Recovery
Getting funds out of FTX could take years or even decades: Lawyers
While investors are eager to know when they will be able to get their funds back from the now-bankrupt crypto exchange FTX, insolvency lawyers warn it could take “decades.” The crypto exchange, along with 130 affiliates filed for Chapter 11 bankruptcy protection in the United States on Nov. 11. Insolvency lawyer Stephen Earel, partner at Co Cordis in Australia said it will be an “enormous exercise” in the liquidation process to “realize” the crypto assets then work out how to distribute the funds, with the process potentially taking years, if not “decades.” This is due to the complexities that come with cross-border insolvency issues and competing jurisdictions, he said. Earel said unfortunately FTX users are in the queue with everyone else including other creditors, investors and venture ...
BUA increases price of cement
BUA Cement Plc has increased the ex-factory price of its cement product by N200 per bag. The cement manufacturer, it was reliably gathered, unveiled its new price increase from N2,800 to N3,000 per bag over the weekend. The price increase by BUA is contrary to what he has repeatedly asserted that his company does not have any justification to increase the price of cement as it is currently making enough returns. It would be recalled that BUA Cement, in various statements issued between April 24 and June 18 this year, had refuted any claims of increase in the ex-factory price of its cement products by N300 per bag, stating that, “the company had no plans to increase prices of its cement now or in the near future.” According to a statement issued on April 24, 2021, the company stated that, “...
#EndSARS: VP Osinbajo urges States to send judicial panels’ progress reports
As plans for next year’s budget begins to gather pace, the National Economic Council (NEC) has endorsed the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) which was presented to it at an emergency meeting of the Council today. Besides the MTEF presentation, the NEC also updated its focus on the reports of the State Judicial Panels set up across the country after last year’s #EndSARS protests. Vice President Yemi Osinbajo, SAN, urged States where the panels are still sitting to also send interim reports so as to measure progress. According to the Vice President, in a statement by his media aide Laolu Akande, the reports are now being received ahead of a Council meeting where presentations would be made on them, both for States where the panels have conclude...
French, German leaders urge EU coordination on reopening borders
German Chancellor Angela Merkel and French President Emmanuel Macron called on Friday for European Union countries to coordinate their COVID-19 border reopening policies and guard against new variants of the virus. Macron said EU countries must be careful not to allow new variants to spread, adding that the EU was watching developments in Britain, which has seen a steep rise in the weekly reported cases of the Delta variant. “Some countries have reopened their borders earlier for tourist industry reasons, but we must be careful not to re-import new variants,” he told a joint news conference with Merkel before a working dinner at the chancellery in Berlin. Merkel added: “We can’t act as if the coronavirus is over.” “Caution is still necessary so that we have a summer of many freedoms, if no...
Euro 2020: Kieran Tierney ‘fit and available’ for England clash – Scotland boss
Scotland boss Steve Clarke has confirmed that Kieran Tierney is “fit and available” for their Euro 2020 clash with England. Tierney was forced to miss Scotland’s Group D opener against the Czech Republic after picking up a knock in training. The Arsenal defender saw his country suffer a damaging 2-0 loss in his absence, but Clarke is ready to welcome him back into the fold for their vital meeting with the Three Lions at Wembley on Friday. Asked for an update on Tierney’s condition at a pre-match press conference, the Scotland head coach told reporters: “Everybody fit and available, including Kieran. “It’s good news for Kieran, it’s good news for us, it’s good news for the Scottish supporters, so hopefully we can back all that up with a good result. “He’s trained fully the last two days, so...
EFCC has recovered over $100 million for NPA – chairman
The chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, says the agency has recovered over $100 million for the Nigerian Ports Authority Bawa said the recovery was part of the outstanding remittances owed to the country through the Nigerian Ports Authority. In 2017, the federal government had terminated the boat pilotage agreement it signed with Intels, after Abubakar Malami, attorney-general of the federation (AGF), said it violated the constitution. The company was also accused of not paying taxes in 2017 — the same year NPA accused it of failing to remit an outstanding debt. Speaking at the weekly ministerial briefing organised by the presidential media team at the presidential villa, Abuja, on Thursday, Bawa said EFCC had made recoveries directly for the...
OPEC commits to stable global oil market
The Organisation of Petroleum Exporting Countries and non-OPEC ministerial meeting has reaffirmed its commitment to a stable global market in the mutual interest of producing countries. The meeting gave the assurance at the end of its virtual 17th OPEC and non-OPEC ministerial meeting on Tuesday. “In view of current oil market fundamentals and the consensus on its outlook, the meeting reaffirmed the existing commitment of the participating countries in the Declaration of Cooperation (DoC) to a stable market in the mutual interest of producing nations. “Also, the efficient, economic and secure supply to consumers; and a fair return on invested capital. “Reconfirmed the existing commitment of the 10th OPEC and non-OPEC ministerial meeting in April 2020, amended in June, September, and Decemb...
Bandits murder police inspector, seven others in Katsina, Kaduna
The Katsina State police command has confirmed the killing of an Inspector of Police and three residents of Zandam village, in Jibia Local Government Area, by suspected bandits. The state Police Public Relations Officer, SP Gambo Isah, said the incident happened on Monday evening, during which five other villagers sustained injuries. Isah, in a press statement, yesterday, said, “bandits in large numbers, armed with sophisticated weapons and riding on motorcycles, invaded Zandam village. “The Bandits had a fierce gun battle with the mobile policemen deployed to the village. “At the scene, it was discovered that three male residents were shot and killed by the hoodlums while five others sustained injuries. “The team succeeded and gunned down three of the bandits, but an Inspector of Police g...
Katsina governor: Kebbi boat mishap a major national tragedy
Governor Aminu Bello Masari of Katsina State, has said that the recent boat mishap in Warrah, in Ngaski Local Government of Kebbi State was a major national tragedy . Masari stated this on Sunday, in Birnin Kebbi, when he led a high powered delegation, for the condolence and commiseration visit to Kebbi state Governor, Senator Abubakar Atiku Bagudu. ”The tragic incident had consumed the lives of over 100 persons and in Nigeria, just like in other climes, tragedies of such disturbing magnitude call for national mourning and concerns. ”That is why we are here ,on behalf of government and people of Katsina State, to express our deepest condolences and commiseration to the families of the victims, people and Government of Kebbi State,” he said. Masari also expressed hope that,the deceased have...
House summon AGF over ‘blockage’ of $60 billion repatriation
The House of Representatives has again summoned the Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN) for allegedly halting the repatriation of $60 billion loot from Texas, United States of America. The Chairman of the Ad hoc Committee on Assessment and Status of All Recovered Loots – Movable and Immovable Assets from 2002 to 2020 by Agencies of the federal government for Effective Efficient Management and Utilisation, Rep. Adejoro Adeogun, summoned Malami on Wednesday in Abuja when a former Special Prosecutor to the Special Presidential Investigation Panel (SPIP), Mr Tosin Ojaomo, appeared before it. He also revealed that before the panel which was headed by Okoi Obono-Obla was disbanded, it investigated the Auditor General of the Federation for the withdra...
CISLAC raises concerns over Nigeria’s debt profile, coronavirus accountability
The Civil Society Legislative Advocacy Centre (CISLAC), has expressed concerns over $2.18 billion foreign loan request to the Nigerian Senate to fund the 2021 Appropriations Act, by President Muhammadu Buhari. It has therefore urged the National Assembly to insist on an analysis of debt repayment strategy to be in place as its key priority to approvals. In a statement by Executive Director, CISLAC and Head of Transparency International – Nigeria, Auwal Ibrahim Musa Rafsanjani, he said national public finance management regime is meant to save the nation’s economic system from collapse: rescuing jobs, supporting livelihoods and bailing out many businesses on the brink. He warned the government to avoid the catastrophe that the international finance institutions forced on Greece: destroying ...
France, African leaders push to redirect $100 billion in IMF SDR reserves by October
French President Emmanuel Macron said on Tuesday a summit in Paris on Africa financing had agreed to work towards persuading rich nations by October to reallocate $100 billion in IMF special drawing rights monetary reserves to African states. Impoverished African economies must not be left behind in the post-pandemic economic recovery and a substantial financial package is needed to provide much-needed economic stimulus, African and European leaders concluded at a summit in Paris. In the immediate term, that meant accelerating the COVID-19 vaccine rollout and creating the fiscal breathing room for African nations, which will face a spending shortfall of some $285 billion over the next two years, the summit communique showed. The communique set out a two-pronged response based on addressing...
