Connect with us

Government

Violent Protests Erupt Across Nigeria, Leaving Six Dead and Many Injured

Published

on

Nigeria is facing a rapidly escalating cost-of-living crisis as widespread protests erupted across the nation, resulting in the deaths of at least six people and leaving many others injured.

The unrest has sparked fears that the country may plunge into deeper turmoil, further complicating President Bola Tinubu’s efforts to implement economic reforms.

The protests began as small demonstrations in Lagos and Abuja but quickly spread to other regions, including Kano, Katsina, and Port Harcourt.

Demonstrators took to the streets to voice their anger over government policies that have driven inflation to its highest level in nearly three decades.

The rising cost of basic goods and services has exacerbated the plight of Nigeria’s 200 million citizens, 40% of whom live in extreme poverty.

In the north-central Niger state, security operatives reportedly killed several protesters, according to the Daily Trust. The violence has also prompted a 24-hour curfew in Borno state after an explosion killed 16 people on Wednesday.

The exact cause of the explosion remains unclear, but it has added to the sense of instability and fear gripping the nation.

The organizers of the protests have utilized social-media campaigning methods similar to those recently used in Kenya, where anti-tax demonstrations forced the government to abandon measures aimed at raising over $2 billion in revenue.

The Nigerian protests, however, have already resulted in significant bloodshed and pose a serious threat to the Tinubu administration’s economic-reform program, which aims to attract foreign investment and stabilize the economy.

In Lagos, the city’s usually bustling streets were eerily quiet as banks closed their doors to customers to prevent potential attacks. Those that remained open saw little activity, as fear of violence kept people indoors.

Police in Abuja fired tear gas to disperse crowds, but the protesters were undeterred, continuing to demand action from the government.

Kano also saw significant unrest, with a government-owned property looted by protesters.

The chaos has led to increased security measures, with the Lagos State Police Command reporting that it safely neutralized an improvised explosive device in the city. Authorities have urged residents to remain vigilant and report any suspicious objects.

President Tinubu has repeatedly tried to quell the protests, warning last week that “we do not want to turn Nigeria into Sudan.” The reference to Sudan’s ongoing civil war, which has resulted in thousands of deaths and millions displaced, underscores the gravity of the situation in Nigeria.

The government’s attempts to defuse the nationwide protests have so far proven ineffective, with tensions continuing to rise.

The current unrest is reminiscent of Nigeria’s past struggles with civil demonstrations. In 2020, rallies against police brutality resulted in at least 56 deaths, according to Amnesty International.

The popular Lekki Tollgate in the affluent Victoria Island area of Lagos, a flashpoint during the 2020 protests, remained largely empty on Thursday amid heavy police deployment.

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.

Continue Reading
Comments

Government

Ukraine Strikes Russian Fuel Depot, Sparking Fires in Belgorod Region

Published

on

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

Continue Reading

Government

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

Published

on

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.

Continue Reading

Government

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

Published

on

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.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending