World Trade Organization Director-General Ngozi Okonjo-Iweala urged diversification in global supply chains, amid ongoing efforts to progress the body’s reform. “There is an overconcentration of manufacturing in certain sectors in certain countries,” she told CNBC’s Martin Soong on the sidelines of the latest weekend summit of G-7 (Group of Seven) …
Read More »Terrorism – Financing, illicit – Financial flows and Money Laundering: CAC on the offensive.
The Corporate Affairs Commission, (CAC) is poised to fight to a standstill terrorism-financing, money-laundering, ilicit-financial flows perpetuated through registered companies. This is in keeping with the renewed efforts to make the nation’s foremost Company registry, Corporate Affairs Commission, comparable with its peers globally CAC’s Registrar-General, Alhaji Garba Abubakar, said this …
Read More »Ukraine:G7 to discuss sanctions on Russian Diamonds
G7 leaders meeting in Japan will discuss sanctioning Russia’s billion-dollar diamond trade, an EU official said Thursday, hoping to further starve Moscow of funds for its war in Ukraine. “We believe we need to limit exports from Russian trade in this sector,” the official said, adding that the G7 was …
Read More »Over N13trn Spent On Subsidy Payment In 16 Years – FG
Amid confusion surrounding the fuel subsidy removal, the Secretary to the Government of the Federation, Boss Mustapha, said the country spent N13 trillion on subsidies payment from 2005-2021. The Secretary to the Government of the Federation (SGF), Boss Mustapha, stated this on Monday in Abuja during the launch of the …
Read More »African Devt Bank proposes ‘fast track’ compensation for Zimbabwe white ex-farmers
The African Development Bank (AFDB) has developed financial instruments to “fast track and front load” $3.5 billion in compensation to white farmers whose land was taken from them by Zimbabwe’s government, the bank’s president said on Monday. Akinwumi Adesina’s announcement, which did not include details of the proposed instruments, comes …
Read More »Debt Clearance: Zimbabwe concludes meeting with Creditors and Development Partners
Zimbabwe has concluded a fourth Structured Dialogue Platform meeting on debt clearance with creditors and development partners. President Emmerson Mnangagwa of #Zimbabwe, Akinwumi Adesina, President of the African Development Bank, Joaquim A. Chissano, former President of #Mozambique, Constantino G. D. N. Chiwenga, Vice President of Zimbabwe, government ministers, development partners …
Read More »BRICS currency ‘plausible alternative’ to dollar hegemony
Frustration toward US weaponization of greenback behind local currency settlement deals Efforts by countries to replace the US dollar in international trade will reach a new high when BRICS nations discuss the feasibility of introducing a common currency at a summit in South Africa later this year, Chinese experts said …
Read More »Nigeria, Jaiz Sign Finance Agreement With Islamic Trade Corporation
The Federal Republic of Nigeria and the International Trade Financing Corporation (itfc) have signed a one billion dollars framework agreement for the next couple of years. Jaiz Bank has also signed a $10 million agreement for the Murabaha financing facility. The signing ceremony took place on Saturday at the four …
Read More »Ghana expects first $600 mln tranche from IMF after Wednesday meeting – minister
Ghana expects the International Monetary Fund to approve a first loan tranche of $600 million as soon as Wednesday, paving the way for disbursement within a week, Minister of State in the Finance Ministry Mohammed Amin Adam told Reuters on Sunday. Ghana is seeking $3 billion from the Fund to …
Read More »Fuel Subsidy: ‘Suspend disbursement of $800m loan to FG’, SERAP tells World Bank
Socio-Economic Rights and Accountability Project (SERAP) has urged the World Bank President Mr David Malpass to use his “good offices to suspend any disbursement of the $800m loan to the Federal Government and to request the incoming administration to provide satisfactory explanations for the loan.” SERAP urges Mr Malpass and …
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