Hello and welcome! In today’s trending news stories;
1. Former Zamfara State Governor and current Minister of State for Defence, Bello Muhammad Matawalle, challenged Governor Dauda Lawal to swear by the Quran to prove his innocence in accusations linking him to banditry. Matawalle defended himself, stating that, unlike other politicians, he had already sworn an oath of innocence. He also emphasized that his administration addressed banditry, as other state governors did. Meanwhile, the Peoples Democratic Party (PDP) in Zamfara has accused Matawalle of mismanaging public funds during his tenure, raising multiple allegations, including unpaid salaries, failed public projects, and corruption. The PDP urged the All Progressives Congress (APC) to respond directly to these allegations instead of deflecting. They also emphasized the need for accountability and challenged the APC to deny the claims if they were untrue.
2. At the 79th United Nations General Assembly (UNGA), Nigerian President Bola Tinubu, represented by Vice President Kashim Shettima, urged debt forgiveness for developing countries, including Nigeria. He called on global creditors to offer debt relief and reforms in the international financial system to support economic progress in the Global South. Tinubu emphasized the need to recover stolen assets, combat illicit financial flows, and strengthen international cooperation. He also advocated for Africa’s permanent representation on the UN Security Council. He highlighted the dangers of singularity and nationalism undermining multilateralism, which he sees as key to addressing global challenges like terrorism, poverty, climate change, and hyperinflation. Additionally, Tinubu expressed concern over unconstitutional coups in Africa, calling for stronger democratic and economic development efforts.
3. Meanwhile, in his final address to the United Nations, President Joe Biden reflected on his decision not to seek a second term, emphasizing the importance of stepping aside for new leadership. He warned of the dangers posed by autocrats who refuse to relinquish power and urged global leaders to support democracy and stand firm in the face of conflict, particularly in Ukraine and the Middle East. Biden also highlighted the need for diplomacy to avoid a full-scale war between Israel and Hezbollah while expressing his concerns about the ongoing Gaza conflict. He discussed U.S. alliances and artificial intelligence challenges and pledged $500 million to fight mpox in Africa.
4. The Central Bank of Nigeria (CBN) raised its interest rate by 50 basis points to 27.25%, as announced by Governor Yemi Cardoso after the Monetary Policy Committee (MPC) meeting. Additionally, the Cash Reserve Ratio (CRR) for commercial banks was increased from 45% to 50%, while merchant banks saw a 200 basis point rise to 16%. Despite a recent slowdown in inflation, the MPC unanimously agreed to tighten monetary policy further, citing concerns like food inflation, rising fuel costs, and flooding. The hike continues the bank’s hawkish stance, which started in May 2022, aiming to curb inflation and attract foreign investments.
5. The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has ordered an investigation into bribery allegations made by Idris Okuneye, also known as Bobrisky. Bobrisky, an ex-convict, claimed that some unnamed EFCC officers took ₦15 million from him to drop money laundering charges. The allegations were made in a video by blogger Martins Otse, also known as VeryDarkMan. The EFCC has invited both Bobrisky and Otse to assist with the investigation, assuring the public that the case will be thoroughly investigated and the findings made public. Bobrisky was previously sentenced to six months in prison for currency abuse.
