Author: Chief Editor

The African Democratic Congress (ADC) has stated that the support for the Presidential Candidate of the Labour Party (LP), Mr. Peter Obi, would wane before the February 2023 election. The ADC’s National Coordinator for Electoral Matter and INEC Liaison, Mr. Anayo Arinze, stated this during a meeting of the stakeholders of the party in Awka, Anambra State capital. Arinze, who formally unveiled the Presidential Candidate of the ADC, Mr. Dumebi Kachikwu, said that the party is confident of beating other parties in the election, including Peter Obi. He said: “We have resolved to deepen our presence in Anambra State. We…

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned a Deputy Chief Registrar of the Federal High Court in Port Harcourt, Nkem Apollonia Mba, for alleged involvement in fraudulent activities. The Deputy Chief Registrar was arraigned on a three-count charge before the state Federal High Court 12, Justice Leteem Nyordee, for offences bordering on abuse of office and corrupt demand of gratification by a public officer. One of the counts revealed that Mba received a kickback of N500,000 through her bank account from the purchase of Automotive Gas Oil popularly known as diesel and other products. She…

Over 90 per cent of telecom operators in the country may go bust within the next five years if urgent steps are not taken, a telecom expert warned at the weekend. The ICT legal and regulatory expert, Ayoola Oke, who spoke on the issues affecting operators, in Lagos, said the bigger operators are suffocating the smaller ones. Oke, a Special Assistant to the former Executive Vice Chairman/CEO, Nigerian Communications Commission (NCC), Ernest Ndukwe, said the industry is subdivided into three tiers – Tier 1 (for the big Mobile Network Operators (GSM); Tier 2 comprised the largely moribund operators such as…

The Academic Staff Union of Universities (ASUU) has insisted on the signing of the draft agreement reached with the Federal Government for university teachers. Its president, Prof Emmanuel Osodeke, said the union was yet to receive official communication from the government regarding a new proposal on salary review. Labour said it would go ahead with its planned pro-ASUU protest tomorrow, but electricity workers would not withdraw their services. Activist-lawyer Femi Falana (SAN) backed Labour, saying the right to protest was fundamental. He urged the police to provide security for those protesting. The Nation had reported that the government was ready to…

Ekiti State Governor Kayode Fayemi, Works and Housing Minister Babatunde Fashola, prominent All Progressives Congress (APC) chieftain Chief Ayiri Emami and South African chapter of the ruling party yesterday threw their weight behind the Muslim/Muslim presidential ticket. Fayemi allayed the fears of Christians, saying that the same-faith ticket of Asiwaju Bola Tinubu and Senator Kashim Shettima was not meant to undermine the Christian community, but a calculated strategy to win next year’s poll. Fashola said Tinubu is the best among the candidates, urging Nigerians to elevate capacity over religion. Emami urged critics to desist from demonising the APC ticket, adding…

Russia confirms Odesa strike, says warship was hit Ukraine says grain exports will suffer if strikes continue Grain accord signed on Friday aims to avert global food crisis Russian-occupied regions may hold referendums to join Russia Ukraine forged ahead on Monday with efforts to restart grain exports from its Black Sea ports under a deal aimed at easing global food shortages but said a weekend missile strike by Russian forces on Odesa underlined the risks to deliveries. As the war entered its sixth month, the Ukrainian military reported widespread Russian shelling in eastern Ukraine overnight and said Moscow continued to…

Ryanair (RYA.I) on Monday said a return to pre-COVID levels of profitability this year was not certain even as it topped first-quarter estimates in what Chief Executive Michael O’Leary described as “a very strong but still fragile recovery”. The after-tax profit of 170 million euros ($174 million) for the quarter ended June was ahead of estimates of 157 million euros in a company poll of analysts, but well short of the 243-million-euro profit in the same quarter of 2019. Ryanair shares were down 1% at 0706 GMT. Ticket pricing for bookings for the July-September quarter, typically Ryanair’s most profitable period of the…

China will launch a real estate fund to help property developers resolve a crippling debt crisis, aiming for a warchest of up to 300 billion yuan ($44 billion) in a bid to restore confidence in the industry, according to a state bank official with direct knowledge of the matter. The move would mark the first major step by the state to rescue the beleaguered property sector since the debt troubles became public last year. The size of the fund would initially be set at 80 billion yuan through support from the central bank, the People’s Bank of China (PBOC), the…

The dollar held firm in early trading on Monday as traders sought safer assets and braced for a sharp U.S. interest rate hike later this week. European stock indexes opened in the red, with investors cautious about how company earnings will hold up in the face of a global economic slowdown and high inflation. One sixth of Europe’s STOXX 600 will report second-quarter results this week, with earnings expected to have grown 22% year-on-year, according to Refinitiv I/B/E/S forecasts. The U.S. Federal Reserve has signalled a 75 basis point rate hike at its July 26-27 meeting, although data last week…

U.S. Fed to hold policy meeting on July 26-27 Libya to increase oil output to 1.2 mln bpd in 2 weeks – NOC EU tweaks sanctions to unblock Russian oil deals with third countries Russia won’t supply oil to countries imposing price cap – c.bank Oil prices were relatively steady on Monday as the market balanced supply fears with expectations that rise in U.S. interest rates would weaken fuel demand. Brent crude futures for September settlement rose 27 cents, or 0.26%, to $103.47 a barrel by 0909 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 8 cents, or…