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North Korea Fires Ballistic Missile

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North Korea has fired an “unidentified projectile”, South Korea’s military said early Sunday, what would be Pyongyang’s eighth launch this year after a month of relative calm on the peninsula during the Beijing Olympics.

Pyongyang carried out a record-breaking blitz of weapons tests last month, including its most powerful missile since 2017 when leader Kim Jong Un baited then-US President Donald Trump with a spate of provocative launches.

Japan also confirmed Sunday’s launch, with a defence ministry spokesman telling AFP that ballistic missile was fired from North Korea, without specifying how many.

High-profile negotiations between Trump and Kim followed but collapsed in 2019.

Since then, talks with the US have stalled, and the country is reeling economically from international sanctions and a self-imposed coronavirus blockade.

Pyongyang has doubled down on military development, warning last month that it could abandon a self-imposed moratorium on a long-range missile and nuclear weapons tests.

“North Korea fired an unidentified projectile eastward,” the Joint Chiefs of Staff said in a statement, without giving further details.

Japan also confirmed Sunday’s launch, with a defense ministry spokesman telling AFP that “potential ballistic missile(s)” were fired from North Korea, without specifying how many.

Japan’s coastguard issued a warning to vessels about a “potentially ballistic missile possibly launched from North Korea”.

North Korea paused its weapons testing during the Winter Olympic Games, likely out of deference to its only major ally China, analysts have said.

But with the international community distracted by Russia’s invasion of Ukraine, many analysts had expected North Korea to seize the opportunity to restart testing.

Japan’s foreign minister Masayoshi was on live TV speaking about Ukraine when news of North’s launch broke.

“This situation in Ukraine is not something that stays just in Ukraine or in Europe. But it could potentially affect the entire world, or Indo-Pacific region or in East Asia in our view,” he said.

South Korea has said it will join international economic sanctions against Russia and, as a key US security ally, Seoul is closely watching Washington’s response to Moscow’s aggression, according to local reports.

Back to crisis -North Korea’s latest saber-rattling also comes as South Korea gears up to elect its next president on March 9.

Outgoing South Korean President Moon Jae-in, who repeatedly pursued peace talks with the North during his five-year term, has warned that the peninsula could easily slide back into crisis.

“If North Korea’s series of missile launches go as far as scrapping a moratorium on long-range missile tests, the Korean Peninsula may instantly fall back into the state of crisis we faced five years ago,” he said in a written interview with international press, including AFP, this month.

Dialogue between Washington and Pyongyang remains stalled.

Under Trump’s successor Joe Biden, the United States has repeatedly declared its willingness to meet North Korean representatives, while saying it will seek denuclearisation.

But Pyongyang has so far dismissed the offer, accusing Washington of pursuing “hostile” policies.

Domestically, North Korea is preparing to celebrate the 110th anniversary of the birth of late founder Kim Il Sung in April, which experts say Pyongyang could use to carry out a major weapons test.

Recent satellite images suggest that the North may be preparing a military parade to showcase its weapons to mark the key anniversary.

AFP

BIG STORY

BREAKING: GTCO Becomes First Banking Stock To Exceed N100 On NGX

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Guaranty Trust Holding Company has achieved a strong mid-market showing during the July 16, 2025, trading session, surpassing the N100 milestone.

This makes GTCO the first banking stock listed under the NGX Banking Index to cross the N100 benchmark, while Stanbic IBTC Holdings remained just below at N99.

The upward movement aligns with the broader positive sentiment in the banking sector, where the NGX Banking Index has gained over 22% so far in July.

The development follows GTCO’s recent dual listing, which involved 2.29 billion ordinary shares being listed on the London Stock Exchange on July 9, 2025, and another 2.28 billion shares added to the Nigerian Exchange the next day.

The stock’s rise appears driven by investor response to its cross-border listing and its strong Q1 2024 financial performance. Month-to-date, GTCO has posted a gain exceeding 27%.

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BIG STORY

BREAKING: Atiku Abubakar Resigns From PDP

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The presidential flagbearer of the Peoples Democratic Party in the 2023 general elections, Alhaji Atiku Abubakar, has officially withdrawn his membership from the opposition party.

Atiku submitted his resignation ahead of the 2027 general elections, following confirmation of his involvement in forming a new coalition known as the Alliance Democratic Congress.

The resignation was contained in a letter dated Monday, July 14, 2025, and addressed to the chairman of the PDP in Jada 1 ward, Jada Local Government Area, Adamawa State.

A copy of the letter was shared on X by the Special Assistant on Media to the former Vice President on Wednesday.

The letter stated, “I am writing to formally resign my membership from the People’s Democratic Party (PDP) with immediate effect.

“I would like to take this opportunity to express my profound gratitude for the opportunities I have been given by the party.

“Serving two full terms as Vice President of Nigeria and being a presidential candidate twice has been one of the most significant chapters of my life.

“As a founding father of this esteemed party, it is indeed heartbreaking for me to make this decision.

“However, I find it necessary to part ways due to the current trajectory the party has taken, which I believe diverges from the foundational principles we stood for. It is with a heavy heart that I resign, recognising the irreconcilable differences that have emerged.

“I wish the party and its leadership all the best in the future. Thank you once again for the opportunities and support.”

 

More to come…

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BIG STORY

EFCC To Appeal Ruling Acquitting Fayose Of Money Laundering Charges

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The Economic and Financial Crimes Commission (EFCC) says it will challenge the judgment that cleared Ayodele Fayose, former governor of Ekiti state, of money laundering and fraud accusations.

In his decision on a no-case submission, Justice Chukwujekwu Aneke ruled that the prosecution did not provide enough evidence to require Fayose to present a defence.

After the judgment, EFCC counsel Rotimi Jacobs stated that the commission would obtain the certified judgment and begin the appeal process.

Fayose and his company, Spotless Investment Limited, had been re-arraigned on an 11-count charge of laundering ₦6.9 billion, allegedly during his time as governor.

The charges included allegations that Fayose received ₦1.2 billion for his 2014 campaign and accepted $5 million in cash from Obanikoro, bypassing standard banking procedures.

He was also accused of laundering several sums and using over ₦1.6 billion to purchase properties via proxies and firms such as De Privateer Ltd and Still Earth Ltd, contrary to the Money Laundering (Prohibition) Act, 2011.

During the May 19 no-case submission, Kanu Agabi, Fayose’s lawyer, argued that the prosecution failed to prove its case and pointed out that Abiodun Agbele, allegedly central to the transactions, wasn’t charged, which weakened the EFCC’s position.

“With due respect, the predicate offences do not hold water. Criminal breach of trust and conspiracy are distinct offences, and no co-conspirator was charged,” Agabi stated.

He asked the court to find that Fayose had no case to answer.

Olalekan Ojo, lawyer for the second defendant, also submitted a separate no-case application dated March 21, 2025, with supporting documents filed on May 16.

Ojo contended that the main evidence provided by the prosecution, particularly Obanikoro’s testimony, was unreliable since he confirmed there was no direct communication between Fayose and Sambo Dasuki, the former national security adviser.

Jacobs, however, urged the judge to dismiss the no-case submissions, arguing that there were unexplained financial activities that needed clarification.

He questioned why Fayose didn’t use his personal account if the money was legitimate, referencing EFCC investigator Abubakar Madaki’s claim that Fayose acquired properties through associates who later denied ownership, even though Fayose admitted the properties were his.

“If the money was clean, why not buy the properties in his name?” Jacobs asked.

He also referred to Obanikoro’s account that Fayose requested the money in cash and introduced Agbele to receive it, saying Fayose must explain these actions.

Despite these arguments, the court ruled in favour of the defendants and granted the no-case submission.

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