Newscast - Africa

The Speaker of the House of the Representatives, Femi Gbajabiamila, says that the current review of the 1999 constitution by the National Assembly would not produce a perfect constitution, stressing that there is no such thing anywhere in the world.
The speaker stated that the National Assembly would deliver a constitution that would hold institutions of state to account and put an end to the debilitating conflicts that continue to tear the nation apart.
He says Nigeria was created from the forced union of tribes and peoples without consideration for the complex cultures and histories of the communities and kingdoms that made up the union.
He, however, said that Nigerians have the power to write a new chapter of peace and prosperity, justice and equity for the country that would give every Nigerian a sense of belonging.

The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele says the apex bank is ready to approve legitimate foreign exchange demand that exceeds the approved transaction cap if such applications meet stipulated requirements.
The CBN governor says the CBN was ready to approve requests from commercial banks to go beyond the caps if it is proven that the extra demand for FX is for legitimate purposes.
He further insisted that the Investors and Exporters Window of the central bank remains the major market which anyone seeking to procure or sell foreign exchange should patronise.

President Muhammadu Buhari has approved the appointment of the Board and Management of the Nigerian National Petroleum Company Limited with Senator Ifeanyi Ararume as Chairman.
The Special Adviser to the President on Media and Publicity in a statement says the President appointed the Group Managing Director of the Nigerian National Petroleum Corporation, Mr Mele Kyari, as the Chief Executive Officer, adding that his principal acted in accordance with the Petroleum Industry Act 2021.

The Federal Government has imposed travel restrictions on passengers who shun the COVID-19 Polymerase Chain Reaction test.
Chairman of the Presidential Steering Committee on COVID-19 and Secretary to the Government of the Federation, Boss Mustapha says that the restrictions came into effect on September 14.
He explained that passengers arriving in Nigeria must go through the routine port health screening and present electronic or print-out evidence of pre-boarding COVID-19 PCR test and the Permit to Travel Certificate/QR Code.
The SGF says passengers who fail to show up for this test will face travel restrictions on their passports for at least six months and will not be able to travel abroad for this period.

Former President Olusegun Obasanjo has reacted to the Federal Government’s plan to source fresh loans, saying borrowing to accumulate debt for the next generation is criminal.
Obasanjo noted that if the existing debt is left unserviced or unpaid, it might become a problem for successive administrations.
He stated that what could be a problem would be what one is borrowing for and the plan or capacity to pay back.
The ex-president recalled that during his tenure in 1999, the country was spending $3.5 billion to service debts that kept on increasing.

Shell-funded impact investment company All On announced a $2m investment in a fintech company, Infibranches Technologies Limited to help bridge the energy distribution gap in underserved rural and peri-urban areas of Nigeria.
CEO Infibranches Olusola Owoyemi, say he is enthusiastic about the potential of this deal to fill the gap by connecting consumers and service providers seamlessly, illustrating the interconnected nature of financial inclusion and poverty reduction.
He noted that Infibranches plans to speed up customer acquisition in its current markets and introduce new products and services to address energy distribution issues.

The United States Federal Reserve is reviewing the ethics policies that govern the financial holdings and activities of its senior officials in the wake of recent disclosures that two regional Fed presidents engaged in extensive trading last year.
Financial disclosure forms show that Robert Kaplan, president of the Dallas Federal Reserve Bank, in 2020 traded millions of dollars of stock in companies such as Apple, Amazon, and Google, while Eric Rosengren, president of the Boston Fed, traded in stocks and real estate investment trusts.
Both Kaplan and Rosengren said last week that their trades were permitted under the Fed’s ethics rules.
They however said they would sell their holdings at the end of this month and place the money in index funds, which track a wide range of securities, or in cash.

The European Parliament has adopted a resolution calling for the EU to adopt targeted sanctions on Lebanese officials engaged in corruption and obstructing the Beirut Port explosion investigation.
The resolution condemned Lebanese political parties for the country’s devastating economic crisis and for delaying any semblance of economic recovery and accountability.
The resolution urged the EU to maintain pressure on political leaders in Lebanon, where a government was formed last week following more than a year of political deadlock.
The resolution notably condemned the rejection of an IMF-approved bailout plan presented by the previous Lebanese government.

Australia has announced that more US troops will rotate through the island nation and that the allies will cooperate on missile development, the latest joint steps amid shared concerns about China’s increasing assertiveness in the region.
Australia earlier announced a three-way alliance with the United States and Britain in which Canberra will acquire nuclear-powered submarines, enraging France whose own key contract for conventional submarines was scrapped.
Defence Minister Peter Dutton says that Australia will be significantly enhancing cooperation including working together on the development of missiles and explosive ordnance.
He says Australia was willing to see more US Marines in a 10-year rotation through the northern city of Darwin.

Secretary of State Antony Blinken says France remains a vital partner to the United States on many issues as he sought to allay Paris’s anger at a security partnership between the US, the United Kingdom and Australia that did not include the European Union country.
Blinken says the US is looking to find every opportunity to deepen cooperation with France, including in the Indo-Pacific region.
The top US diplomat stressed the importance of the alliance between the US and France.
He says that France is a vital partner on so many other things which stretch back a long time but also stretching forward into the future.