Connect with us

Musings From Abroad

China to invest $36 billion in multi-sectoral projects in Algeria 

Published

on

Local reports in Algeria have quoted Algerian President, Abdelmadjid Tebboune as saying China will invest $36 billion in Algeria over the next 10 years, with investments planned in the manufacturing, new technology, knowledge economy, transportation, and agricultural sectors.
The president, while speaking during a meeting in Shenzhen province with representatives of the Algerian community in China, said the projects and agreements concluded with the Chinese side were huge and mutually beneficial to both countries.
The Algerian President stated that his country had opened “all horizons of investment” between the two nations and that Algeria aimed to elevate its economic ties with Beijing to that of “good historical political relations.”
President Tebboune is on a state visit to China, at the Great Hall of the People where Chinese President
Xi noted that 2023 marked the 65th anniversary of diplomatic relations between China and Algeria.
The two countries have been partners in the pursuit of common development and national rejuvenation. While China is advancing national rejuvenation on all fronts through a Chinese path to modernization, Algeria is pressing ahead with building a “new Algeria”.

Musings From Abroad

Prince Harry, Meghan treated to street-style dances in Nigeria as their trip winds down

Published

on

On Sunday, Prince Harry and his wife Meghan were treated to street-style dances in Lagos, Nigeria’s commercial capital, where they announced a partnership between their Archewell Foundation and the non-profit Giants of Africa, which utilizes sports to empower young people.

The Duke and Duchess of Sussex are making their first visit to Nigeria, where they were welcomed by the country’s chief of defence staff. The couple watched basketball practice at Ilupeju Senior Grammar School on Lagos Mainland, where Harry participated in ball-bouncing drills and shot a hoop.

“What you guys are doing here at Giants of Africa is truly amazing,” he said. “The power of sport can change lives. It brings people together and creates community and there are no barriers, which is the most important thing.”

The couple watched basketball practice at Ilupeju Senior Grammar School on Lagos Mainland, and Harry stepped on the court for some ball-bouncing drills and to shoot a hoop.

Former Toronto Raptors star Masai Ujiri, president of Giants of Africa, wished Meghan a happy Mother’s Day and said his organization was uniting communities and uplifting young people through sport, especially. Archewell Foundation and Giants of Africa will construct a basketball court in Nigeria’s capital Abuja.

“Talk about full circle again – never did I think we would be able to be here all those years later supporting the expansion of this incredible organization,” she said.
Harry and Meghan were set to round off their Lagos trip by attending a reception for a local charity. The couple live in the United States with their two children after Harry gave up working as a member of the royal family in 2020.

Continue Reading

Musings From Abroad

Binance accuses Nigeria of setting dangerous precedent with detention of its executives

Published

on

After its executives were invited to Nigeria and subsequently arrested as part of a crackdown on cryptocurrencies, the CEO of cryptocurrency exchange, Binance, warned that the African nation was creating a dangerous precedent.

The largest cryptocurrency exchange in the world, Binance, and two of its executives are being tried separately for tax evasion and money laundering, charges that the business is contesting.

CEO Richard Teng declared in a statement that it was time to voice opposition to the imprisonment of a US citizen and head of financial crime compliance at Binance, Tigran Gambaryan.

Former executive, Nadeem Anjarwalla, a British Kenyan who works as a regional manager for Africa, escaped detention in Nigeria last month. While in Nigeria, Anjarwalla and Gambaryan were arrested by the country’s anti-corruption body, the Economic and Financial Crimes Commission (EFCC), after arriving on February 26, after which the country banned several websites that traded cryptocurrencies.

In a follow-up meeting on February 26, he stated that the authorities had declared the Binance concerns to be matters of national security and that they wanted the exchange to remove the naira from its site and disclose “granular-level” information on every Nigerian user. After that, Gambaryan and Anjarwalla were taken into custody.

“To invite a company’s mid-level employees for collaborative policy meetings, only to detain them, has set a dangerous new precedent for all companies worldwide,” Teng said, in his strongest comments yet since the case started in February.

“For spurious reasons,” Teng said that Gambaryan had been detained in Nigeria for almost two months. Early in March, Binance declared that it will no longer be accepting any new naira transactions.

“Our hope when we took this drastic step was that our colleagues would be released and Binance could continue to work with the Nigerian government to resolve any further concerns. Unfortunately, that didn’t happen,” said Ten.

He stated that Gambaryan ought to be permitted to return home while Binance and the Nigerian government work out any kinks. “We will continue engagement with Nigeria’s Federal Inland Revenue Service (FIRS) on resolving potential historic tax liabilities,” he said.

Continue Reading

EDITOR’S PICK

Metro2 hours ago

Aspiring journalist offers insights on media freedom and information access in Zambia

Ireen Mundia, a student journalist, has contributed to the discourse on media freedoms, drawing from her internship experience at Byta...

VenturesNow3 hours ago

Nigeria’s antigraft body EFCC to team up with UK prosecutors in ex-minister Diezani’s $2.5bn fraud case

There were indications over the weekend that the Economic and Financial Crimes Commission (EFCC) intends to collaborate with UK prosecutors...

Metro4 hours ago

Tinubu reportedly orders CBN to suspend unpopular cybersecurity levy after public outcry

President Bola Tinubu has reportedly mandated the Central Bank of Nigeria (CBN) to suspend the implementation of a controversial cybersecurity...

Strictly Personal4 hours ago

If I were put in charge of a $15m African kitty, I’d first deworm children, By Charles Onyango-Obbo

One of my favourite stories on pan-African action (or in this case inaction), one I will never tire of repeating,...

Politics5 hours ago

Mass protest in Tunisia for release of political prisoners, fair elections

Hundreds of demonstrators gathered in Tunisia’s capital on Sunday to demand the release of imprisoned journalists, activists, and opposition members,...

Musings From Abroad5 hours ago

Prince Harry, Meghan treated to street-style dances in Nigeria as their trip winds down

On Sunday, Prince Harry and his wife Meghan were treated to street-style dances in Lagos, Nigeria’s commercial capital, where they...

Behind the News21 hours ago

Behind the News: All the backstories to our major news this week

Over the past week, there were lots of important stories from around the African continent, and we served you some...

Politics1 day ago

Civil society organizations sue Nigerian’s central bank over new cybersecurity levy

The Socio-Economic Rights and Accountability Project, a non-profit organization, BudgIT, and 136 concerned Nigerians have sued the Central Bank of...

VenturesNow1 day ago

African leaders seek innovative methods to boost agriculture

African authorities are seeking innovative methods to enhance funding for the agriculture industry in the continent and to improve the...

Politics1 day ago

Mali: National dialogue proposes 3 more years of junta rule

The participants of Mali’s national dialogue have proposed a three-year extension of the military-led transition to democracy and suggested that...

Trending