Connect with us


BIG STORY

CEO Financial Derivatives, Rewane Speaks On Nigeria Economy, Says There’ll Be More Pain, But Gains Will Come In Q1 2024

Published

on

Chief Executive Officer of Financial Derivatives, Bismarck Rewane, says Nigeria’s economy is expected to experience growth in the first quarter of 2024.

Rewane, who was a guest on Arise News on Saturday, said Nigerians will have to endure “more pain” before next year.

“The bad news is that there is pain and they will be more pain in the short run but the good news is that there will be gains in the first quarter of 2024,” he said.

“I used to think that you will get that sooner, but you will need to have your supplementary budget and recycle money into the system.”

In his inaugural speech as president on May 29, Tinubu announced the removal of petrol subsidy, a declaration that resulted in a hike in the pump price of petrol.

It was earlier reported that the price had surged to N617 per litre in the federal capital territory (FCT) and environs, whilst it is sold for around N568 a litre in Lagos.

George Akume, secretary-general to the government of the federation (SGF), on Saturday, asked Nigerians to be patient while the government implements solutions to “normalise” the price of petrol.

The former Benue state governor described the petrol subsidy regime as regressive, adding that the annual payments were not sustainable and that Tinubu “had to act”.

Akume also said Tinubu’s actions of unifying the exchange rate and rejigging the country’s security architecture were proof of his commitment to securing the country’s future.

Commenting on the exchange rate, Rewane said: “What system is being used to keep your exchange rate from being misaligned fundamentally, I think that’s the key issue.

“The exchange rate is misaligned because there are certain things that are being done that affect it. For example, you are holding some variables constants while allowing some variables to change.

“In reality, no variable should be constant. Any economist who says a variable is in constant is practising partial equilibrium analysis and it doesn’t work.”

On June 14, the Central Bank of Nigeria (CBN) announced the unification of all segments of Nigeria’s FX market, and the floating of the local currency.

The policy was geared towards collapsing all FX windows into the investors and exporters (I&E) window.

BIG STORY

Bill To Make Appeal Court Final Arbiter For Governorship Election Petitions Passes Second Reading

Published

on

A bill proposing that the Court of Appeal serve as the final authority for governorship election petitions has passed second reading in the House of Representatives.

The bill, sponsored by Nnamdi Ezechi, who represents Ndokwa East/Ndokwa West/Ukwuani federal constituency of Delta State, seeks to amend Section 246 of the 1999 Constitution.

Currently, Section 246 stipulates that the Court of Appeal’s rulings on National Assembly and State Houses of Assembly election petitions are final.

The proposed amendment aims to extend this finality to governorship election disputes, preventing such cases from reaching the Supreme Court.

Objective of the Bill

When the bill passed first reading in 2024, Ezechi explained that the legislation aims to reduce delays and cut costs in post-election litigations.

If enacted, the law will eliminate the Supreme Court’s role in resolving governorship election petitions—a significant departure from the current judicial process.

Recent Supreme Court Reversals

There have been instances where the Court of Appeal nullified governorship elections, only for the Supreme Court to overturn those rulings.

Plateau State (2023): The tribunal and Court of Appeal nullified the election of Caleb Mutfwang of the PDP. However, in January 2024, the Supreme Court overturned this decision and affirmed his election.

Kano State (2023): The tribunal and Court of Appeal removed Abba Yusuf as Governor. The Supreme Court later reinstated him.

The proposed amendment would prevent such reversals by making the Court of Appeal’s decision final in governorship election disputes.

Continue Reading

BIG STORY

Samsung Electronics Co-CEO Han Jong-Hee Dies From ‘Cardiac Arrest’

Published

on

Han Jong-Hee, co-chief executive officer (CEO) of Samsung Electronics, has died at the age of 63 due to cardiac arrest.

According to CNN, the company confirmed his passing on Tuesday.

The report states that “Jong-Hee” had been leading Samsung’s consumer electronics and mobile devices businesses since 2022 and was appointed as vice chairman and CEO that same year.

A company spokesperson stated that “Jun Young-Hyun”, his co-CEO, who was appointed last week, will now assume the role of Samsung’s sole CEO.

Samsung Pays Tribute

In an internal message obtained by CNN, Samsung honored “Jong-Hee”, recognizing his 37 years of service and his leadership in establishing Samsung’s TV business as a global leader.

The company also credited him with contributing to growth in its electronics and appliances businesses despite a challenging business landscape.

“Our deepest condolences are with his family and loved ones during this difficult time,” the message stated.

A Career in Innovation

“Jong-Hee” joined Samsung in 1988 after earning a bachelor’s degree in electrical engineering from Inha University.

Before leading Samsung’s electronics and devices division, he was responsible for its display operations.

A company biography published last week described him as a key figure in the development of Samsung’s LED TVs, emphasizing his role in maintaining the company’s technology leadership.

Challenges for Samsung

The report highlighted that Samsung has faced significant challenges in recent years, particularly in its logic semiconductor business, which has struggled to compete with Taiwan Semiconductor Manufacturing Company (TSMC) in advanced chip production and client acquisition.

Continue Reading

BIG STORY

Judge Recuses Self From “Natasha Akpoti’s” Case Over Bias Allegation

Published

on

Obiora Egwuatu, a judge at the Federal High Court in Abuja, has withdrawn from the case filed by “Natasha Akpoti-Uduaghan”, senator representing Kogi Central

Egwuatu, on Tuesday, stated that his decision was based on an allegation of bias against him by “Senate President Godswill Akpabio”.

The suit was initiated by “Akpoti-Uduaghan” to prevent the Senate Committee on Ethics and Public Petitions from carrying out disciplinary proceedings against her.

On March 4, the judge had issued an order restraining the Senate from initiating disciplinary actions against “Akpoti-Uduaghan”, following an ex parte application submitted by her legal representatives.

Case to Be Reassigned

After hearing from the legal teams of the involved parties, “Egwuatu” announced his withdrawal from the case.

He directed that the case file be forwarded to “John Tsoho, the Chief Judge of the Federal High Court”, for reassignment.

The defendants in the case include:

  • The Clerk of the National Assembly
  • The Senate
  • The Senate President
  • The Chairman of the Senate Committee on Ethics

Previously, the judge ruled that the defendants had 72 hours to show cause why an interlocutory injunction should not be granted against them.

However, 48 hours later, the Senate suspended “Akpoti-Uduaghan” for six months after adopting the committee’s report.

Additionally, the Senate ordered that:

  • Her office be locked
  • She must return all Senate properties in her possession to “The Clerk of the National Assembly” for the duration of her suspension.

On March 19, “Egwuatu” overturned his March 4 order, which had earlier prevented the Senate from suspending “Akpoti-Uduaghan”.

Continue Reading



 

Join Us On Facebook

Most Popular