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The African Development Bank (AfDB) and Eritrea have bolstered their collaboration to drive sustainable growth and development in the nation. The AfDB is supporting Eritrea in various sectors such as energy, water and sanitation, agriculture, skills development, and economic governance. The bank's president, Dr Akinwumi Adesina, emphasized the importance of prioritizing agro-industrialization and proposed the bank's Special Agro-Industrial Processing Zones initiative for transforming rural communities into prosperous economic zones. Eritrea's president, Isaias Afwerki, expressed gratitude for the bank's strategic role in the country's development and called for more resources to strengthen the institution's support for Africa's priorities.
Nigeria's recent repeal of the 1988 Arbitration and Conciliation Act and introduction of the 2023 Arbitration and Mediation Act have brought significant changes to the country's legislative framework, enhancing its position as an arbitration hub in Africa. This article explores the criticisms of the previous act and highlights notable changes introduced by the new act, including the option of an Award Review Tribunal, recognition of third party funding, and provisions for consolidation of proceedings.
The National Assembly Election Petition Tribunal sitting in Asaba, Delta State, has ordered a rerun in 48 polling units in the Delta Central Senatorial District. The order comes as a result of a petition filed by the senatorial candidate of the PDP, Chief Ighoyota Amori, alleging that the election did not meet electoral act and constitutional requirements. The tribunal dismissed some prayers in the petition but found that the senator failed to disprove the allegations of electoral malpractices.
Consummate Traders, a leading proprietary trading firm, has unveiled its new two-stage evaluation process aimed at attracting and nurturing the best trading talents in the industry. The comprehensive assessment focuses on performance metrics, risk management, and consistent trading practices. Successful traders will have the opportunity to manage the firm's capital while benefitting from educational resources and cutting-edge statistical tools. The process is characterized by fairness, transparency, and a partnership with respected broker Kwakol Markets.
The Ahmed Bola Tinubu administration in Nigeria is prioritizing domestic health financing, industrialization, and improved health outcomes. Vice President Kashim Shettima reaffirms the administration's commitment to repositioning Nigeria's healthcare system, emphasizing the importance of increased domestic financing for health and promoting health industrialization. Global Health Partners, including the Global Fund, US President's Malaria Initiative (PMI), and the US President's Emergency Plan For AIDS Relief (PEPFAR), express their support and commitment to working with the Tinubu administration towards these goals. The visit coincides with the commemoration of the US government's 20 years of support to Nigeria's fight against HIV/AIDS through the PEPFAR initiative.
The Acting Comptroller-General of Customs, Bashir Adewale Adeniyi, has announced the commitment of the Nigeria Customs Service (NCS) to collaborate with the Benin Republic Customs in order to combat smuggling and enhance cross-border trade between the two countries. This strategic move seeks to strengthen the existing trade ties and cooperation, aiming to harmonize import prohibition lists and develop new strategies to boost the economy and revenue of both nations.
The Nigeria Data Protection Commission (NDPC) and the Committee of Vice Chancellors of Nigerian Universities (CVCNU) have agreed to collaborate in order to ensure the protection of students' data within higher educational institutions. This partnership aims to address the potential risks associated with data exposure and mismanagement in the education sector, emphasizing the need for proper handling and compliance with data protection regulations. Capacity building and training programs for vice chancellors and data officers are expected to be organized to enhance data protection practices in Nigerian universities.
The Central Bank of Nigeria (CBN) has issued prudential guidance to banks in response to the currency devaluation. The guidance includes setting aside revaluation gains as a counter-cyclical buffer and granting forbearance to banks breaching limits. This move aims to safeguard banks from future currency fluctuations.
The Nigeria Immigration Service (NIS) has successfully cleared a backlog of almost 60,000 passports within just four working days, following a directive by the Minister of Interior, Olubunmi Tunji-Ojo. This achievement highlights the government's commitment to providing efficient and accessible services to Nigerian citizens. The minister's call for swift action and the subsequent partnership with other ministries aim to address related challenges and improve the welfare of the country's citizens.
The Nigeria Labour Congress (NLC) has issued a 21-day ultimatum to the President Bola Tinubu-led federal government to meet its demands. Failure to do so will result in an indefinite strike that will disrupt economic and commercial activities across the country. The NLC accuses the government of failing to provide adequate palliatives for Nigerians following the removal of the fuel subsidy.
Ibom Air, a Nigerian airline, has revealed its intention to focus on expanding its operations within Africa. The Chief Operating Officer, George Uriesi, explained that entering into unhealthy competition with big airlines in other countries would not be financially viable. Instead, the airline aims to build a secure and service-focused brand within the African region. Uriesi also highlighted the milestone achievements of Ibom Air, including reaching 2.5 million passengers and obtaining the International Air Transport Association (IATA) Operational Safety Audit (IOSA) Certification.
Nigeria's Vice President office has initiated a partnership with Micro, Small, and Medium Enterprises (MSMEs) to improve the economy and create jobs. The interventions will benefit 1.3 million people across 17 states and the Federal Capital Territory. These measures aim to fulfill the government's commitment to job creation and economic diversification, with MSMEs playing crucial roles. Various initiatives, including the establishment of shared centers, installation of solar panels, and the development of fashion hubs and furniture clusters, will contribute to this goal.
Vice President Kashim Shettima has announced that the Bola Tinubu administration in Nigeria will prioritize domestic health financing, industrialization, and improved health outcomes. The commitment was restated during a meeting with representatives from Global Health Partners, where Shettima emphasized the administration's determination to change the narrative of inclusive growth in a Nigeria where all citizens can be proud.
The Apapa Command of the Nigeria Customs Service (NCS) has generated a record-breaking revenue of N676 billion for the Federal Government between January and August. This impressive achievement was achieved through teamwork, diligence, and zero compromise on the part of the officers. The command also made significant seizures of prohibited items, including illicit drugs and firearms. The new Customs Area Controller in Lagos, Comptroller Babajide Jaiyeoba, has been urged to continue the excellent work done by his predecessor.
The National Assembly Election Petition Tribunal in Umuahia, Abia State, has nullified the election results of two Labour Party members, declaring candidates from the All Progressives Congress and All Progressives Grand Alliance as winners. These rulings signal potential shifts in the political balance of power and could have wider implications for future elections. Residents of the affected constituencies are now coming to terms with this new reality.
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