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Venezuela Devalues Currency by 95%

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  • Venezuela Devalues Currency by 95%

Venezuelan president Nicolas Maduro devalued the local currency bolívar by 95 percent in an effort to shore up its struggling economy.

Maduro in a televised speech from the presidential palace said: “I want the country to recover and I have the formula.” The formula known as the “programme for recovery, growth and economic prosperity” represent economic blueprint of the administration.

The blueprint includes raising the minimum wage by more than 3,000 percent, increasing petrol price for some drivers, raising taxes and the introduction of a new currency, the sovereign bolívar — which according to him will have five fewer zeros than the inflation stricken bolívar.

Earlier this year, the International Monetary Fund (IMF) predicted that Venezuela’s inflation rate could hit 1 million percent in 2018.

This year, more than 500,000 Venezuelans have fled overseas to escape chronic food shortage, rising crime rate and lack of medicine in hospitals.

A recent survey showed more than 89 percent of Venezuelans now live in poverty, while more than 60 percent admitted waking up hungry because they lacked the means to buy food.

However, president Maduro believes his formula is going to revive the economy, “Venezuela is going to experience an economic miracle,” said Maduro.

A prominent opposition leader, Henrique Capriles, fault Maduro’s blueprint and described it as a Venezuelan “Black Friday”.

“The government has decided to thrust us into one final disaster,” Capriles wrote in an online essay in which he accused Maduro of plunging the oil-rich nation into “the greatest tragedy in its history”.

Andrés Velásquez, another opposition leader said “The measures announced on Friday are not any economic recovery plan for the country. On the contrary, they represent more hunger, more ruin, more poverty, more suffering, more pain, more inflation, more deterioration of the economy.”

Venezuela inflation has risen more than 60,000 percent in the last one year, while over 2.3 million Venezuelan citizens have abandoned their country since 2015.

“The situation is critical and it will get worse,” said Marisela Guédez, a 38-year-old civil servant who fled to Ecuadorian border town of Tulcán a week ago, having sold her hair for 100,000 pesos (about $33) in order to pay for the journey.

“I never, ever thought about leaving Venezuela – not once,” added the homeless mother-of-five, who had left her children behind in Caracas. “Venezuela was such a rich country.”

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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EFCC Recovers N32 Billion from Humanitarian Ministry Probe

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EFCC

The Economic and Financial Crimes Commission (EFCC) has announced the recovery of a sum of N32 billion from its probe into the Ministry of Humanitarian Affairs and Poverty Alleviation.

This development comes amidst allegations of financial misappropriation and fraud involving high-ranking officials within the ministry.

The EFCC’s investigation, which initially focused on the suspended Minister of Humanitarian Affairs, Betta Edu, has expanded to encompass a broader examination of financial transactions and practices within the ministry.

The probe was initiated following allegations of the unauthorized approval of N650 million payment into a private account linked to Edu.

President Bola Tinubu’s directive to investigate the allegations and the subsequent suspension of Edu from office underscore the seriousness of the matter. While Edu has denied any wrongdoing, the EFCC proceeded with its inquiry, leading to her detention and subsequent release on bail.

The agency’s investigation also extends to Edu’s predecessor, Sadiya Umar-Farouk, and the National Coordinator of the National Social Investment Programme (NSIPA), Halima Shehu.

Allegations of financial impropriety totaling N37.1 billion and the movement of N44 billion from NSIPA accounts to suspicious private and corporate accounts have prompted scrutiny of their roles in the ministry.

In a statement released over the weekend, the EFCC disclosed that its investigations into the alleged fraud have yielded significant results, with the recovery of N32 billion and $445,000 thus far.

This substantial sum reflects the scale of financial irregularities uncovered during the course of the probe.

The EFCC emphasized that its investigation is not limited to individual officials but extends to a systemic examination of fraudulent practices within the ministry.

The agency highlighted the involvement of banks in facilitating the alleged fraud, with managing directors providing valuable information to investigators.

Dele Oyewale, the spokesperson for the EFCC, reiterated the agency’s commitment to thorough investigations and prosecution of individuals found culpable.

He emphasized that no one implicated in the fraud has been cleared, and investigations are ongoing to uncover the full extent of the wrongdoing.

Beyond its efforts to combat corruption within government institutions, the EFCC is also intensifying its campaign against the abuse of the national currency and the dollarization of the economy.

The agency acknowledged the public’s support and involvement in reporting instances of currency abuse, signaling a growing awareness of the importance of preserving the integrity of Nigeria’s financial system.

As the EFCC continues its probe into the Ministry of Humanitarian Affairs and Poverty Alleviation, the recovery of N32 billion underscores the magnitude of financial misconduct within the government.

With investigations ongoing and prosecutions imminent, the EFCC remains steadfast in its mission to uphold transparency and accountability in Nigeria’s public sector.

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Sport Business

Eni Aluko Breaks Barriers: First Black Female Football Club Owner in Italy

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Eni Aluko

Eni Aluko, former sports director for Aston Villa and Angel City, has shattered the glass ceiling by becoming the first black female football club owner in Italy.

Aluko’s journey from the pitch to the boardroom marks a monumental shift in the traditionally male-dominated realm of football ownership.

Aluko’s foray into ownership comes through her involvement with the Mercury 13 group, a consortium dedicated to revolutionizing women’s football.

This $100 million investment group, named after the 13 female pilots who passed the same rigorous testing as NASA’s original Mercury 7 astronauts, aims to elevate the status of women’s football teams across Latin America and Europe.

Their recent acquisition of a majority stake in FC Como Women, situated in northern Italy, underscores their commitment to this vision.

For Aluko, this milestone isn’t just about personal achievement; it’s about paving the way for future generations of black sports investors and female football enthusiasts.

“Representation matters,” Aluko emphasized in a recent interview. “As the first, I understand the significance of this moment. But more importantly, I see it as an opportunity to inspire others and to promote diversity and inclusivity in the beautiful game.”

Aluko’s transition from player to owner is a testament to her unwavering dedication to football.

Having retired from professional play, she has seamlessly transitioned into roles in sports broadcasting and now ownership, leveraging her extensive experience and expertise to drive meaningful change within the industry.

The significance of Aluko’s ownership stake extends far beyond the confines of FC Como Women. It serves as a beacon of hope and inspiration for marginalized communities within football, signaling that barriers can be broken and dreams can be realized regardless of race or gender.

The Mercury 13 group’s investment in FC Como Women is poised to catalyze a new era for the club and women’s football in Italy as a whole.

With Aluko at the helm, there is an undeniable sense of optimism and momentum surrounding the future of the team and the broader movement for equality within the sport.

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Travel

Ethiopian Airlines Group Celebrates 78 Years of Excellence and Innovation

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Ethiopian Airlines Group, Africa’s leading airline organization, commemorated its 78th anniversary with a tribute to its rich history of resilience and innovation since its inception in 1946.

Led by its Group Chief Executive Officer, Mr. Mesfin Tassew, and Chief Commercial Officer, Mr. Lemma Yadecha, the airline marked this significant milestone with a special flight to Cairo, retracing its inaugural international service route.

Reflecting on the occasion, CEO Mesfin Tasew emphasized the airline’s enduring commitment to passenger service and servant leadership.

He highlighted Ethiopian’s journey from modest beginnings to becoming a pioneering force in African aviation, introducing numerous innovations along the way. Tasew’s sentiment encapsulated the airline’s ethos of prioritizing passenger satisfaction and continuous improvement.

In keeping with its tradition of community engagement, Ethiopian Airlines distributed Seasons Greeting Packages and Happy Fasting Messages to passengers, embracing the diverse cultural backgrounds of its travelers.

This gesture underscored the airline’s dedication to fostering unity and inclusivity among its passengers, transcending geographical boundaries.

Chief Commercial Officer, Lemma Yadecha, emphasized the airline’s mission to go beyond transportation, aiming to create a sense of belonging for all passengers.

By assuming roles typically held by ground and flight crew members, Ethiopian Airlines honored its dedicated staff and the countless individuals who contributed to its success over the past 78 years.

As Ethiopian Airlines celebrates this historic milestone, it reaffirms its commitment to service excellence and innovation in the aviation industry, promising to continue leading Africa’s skies with distinction and pride.

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