Posts

N620m Fraud: Absence of Prosecution Delays Arraignment of Baptist Church Pastor, Others

Image
  The arraignment of a former resident pastor of First Baptist Church, Garki, Abuja , Rev. Israel Akanji , and five others over an alleged N620 million fraud was on Thursday stalled due to the absence of the prosecution counsel. The defendants were scheduled to appear before Justice J. A. Aina of the Federal Capital Territory High Court, Kwali , in case number CR/1045/24 , brought by the Nigeria Police. At the commencement of proceedings, Justice Aina informed the court that the prosecution had submitted a letter requesting an adjournment, citing the lead counsel’s engagement at the National Assembly . However, defence counsel, Adeniyi Akintola (SAN) , expressed surprise at the development, noting that his clients were prepared for trial. He further pointed out that the prosecution failed to formally serve the defence team with the notice of adjournment. Akintola also reminded the court of a pending application seeking to quash the charges against the defendants. While ackn...
Post a Comment
Read more

FRSC Intensifies Patrols to Curb Wrong-Way Driving on Lagos-Ibadan Expressway

Image
The Federal Road Safety Corps (FRSC) has announced plans to intensify patrols along the Lagos-Ibadan Expressway , targeting motorists who drive against traffic and commit other route violations. This commitment was made by the newly appointed Officer-in-Charge of the Ibafo Outpost , Ogun State. Olajide disclosed that the corps has introduced a special intervention strategy specifically aimed at curbing traffic infractions such as driving against oncoming vehicles. "Last Thursday, the FRSC’s Corridor 1 Command, covering the stretch from Lagos to Ibadan, launched a special intervention focused on road violations, particularly wrong-way driving. This initiative, conducted in collaboration with sister agencies, will not only be a daily routine but will also feature intensified special patrols at critical times," Olajide explained. He emphasized that the move aligns with the FRSC’s overarching mission to enhance road safety and significantly reduce the occurrence of road crashes...
Post a Comment
Read more

Elon Musk's X Secures $1 Billion in New Equity Funding, Valued at $32 Billion

Image
 Elon Musk's social media platform, X (formerly Twitter), has raised nearly $1 billion in new equity funding from investors. According to a Bloomberg report citing sources familiar with the deal, this funding values the company’s equity at around $32 billion, matching the valuation when Musk acquired the platform in 2022. The report also noted that Musk's Twitter buyout involved at least $12.5 billion in debt, meaning the latest funding round was completed at roughly the same $44 billion enterprise value as his initial purchase. Musk participated in the equity raise, along with other investors such as Darsana Capital Partners, which had previously purchased some of X’s debt earlier this year. Additionally, 1789 Capital, an investment firm supporting Musk’s ventures like xAI and SpaceX, also contributed to the round. Musk has often turned to private markets to secure funding for his ventures. Recently, SpaceX completed a tender offer valuing the company at about $350 billion, ...
Post a Comment
Read more

Brazil's Central Bank Increases Interest Rate to Highest Level in Nine Years

Image
 On Wednesday, Brazil’s central bank raised its key interest rate by one percentage point to 14.25%, the highest level in nine years, in an effort to curb inflation in Latin America's largest economy. This marks the fifth consecutive rate increase and goes against the wishes of leftist President Luiz Inacio Lula da Silva, who has called for lower rates to stimulate economic growth. The bank’s Monetary Policy Committee attributed the hike to a "challenging external environment," ongoing domestic inflation, and signs of "incipient moderation in growth." The committee also indicated that if current conditions persist, a smaller rate increase may be implemented at its next meeting in May. The rate has not been this high since between July 2015 and October 2016, during a period of severe economic recession in Brazil. Lula, facing low approval ratings, argues that high interest rates stifle growth by making credit more expensive for both consumers and investors. Ce...
Post a Comment
Read more

Most Asian Markets Follow Wall Street's Rally After Fed's Rate Hike Signals

Image
 Most Asian equities saw gains on Thursday after U.S. Federal Reserve Chairman Jerome Powell indicated that any increase in consumer prices due to tariffs would likely be temporary, despite the central bank lowering its growth forecast and raising inflation expectations. Recently, markets have been highly volatile, largely due to U.S. President Donald Trump’s aggressive trade policies, including imposing tariffs on imports from major partners, which have fueled concerns about a potential recession. Some analysts also worry that Trump’s promises to cut taxes, reduce regulations, and limit immigration could reignite inflation, possibly prompting the Fed to adjust its monetary policy, with some even speculating that rate hikes might occur. Following a key meeting on Wednesday, the U.S. Federal Reserve decided to leave borrowing costs unchanged for the second consecutive time and noted that "uncertainty around the economic outlook has increased." The Fed also revised its growth ...
Post a Comment
Read more

Chinese Tariffs on Canadian Agricultural Exports Take Effect

Image
 Chinese tariffs on Canadian goods, including rapeseed oil and pork, will take effect on Thursday, with industry groups warning that the new levies will have a “devastating impact” on farmers. The tariffs, announced earlier this month, follow a Chinese investigation into tariffs imposed by Ottawa on Chinese products last year. The tariffs impose a 100 percent surcharge on Canadian rapeseed oil, oil cakes, and peas. Canada is one of the world’s largest producers of canola—a type of rapeseed used to make cooking oil, animal feed, and biodiesel—and China has traditionally been one of its biggest customers. Additionally, aquatic products and pork will face a 25 percent tariff. Canadian industry leaders have expressed concern over the significant impact these new tariffs will have. "New tariffs from China on Canadian canola oil and meal will have a devastating impact on canola farmers and the broader value chain, especially in an environment of increasing trade and geopolitical unce...
Post a Comment
Read more

Xenergi Limited Refutes Claims of Involvement in Land Encroachment

Image
Xenergi Limited's management has denied any involvement in the ongoing land encroachment dispute between Axxela Limited and its host communities in Delta State. A statement released by the company on Thursday clarified that it has no connection to the allegations, which claim that Xenergi is attempting to monopolize gas supply in the region. The statement read: “The management of Xenergi Limited has taken note of media reports attributing a statement from Axxela Limited, which alleges our company's involvement in a land dispute between Axxela and its host communities in Delta State. “Xenergi Limited firmly rejects any claims that suggest it is involved in land encroachment or causing community disruptions. The assertion in the statement that Xenergi is attempting to monopolize the region’s gas supply through Emu Ebendo in what is essentially a trade war is regrettable, as we remain a focused commercial entity with no involvement in the community dispute. “To date, we have mai...
Post a Comment
Read more