The World Bank says eight countries in sub-Saharan Africa are in debt distress, and 14 are at high risk of joining them. The bank said the countries are part of 38 countries eligible for the International Development Association (IDA) loans. Countries in sub-Saharan Africa includeNigeria, Angola, Kenya, South Africa, Ghana, Chad, Ethiopia and others. The Washington-based organisation said this in its latest Africa’s Pulse report, released on Tuesday. Africa’s Pulse is a biannual analysis of the near-term macroeconomic outlook for the region. It said that African governments spent 16.5 percent of their revenues servicing external debt in 2021, up from…

President Muhammadu Buhari said on Tuesday sexual harassment had reached alarming levels at the country’s universities, with “sex for grades” also part of corrupt practices that are being investigated by authorities. In 2019, the BBC used an undercover reporter to expose sexual harassment at two universities in Nigeria and Ghana, which sparked debate on social media about the problem of “sex for grades”. Critics say little has changed since then, accusing the government of failing to stamp out the practice. But Buhari told an anti-corruption summit in Abuja that the government was concerned and the Independent Corrupt Practices Commission was…

Federal Government through the Advertising Regulatory Council of Nigeria (ARCON) has filed a N30 billion suit against Meta Platforms Incorporated, owners of Facebook, Instagram and WhatsApp, and its agent AT3 Resources Limited. In the suit before the Abuja division of the Federal High Court, ARCON is seeking the declaration, among others, that the continued publication and exposure of various advertisements directed at the Nigerian market through Facebook and Instagram platforms by Meta Platforms Incorporated without ensuring same is vetted and approved before exposure is illegal, unlawful and a violation of the extant advertising law in Nigeria. ARCON stated that Meta…

Federal Capital Territory (FCT) High Court, on Tuesday, ordered First City Monument Bank (FCMB) to pay N540.5 million in damages to a pastor, Emmanuel Omale, of the Divine Hand of God Prophetic Ministry and his wife, Deborah, over false claim that they laundered N573 million for former chairman of the EFCC, Ibrahim Magu. Delivering judgement in the suit, Yusuf Halilu, the judge, held that the bank breached its “duty of care to the claimants,” the Omales and their church. The judgment was on the suit marked: FCT/HC/CV2541/2020 filed by Mr Omale, his wife and the church. The judge held that…