News

Sunday, 22 May 2022 06:38

New law signed by Buhari imposes N1m daily fine on banks, others which fail to report suspicious transactions

As part of its fresh move against money laundering, the Federal Government has enforced a fine of N1m per day for any financial institution or non-financial business and profession that fails to report any suspicious transaction. This is according to the Money Laundering (Prevention and Prohibition) Bill, 2022, which President Muhammadu Buhari recently assented to and passed into law. In Section 7 of the Act, which was titled ‘Suspicious transaction reporting’, it was stated that a suspicious transaction could be any transaction that involves an unjustifiable or unreasonable frequency. It also involves any transaction surrounded by conditions of unusual or…

Sunday, 22 May 2022 06:35

Two killed in another building collapse in Lagos

Two persons have been confirmed dead while three persons sustained injuries in a fresh building collapse on Alayaki Lane, Lagos Island. It was learnt that the three storey building which was under construction came down during a heavy rainfall in the area. The Lagos Terrorial Head of National Emergency Management Agency, Ibrahim Farinloye, confirmed the incident. “Three rescued alive and two died. Responders are on the way,” he said. Permanent Secretary, Lagos State Emergency Management Agency, Olufemi Oke-Osanyitolu, said preliminary investigation revealed that the building was being constructed in violation of the safety protocols. He said, “The agency responded to…

Sunday, 22 May 2022 06:34

What to know after Day 87 of Russia-Ukraine war

Ukraine ruled out a ceasefire or concessions to Moscow on Saturday as Russia intensified an offensive in the eastern Donbas region and stopped providing gas to Finland. After ending weeks of resistance by the last Ukrainian fighters in the strategic southeastern city of Mariupol, Russia is waging what appears to be a major offensive in Luhansk, one of two provinces in Donbas. Russian-backed separatists already controlled swathes of territory in Luhansk and the neighbouring Donetsk province before the Feb. 24 invasion, but Moscow wants to seize the last remaining Ukrainian-held territory in Donbas. "The situation in Donbas is extremely difficult,"…

Saturday, 21 May 2022 07:03

Akinwunmi Adesina is again being accused of gross misconducts. Here are details of the fresh allegations against president of African Devt Bank

In the middle of July 2020, Roland Michelitsch slipped out of his home in Ivory Coast, taking almost nothing with him. He quietly got into an armoured Land Rover and drove to a boatyard where he abandoned the vehicle. And then he disappeared. Michelitsch was not a spy or criminal mastermind. He was a banker of the least glamorous sort—the independent evaluator general of the African Development Bank (afdb). Yet he had !ed the country fearing for his life. The afdb is the most important African development institution in a region with about 70% of the world’s extremely poor people.…

Saturday, 21 May 2022 07:01

Buhari appoints new Statistician-General, DG NISER

President Muhammadu Buhari, on Friday, approved the appointment of Semiu Adeniran as the substantive Statistician-General of the Federation and Chief Executive Officer of the National Bureau of Statistics (NBS). This was contained in a statement issued by Sufuyan Ojeifo, special assistant (media) to the Minister of State, Budget and National Planning, Clem Agba. The new appointment follows the demise of the former Statistician-General of the Federation, Simon Harry, on April 13, 2022. The statement said that Adeniran is a professional statistician of repute with a bias for Demography and Social Statistics. He has over three decades of statistical hands-on experience…

Saturday, 21 May 2022 06:57

WHO calls emergency meeting as monkeypox cases top 100 in Europe

The World Health Organization was holding an emergency meeting on Friday to discuss the recent outbreak of monkeypox, a viral infection more common to west and central Africa, after over 100 cases were confirmed or suspected in Europe. In what Germany described as the largest outbreak in Europe ever, cases have been reported in at least nine countries – Belgium, France, Germany, Italy, the Netherlands, Portugal, Spain, Sweden and the United Kingdom - as well as the United States, Canada and Australia. Spain reported 24 new cases on Friday, mainly in the Madrid region where the regional government closed a…

Saturday, 21 May 2022 06:56

What to know after Day 86 of Russia-Ukraine war

The last Ukrainian forces holed up in Mariupol's smashed Azovstal steelworks surrendered on Friday, Russia's defense ministry said, ending the most destructive siege of the war as Moscow fought to cement control over the Donbas region. Hours before Russia's announcement on Friday, Ukrainian President Volodymyr Zelenskiy said the last defenders at the steelworks had been told by Ukraine's military that they could get out and save their lives. Russia said there were 531 members of the last group that had given up. "The territory of the Azovstal metallurgical plant... has been completely liberated," the ministry said in a statement, adding…

Friday, 20 May 2022 06:42

Buhari signs new Health Insurance Law targeting 83m vulnerable Nigerians

President Muhammadu Buhari has signed a new insurance law aimed at expanding coverage for vulnerable citizens unable to afford the costs of health care in Africa’s most populous country. The National Health Insurance Authority Bill 2022 will “ensure coverage of 83 million poor Nigerians who cannot afford to pay premiums,” Buhari said in an emailed statement. About eight out of 10 Nigerians do not have a health insurance cover in Africa’s largest economy, according to a November survey by NOI Polls, the country’s leading polling agency. A majority of Nigerians pay cash if they have to visit a health care…

Friday, 20 May 2022 06:38

What to know after Day 85 of Russia-Ukraine war

Ukraine's industrial Donbas region, the focus of recent Russian offensives, has been destroyed, President Volodymyr Zelenskiy said as some of the world's richest countries pledged to bolster Kyiv with billions of dollars. Since turning away from Ukraine's capital, Russia is using massed artillery and armour to try to capture more territory in the Donbas, comprised of the Donetsk and Luhansk areas, which Moscow claims on behalf of separatists. "The occupiers are trying to exert even more pressure. It is hell there - and that is not an exaggeration," Zelenskiy said in a late Thursday address. "(There are) constant strikes on…

Thursday, 19 May 2022 06:33

China’s lending cutbacks stall Buhari’s infrastructure goals - Bloomberg

Nigeria’s outgoing president promised to leave a legacy fashioned from concrete, stone, and steel. Instead, billions in stalled financing from China is forcing him to temper his aspirations to seed the country with ambitious public works. Muhammadu Buhari, a former military ruler, was elected to lead Africa’s most populous nation in 2015 on pledges to tackle a deadly Islamist insurgency, clamp down on corruption, and build critical infrastructure. With only a year left before the end of his second and final term in office, it appears he put too much faith in the appetite of Chinese lenders to fund the…

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Thursday, 19 May 2022 06:29

Sanwo-Olu bans Okada in select Lagos LGs

Governor Babajide Sanwo-Olu has banned the operations of commercial motorcycles, popularly called Okada, on highways and bridges across six local government areas and nine local council development areas of Lagos State to curtail the menace and unruly activities of commercial motorcyclists. The affected councils are Eti-Osa, Ikeja, Surulere, Lagos Island, Lagos Mainland, and Apapa. The governor who briefed heads of security agencies at a meeting at State House, Ikeja, yesterday, said Okada riding on the highways remained unsafe and would no longer be tolerated. He directed that effective June 1, security operatives should enforce the proscription order across the listed…

Thursday, 19 May 2022 06:27

Chinese plane crash caused by intentional act - US officials

The China Eastern Airlines plane crash that killed 132 people is believed to have been caused by an intentional act, according to U.S. officials who spoke to ABC News. The Boeing 737-800 passenger jet was flying from Kunming to Guangzhou on March 21 when it plunged into a mountainous area in Guangxi, China. All 123 passengers and nine crew members were killed. The officials who spoke to ABC News point to the plane's flaps not being engaged and landing gear not put down. The near-vertical descent of the plane, they believe, would've required intentional force. The plane slammed into the…

Thursday, 19 May 2022 06:24

What to know after Day 84 of Russia-Ukraine war

Moscow said nearly 700 more Ukrainian fighters had surrendered in Russian-held Mariupol as it shored up a key gain in the south, while the United States became the latest Western country to reopen its embassy in Kyiv. Ukraine has ordered its garrison in Mariupol to stand down, but the ultimate outcome of Europe's bloodiest battle for decades remains unresolved. Top commanders of Ukrainian fighters who had made their last stand at the Azovstal steelworks in the port city are still inside the plant, according to the leader of pro-Russian separatists in control of the area, Denis Pushilin, quoted by local…

Wednesday, 18 May 2022 06:29

Nationwide load shedding as DisCos share paltry 2,500MW of electricity - Report

Over 1,000 megawatts of electricity are currently not allocated to power distribution companies (DisCos) despite low generation by Nigeria’s 23 power plants. Investigation revealed that the Transmission Company of Nigeria failed to allocate 1,357MW of electricity from a paltry 3, 871MW generated on Sunday. According to data collected from the Nigerian Electricity System Operator, an arm of TCN, nine DisCos out of 11 were on Sunday allocated a total of 2,514MW, leaving 1,357 unallocated. A breakdown of the allocation for Sunday showed that Abuja DisCo received a total of 289.92MW; Benin DisCo, 226.89; Eko DisCo, 377.31MW; while 251.89MW was allocated…

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