Politics

Nigerian President, Tinubu appoints Cardoso as central bank governor

Published

1 year ago

September 15, 2023

Nigerian President, Bola Tinubu has approved the nomination of Dr. Olayemi Michael Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN).

Cardoso’s nomination is for a term of five (5) years at the first instance, subject to his confirmation by the Nigerian parliament.

President Tinubu also approved the nomination of Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr Bala M. Bello as statutory four new Deputy Governors of the Central Bank of Nigeria (CBN).

This nomination aligns with Section 8(1) of the Central Bank of Nigeria Act, 2007, which grants the President the power to appoint the Governor and four (4) Deputy Governors for the Central Bank of Nigeria (CBN), subject to confirmation by the Senate of the Federal Republic of Nigeria.

The office of Nigeria’s central bank governor has been hit with controversies in the recent past with previous occupants, Godwin Emefiele who oversaw years of controversial monetary policies and was at some point believed to be interested in contesting to become Nigeria’s President was suspended ten days after the president’s sworn-in. He has also been docked for unlawful possession of arms and financial-related crime.

Nigeria hopes that Cardoso will bring his experience as chairman of the board of Citibank Nigeria and a former commissioner for economic planning and budget in Lagos state where President Tinubu was a governor between 1999 and 2007, to transform Nigeria’s monetary and fiscal space which has been greeted with inconsistent policies lately.

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Politics

Mali: 7 Russian mercenaries killed

Published

24 hours ago

November 24, 2024

Ifeoluwa Dada

An al Qaeda offshoot in North Africa has claimed responsibility for the attack in central Mali, killing at least seven mercenaries from Russia’s Wagner private military contractor company.

Wagner earlier lost a battle in July with mostly Tuareg rebels and Islamists close to Mali’s Algerian border, exposing the perils faced by mercenaries used by military juntas in the Sahel area of West Africa.

The separatists and strong branches of Al Qaeda and Islamic State, which have taken over large areas of the Sahel over the past 12 years, are difficult for Mali and its neighbours Burkina Faso and Niger to control.

The al Qaeda offshoot JNIM claimed responsibility for the Thursday attack, according to a statement from SITE Intelligence Group, which keeps an eye on extremist activity in the area. According to SITE, JNIM captured several weapons and killed seven Russian Wagner mercenaries.

Following an attack, the bodies of at least five white males wearing army fatigues were seen laying near a military truck in a video obtained by Reuters. The validity of the footage could not be confirmed by Reuters.

SITE Intelligence posted images allegedly from JNIM that showed many crates of weapons and ammo together with the dead and bloodied bodies of troops.

Although two local officials acknowledged the incident, a Malian army source claimed to have seen seven dead bodies, including Russian fighters. Five Wagner warriors were slain, according to one of them.

At least six Russians have been murdered in the attack, which was carried out by Katiba Macina, a division of JNIM, according to a consultant working on security in the area.

The expert referred to the Russians as Africa Corps warriors, a paramilitary group under Kremlin leadership that has taken Wagner’s position in Africa throughout the previous 12 months.

Mali has previously said that Russian servicemen trainers are assisting local troops with Russian-purchased weaponry rather than mercenaries.

Politics

Mauritius’ Prime Minister to double as Finance Minister

Published

2 days ago

November 23, 2024

Ifeoluwa Dada

In an effort to maintain a tight eye on the economy, Mauritius’ Prime Minister, Navin Ramgoolam, who took office this month following a resounding election victory, said on Friday that he would retain the position of finance minister for himself.

“We are doing an audit of the economy to see to what extent the outgoing government has destroyed it,” Ramgoolam told reporters in the capital Port Louis after he presided over the swearing-in of other ministers.

Ten years after he stepped down as prime minister, the seasoned politician returned to the position when his Alliance du Changement (ADC) alliance won 60 of the 62 seats in the national legislature.

The 77-year-old Ramgoolam said earlier this week that he would be auditing governmental finances. Before this, he was prime minister from 1995 to 2000 and again from 2005 to 2014.

Ramgoolam started a campaign in 2006 to streamline taxes and reduce bureaucracy to diversify the $10 billion economy beyond exports of sugar, textiles, and tourism.

Since then, the 1.3 million-person nation, which positions itself as a bridge between Africa and Asia, has developed into a major offshore financial hub and has been rated by the World Bank as the easiest location to do business in Africa regularly.