In a significant move against illicit foreign exchange (FX) trading, the Economic and Financial Crimes Commission (EFCC) has taken action by freezing over 300 accounts.

Ola Olukoyede, EFCC’s chairman, disclosed this development during a statement in Abuja on Tuesday, underscoring the agency's efforts to combat financial crimes. Olukoyede emphasized the critical role of a court order in securing the freeze, highlighting the potential consequences if the accounts were not seized.

Moreover, he shed light on the alarming scale of illicit transactions, noting that over $15 billion had passed through unregulated platforms in the past year alone. This revelation underscores the magnitude of the challenge posed by unmonitored financial activities within the country.

The timing of this crackdown coincides with another notable event: the reported arrest of Nadeem Anjarwalla, the Binance regional manager for Africa, by Kenya’s police service. Anjarwalla's escape from an Abuja guest house, where he and his colleague Tigran Gambaryan were held by the federal government, further adds intrigue to the unfolding situation. Their alleged involvement in tax evasion and money laundering has brought them into the spotlight, with their arrest and detention on February 28 marking a significant development in the investigation.

These events unfold against the backdrop of concerns raised by Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), regarding the substantial financial flows passing through Binance Nigeria from unidentified sources.

Cardoso's assertion, made on February 27, 2024, underscores the urgency of collaborative efforts between various agencies, including the EFCC, police, and the office of the national security adviser (NSA), to address illicit financial activities within the country.

During an interactive session with media executives in Abuja, Ola Olukoyede, the chairman of the Economic and Financial Crimes Commission (EFCC), made startling revelations about Yahaya Bello, the former governor of Kogi State. Olukoyede disclosed that Bello withdrew a staggering $720,000 from the state's funds to prepay his child's school fees.

According to Olukoyede, Bello orchestrated the transfer of state funds directly to a bureau de change operator, utilizing the money for advance payment of his child's education expenses. This brazen act, executed under the guise of preparing for his impending exit from office, raised serious concerns about financial mismanagement, especially in a state like Kogi known for its economic challenges.

Expressing his dismay at the situation, Olukoyede emphasized the absurdity of turning a blind eye to such flagrant misuse of public resources, particularly given the socioeconomic context of Kogi State. He reiterated his commitment to upholding accountability, regardless of any external pressures or allegations of being manipulated.

Highlighting the institutional continuity of the investigation, Olukoyede clarified that he inherited the case file concerning the former governor and did not instigate the probe against Bello.

However, recent developments have escalated the situation, with EFCC operatives laying siege to Bello's residence in Abuja on April 17, in connection to alleged fraudulent activities totaling N80 billion.

The EFCC's allegations extend beyond Bello, implicating Alli Bello, the chief of staff to Governor Ododo, and Daudu Suleiman in diverting substantial funds belonging to the Kogi State government. These accusations underscore the depth of the investigation and the widespread ramifications of corruption within the state's administration.

Dangote Petroleum Refinery has once again reduced the prices of diesel and aviation fuel to N940 and N980 per litre, respectively.

This adjustment follows a previous reduction just two weeks ago when the diesel price was lowered to N1,000.

The new pricing structure offers N940 per litre for customers purchasing five million litres and above, while those buying one million litres and above can avail themselves of diesel at N970 per litre.

Anthony Chiejina, Head of Communication, emphasized that these adjustments align with the company's commitment to alleviating the economic challenges facing Nigeria.

In an effort to make fuel more accessible, Dangote Petroleum Refinery has partnered with MRS Oil and Gas stations, ensuring affordable prices across all their outlets nationwide. Chiejina highlighted the availability of diesel at N1,050 per litre and aviation fuel at N980 per litre at major airports where MRS operates.

He further noted plans to extend this partnership to other major oil marketers, aiming to prevent retail buyers from purchasing fuel at exorbitant prices. This initiative reflects Dangote Group's dedication to improving the welfare of Nigerians amidst economic hardships.

This recent price adjustment marks the third significant reduction in diesel price within three weeks, starting from N1,700 to N940 per litre, signaling a positive trend for consumers and industries alike. Ajayi Kadiri, Director General of the Manufacturers Association of Nigeria (MAN), praised Dangote Refinery's efforts, highlighting the potential impact on the national economy.

Kadiri emphasized the trickle-down effect of these price reductions, foreseeing benefits across various sectors including industrial operations, transportation, logistics, and agriculture. He expressed optimism that these adjustments would contribute to easing the high inflation rate and stimulate economic activities, ultimately leading to the revival of dormant industries.

A Dana Air flight bearing registration number 5N BKI, carrying 83 passengers, experienced a runway incursion upon landing at the domestic wing of the Murtala Muhammed International Airport, Lagos, runway 18L. No passengers were injured during the incident.

In a statement released by the airline, Dana Air expressed regret over the runway incursion involving flight 5N BKI, which was en route from Abuja to Lagos on April 23, 2024.

The statement said that the crew handled the situation with utmost professionalism, ensuring the safety of all passengers and crew members.

Furthermore, Dana Air informed that the Nigerian Safety and Investigation Bureau (NSIB) and the Nigeria Civil Aviation Authority (NCAA) have been notified of the incident, and the involved aircraft has been grounded by the maintenance team for thorough investigation.

Acknowledging the swift response of airport authorities and the crew in facilitating the safe disembarkation of passengers, Dana Air expressed gratitude to all parties involved. The airline also extended sincere apologies to the affected passengers, emphasizing that safety remains their paramount concern.

Israel steps up strikes across Gaza, orders new evacuations in north

Israeli strikes intensified across Gaza on Tuesday in some of the heaviest shelling in weeks, residents said, and the army ordered fresh evacuations in the north of the enclave, warning civilians they were in a "dangerous combat zone".

Strikes by air and shelling from tanks on the ground were also reported in central and southern areas of the Gaza Strip in what residents said late on Tuesday were almost 24 hours of non-stop bombardments.

In a post on social media platform X, Israeli army spokesperson Avichay Adraee urged residents of four zones in Beit Lahiya on Gaza's northern edge to move to two designated areas.

He said the military "will work with extreme force against terrorist infrastructure and subversive elements" in the region.

In a statement issued later on Tuesday, the military said it "follows international law and takes feasible precautions to mitigate civilian harm."

The renewed shelling and bombing of northern Gaza comes almost four months after the Israeli army announced it was drawing down troops there, saying Hamas no longer controlled those areas.

This month, Israel also drew down most of its forces in southern Gaza. But efforts to reach a ceasefire have failed, and Israeli bombardment and raids on territory where its troops have withdrawn are making it difficult for displaced Gazans to return to abandoned homes.

Tuesday's bombardment came after incoming rocket alerts sounded in two southern Israeli border towns, although no casualties were reported.

The armed wing of Islamic Jihad, a group allied to Hamas, claimed responsibility for the attacks on Sderot and Nir Am, indicating fighters were still able to launch rockets almost 200 days into the war, which has flattened large swathes of the enclave and displaced almost all of its 2.3 million people.

Hamas said Israel had achieved only "humiliation and defeat" with its offensive.

Speaking in a video aired by Al Jazeera television, Abu Ubaida, the spokesperson for Hamas' armed wing, called for an escalation in conflict across all fronts and praised Iran for its first direct attack against Israel earlier this month.

He also said Hamas was sticking to its demands in ceasefire talks for Israel to permanently end its war, pull all its troops from Gaza and allow the displaced to return to the north.

Israel has resisted a permanent ceasefire, saying that would only allow Hamas to regroup.

 

Reuters

WESTERN PERSPECTIVE

'Now go win the fight': US Congress passes Ukraine aid after months of delay

A sweeping foreign aid package easily passed the U.S. Congress late on Tuesday after months of delay, clearing the way for billions of dollars in fresh Ukraine funding amid advances from Russia's invasion force and Kyiv's shortages of military supplies.

The Senate approved by 79 to 18 four bills passed by the House of Representatives on Saturday, after House Republican leaders abruptly switched course last week and allowed a vote on the $95 billion in mostly military aid for Ukraine, Israel and Taiwan and U.S. partners in the Indo-Pacific.

The four bills were combined into one package in the Senate, which President Joe Biden said he would sign into law on Wednesday.

Ukrainian President Volodymyr Zelenskiy said he was grateful to U.S. lawmakers for approving "vital" aid for Ukraine.

"This vote reinforces America's role as a beacon of democracy and leader of the free world," Zelenskiy said in a statement on the Telegram messaging app.

The largest provides $61 billion in critically needed funding for Ukraine; a second provides $26 billion for Israel and humanitarian aid for civilians in conflict zones around the world, and a third mandates $8.12 billion to "counter communist China" in the Indo-Pacific.

A fourth, which the House added to the package last week, includes a potential ban on the Chinese-controlled social media app TikTok, measures for the transfer of seized Russian assets to Ukraine and new sanctions on Iran.

Biden's administration is already preparing a $1 billion military aid package for Ukraine, the first sourced from the bill, two U.S. officials told Reuters. It includes vehicles, Stinger air defense munitions, additional ammunition for high-mobility artillery rocket systems, 155 millimeter artillery ammunition, TOW and Javelin anti-tank munitions and other weapons that can immediately be put to use on the battlefield.

The Senate's Democratic and Republican leaders predicted that Congress had turned the corner in putting Russian President Vladimir Putin and other foreign adversaries on notice that Washington will continue supporting Ukraine and other foreign partners.

"This national security bill is one of the most important measures Congress has passed in a very long time to protect American security and the security of Western democracy,"

Democratic Majority Leader Chuck Schumer told a news conference after the vote.

The aid package could be the last approved for Ukraine until after elections in November when the White House, House of Representatives and one-third of the Senate are up for grabs.

Much of the opposition to the security assistance in both the House and Senate has come from Republicans with close ties to former U.S. President Donald Trump, a Ukraine aid skeptic who has stressed "America First" policies as he seeks a second term.

Senate Republican Leader Mitch McConnell, a strong advocate for assisting Ukraine, expressed regret about the delay, largely due to hardline Republicans' objections to adding more to the $113 billion Washington had authorized for Kyiv since Russia began its full-scale invasion in February 2022.

"I think we’ve turned the corner on the isolationist movement," McConnell told a news conference.

Some of the Ukraine money - $10 billion in economic support - comes in the form of a loan, which Trump had suggested. But the bill lets the president forgive the loan starting in 2026.

'NOW GO WIN THE FIGHT'

The influx of weapons should improve Kyiv's chances of averting a major breakthrough in the east by Russian invaders, although it would have been more helpful if the aid had come closer to when Biden requested it last year, analysts said.

Schumer said he left a message for Zelenskiy on Tuesday night, telling him, "OK, we got it done. Now go win the fight."

It was not immediately clear how the money for Israel would affect the conflict in Gaza. Israel already receives billions of dollars in annual U.S. security assistance, but it more recently has faced its first direct aerial attack by Iran.

Aid supporters hope the humanitarian assistance will help Palestinians in Gaza, which has been devastated by Israel's campaign against Hamas to retaliate for Oct. 7 attacks that killed 1,200 people.

Gaza health authorities say the campaign has led to the deaths of more than 34,000 civilians in the Palestinian enclave.

It was the second time this year that the Democratic-led Senate passed security aid for Ukraine, Israel and the Indo-Pacific. The last bill, more than two months ago, garnered 70% support in the 100-member chamber from Republicans and Democrats. But leaders of the Republican-controlled House would not allow a vote on the foreign aid until last week.

The legislation's progress has been closely watched by industry, with U.S. defense firms up for major contracts to supply equipment for Ukraine and other U.S. partners.

 

RUSSIAN PERSPECTIVE

Ukraine has lost almost half a million troops – Moscow

Ukrainian military losses since February 2022 have reached almost 500,000, Russian Defense Minister Sergey Shoigu claimed on Tuesday. 

Russian forces have the initiative on the front line and are pushing back their opponents, Shoigu told a ministerial meeting. The pressure prevents Kiev’s troops from holding on to their defensive positions, he added.

The defense minister also addressed America’s expected allocation of over $60 billion in military assistance for Kiev. He noted that the move is intended to “prevent the collapse” of Ukrainian forces, but predicted that the money will not significantly impact the situation on the battlefield, since “most of the funding will go to US military production.”

“The American authorities cynically state that Ukrainians will be dying in the fight with Russia for their interests,” Shoigu stated. Officials in both Washington and Kiev have argued that paying Ukraine to fight Russia is preferable to the US having to fight Russia directly.

Shoigu hailed Russia’s defense production capacity and flexibility in adapting its military tactics to the combat situation. He said the Defense Ministry will continue long-range attacks on logistics hubs and depots used for supplying Western weapons to Ukraine.

Earlier this month, Ukrainian President Vladimir Zelensky signed into law a radical reform of the mobilization system, meant to boost conscription numbers, which introduces harsh punishments for draft avoidance.

Zelensky said he considers a proposed mobilization target of 500,000, tabled by Ukraine’s former top general, Valery Zaluzhny, who he dismissed in February, as excessive.

The multi-billion-dollar US aid package was requested by the White House months ago but was only passed by the House of Representatives on Saturday, after Speaker Mike Johnson agreed to it.

 

Reuters/RT

(For Earth Day 2024)

The sky above our head is

A ragged umbrella in need of a needle

The rain which leaks through the rupture
Is a cocktail of contending toxins   

The cloud up there is a wet blanket
Dripping like a dirge upon a feverish earth

The birds fled several season ago
Without leaving a forwarding address

Prodigal saws have felled the joy
Of flourishing forests

There is a twilight stanza
In the song of the wind

Several seasons ago we sowed the Wind
The Whirlwind is ripe for our heedless reaping

The Earth we used to know
Is once-upon-a-time

** Niyi Osundare, one of Africa’s foremost poets and academics, is Emeritus Distinguished Professor of English, University of New Orleans. 

Thanks to investors' insatiable appetite for artificial intelligence, Nvidia (NVDA) — a key player in powering AI advancements — has become a market darling. The stock has skyrocketed, showing a 70% increase year to date and a staggering 1,749% return over the past five years.

The surge in Nvidia’s share price has significantly increased the wealth of its founder and CEO, Jensen Huang. According to Forbes, Huang now ranks as the 20th richest person in the world, with a net worth of $72.2 billion.

However, he didn’t begin his career in the billionaire club — far from it.

During a recent “View From The Top” interview at Stanford Graduate School of Business, Huang was asked why he created a flat organizational structure for his company. In his response, he reflected on his humble beginnings.

“To me, no task is beneath me because remember, I used to be a dishwasher, and I mean that, and I used to clean toilets. I mean, I cleaned a lot of toilets, I've cleaned more toilets than all of you combined, and some of them, you just can't unsee,” he said.

Huang’s light-hearted remark elicited laughter from the audience.

He continued, “I don't know what to tell you, that's life, and so you can't show me a task that's beneath me.”

Huang emphasizes his willingness to help others by sharing his approach to problem-solving. He states that his assistance is not about whether a task is beneath him but about being of service: by demonstrating his reasoning process on various challenges — whether they're ambiguous, incalculable, or seemingly daunting — he empowers others.

Resilience matters

Huang doesn’t hesitate to make bold statements. During another Stanford event, he made some intriguing remarks about expectations, pain and suffering.

Speaking at the Stanford Institute for Economic Policy Research last month, Huang was asked what advice he’d give to students to enhance their chances of success.

Rather than prescribing specific actions, he shared this insight: "One of my great advantages is that I have very low expectations."

Huang went on to note that low expectations aren’t typical among Stanford graduates — even though he himself is an alumnus.

“Most Stanford graduates have very high expectations, and you deserve to have high expectations because you came from a great school. You were very successful. You were top of your class. Obviously, you were able to pay for tuition. And then you’re graduating from one of the finest institutions on the planet. You’re surrounded by other kids that are just incredible,” he elaborated.

However, Huang highlighted a significant drawback to this mindset, stating, “People with very high expectations have very low resilience. And unfortunately, resilience matters in success.”

‘I hope suffering happens to you’

Huang believes that the ability to endure setbacks and suffering is crucial for success. However, he’s unsure how to effectively teach this resilience to students — it may be something they need to experience firsthand.

“I don’t know how to teach it to you except that I hope suffering happens to you,” he said.

He shared that, although he grew up in an environment that fostered success, he also faced many challenges. Within his company, he uses the term "pain and suffering" with glee, seeing such challenges as opportunities to strengthen and refine the character of the organization.

For Huang, true greatness in individuals comes from character, not intelligence, and character is shaped by experiences of adversity.

“And so if I could wish upon you — I don’t know how to do it — but for all of you Stanford students, I’d wish upon you ample doses of pain and suffering,” he said.

Put simply: no pain, no gain.

 

MoneyWise

Former President Goodluck Jonathan emphasized the importance of establishing state police to tackle insecurity during a national security dialogue in Abuja. He stressed the need for a framework preventing abuse of state police powers and highlighted their success in stabilizing security in Bayelsa during the late 90s.

Jonathan underscored concerns about ensuring state police autonomy while preventing misuse by governors. He urged careful consideration of the relationship between state and national security structures. Furthermore, he called for equipping state police adequately to combat criminals effectively.

Vice-President Kashim Shettima pledged federal government support for dialogue outcomes, while former head of state Abdulsalami Abubakar emphasized the importance of government transparency. However, the Inspector General of Police, represented by Ben Okolo, opposed state police, suggesting instead the integration of FRSC and NSCDC into federal policing. This stance was met with disapproval from the audience.

The Minister of Education, Tahir Mamman, has announced that candidates under the age of 18 will no longer be admitted to tertiary institutions.

This directive, given during a monitoring exercise of the 2024 Unified Tertiary Matriculation Examination (UTME) in Bwari, Federal Capital Territory, aims to align with the 6-3-3-4 education system.

Mamman expressed concern over parents pressuring underage students into university admission, emphasizing the need for children to mature before entering higher education.

He highlighted the challenges faced by young students adjusting to university life and urged parents to refrain from undue pressure. The minister stressed the importance of allowing children to transition from a controlled to an independent environment at an appropriate age to ensure their success in university education.