Africa Business News

The Delta State Government has asked the Federal Government to return the £4.2 million James Ibori loot being repatriated to Nigeria by the United Kingdom to the state.Governor Ifeanyi Okowa believes that since the money was stolen from the state, it would only be just to return the funds back to the state.The protest by the state is in reaction to the decision of the Federal Government to spend the funds on federal projects.Governor Okowa, however, expects the Federal Government to take a similar route as the UK Government by returning the money to the source it was pilfered from.

EU officials say the European Commission on Wednesday will extend EU powers to potentially block COVID-19 vaccine exports to Britain and other areas with much higher vaccination rates and to cover instances of companies backloading contracted supplies.An EU official says the regulation is aimed at making vaccine trade reciprocal and proportional so that other vaccine-making countries sell to Europe and the EU does not export much more than it imports.They have their international obligations and want to keep supply chains going and the global system moving and flowing. The regulation will be the basis for the EU’s 27 governments to decide whether to block vaccine exports or not.

The United Nations Human Rights Council has adopted a China-sponsored resolution calling on states and other stakeholders to undertake constructive and genuine dialogue and cooperation in the field of human rights.China's Ambassador to the UN, Chen Xu says introducing the resolution, that the COVID-19 pandemic was seriously impacting the economic, social development and human rights of all countries across the world. Chen says It also proposes that the Human Rights Council held a meeting in a timely manner on the promotion and protection of the human rights of persons in vulnerable and marginalized.Chen says that China has already held two informal consultations with various parties of the draft resolution and took on board reasonable suggestions for changes.

The threat of a third wave has become imminent with the first noticeable rise in cases expected before Easter. Experts from the Nelson Mandela Bay University have shared their latest modelling for a potential resurgence in COVID-19, and they believe that history could repeat itself in the Eastern Cape. Professor Azwinndini Muronga, the executive dean of the Faculty of Science at NMU, believes that the first crash of a third wave will be felt on his own doorstep, in the Nelson Mandela Bay Municipality. Professor Darelle van Greunen, the director of the Centre for Community Technologies, states that Buffalo City will also be hit ‘as early as next week.NMU’s sharpest minds are calling for strict preventative measures to be put in place as early as possible.

The four members of the South African Police Service arrested in connection with the fatal shooting of Mthokozisi Ntumba, during the Wits University protests, are set to apply for bail in the Johannesburg Magistrate’s Court on Wednesday.The police officers face charges of murder, attempted murder and defeating the ends of justice.Students across all ends of the country took to the streets in recent weeks to protest over free quality education and the scrapping of historical debt at institutions of higher learning.The National Prosecuting Authority indicated that it would be opposing bail for the police officers. NPA spokesperson Phindi Mjonondwane says the state had received written statements from three people who were injured during the chaotic scenes.

The rebel administration in eastern Libya has officially handed power to the country's new interim government, based in Tripoli.A handover ceremony took place on Tuesday in Libya's second city, Benghazi, headquarters until now of the eastern administration.A new Government of National Unity, led by Prime Minister Abdul Hamid Dbeibah and backed by the UN, was sworn in last week in Tripoli to replace the two rival administrations which have been fighting for control of Libya.President Emmanuel Macron announced that Paris will reopen its embassy in Tripoli next week, which was closed in 2014, as violence spread in the country.

The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, expressed concerns that the worsening insecurity in the country, particularly in food-producing areas is limiting expected outcomes and further fuelling food inflation.He added that as part of measures to address forex challenges, the apex bank disburses not less than $80 million weekly to banks either for personal travels or business travels or payment of school fees.The Lagos Chamber of Commerce and Industry hailed the bank’s decision to retain the 11.5 per cent interest rate.Emefiele stated that the rise in inflation has continued to be attributed to the increase in both the food and core components of inflation, which rose to 21.79 per cent and 12.38 per cent in February, respectively, from 20.57 per cent and 11.85 per cent in January.

A Federal High Court sitting in Lagos has ordered the extension of the deadline for National Identity Number by two months.Justice Maureen Onyetenu granted the extension while delivering a ruling in a fundamental right suit filed by a legal practitioner, Ubani against the federal government, the Attorney General of the Federation, Nigerian Communications Commission and the Minister of Communication and Digital Economy.Ubani asked the court for an order halting the said ultimatum and extending the deadline.Justice Onyetenu in his ruling granted all the reliefs sought by Ubani.

The House of Representatives has accepted a petition by a group of Tiv indigenes from Benue State in the diaspora which generated controversy last week.The lawmakers received the petition during Tuesday’s plenary at the lower chamber of the National Assembly in Abuja, the nation’s capital.It was filed by a group – Mzough U Tiv Amerika on the insecurity in Benue, Nasarawa, and the Taraba States.A member of the House representing Gwer East/ Gwer West Constituency of Benue, Mark Gbillah explained that he was submitting the petition on behalf of the group because Tiv indigenes of the affected states had been sacked from their ancestral lands.

The Monetary Policy Committee of the Central Bank of Nigeria has voted to retain the monetary policy rate at 11.5 per cent.The announcement was made on Tuesday by the CBN governor, Godwin Emefiele at the end of a two-day meeting at the CBN headquarters.The committee also retained the liquidity ratio at 30 per cent and the cash reserve ratio at 27.5 per cent.Emefiele explained that increasing the MPR will increase the cost of borrowing and reduce access to credit for businesses which he said might reverse the growth trend of the economy.He also concerned over the nation’s rising inflation rate which he says was triggered by insecurity and a rise in the prices of petroleum and electricity.