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Rishi Sunak: All You Need to Know About Britain’s Youngest Minister

Britain’s youngest minister, Rishi Sunak succeeds Liz Truss, the shortest-serving minister of the United Kingdom on October 25, 2022.

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Rishi Sunak

Britain’s youngest minister, Rishi Sunak succeeds Liz Truss, the shortest-serving minister of the United Kingdom on October 25, 2022.

Rishi Sunak, 42, is a British politician and a leader of the Conservative Party before succeeding Liz Truss as the present prime minister of Britain.

Sunak was born in Southampton to Punjabi parents of Indian descent who migrated to Britain from East Africa, Kenya in the 1960s.

Sunak has been the Member of Parliament for Richmond Yorks (North Yorkshire) before serving as Chief Secretary to the Treasury from 2019 to 2020 and also served as a Chancellor/senior minister from 2020 to 2022.

The 222nd Richest man in Britain studied philosophy, politics, and economics at Lincoln College, with an MBA from Stanford University in California as a Fulbright Scholar (the United States cultural exchange Programs).

Sunak resigned as Chancellor and Senior Minister on July 5, 2022, and he contested with Liz Truss following Johnson Boris’s resignation as leader of the Conservative Party. However, the majority of the parliament members voted in favor of Liz.

Liz Truss, 47, was appointed on September 6, 2022 and immediately appointed Kwasi Kwarteng as her Finance Minister. Kwarteng announced a 45% tax cut without a proper means to fund the said reduction.

Lack of proper preparation amid one of the most chaotic periods in the United Kingdom forced Britons and businesses to refute the policy with global investors abandoning British Pounds and other assets for U.S Dollars.

British Pounds immediately plunged to a 37-year low against the United States Dollar. Even though Kwarteng later abandoned the policy the British were not convinced that he could lead them out of the crisis and even strike better British negotiation. A few weeks later he was sacked by Truss.

Truss tendered her resignation shortly after as the British refused to support the administration for a series of reasons bordering on poor diplomacy and insults on the part of the former Prime Minister.

Rishi Sunak was immediately elected unopposed as the leader of the Conservative Party, the youngest Britain Prime Minister. Sunak is Britain’s first Asian descent Prime Minister.

Rishi Sunak Background as Chancellor

During his reign as chancellor, Sunak delivered effectively as he oversaw Britain’s finances during the Covid-19 Pandemic. He chaired various public health and economic measures to control the impact of the virus, including the “Eat out to Help Out” scheme, which was introduced to support and create jobs in the hospitality sector.

After emerging victorious, Sunak pleaded for unity amid economic challenges, he said that without a doubt the United Kingdom is a great country but what the country needs now is stability and unity, including that, bringing his party and UK together was his utmost priority.

The incoming Prime Minster said, “we rise to challenges, we will meet them, we’re well prepared for them, we’ll get through them and we’ll emerge on the other side stronger”.

Rishi Sunak Key Biography Highlights

While at Stanford, he met his future wife Akshata Murty, the daughter of N. R. Narayana Murthy, the Indian billionaire businessman who founded Infosys.

Sunak and Murty are the 222nd richest people in Britain, with a combined fortune of £730m as of 2022.

After graduating, Sunak worked for Goldman Sachs and later as a partner at the hedge fund firms the Children’s Investment Fund Management and Theleme Partners.

Rishi Sunak Political Career

Sunak was elected to the House of Commons for Richmond in North Yorkshire at the 2015 general election, succeeding William Hague. Sunak supported Brexit in the 2016 referendum on EU membership.

He was appointed to Theresa May’s second government as Parliamentary Under-Secretary of State for Local Government in the 2018 reshuffle. He voted three times in favour of May’s Brexit withdrawal agreement.

After May resigned, Sunak supported Boris Johnson’s campaign to become Conservative leader. After Johnson was elected and appointed Prime Minister, he appointed Sunak as Chief Secretary to the Treasury.

Sunak replaced Sajid Javid as Chancellor of the Exchequer after his resignation in the February 2020 cabinet reshuffle.

As Chancellor, Sunak was prominent in the government’s financial response to the COVID-19 pandemic and its economic impact, including the Coronavirus Job Retention and Eat Out to Help Out schemes.

He resigned as chancellor on 5 July 2022, followed by Johnson’s resignation amid a government crisis. Sunak stood in the Conservative party leadership election to replace Johnson, and lost the members’ vote to Liz Truss.

Following Truss’s resignation amid another government crisis, Sunak was elected unopposed as Leader of the Conservative Party.

He was appointed Prime Minister by Charles III on 25 October 2022, becoming the first British Asian and Hindu Prime Minister, as well as the first person of colour to hold the office.

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Ibom MRO to Bring in Forex to Nigeria 

Akwa Ibom State to open a cutting-edge smart terminal building at the Victor Attah International Airport

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U.S dollar - Investors King

The governor of Akwa Ibom State, Governor Udom Emmanuel, has announced that the state is close to opening a cutting-edge smart terminal building at the Victor Attah International Airport and that this will generate foreign exchange for Nigeria. 

Investors King has also learnt that an MRO facility for aircraft would be operational from January.

This comes on the heels of praise from his Edo State counterpart, Gov. Godwin Obaseki, who attended the Tuesday reception in Uyo for two additional A320-200 Airbus aircraft that the state’s Ibom Air fleet had leased from a European company.

Speaking at the event, the governor of Akwa Ibom said that while there were already efforts underway to persuade the government to lease the MRO, the MRO is an investment because it was built with naira, despite its current depreciation, and will therefore generate income.

The Akwa Ibom governor said “Our terminal building is world-class in Africa, our MRO is world-class. If you find one today in the entire Gulf of Guinea, tell me I’ll disassemble this one and build another.

“Look at our MRO; what you see here can accommodate two 747 aircraft as well as eight CRJ aircraft, which we are flying for servicing at the same time.”

“This is the only MRO in this part of the world today, and these facilities are not built with local currency, but we are building this MRO with naira that has no value.”

“I invest in areas where we can see a return on our money. Right now without blinking an eye, I can make over $ 30 million with this MRO if we decide to sell but we are not selling, we will make a foreign exchange from this investment.

“Airbus is on us to come and lease our MRO for all their regional flights, but we are not selling.

“We are going to open up this place ( MRO facility) from January next year for commercial activities and we are going to earn in dollars.”

He thanked Ibom Air’s Board of Directors, Management, and Staff for making him proud, emphasising that “they have done very well.”

Gov. Obaseki, who spoke at the event, stated that Akwa Ibom has become the country’s flagship state for its efforts to invest in and make significant strides in the aviation sector.

Obaseki described Akwa Ibom as the country’s flagship state for its efforts to invest in and expand the aviation sector. “Ibom Air is always completely booked.” Let me thank you on behalf of Nigerians,’’ Obaseki said.

In his remarks, the Managing Director of Ibom Airlines., Mr Mfon Udom announced plans to begin regional flights in 2023.

Udom said the new addition to the fleet of Ibom Air would expand its carrying capacity and boost employment opportunities in the state by 40 per cent.

“With this new capacity coming on board, we are delighted to inform our passengers that we have increased our offerings, providing more frequencies for their convenience.

“The Uyo-Lagos and Uyo-Abuja routes now have three frequencies each every weekday, while our Lagos-Abuja passengers will have seven frequencies to choose from both ways, every weekday,’’ he said.

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Lagos State Boosts Food Supply With Mass Sale of Rice and Cooking Oil

LAISA has commenced the massive sale of rice and soya bean vegetable oils ahead of the December festival

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bags of rice

Lagos state government through the Lagos State Agricultural Inputs Supply Authority (LAISA) has commenced the massive sale of rice and soya bean vegetable oils ahead of the December festival.

The sale which is taking place at different locations in the state is already attracting massive buyers. 

According to the General Manager of LAISA, Mr Bolaji Balogun, places where potential buyers can get the products include New Farm Service Oko-Oba Centre, and Gengeto Bus stop, Abeokuta Road, Lagos.

While speaking to the press, Balogun disclosed that available products include 50kg of rice and 1-3 litres of soya vegetable oil all sold at affordable prices. 

The GM added that the food sale event was a response to the yearnings of Lagosians who demanded affordable rice and cooking oil for the yuletide festival. 

He noted that several people came to LAISA stand for the request at the just concluded Lagos Trade Fair. 

Investors King understands that the Lagos State Agricultural Inputs Supply Authority (LAISA) was established with the mandate to boost food supply in the state and also provide the necessary support such as farm tools to farmers. 

” As a responsible agency of government, LAISA will continue to provide customers/farmers with high quality and healthy food supply at affordable prices as and when available. We also intend to continue to support and encourage farmers on the best farming practice as well,” Balogun noted. 

Meanwhile, the Federal Government has replied to a statement credited to the International Monetary Fund (IMF) that Nigeria will face food crisis in 2023.

The Federal Ministry of Agriculture and Rural Development opposed the position of the global financial institution stating that Nigerians should not panic nor worry about the projection. 

The ministry added that several measures had been put in place to forestall any scarcity of food in Nigeria. 

It added that the government had approved a five-year tax break as an incentive to encourage private investments in the agricultural sector and increased food production, processing and marketing.

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U.S 2024 Elections: Donald Trump Declares For President

Former President of the United States, Donald Trump has once again showcased interest to seek the oval office after he failed re-election in 2020.

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President Trump Signs Executive Order In Oval Office Of The White House

Former President of the United States, Donald Trump has once again showcased interest to seek the oval office after he failed re-election in 2020. Trump will be expected to tussle the Republic ticket with other potential nominees. 

At his private beach on Tuesday night, Trump said “In order to make America great and glorious again, I am tonight announcing my candidacy for president of the United States”. 

Trump’s ambition might however not be “Uhuru” as his party, the Republican failed to perform as expected in the midterm election. Although the Republican has been projected to win the majority seats in the house, the party, however, lost the senate including key states. 

In addition, the former US president will likely face stiff opposition from his party as potential co-contestants include his former Vice President Mike Pence and the Governor of Florida Ron DeSantis, who won a resounding reelection victory on November 8.

Unfazed by the opposition and confident in his large following, Trump said “This is not a task for a politician or a conventional candidate. This is a task for a great movement.”

Investors King could recall that in 2020, Donald Trump lost to Joe Biden (Democrat). 

After his exit from office, there have been a number of investigations into his conduct before, during and after his first term as president which could ultimately result in his disqualification.

He is also investigated for inciting violence which led to the drastic attack on the Capitol building on January 6, 2021.

Meanwhile, analysts and observers are divided on Trump’s potential comeback. 

The mid-term election result shows that voters rejected candidates who backed Trump’s baseless claims of election fraud in 2020, and many of his high-profile picks for office struggled or lost out in the race. 

It could be recalled that Donald Trump alleged manipulation in the 2020 presidential election which produced President Joe Biden. Trump claimed he was rigged out and tried to establish a conspiracy to back up his claim.

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