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Ezekwesili Withdraws From Presidential Race

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  • Ezekwesili Withdraws From Presidential Race

The presidential candidate of the Allied Congress Party of Nigeria, Dr. Obiageli Ezekwesili has announced her withdrawal from the presidential race.

She, however, opted to help build a coalition to defeat the All Progressives Congress and the Peoples Democratic Party in the February 16, 2019 election.

A statement issued on Thursday morning by the spokesperson for Obiageli Ezekwesili Presidential Campaign Organisation, Ozioma Ubabukoh, said she took the decision after “extensive discussions with Nigerians at home and the Diaspora.”

According to her, the action was also prompted by an examination of the country’s electoral environment sequel to the 2019 presidential debate of Saturday, January 19, 2019.

The statement reads, “This decision followed extensive consultations with leaders from various walks of life across the country over the past few days. I deem it necessary for me to focus on helping to build a veritable coalition to ensure a viable alternative to the #APCPDP in the forthcoming elections.

“It is my ardent belief that this broad coalition for a viable alternative has now become more than ever before, an urgent mission for and on behalf of Nigerian citizens. I have therefore chosen to lead the way in demonstrating the much needed patriotic sacrifice for our national revival and redirection.

“I wish to state that over the past three months, I have been in private, but extended talks with other candidates to birth a coalition that would allow Nigerians to exercise their choice without feeling helplessly encumbered by the evil twins of #APCPDP.

“While the deliberations continued, I never hesitated for a moment in my willingness and determination to sacrifice my candidacy in order to facilitate the emergence of the envisaged strong and viable alternative that Nigerians could identify within our collective search for a new beginning.

“My commitment to this promising political recalibration has been consistent and in consonance with my agreement, at the request of candidates under the Presidential Aspirants Coming Together arrangement in 2018, when I consented to supervise the internal selection process as an outside observer passionate about building an alternative force.

“However, despite resistance from the ACPN on these and other issues, I have decided that it is now necessary to show by action and example my determination on this issue by stepping down my candidacy so as to focus squarely on building the coalition to a logical conclusion.

“We have no right to allow citizens give in to despair. We will #Fight4Naija together and prove to all that the mess, which the political class has now become, should not be allowed to destroy our spirits and nation. We are also determined to ensure that the message keeps resonating that our beloved country deserves better, and that we will get the best that we deserve.

“From last year, when I joined the presidential race, I made it clear to Nigerians that the country has always had a 20-year cycle of change – 1958, 1979, and 1999. As such, 2019 begins another 20-year cycle, and together with all Nigerians of good will, I stand ready to play my part to ensure that we do not miss this golden opportunity to sing a new song. There is no more time to waste. Let’s get to work!”

Ubabukoh thanked Nigerians, including campaign donors and volunteers, who supported Ezekwesili, saying that “every money donated to the campaign and funds spent will be accounted for in the coming days.”

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Government

Ukraine Strikes Russian Fuel Depot, Sparking Fires in Belgorod Region

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Russian Mercenaries

The governor of Russia’s southern Belgorod region said on Sunday Ukrainian forces attacked a fuel depot, triggering a series of fires after Moscow and Kyiv accused each other of launching overnight attacks on border regions.

“The Ukrainian military, aided by lethal drones, attacked a fuel storage site in Volokonovsky district,” Vyacheslav Gladkov wrote on Telegram, referring to an area near the border.

“Several reservoirs caught fire in an explosion. Firefighting crews are putting out the blaze.”

Gladkov also reported drone attacks on three other localities. There were no casualties reported in the incidents.

In the overnight air attacks, Ukrainian officials said two people died and four were injured in Sumy region. Gladkov reported three civilians were injured in Belgorod.

Two children were among those injured in Sumy, the military administration of the northeastern Ukrainian region said on Sunday on Telegram. Several homes and cars were damaged.

In Belgorod region, three civilians, including two children, were injured. Gladkov said two residential buildings were destroyed and more than 15 buildings in total were damaged.

The Russian defence ministry said it had destroyed one drone over Belgorod region and another over Kursk region, where Ukrainian forces launched a cross-border incursion last month. It said two drones were intercepted over Belgorod overnight.

Border regions on both sides have been subject to frequent attacks. Both Moscow and Kyiv deny targeting civilians, saying the attacks are aimed at destroying each other’s infrastructure critical to war efforts.

Thousands of civilians have died in the war, which Russia started with a full-scale invasion on Ukraine in February 2022. Millions of Ukrainians have also been displaced, while their cities and villages have become piles of rubble

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Ghana Ordered to Pay $111.5M to Power Company After U.S. Court Ruling

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ghana

The government of Ghana has been ordered to pay $111.5 million to Ghana Power Generation Company (GPGC) following a ruling by a District of Columbia Court in the United States.

This ruling was granted in favor of GPGC after Ghana failed to respond to an earlier tribunal ruling from the United Kingdom, which found the country in breach of a power purchase agreement.

The court’s decision comes after Ghana terminated its contract with GPGC on February 18, 2018. The UK tribunal, in its final award dated January 26, 2021, found that Ghana had violated its contractual obligations, resulting in significant financial damages for GPGC.

The tribunal initially awarded GPGC $134.3 million in damages, calculated using the Early Termination Payment formula as specified in the purchase agreement.

Ghana, however, did not comply with the tribunal’s verdict, prompting GPGC to pursue the matter in U.S. courts. On January 19, 2024, GPGC filed a lawsuit in the District of Columbia, citing the Federal Arbitration Act and the New York Convention, which provides for the recognition of international arbitration awards.

Court documents reveal that the petition was formally delivered to Ghana’s Ministry of Foreign Affairs and Regional Integration on January 23, 2024.

Despite receiving the legal documents, Ghana failed to respond to the court proceedings by the March 29, 2024, deadline. This non-response led the U.S. court to grant a default judgment in favor of GPGC.

Chief Judge James E. Boasberg emphasized that the arbitral judgment fell under the New York Convention, which requires member states, including the United States, to recognize and enforce international arbitration awards.

He further noted that Ghana had voluntarily submitted to international arbitration when entering the power purchase agreement, waiving its sovereign immunity in the process.

Although GPGC was not awarded pre-judgment interest, Ghana will be obligated to pay post-judgment interest at rates set by U.S. law.

This adds an additional financial burden to the $111.5 million judgment as the payment accrues further interest over time.

The country narrowly avoided a separate $11 billion arbitration award in the infamous P&ID case, which was eventually overturned due to findings of corruption and bribery.

However, in the GPGC case, multiple European courts have upheld enforcement orders, leaving Ghana with limited legal recourse.

The court’s decision is expected to place added pressure on Ghana as it faces mounting financial obligations related to international arbitration disputes.

GPGC has indicated that it will pursue all available legal avenues to ensure full recovery of the damages awarded by the tribunal, including possible enforcement actions in other jurisdictions.

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Zhongshang Fucheng Moves to Auction Nigerian Properties in UK Following $70M Arbitration Award

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Bola Tinubu

Zhongshang Fucheng Industrial Investment Ltd has escalated its efforts to collect a $70 million arbitration award from Nigeria by putting two residential properties in Liverpool up for sale.

This significant development follows a 2021 arbitration verdict against Nigeria, which remains unsettled.

The Chinese investment group has reportedly listed two buildings linked to the Nigerian government—15 Aigburth Hall Road and Beech Lodge, 49 Calderstones Road—on the global online marketplace eBay.

The move is part of a broader strategy to recover the outstanding $70 million, which includes a principal amount of $55,675,000, plus interest and legal costs, as stipulated by the arbitration verdict.

The arbitration stemmed from a dispute between Zhongshang Fucheng and Ogun State over a trade treaty violation.

The company claimed that Ogun State rescinded its rights to a free trade zone in 2016, prompting a legal battle that saw Zhongshang’s executives expelled from Nigeria.

The British court granted Zhongshang the authority to seize Nigerian assets in the UK after the Nigerian government failed to settle the arbitration judgment.

The seizure and subsequent auction of these properties mark a pivotal moment in the ongoing legal conflict.

The properties were confiscated because they were not classified as diplomatic or consular assets, making them subject to seizure under the court’s orders.

According to sources familiar with the situation, the properties are valued at approximately $2.2 million.

Zhongshang Fucheng has opted for an online auction to expedite the sale, aiming to reach a broad pool of potential buyers.

The decision to use eBay highlights the company’s commitment to transparency and swift asset recovery.

“This move is not just about recovering the funds; it’s a demonstration of our commitment to enforcing the arbitration award and ensuring that due process is followed,” said a consultant working with Zhongshang Fucheng, who spoke on condition of anonymity.

The Nigerian government, already grappling with similar arbitration cases, is facing increased scrutiny as European courts have granted enforcement orders in several countries, including the UK, Belgium, and France.

The ongoing conflict with Zhongshang Fucheng has intensified pressure on Nigerian authorities to address these legal and financial challenges more effectively.

In June 2024, the UK High Court, King’s Bench Division, ruled in favor of Zhongshang’s right to seize the Liverpool properties.

Master Lisa Sullivan’s ruling emphasized that the properties were used for commercial purposes, thereby excluding them from sovereign immunity protections.

The case against Nigeria underscores broader issues related to international arbitration and asset recovery, reflecting a growing trend of global legal disputes over state assets.

For Zhongshang Fucheng, the auction of the Liverpool properties represents a critical step in securing the funds awarded by the arbitration panel.

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