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200 Chinese firms interested in economic collaboration with Nigeria -FG

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200 Chinese firms interested in economic collaboration with Nigeria -FG

The Federal Government said over 200 Chinese companies are interested in investing in the Nigerian economy.

This was made known by the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, during a China-Nigeria Business event in Beijing on Friday.

According to a statement by the minister’s media aide, Alkasim Abdulkadir, on Friday,  the business event was part of the activities marking Tuggar’s official visit to China at the invitation of his Chinese counterpart,  Wang Yi.

Jointly organised by the Nigerian Embassy and Yingke Law Firm, the event aimed to enhance bilateral trade, investment, and economic ties between the two nations.

“Amb. Tuggar emphasised the importance of the longstanding relationship between Nigeria and China, highlighting mutual respect and shared developmental goals.

“This event is a testament to our commitment to strengthening Nigeria-China relations,” the statement read partly.

The event witnessed the participation of over 200 Chinese companies, all showing keen interest in fostering economic collaboration with Nigeria.

“Over 200 Chinese companies took part in the event, showing a strong interest in fostering economic collaboration between the two nations,” the statement added.

The minister’s visit includes high-level meetings and events, such as the inaugural Plenary Session of the Nigeria-China Intergovernmental Committee in Beijing and the World Economic Forum Annual Meeting of the New Champions in Dalian.

“These engagements are expected to further solidify the strategic partnership between Nigeria and China,” the statement further added.

Additionally, Tuggar will meet with ECOWAS Ambassadors and launch the 4D Cultural Diplomacy Programme of President Bola Tinubu’s Renewed Hope Agenda at the Nigerian Embassy.

Torrential rains kill 27 across Central America

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Torrential rains kill 27 across Central America

Torrential rains across Central America have left at least 27 dead in landslides and flooding over the past week, mainly in El Salvador, but also in Guatemala and Honduras, officials said Friday.

El Salvador’s Environment Minister Fernando Lopez said the deluge was a result of low pressure over the Pacific Ocean, with indirect influence from tropical storm Alberto which left four people dead in Mexico.

“Unfortunately, the death toll has now reached 19, a very regrettable event,” said El Salvador civil protection boss Luis Amaya, in a television interview.

Among those killed were two girls whose home was buried by a landslide.

Amaya said several preventative evacuations have been carried out in high-risk areas on hillsides and near rivers which have overflowed.

In neighbouring Guatemala, authorities reported seven deaths have been recorded and said flooding had damaged roads and bridges.

The Honduras Permanent Commission for Contingencies (Copeco) reported one death, with 3,500 people affected and more than 200 homes damaged.

Several communities are cut off due to rising rivers in southern Honduras near the border with El Salvador, according to an AFP journalist.

No deaths have been reported in Nicaragua, but authorities warn of rising rivers, flooded homes and damage to roads.

AFP

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Reps spokesperson condemns viral video targeting lawmakers 

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Reps spokesperson condemns viral video targeting lawmakers 

The spokesperson of the House of Representatives, Akin Rotimi, on Friday, raised an alarm over what he described as the spread of disinformation by mischief makers with the intent to portray lawmakers in a bad light.

Rotimi raised the alarm against the backdrop of a viral video on social media quoting the lawmaker representing Yagba Federal Constituency of Kogi state, Leke Abejide as giving a breakdown of his monthly take-home pay as a federal lawmaker. 

Rotimi stated that salaries and allowances of legislators, like all public officers are fixed by the Revenue Mobilization, Allocation, and Fiscal Commission and asked those interested to contact the commission. 

Recall that while at plenary on Tuesday, June 11, Abejide raised a point of order, saying his privilege had been breached by one Adeola Fayehun who allegedly spread false information on social media about his monthly take-home as a lawmaker. 

Abejide, who read out the figures being paraded on social media by the said Adeola Fayehun said it was the second time his constituents were pitched against him and called on the leadership of the House to step in or he would be forced to seek legal redress.

In the original video of the plenary, Speaker Tajudeen Abbas had promised that the leadership of the House would address the issue.

However, in an edited viral video trending on social media, Abejide allegedly claimed that he earns N2.5m as a basic salary, N5m for accommodation, N7.5m for furniture, N1.2m for newspapers, N621,000 for wardrobe, and N248,000 for recess among others. 

The House spokesman, however, said in a statement that the viral video was distorted.

“A fact check shows that the video was distorted to suit the purpose of fake news purveyors. So what really happened?

“Rep Abejide Leke was only raising a point of order on privilege concerning claims by one Adeola Fayehun. In the original video, Rep Abejide lamented that his privilege had been breached.

“The lawmaker brought the attention of the House to the social media commentator who made bogus claims about lawmakers’ earnings.

“Rep Abejide further lamented that Fayehun, who is based in the United States, has made it a duty to misinform Nigerians, particularly his constituents, about happenings in the National Assembly.

“The lawmaker said Fayehun has continually instigated the people and urged the House leadership to take decisive action”.

According to him, “This incident highlights the dangers of disinformation, especially when targeted at parliamentarians. Fake news purveyors can distort facts to mislead the public and create confusion.

“It is essential for the public to verify information from credible sources before believing or sharing it. Misinformation can undermine trust in democratic institutions and disrupt the legislative process. By being vigilant and discerning, we can combat the spread of fake news and protect the integrity of our democracy.

“Lawmakers’ earnings, like all public servants, are publicly available as set by the Revenue Mobilization, Allocation, and Fiscal Commission,” he added.

British Airways flight delayed in Lagos as technical fault grounds plane

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British Airways flight delayed in Lagos as technical fault grounds plane

All seems not well with British Airways at the moment as a technical fault grounded one of its aircraft leaving many passengers in a confused state at the Murtala Muhammed Airport.

Sources hinted to The According that while frantic efforts are being made to repair the faulty plane, most of the passengers have been re-accommodated on other flights.

It was also gathered that the remaining affected passengers have been lodged in an undisclosed hotel with their feedings catered for since Wednesday.

The source further told our correspondent that since the challenge occurred, no passenger has been left unattended to or allowed to sleep at the airport, as they have all been taken into a hotel.

A passenger who refused to give his name quoted the Airline as saying that its team was working hard to book the remaining customers on a flight as soon as possible.

The British Airlines flight number BA 74, which was scheduled to depart from Lagos to London at 10:50 pm on Wednesday, June 19, suffered a technical fault.

The flight was finally canceled after 1:00 a.m with passengers being asked to cancel their immigration forms and go back to baggage claims to collect their already checked-in luggage.

As of the time this report was filed, an undisclosed number of passengers were still waiting in their hotel rooms.

When contacted, The Director of Public Affairs and Consumer Protection, Michael Achimugu, promised to get back to our reporter after checking with his officers.

“Yes, somebody brought the matter to my attention about an hour ago but I have been so busy. But if such happens the airline must have taken care of the passengers. If that has been done there will be no issues but let me check with my officers and I will get back to you shortly.”

Also speaking, Regional Commercial Manager Nigeria and Ghana, Mrs Tutu Otuyalo, confirmed the development but said the airline resolved the matter gradually.

She said, ‘We have been in contact with our customers to apologise for the delay to their flight, this was caused by a technical issue with the aircraft. The majority of customers have been re-accommodated on other flights, and our team is working hard to book the remaining customers on a flight as soon as possible.

“We will cover accommodation and meal costs for customers. We would never operate a flight unless it is safe to do so.”

She could not confirm when the rest of the passengers would be airlifted but assured that they would all be sorted within the shortest possible time.

NGX: Investors end week with N56bn loss as stocks tumble

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Investors in the Nigerian equities market ended the week’s trading with a N56 billion loss on Friday.
This followed the dip in the share price of stocks like MULTIVERSE, RTBRISCOE, and SUNUASSUR amongst others on the trading floor today.
After five hours of trading at the capital market, the equity capitalization crashed to N56.42 trillion from N56.47 trillion posted by the bourse on Thursday.
The All-Share Index (ASI) decreased to 99,743.05 from 99,842.94 recorded the previous trading day.
The market breadth was negative as 21 stocks advanced, 26 declined, while 75 others remained unchanged in 9,273 deals.
INTERNATIONAL BREWERIES, THOMASWY, and CHAMS led other gainers with 10%, 9.95% and 9.86% growth in share price to close at N4.40, N2.10, and N2.34 from the previous N4.00, N1.91, and N2.13 per share.
READ ALSO: NGX: Investors close week with N52bn profit
On the flip side, MULTIVERSE, RTBRISCOE, and SUNUASSUR led other price decliners as they shed 9.68%, 7.46%, and 6.25% each to close at N11.20, N0.62, and N1.20 from the initial N12.40, N0.67, and N1.28 per share.
On the volume index, FBNH led trading with 207.913 million shares valued at N4.57 billion in 544 deals followed by GTCO which traded 58.553 million shares valued at N2.60 billion in 427 deals.
VERITASKAP traded 57.594 million shares valued at N55 million in 160 deals.
On the value index, FBNH recorded the highest value for the day trading stocks worth N4.57 billion in 544 deals followed by GTCO which traded equities worth N2.60 billion in 427 deals.
ZENITH BANK traded stocks worth N559 million in 461 deals.
By: Babajide Okeowo
The post NGX: Investors end week with N56bn loss as stocks tumble appeared first on Latest Nigeria News | Top Stories from TVN.

Chioma’s engagement ring worth three Rolls Royces, says Davido

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Chioma's engagement ring worth three Rolls Royces, says Davido

Afrobeats star, David Adeleke, popularly called Davido, has revealed that the value of his fiancée, Chioma Rowland’s engagement ring equals the price of two or three Rolls Royce.

Davido disclosed this in a video video shared on Instagram on Friday by a businessman and socialite, Pascal Okechukwu, popularly known as Cubana Chief Priest.

In the video, the socialite hailed the couple, who were seated in a car, and requested that Chioma flaunt the ring.

“#ChiVido 2024! Excessive steeze! Let me see that ring,” he said.

Responding, Davido said, “That is two, three Rolls Royces right there.”

According Online reports that Davido recently confirmed his upcoming wedding with Chioma, which is reportedly scheduled to take place in Lagos on June 25, 2024.

Israel DMW, an aide to Davido, also in a viral video, labelled the upcoming wedding as a “gathering of billionaires.”

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‘Leadership is based on seniority,’ Rivers caucus in House of Reps disown colleague over remark on Ugochinyere

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The Rivers State caucus in the House of Representatives has disowned one of its members, Dumnamene Deekor, as its spokesman.
The Leader of the Rivers State Caucus in the House, Awaji-Inombek Abiante, who made the clarification in a statement on Friday in Abuja, dismissed a statement credited to the lawmaker.
Deekor had in the statement called for sanction of the coordinator of the G-60 lawmakers, Ikenga Ugochinyere.
However, Abiante said Deekor was never instructed to speak on behalf of the caucus.
He said the leadership of the Rivers caucus in the Green Chamber had always been based on seniority.
READ ALSO: Reps move to suspend Ugochinyere over politicisation of oversight function
He added that a second-term lawmaker could not lead the caucus when there are more senior lawmakers.
The statement read: “The Rivers caucus in the House of Representatives read with dismay, a statement purportedly issued by the member, representing Khana/Gokana Federal Constituency, Deekor.
“The statement called for the discipline of the Coordinator of the G-60 Lawmakers in the Green Chamber, Ugochinyere over his position on vexed issues in the polity.
“We refused to collectively accede to Deekor’s self-serving stands as he has never been elected by the Rivers caucus to speak on our behalf.”
Abiante pointed out that Deekor who is a second-term lawmaker cannot arrogate to himself the position of caucus leader in the midst of third and fourth-term lawmakers.
The post ‘Leadership is based on seniority,’ Rivers caucus in House of Reps disown colleague over remark on Ugochinyere appeared first on Latest Nigeria News | Top Stories from TVN.

UK richest family jailed for exploiting domestic staff in Switzerland

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UK richest family jailed for exploiting domestic staff in Switzerland

A Swiss court handed jail sentences to four members of Britain’s richest family on Friday for exploiting Indian staff at their Geneva mansion.

The Hindujas — who were not present in court — were acquitted of human trafficking, but convicted on other charges in a stunning verdict for the family whose fortune is estimated at 37 billion pounds ($47 billion).

Prakash Hinduja and his wife Kamal Hinduja each got four years and six months, while their son Ajay and his wife Namrata received four-year terms, the presiding judge in Geneva ruled.

The cases stem from the family’s practice of bringing servants from their native India and included accusations of confiscating their passports once they were flown to Switzerland.

Prosecutors argued the Hindujas paid their staff a pittance and gave them little freedom to leave the house.

The family denied the allegations, claiming the prosecutors wanted to “do in the Hindujas”.

The Hindujas reached a confidential out-of-court settlement with the three employees who made the accusations against them.

Despite this, the prosecution decided to pursue the case due to the gravity of the charges.

Geneva prosecutor Yves Bertossa had requested a custodial sentence of five and a half years against Prakash and Kamal Hinduja.

Aged 78 and 75 respectively, both had been absent since the start of the trial for health reasons.

In his closing address, the prosecutor accused the family of abusing the “asymmetrical situation” between powerful employer and vulnerable employee to save money.

Household staff were paid a salary between 220 and 400 francs ($250-450) a month, far below what they could expect to earn in Switzerland.

“They’re profiting from the misery of the world,” Bertossa told the court.

– ‘Not mistreated slaves’ –

But the Hinduja family’s defence lawyers argued that the three plaintiffs received ample benefits, were not kept in isolation and were free to leave the villa.

“We are not dealing with mistreated slaves,” Nicolas Jeandin told the court.

Indeed, the employees “were grateful to the Hindujas for offering them a better life”, his fellow lawyer Robert Assael argued.

Representing Ajay Hinduja, lawyer Yael Hayat had slammed the “excessive” indictment, arguing the trial should be a question of “justice, not social justice”.

Namrata Hinduja’s lawyer Romain Jordan also pleaded for acquittal, claiming the prosecutors were aiming to make an example of the family.

He argued the prosecution had failed to mention payments made to staff on top of their cash salaries.

“No employee was cheated out of his or her salary,” Assael added.

Some staff even asked for raises, which they received.

With interests in oil and gas, banking and healthcare, the Hinduja Group is present in 38 countries and employs around 200,000 people.

AFP

NDLEA arrests 454 suspects in Adamawa in one year

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NDLEA arrests 454 suspects in Adamawa in one year

The National Drug Law Enforcement Agency, Adamawa Command, says it has arrested no fewer than 454 suspected illicit drug traffickers/peddlers from June 2023 till date.

State Commander of NDLEA, Mr Samson Agboalu, disclosed this on Friday at a news conference to begin the commemoration of the 2024 International Day Against Drug Abuse and Illicit Trafficking in the state.

The News Agency of Nigeria reports that World Drug Day with the theme: “The Evidence is Clear: Invest in Prevention” is celebrated annually on June 26 globally.

Agboalu said that the arrest figure made by the agency reflected a 9.38 per cent decrease from the 501 arrests made in the previous year.

He noted that the drug seizures significantly increased, with a total of 4,732.128 kilo grammes of hard drugs confiscated.

”This is a 75 per cent increase from the 1,164.750 kg seized between June 2022 and June 2023.

“These seizures include a range of substances such as Cannabis Sativa, Methamphetamine (ice), Cocaine, Tramadol, Exol-5, Diazepam tablets, Codeine-based syrup, Rohypnol tablets, and Pentazocine injections.

“Our Drug Demand Reduction (DDR) efforts have also been fruitful, with 107 residential clients treated, counselled, and rehabilitated, and 222 trafficking clients receiving brief intervention counselling,” he said.

Speaking on prosecution efforts and forfeitures from June 2023 to date, he said 148 individuals were convicted, with a notable increase from 115 convictions recorded between June 2022 and June 2023.

“The highest sentences handed down were between 10 and five years imprisonment, with the least six months.

“Monetary forfeiture recorded an increase, with the sum of N851,153 forfeited to the Federal Government and deposited into the Treasury Single Account, compared to N729,480 in the previous year.”

The NDLEA commander called for the adoption of preventive measures as a strategic approach to addressing drug abuse in the state.

He said that it was imperative to invest in prevention through increased public education, and collaboration with communities by ensuring youths have access to accurate information to discourage drug use.

“As we reflect on the theme, it is clear that investing in prevention is a strategic approach that promises long-term benefits and only effective way to address the root causes of drug abuse.

“Evidence has shown that prevention programmes can significantly reduce the initiation of drug use, thereby reducing the burden on law enforcement and the healthcare system.

“By focusing on education, awareness, and early intervention, we can protect our communities, particularly the youth, from the devastating effects of drug abuse,” he said.

Agboalu also emphasised the need for collaborative effort in the fight against the menace, in order to create a future where children could grow up in safe, healthy, and drug-free communities.

NAN reports that the command has organised one-week activities in line with the commemoration of World Drug Day to raise awareness and promote preventive measures.

According Online reports that World Drug Day is a vital reminder of the ongoing battle against drug abuse and the importance of international cooperation, education, and support in creating a drug-free world.

World Drug Day, officially known as the International Day against Drug Abuse and Illicit Trafficking, is observed annually on June 26.

This day was established by the United Nations General Assembly in 1987 to raise awareness about the major problem that illicit drugs represent to society.

The aim is to strengthen action and cooperation to achieve the goal of an international society free of drug abuse.

(NAN)

Fraudulent petitions threaten financial, govt institutions — Report

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Fraudulent petitions threaten financial, govt institutions — Report

The Nigerian Financial Intelligence Unit has said it discovered a surge in fraudulent petitions related to the alleged transfer of funds from foreign banks to Nigerian banks.

The organisation noted that these deceptive practices are increasingly targeting victims and posing a persistent threat to financial institutions, law enforcement agencies, and other government entities.

In its report dated June 19, 2024, the NFIU said the complexity and frequency of these schemes underscore the urgent need for enhanced security measures and coordinated responses from all affected sectors to mitigate the risks and protect stakeholders.

It partly read, “Our findings suggest that deceptive fraudulent petitions involving the tracing and recovery of funds allegedly transferred from foreign banks to Nigerian banks are becoming a recurrent threat to not only the targeted victim(s) but also Financial Institutions, Law Enforcement Agencies and other government agencies.

“Financial institutions and the general public are advised to be vigilant and adopt recommendations that will help to further safeguard important documents from being easily accessible to prevent their use as a backup for such petitions.

“The public should exercise some level of skepticism when dealing with telegraphic transfer documents from major European banks as nearly all frivolous claims emanate from the same jurisdictions and banks abroad.

“Relevant LEAs should also take steps to effectively address the problem of fraudulent telex copies by ensuring the prompt prosecution and sanctioning of offenders to serve as a deterrence.”

Specifically stating the effect of fraudulent petitions on banks, the organisation said false allegations engineered by misrepresentation of material facts could result in loss of confidence by the banking public who may have reasons to believe that the banks actually held funds in its server.

The organisation recommended that “Upon receipt of a letter from a customer anticipating a huge inflow, evidenced by the usual Telex copy, the financial institution should immediately conduct Enhanced Due Diligence, sufficient to establish the authenticity or otherwise of the document presented.

“Where issues of forgery are suspected, the Financial Institution must take steps to quickly respond in writing to the letter from the customer, clearly stating the non-existence of such pending transaction of funds. This action must be taken immediately upon receipt of the complaint by the bank to avoid their use of the acknowledgment of the letters for fraudulent purposes.”

Listing such fraudulent petitions received, the agency said a law firm once submitted a petition on behalf of its client, an NGO, requesting the NFIU and other relevant agencies to trace and recover the sum of €30,000,000,000.00 only, transferred from a foreign bank to a bank in Nigeria, claiming the funds had been blocked by a financial institution in Nigeria.

“The purpose of the funds according to the petition is for investment in the real estate sector. NFIU said a law firm once forwarded a petition on behalf of its client seeking to trace and recover the sum of €6,000,000,000.00 (Six Billion Euros) only transferred from foreign banks to the client’s Nigerian bank account,“ the report added.

The NFIU, however, urged the Nigerian Bar Association to enlighten its members to verify documents received from clients before acting on them.

“There is a need for the Nigerian Bar Association to sensitize its members on the importance of verifying and authenticating documents received from clients before taking action.

“In order to curtail the activities of persons who engage in fraudulent wire transfers, Law firms need to always conduct Due Diligence on their clients, including documents received while acting as legal attorneys or representatives.”