Newscast - Africa

The Chairman of the Independent Corrupt Practices and Other Related Offences Commission, Prof. Bolaji Owasanoye, has called for global action against Illicit Financial Flows and corruption.
Prof. Owasanoye emphasised the need for a global framework on IFFs as part of a determined commitment to tackle the menace.
He says the challenge we found ourselves today is that the rules have always been skewed in favour of those who export capital and against those who import capital.
He added that corruption is a global issue and we have a global framework for corruption.

The Federal Government says the Abuja-Kaduna train service will resume on May 23.
The Nigerian Railway Corporation says the decision to resume services does not mean efforts to secure the safe release of those abducted will be put on hold.
The families of those abducted have threatened to resist the reopening of the train service.
The Corporation says the Federal Government will never abdicate its responsibility in rescuing these valuable citizens, however, the government assures of its resolve not to succumb to threats by any faceless group.

The National Bureau of Statistics says the new annual rate is the highest since September 2021.
Nigeria's inflation rate rose to 16.82 per cent in April, recording the highest jump in eight months.
The consumer price index, which measures the rate of increase in the price of goods and services, jumped amid increases recorded in food and energy prices.
The NBS says that the rate is 1.3 per cent points lower compared to 18.12 per cent recorded in April 2021.

Oil giant Saudi Aramco says its profits soared more than 80 per cent in the first three months of the year as the state-backed company cashes in on the volatility in global energy markets and soaring oil prices following Russia’s invasion of Ukraine.
Saudi Aramco says the surge was primarily driven by higher crude oil prices and volumes sold and improved downstream margins.
Aramco Chief Executive Amin Nasser says Energy security is vital and we are investing for the long term, expanding their oil and gas production capacity to meet anticipated demand growth.

India has banned exports of wheat effective immediately, citing a risk to food security, partly due to the war in Ukraine and as a scorching heatwave curtailed output and domestic prices hit a record high.
Agriculture ministers from the G7 industrialised nations immediately condemned India’s decision.
German agriculture minister Cem Ozdemir says If everyone starts to impose export restrictions or close markets, that would worsen the crisis.
Government officials in New Delhi say that India would still allow exports backed by already issued letters of credit and to countries that request supplies to meet their food security needs.

The Finnish government announced its intention to join NATO on Sunday, as Sweden’s ruling party was to hold a decisive meeting that could pave the way for a joint application.
Croatia’s foreign minister, Gordan Grlic Radman, says despite last-minute objections by Turkey, NATO members are on a good track in their discussions on welcoming Sweden and Finland into the Western military alliance, C.
Finland’s parliament will convene to debate the membership proposal on Monday.
Prime Minister Sanna Marin says the parliament will confirm the decision to apply for NATO membership during the coming days.

Minister of Communication and Information Technology Amr Talaat and STMicroelectronics' Executive Vice President Ricardo De Sa Earp reviewed the company's investment plans in Egypt.
CEO of Egypt's Information Technology Industry Development Agency, Talaat commended the company's move to expand its investments in such an important industry, especially in light of the growing global demand for electronics.
Talaat stressed his ministry's commitment to an environment conducive to promoting this strategic industry, as part of President Abdel Fattah Al-Sisi's initiative for entrenching local electronics design and manufacturing, as the main driver of economic growth.

The managing director, International Monetary Fund, Kristalina Georgieva, has called for the development of a new public infrastructure to connect various payment systems, including digital currencies.
She added that countries need to work together to build new roads, railways, bridges, and tunnels using public digital platforms to connect payment systems.
Georgieva says the new payment system would help counter the fragmentation of the international monetary system.
She says this would make international payments more efficient, safer, and more inclusive.

The new president of Somalia, Hassan Sheikh Mohamud, says he will try to move his country forward by healing the grievances which run through Somali society.
Mr Mohamud says the Nation have to move ahead and not need grudges.
His election in a vote delayed by over a year means a $400m aid package from the International Monetary Fund now won't automatically expire this month.

Vice President, Prof. Yemi Osinbajo has tasked developed nations to commit to fully funding Africa’s energy transition.
Osinbajo argued that Nigeria required $400 billion of new investment above business-as-usual spending to meet its net-zero target.
He also stated that Africa was not a threat to the global climate targets, adding that LNG should be recognised as a clean cooking alternative.
He also pointed out that the world would not be able to tackle collective challenges if poor nations are treated as second class, or their aspirations ignored.