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China to US: Your Claims on Our Loans to Africa Ridiculous

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China Nigeria
  • China to US: Your Claims on Our Loans to Africa Ridiculous

China yesterday described as ridiculous the United States advice to African governments to be wary of Chinese loans, saying that such loans are already visible and speaking for itself.

It also emerged yesterday that due to the unorganised nature of gemstone business in Nigeria, the country contributes about 10 per cent of about $12 billion revenue generated annually by Thailand from gemstone.

The U.S. Secretary of State, Rex Tillerson, on his first diplomatic trip to the continent, said on Thursday that African countries should be careful not to forfeit their sovereignty when they accept loans from China.

Tillerson also said that Chinese investments “do not bring significant job locally” and criticised how Beijing structured loans to African government.

But the Economic and Commercial Counselor at the Embassy of the Peoples Republic of China, Zhao Linxiang, bitterly criticised the United States at a news briefing in Abuja, citing the Lagos – Ibadan rail line and the Mambila Dam projects among the visible projects engaged with Chinese loan facility.

Linxiang said Chinese loans to Africa were aimed at implementing major China-Africa cooperation projects and promoting sustainable development in the continent.

“African people should know the role the Chinese loans play in your economy; that is the most important thing.

“Except the Chinese Government, which other government provides loans to African countries without critical conditions. No Western country.

“How can they say they suspect Chinese loans; it is ridiculous. Without funds how can you develop a country?”

He disclosed that China was able to turn around her economy when she opened her doors to the world and accepted loans from other countries.

The envoy who noted that the China-Africa relations allowed for win-win benefits for both parties, added that as part of deepening relationship with Africa, it has planned an international expo for November, aimed at addressing balance in trade between China and her major partners.

China’s bilateral trade with Nigeria, from Jan. to Nov. 2017, stood at $12.3bn with more Chinese exports to Nigeria.

He said the “Expo Nigeria” would be an opportunity for the country to expand her exports to and share business opportunities with China and other participating countries.

“It is believed that this upcoming China International Import Expo will breathe new life into the bilateral trade cooperation and create the biggest opportunity to enhance the bilateral trade position to a new level.

“It is believed that this expo will give the Nigerian people and businessmen a great platform to show what Nigeria looks like to China and the rest of the world.”

He added that the Chinese Economic Office in Lagos was collaborating with the Lagos Chamber of Commerce to assist businesses interested in participating in the event.

Zhao said that China had invited eight other African countries with which the country hoped to improve trade relations, adding that 100 countries were expected to participate at the import expo.

Nigeria Contributes 10% to Thailand’s $12bn Gemstone Market, Says ACCI

Meanwhile, it has emerged that due to the unorganised nature of gemstone business in Nigeria, the country contributes about 10 per cent of about $12 billion revenue generated annually by Thailand from gemstone.

This disclosure was made on Thursday by the President, Abuja Chamber of Commerce and Industry (ACCI), Prince Adetokunbo Kayode in his opening remark on the occasion of the First Annual General Meeting of the Gemstone Miners and Marketers Association of Nigeria (GMMAN) in Abuja.

Kayode tho was represented by the 2nd Deputy President of ACCI, Mr. Emeka Obegolu, said because of the vast deposit of solid mineral in the country, Nigeria should earn the maxim, “the land of gems”.

“This journey started sometimes in August 2016, after I visited the Gem and Jewelry fair in Bangkok, Thailand, at the invitation of the Thai Government. At a conference at that fair, it was pointed out that the gemstone industry in Thailand contributed about $12 billion annually to the GDP. Of that amount, about 10% of the gemstone were said to have come from Nigeria,” he said.

Quoting Kayode Fayemi, the Minister of Mines and Steel Development, Kayode put the average value of gemstone export from Nigeria at $3 billion dollars annually.

He said the global jewelry business will hit £150 billion by the year 2020, adding that China, India, United States, Hong Kong and Switzerland are major importers of gemstones.

He said: “With this high demand in the gemstone sector, Nigeria has the potential to grow her economy through the gemstone sector especially now that the country is returning to the path of sustainable development through the non-oil sector.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Government

EFCC Declares Former Kogi Governor, Yahaya Bello, Wanted Over N80.2 Billion Money Laundering Allegations

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Yahaya Bello

The Economic and Financial Crimes Commission (EFCC) has escalated its pursuit of justice by declaring former Kogi State Governor, Yahaya Bello, wanted over alleged money laundering amounting to N80.2 billion.

In a first-of-its-kind action, the EFCC announced Bello’s wanted status in connection with the alleged embezzlement of funds during his tenure as governor.

The commission, armed with a 19-count criminal charge, accused Bello and his cohorts of conspiring to launder the hefty sum, which was purportedly diverted from state coffers for personal gain.

The declaration of Bello as a wanted fugitive came after a series of failed attempts by the EFCC to effect his arrest.

Despite an ex-parte order from Justice Emeka Nwite of the Federal High Court, Abuja, mandating the EFCC to apprehend and produce Bello in court for arraignment, the former governor managed to evade capture with the reported assistance of his successor, Governor Usman Ododo.

This latest development shows the challenges faced by law enforcement agencies in holding powerful individuals accountable for their actions.

However, it also demonstrates the unwavering commitment of the EFCC to uphold the rule of law and ensure that justice is served, irrespective of the status or influence of the accused.

In response to the EFCC’s declaration, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, issued a stern warning to Bello, stating that fleeing from the law would not resolve the allegations against him.

Fagbemi urged Bello to honor the EFCC’s invitation and cooperate with the investigation process, saying it is important to uphold the rule of law and respect the authority of law enforcement agencies.

The EFCC’s pursuit of Bello underscores the agency’s mandate to combat corruption and financial crimes, sending a strong message that individuals implicated in corrupt practices will be held accountable for their actions.

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Concerns Mount Over Security as National Identity Card Issuance Shifts to Banks

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NIMC enrolment

Amidst the National Identity Management Commission’s (NIMC) recent announcement that the issuance of the proposed new national identity card will be facilitated through applicants’ respective banks, concerns are escalating regarding the security implications of involving financial institutions in the distribution process.

The federal government, in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS), introduced a new identity card with payment functionality, aimed at streamlining access to social and financial services.

However, the decision to utilize banks as distribution channels has sparked apprehension among industry stakeholders.

Mr. Kayode Adegoke, Head of Corporate Communications at NIMC, clarified that applicants would request the card by providing their National Identification Number (NIN) through various channels, including online portals, NIMC offices, or their respective banks.

Adegoke emphasized that the new National ID Card would serve as a single, multipurpose card, encompassing payment functionality, government services, and travel documentation.

Despite NIMC’s assurances, concerns have been raised regarding the necessity and security implications of introducing a new identity card system when an operational one already exists.

Chief Deolu Ogunbanjo, President of the National Association of Telecoms Subscribers, questioned the rationale behind the new General Multipurpose Card (GMPC), citing NIMC’s existing mandate to issue such cards under Act No. 23 of 2007.

Ogunbanjo highlighted the successful implementation of MobileID by NIMC, which has provided identity verification for over 15 million individuals.

He expressed apprehension about integrating the new ID card with existing MobileID systems and raised concerns about data privacy and unauthorized duplication of ID cards.

Moreover, stakeholders are seeking clarification on the responsibilities for card blocking, replacement, and delivery in case of loss or theft, given the involvement of multiple parties, including banks, in the issuance process.

The shift towards utilizing banks for identity card issuance raises fundamental questions about data security, privacy, and the integrity of the identification process.

With financial institutions playing a pivotal role in distributing sensitive government documents, there are valid concerns about potential vulnerabilities and risks associated with this approach.

As the debate surrounding the security implications of the new national identity card continues to intensify, stakeholders are calling for greater transparency, accountability, and collaboration between government agencies and financial institutions to address these concerns effectively.

The paramount importance of safeguarding citizens’ personal information and ensuring the integrity of the identity verification process cannot be overstated, especially in an era of increasing digital interconnectedness and heightened cybersecurity threats.

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Israeli President Declares Iran’s Actions a ‘Declaration of War’

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Israel Gaza

Israeli President Isaac Herzog has characterized the recent series of attacks from Iran as nothing short of a “declaration of war” against the State of Israel.

This proclamation comes amidst escalating tensions between the two nations, with Iran’s aggressive actions prompting serious concerns within Israel and the international community.

The sequence of events leading to Herzog’s grave assessment began with a barrage of 300 ballistic missiles and drones launched by Iran towards Israel over the weekend.

While the Israeli defense forces managed to intercept a significant portion of these projectiles, the sheer scale of the assault sent shockwaves through the region.

President Herzog’s assertion of war was underscored by Israel’s careful consideration of its response options and ongoing discussions with its global partners.

The gravity of the situation prompted the convening of the G7, where member nations reaffirmed their commitment to Israel’s security, recognizing the severity of Iran’s actions.

However, the United States, a key ally of Israel, took a nuanced stance. President Joe Biden conveyed to Israeli Prime Minister Benjamin Netanyahu that, given the limited casualties and damage resulting from the attacks, the US would not support retaliatory strikes against Iran.

This position, though strategic, reflects a delicate balancing act in maintaining stability in the volatile Middle East region.

Meanwhile, Russian Foreign Minister Sergei Lavrov and his Iranian counterpart Hossein Amir-Abdollahian cautioned against further escalation, emphasizing the potential for heightened tensions and provocative acts to exacerbate the situation.

In response to the escalating crisis, the Nigerian government issued a call for restraint, urging both Iran and Israel to prioritize peaceful resolution and diplomatic efforts to ease tensions.

This appeal reflects the broader international consensus on the need to prevent further escalation and mitigate the risk of a wider conflict in the Middle East.

As Israel grapples with the implications of Iran’s aggressive actions and weighs its response options, President Herzog reiterated Israel’s commitment to peace while emphasizing the need to defend its people.

Despite calls for restraint from global allies, Israel remains vigilant in safeguarding its security amidst the growing threat posed by Iran’s belligerent behavior.

The coming days are likely to be critical as Israel navigates the complexities of its response while international efforts intensify to defuse the escalating tensions between Iran and Israel.

The specter of war looms large, underscoring the urgency of diplomatic engagement and concerted efforts to prevent further escalation in the region.

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