared the foreign minister could travel to Tokyo and reach an agreement with Japan that would undermine China’s territorial assertions over those islands. However, by dispatching coast guard vessels into Japanese maritime areas concurrently with discussions between the two counterparts, they are essentially conveying the stance held by the defense ministry.
In recent years, Chinese coast guard ships have been increasingly venturing into Japanese territorial waters more often, a trend that has become particularly noticeable over the last ten years.
A remarkable 353 days of operation were logged.
In the contiguous zones surrounding the islands earlier this year. Experts think these moves are intended to challenge Japan’s authority over the contested area.
Shigemura cautioned that Beijing might intensify the pressure even more, which would leave Japan few choices if a Japanese fishing vessel were to be forcefully halted or seized by China’s maritime police.
In a dire scenario like that, Tokyo has limited options,” he stated. “Force isn’t an option for them, so their main leverage would be threatening to withhold support. Under these circumstances, I anticipate Tokyo might propose resolving the issue via talks and discussions; however, China could interpret this stance as a sign of weakness.
“I anticipate that China will continue exerting pressure around the islands since their ultimate aim is to attempt gaining control over the entire archipelago,” Shigemura noted.
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oleh admin | Mar 24, 2025 | economics, financial markets, investing market news, news, stocks
Stocks largely climbed across Asia on Tuesday, continuing the upward trend from Wall Street amid reduced concerns about President Donald Trump’s proposed tariffs. Meanwhile, investors were anticipating the upcoming release of crucial U.S. inflation figures.
A surge in tech giants including Tesla and Nvidia helped New York markets higher, with sentiment buoyed by indications from the White House that next week’s glut of levies would be less severe than feared.
Trump has dubbed April 2 “Liberation Day” as he pledges to impose reciprocal tariffs on trading partners in an effort to remedy practices that Washington deems unfair.
After returning to power in January, Trump has adopted an aggressive policy stance, targeting both allies and adversaries, which has sent shockwaves through financial markets and heightened concerns over the worldwide economic situation.
Recently, he indicated that certain nations might receive waivers or cuts from the upcoming week’s actions, providing investors with a badly needed boost of hope.
Market-watchers say the final outcome would likely see the tariffs changed after negotiations.
The current surge of pessimistic stories—driven by politically biased consumer confidence reports and an influx of negative opinion pieces—appears more exaggerated than warranted, according to Stephen Innes from SPI Asset Management.
Furthermore, IG Market Analyst Tony Sycamore commented: “It’s anticipated that this process will be better organized and structured compared to earlier efforts. The figures set to be disclosed on April 2nd may potentially see reductions following negotiations.”
Nevertheless, the president gave a shock by threatening nations that imported oil and natural gas from Venezuela with significant tariffs, which might affect China and India as well as other countries.
During early trading, markets in Tokyo, Sydney, Singapore, Taipei, and Wellington increased in value; however, those in Shanghai and Manila declined.
Hong Kong’s index fell over one percent, largely due to a nearly five percent decline in the stock price of major Chinese technology company Xiaomi following its successful raise of $5.5 billion through a substantial share issuance aimed at boosting its electric vehicle endeavors.
Despite a rise of approximately six percent in South Korea’s car manufacturer Hyundai after announcing a $21 billion USD investment, Seoul likewise fell.
Attention is also focused on the release of U.S. personal consumption expenditures data this week, as it serves as the preferred measure of inflation according to the Federal Reserve.
The readings will be carefully observed following warnings that prices may increase due to Trump’s tariffs.
The Atlanta Fed president, Raphael Bostic, indicated that the measures suggest the bank will probably reduce interest rates only one time this year.
“I moved to one mainly because I think we’re going to see inflation be very bumpy and not move dramatically and in a clear way to the (Fed’s) two percent target,” he told Bloomberg Television on Monday.
Since this is getting delayed, I believe the corresponding policy measures will also need to be postponed.
Oil prices maintained their gain from Monday, which was over one percent, following President Trump’s warnings about Venezuelan crude oil.
Prominent individuals at approximately 0230 GMT
Tokyo – Nikkei 225: Increased by 0.7% to reach 37,881.70
Hong Kong – Hang Seng Index: Down 1.7% at 23,502.90
Shanghai – Aggregate: DECREASED BY 0.1% TO 3,367.17
Euro/dollar: DROPPED to $1.0799 from $1.0805 on Monday
Pound/dollar: DECREASED to $1.2917 from $1.2924
Dollar/Yen: Increased to 150.64 yen from 150.58 yen.
Euro/pound: INCREASED to 83.61 pence from 83.58 pence
West Texas Intermediate remains steady at $69.09 per barrel.
Brent North Sea Crude: REMAINS STEADY AT $72.37 PER BARREL
New York – Dow: Increased by 1.4% to close at 42,583.32 points.
London – FTSE 100: Decreased by 0.1 percent to close at 8,638.01.
oleh admin | Mar 24, 2025 | emergencies, government, news, politics, politics and government
As the leadership turmoil in Rivers State intensified with attacks on crucial oil and gas facilities, coupled with impending impeachment proceedings targeting Governor Siminalayi Fubara and Deputy Governor Ngozi Odu, President Bola Tinubu took decisive action last Tuesday by declaring a state of emergency in this petroleum-rich region. In doing so, he removed both officials from office along with the obstinate state legislature for an initial term of half a year. Concurrently, he designated former Chief of Naval Staff, Rear Admiral Ibok-Ete Ibas (retired), as the new administrator overseeing the state’s operations.
Upon assuming his duties on Wednesday, Ibas embarked on addressing these pressing issues head-on. Called back into service specifically to stabilize the situation in Rivers and bring stability over the next six months, his mission presents significant challenges. As someone who must draw upon years of military experience, Ibas faces the daunting task of restoring peace and functionality efficiently.
The announcement of martial law in Rivers generated considerable discussion among critics, particularly those aligned against the administration like members of the People’s Democratic Party and various disaffected political figures organized under the banner led by ex-Vice President Atiku Abubakar. Despite accusations leveled against them regarding personal interests influencing their stance, they argue vehemently against what they perceive as unlawful acts—namely, the removal of elected leaders without legitimate justification. However, supporters believe swift intervention was necessary to safeguard public welfare and protect essential resources.
According to Section 305 of the 1999 Constitution, as amended, which outlines the procedures for declaring a state of emergency, the role of the governor under such circumstances remains unspecified. Historically, however, practices regarding governors’ positions during emergencies have been inconsistent within our region.
For instance, in May 2004, Former President Olusegun Obasanjo declared an emergency in Plateau State due to escalating ethno-religious conflicts resulting in significant loss of life and property damage. As part of this intervention, Governor Joshua Dariye along with the entire state legislative body were relieved from their duties for half a year; subsequently, Major-General Chris Alli (retired) took over governance responsibilities aimed at restoring stability in the area.
Similarly, another similar situation occurred just two years afterward in Ekiti State where prolonged political instability prompted President Obasanjo to impose an emergency measure. This resulted in suspending both Governor Ayo Fayose and his deputy, Mrs. Biodun Olujinmi, alongside the local parliament including Honorable Friday Aderemi—the interim Acting Governor—appointing retired Brigadier General Tunji Olurin instead to oversee administrative functions and ensure safety across the territory for six additional months.
Regarding ex-President Goodluck Jonathan’s actions, he imposed an emergency rule in specific local governments severely hit by Boko Haram terrorist activities within Borno, Adamawa, and Yobe States back in 2013. This move did not dismantle the overall political and democratic systems in these regions. Additionally, President Jonathan kept the current chairman roles intact for those influenced local government districts. It seems his decision to avoid disrupting the governance of the three involved states—headed by their respective governors—and their legislative bodies may be attributed to how this emergency measure only targeted select council areas heavily affected.
As far as the Plateau State declaration goes, when it came before the Supreme Court, they could not establish whether dissolving established democratic frameworks under such circumstances was constitutional due to procedural issues with the lawsuit filed against it by the temporarily ousted lawmakers from Plateau. The court deemed the filing invalid since it had been initiated solely by the legislators themselves without formal backing from the state itself.
Several legal scholars have cited the Emergency Powers Act of 1961, an outdated legislation within the nation that once allowed for the dismantling of democratic institutions and the temporary removal of basic human rights during emergencies. This act came into play specifically following the declaration of emergency rule in the Western Region in 1962 under the administration led by Sir Abubakar Tafawa Balewa. Two notable instances include the rulings in Adegbenro v. Attorney-General of the Federation (1962) NLR 338 and F.R.A. Williams v Dr. M.A. Majekodunmi (1962) NLR 328, wherein the highest judicial body endorsed this act as grounds for dissolving governmental bodies. Legal luminary Professor Koyinsola Ajayi (SAN), speaking on Arise TV recently, highlighted that according to his interpretation, “The judges at the Supreme Court felt compelled not to overturn decisions made by the president when faced with immediate threats to life and property; their aim being to reinstate lawfulness and protect citizens.” Their stance regarding the validation of the state of emergency proclaimed in Plateau State remains unchallenged based on these arguments.
Apart from the legal formalities, the key factors in assessing how democratic institutions function within a state under emergency rule seem to revolve around the prevailing circumstances or conditions within that state, along with the extent of threats posed to public order and citizen safety regarding their lives and properties. In times of chaos and unrest, people tend not to recall specific provisions laid out by laws. This point was clearly articulated by Attorney-General of the Federation and Minister of Justice Lateef Fagbemi (SAN), who addressed queries from State House reporters on Wednesday. He stated: “The administration relies on three pillars—the Executive branch, Legislative assembly, and Judicial system—and your actions as the governor have rendered governance ineffective here. Simply stating that funds are being spent—even those allocated by you—is insufficient; these expenditures require prior approval through appropriation by the State Assembly. Such were among the observations noted by the Supreme Court. Ultimately, the court concluded that the behavior exhibited by the governor resembled tyranny, rendering governmental operations non-existent in Rivers. Given this absence of governance in Rivers, why should we seek further?”
Fubara exceeded his limits and ended up undermining himself. His actions were driven more by the emotional backing he received than by strategic thinking. He believed that resorting to force was necessary because he hadn’t resorted to underhanded tactics to secure victory earlier. When certain militant groups threatened to attack oil pipelines and essential facilities, the governor did nothing to discourage them. Instead, he publicly stated that he would inform the public about when these attacks should take place. A week later, several oil sites burst into flames. It doesn’t require much insight to grasp how this devastation came about. Additionally, the governor obstructed 27 legislators from carrying out their duties and dismantled the state assembly building. Four loyal lawmakers were relocated to the Governor’s residence where they assumed the roles typically held by all 32 members of the legislature.
In his announcement of the emergency rule in Rivers State, President Tinubu stated in his speech, “Certain militants have vowed to unleash destruction upon what they consider an adversary—the governor—who has yet to distance himself from these individuals. Additionally, neither the legislature nor the governor have managed to collaborate effectively. They fail to comprehend that their primary responsibility is to cooperate in ensuring stability and effective governance within the state.”
Critics opposing the imposition of an emergency rule in Rivers often cite President Tinubu’s past criticism of such measures when they were declared under ex-President Jonathan for Adamawa, Borno, and Yobe states. However, these critics tend to overlook another instance where Tinubu spoke against then-Governor Godwin Obaseki of Edo State. Obaseki had forcefully taken control over the state assembly and declined to swear in 14 representatives chosen by their local communities throughout his term as governor. In response, Tinubu denounced Obaseki, accusing him of undermining democratic principles by weakening legislative bodies—just as he now condemns Governor Fubara’s actions.
Once more, the National Assembly, specifically the House of Representatives, has incorporated democratic elements into the emergency decree by declaring routine monitoring over the actions of the administrator and allowing the National Assembly to carry out the legislative responsibilities of the Rivers State Assembly as outlined in the constitution. This emergency measure also played a crucial role in rescuing Fubara from an impending impeachment, which could have led to his removal throughout his term and barred him from participating in future elections due to his recklessness.
Ultimately, the President exhibited bravery and commendable leadership by stepping in to safeguard the country’s economy, which could have otherwise suffered severely and nullified previous advancements. A few years back, oil production dipped down to merely 900,000 barrels per day; however, it now stands at approximately 1.6 million barrels daily. Key government programs aimed at assisting underprivileged youth through organizations like NELFUND, along with crucial development efforts including CREDICORP-led infrastructural developments—such as expanding our network of roads—and substantial regular disbursements received by state governors from federal funds might have faced significant threats without prompt intervention. Had she hesitated in making this critical move, these achievements could have easily unraveled.
In my opinion, what is needed at present is for political figures within the nation, especially those from the Niger Delta region, to unite and mediate between the conflicting parties—the embattled Governor Fubara, the Minister of the Federal Capital Territory Nyesom Wike, and the members of the state House of Assembly—ensuring a swift restoration of stability in Rivers State and bringing about a conclusive settlement of the ongoing political turmoil. The National Assembly has taken a significant measure toward resolving these issues by announcing plans to establish a council of distinguished individuals aimed at facilitating dialogue amongst the disputing factions and guiding the state back onto a peaceful course. It is appropriate to acknowledge the federal legislators for promptly endorsing the emergency measures and demonstrating their commitment to swiftly addressing the situation.
Rahman serves as the Senior Special Assistant to President Tinubu for Media, Publicity, and Special Duties. In related news, Ibas has advised the monarchs of Rivers State to avoid engaging in partisan politics during the emergency rule.
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oleh admin | Mar 24, 2025 | africa, democracy, politics, politics and government, politics and law
Ex-President Chief Olusegun Obasanjo reiterated his doubts regarding the applicability of the Western democratic framework in Africa, asserting that such models do not align with the continent’s ethos.
However, he faced criticism from Catholic Bishop of Sokoto Diocese, Matthew Kukah, as well as former Secretary-General of the Commonwealth, Chief Emeka Anyaoku.
The conversation occurred during a colloquium convened to honor the 60th birthday of ex-Deputy Speaker of the House of Representatives, Honorable Emeka Ihedioha. This gathering was hosted at the Ladi Kwali Hall within the Abuja Intercontinental Hotel.
Chief Obasanjo contended that what is often called democracy mainly advantages a select few influential elites, thereby keeping most people on the periphery.
He stated: “Democracy was intended as a form of governance that serves all citizens, not merely a select group of individuals. However, where are we now? In my view, ever since we moved beyond Athenian democracy—where everyone had an equal voice and stake in decisions affecting them—the concept has evolved into representative democracy. Unfortunately, this new model hasn’t ensured equitable representation for every individual.”
Now, that kind of endurance isn’t what we’d call true democracy; thus, when discussing whether democracy can fail in Africa, one might say that African democracy has indeed faltered. But then, the question remains—why did it fail?
“It’s because it does not have any aspect of our culture, our way of life, what we stand for, what we believe: what sort of democracy brings you and you grab everything illegally, corruptly, and you say go to court? Even in the court, you cannot get justice.”
He advocated for a framework that would “incorporate Africa’s cultural and historical background to develop a governing system that genuinely benefits everyone.”
“It is, ‘I am because I can grab’ but what sort of democracy brings you and you grab everything and then illegally, corruptly and you say ‘go to court’ when you know that even in the court, you cannot get justice.
It’s not that democracy is failing; rather, it is fading away. If we want to prevent democracy from disappearing, we must consider it within the specific context and circumstances of Africa. I am hopeful that we can reach this point where the kind of democracy that brings tangible benefits will thrive here on our continent.
However, Kukah opposed this view, asserting that “democracy is an ongoing process; it provides you with the chance to attempt and, even if you falter, grants you a better opportunity to rectify past errors.”
Kukah additionally contended that democracy offers the chance to correct errors from previous times.
Democracy serves the welfare of the populace because it has dismantled the feudal form of governance.
The Catholic Bishop of Sokoto highlighted the importance of everyone striving to comprehend the political ideology of British philosopher John Locke, which is based on the concept of social contract.
The former Speaker of the House of Representatives and Senator, Aminu Tambuwal, stated that democracy is not faltering in Africa since it represents an evolving system.
When we adhere to the guidelines, democracy functions effectively; democracy is an ongoing endeavor.
Regarding the Senate resolution concerning the state of emergency in Rivers State, Senator Tambuwal reaffirmed his stance that the necessary two-thirds majority support from the Senate had not been achieved.
During President Olusegun Obasanjo’s tenure, when a state of emergency was imposed in certain states, the National Assembly validated these actions through the requisite two-thirds majority vote. Each member individually cast their ballot to endorse this measure.
The ex-Secretary General of the Commonwealth sounded an alert about the revival of military takeovers in Africa, emphasizing that this trend ought to concern everyone who backs democratic values.
The former Vice President Atiku characterized the honoree, Honorable Ihedioha, as a politician who is both concentrated and resolute.
Emeka and I have maintained this relationship, and up until now, he has proven to be exceptionally loyal, committed, and driven. Even though we occasionally found ourselves on opposing sides politically, we managed to sustain our connection, which speaks volumes about what kind of individual Emeka truly is.
When he informed me about this event, I nearly complained, saying ‘Emeka, it’s Ramadan, and these are the final ten nights when we typically stay awake at night instead of sleeping; we nap during the day.’ But he responded, ‘Boss, please try your best to attend,’ so I agreed, ‘Alright, I’ll manage it.’ And here we are now.
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oleh admin | Mar 24, 2025 | africa, crime, cybercrime, financial crime, police and law enforcement
In a major cross-border effort, law enforcement agencies from seven African nations have apprehended 306 individuals and confiscated 1842 gadgets as part of an extensive international crackdown on cybercrime, specifically focusing on fraudulent activities and scams conducted online.
Known as Operation Red Card, this initiative was active from November 2024 until February 2025. It aimed at disrupting cybercrime organizations that bilked more than 5000 individuals via mobile banking fraud, fraudulent investments, and deceptive messaging apps, as reported by infosecurity-magazine.com.
In Nigeria, law enforcement apprehended 130 individuals, among whom were 113 foreigners, for their involvement in illicit investment scams and illegal online gambling operations.
Officials discovered that criminals channeled illegal funds into digital assets to hide their monetary tracks.
The investigations revealed indications of human trafficking, with certain people being forced to take part in the fraud schemes.
The authorities confiscated: 26 cars; 16 residences; 39 parcels of land; along with 685 electronic gadgets.
In Rwanda, authorities detained 45 people in 2024 who were behind a social engineering scheme that tricked victims out of over $305,000.
Fraudsters pretended to be telecom staff members and misleadingly told their targets they had won lotteries to obtain confidential data.
Some pretended to be hurt relatives asking for urgent financial aid.
The authorities retrieved $103,043 and confiscated 292 devices.
In South Africa, law enforcement apprehended 40 people and seized more than 1000 SIM cards, alongside 53 desktop computers and towers, all connected to an advanced SIM box scam operation.
This configuration enabled cybercriminals to mask international calls as local ones, making widespread SMS phishing campaigns possible.
In Zambia, authorities arrested 14 individuals who were part of a cybercrime group involved in malware attacks.
The perpetrators dispatched phishing messages with harmful links, which contaminated the victims’ devices and seized control over their messaging and banking applications. This allowed them to infiltrate financial accounts and propagate more fake links.
The operation was conducted via INTERPOL’s African Joint Operation against Cybercrime (AFJOC), an initiative aimed at aiding law enforcement agencies as they work to counteract cyber threats.
Under the AFJOC initiative, the UK’s Foreign, Commonwealth & Development Office provided £2.6 million for Operation Red Card to boost Africa’s ability to detect and prevent cybercrimes, thereby enhancing law enforcement capacities across the continent.
The seven participating nations—Benin, Côte d’Ivoire, Nigeria, Rwanda, South Africa, Togo, and Zambia—are continuing their collaboration on intelligence-driven cybercrime investigations.
“The success of Operation Red Card highlights the effectiveness of global collaboration in tackling cybercrime, which transcends national boundaries and can lead to severe consequences for people and societies,” stated Neal Jetton, who leads Interpol’s cybercrime division.
The retrieval of substantial assets and equipment, along with the apprehension of major suspects, clearly indicates to cyber criminals that their actions will face serious consequences.
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