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ECOWAS Condemns Malian Coup, Calls Off Trade Relations 

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Malian Mutinying Soldiers

ECOWAS Calls Off Trade Relations With Mali Following Military Coup

The Economic Community of West African States (ECOWAS) on Wednesday announced it has called off all trade relations with Mali after the resignation of President Ibrahim Boubacar Keita following a military coup.

On Tuesday, President Ibrahim Boubacar Keita was arrested alongside Prime Minister Boubou Cisse and taken to the Kati military camp about 15 kilometers northwest of the capital Bamako at around 4.30 p.m local time, stated Le Journal du Mali.

On Wednesday, Keita announced his resignation and immediately dissolved his entire cabinet.

He said, “If today, certain elements of our armed forces want this to end through their intervention, do I really have a choice?” Mr. Keita stated from a military camp in Kati where he was being detained.

“I wish no blood to be shed to keep me in power,” he said. “I have decided to step down from office.

While the soldiers that arrested and forced President Keita to resign and dissolve his entire cabinet have promised to conduct a fair and transparent election, ECOWAS and other international organisations have condemned the coup and called for sanctions against those behind the coup and their partners.

ECOWAS also said it has shut down all it’s land and air borders with Mali.

In a statement released by the 15-member nation on Wednesday, it said “ECOWAS has noted with great concern the seizure of power by Malian military putschists.”

It added that the coup would negatively impact on the peace and stability efforts in Mali and its region.

The soldiers, who described themselves as ‘the National Committee for the Salvation of the People,’ said they only acted to prevent the country from falling into further chaos and not interested in power.

We are keen on the stability of the country, which will allow us to organise general elections to allow Mali to equip itself with strong institutions within the reasonable time limit,” said the group’s spokesman, Col Ismaël Wagué, the air force deputy chief of staff.

Another statement read on behalf of the National Committee for the Salvation of the People by Wagué on national television, said: “Civil society and political social movements are invited to join us to create together the best conditions for a civil political transition leading to credible general elections for the exercise of democracy through a roadmap that will lay the foundations for a new Mali.

He added: “As of today, all air and land borders are closed until further notice. A curfew is in place from 09:00 to 17:00 until further notice.

Flanked by soldiers, Col Wagué said: “Our country is sinking into chaos, anarchy and insecurity mostly due to the fault of the people who are in charge of its destiny.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Economy

Nigeria Receives £4.2 Million Looted By James Ibori

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James Ibori

The government of the United Kingdom has repatriated the sum of £4.2million that was looted by associates and family members of the convicted former governor of Delta State, James Ibori.

The Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami, SAN, on Tuesday confirmed the receipt of the looted fund in a statement he made available to newsmen in Abuja.

In the statement signed by Malami Special Assistant on Media and Public Relations, Dr. Umar Gwandu, the Minister of Justice disclosed that the naira equivalent of the amount was credited into the designated Federal Government account on May 10, 2021.

The AGF had earlier signed a Memorandum of Understanding for the repatriation of the loot fund on behalf of the Federal Government of Nigeria.

According to him, “the development was a demonstration of the recognition of reputation Nigeria earns through records of management of recovered stolen Nigerian stolen in the execution of public oriented projects”.

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Economy

AfDB, European Bank To Bridge $2.5tn Africa’s Financing Gap

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AfDB

The African Development Bank Group and the European Bank for Reconstruction and Development signed a Memorandum of Understanding on Monday to promote sustainable private sector development in Africa.

In a statement issued by its Communication and External Relations Department, the AfDB said, “The MoU will help catalyse new sources of financing to help bridge the $2.5tn annual financing gap for development in Africa.

“This gap requires that development finance institutions work in partnership.”

The bank stated that under this partnership, the AfDB and the EBRD would capitalise on their respective

expertise and experience, with a particular focus on climate change, green and resilient infrastructure and capital markets development.

“They will also work on improving business environments, bolstering the real economy and mobilising private sector investment,” the AfDB stated.

It observed that COVID-19 was threatening progress made towards the United Nations Sustainable Development Goals and was exacerbating the debt vulnerability of many African countries.

The bank stated that sustainable private sector development would be key to recovery and prosperity across the continent.

AfDB’s President, Akinwumi Adesina, after signing the memorandum with his counterpart, EBRD President,

Odile Renaud-Basso, was quoted as saying, “The new partnership agreement between our two institutions will pave the way for us to do more together, especially in supporting the growth of Africa’s private sector.

“The impact of COVID-19 on government resources is huge and we need to mobilise more private resources to help African countries build back stronger.”

On his part, Renaud-Basso, said, “The COVID-19 crisis has made the need for better and ever closer collective action even more urgent.

“Collaboration between the EBRD and the African Development Bank has grown from strength to strength over the years in the region.”

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Economy

Despite Rising Debt Profile, President Buhari Seeks New N2.342T External Loan

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Muhammadu Buhari

President Muhammadu Buhari, on Tuesday, urged the Senate to approve a new external loan of N2,343,387,942,848.00, about $6.183billion, for the Federal Government to finance the 2021 budget deficit.

Senate President Ahmad Lawan read Buhari’s letter of request on the floor of the Senate at plenary.

Last Month, Investorsking recalled that there was a controversy when Edo State Governor, Godwin Obaseki had raised concerns over the financial trouble Nigeria might find herself due to the continuous rising debt profile.

In a recent report carried out by PWC, it was reported that:

“Actual debt servicing cost in 2020 stood at N3.27 trillion and represented about 10 percent over the budgeted amount of N2.95 trillion. This puts the debt-to-revenue ratio at approximately 83 percent, nearly double the 46 percent that was budgeted.

“This implies that about N83 out of every N100 the FG earned was used to settle interest payments for outstanding domestic and foreign debts within the reference period. In 2021, the FG plans to spend N3.32 trillion to service its outstanding debt. This is slightly higher than the N2.95 trillion budgeted in 2020”.

According to DMO Nigeria’s total public debt as at December 31, 2020, was N32.915 Trillion.

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