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Banks To Rehabilitate National Arts Theatre With $200m

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The Governor of the Central Bank of Nigeria, Godwin Emefiele, on Saturday, said the Bankers’ Committee has raised the amount it planned to spend to rehabilitate the National Arts Theatre from $100m to $200m.

He also assured that the CBN wiould not stop but continue to support the economy with foreign exchange intervention after 2022.

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Emefiele disclosed this during a press conference at the end the of the two-day bankers retreat in Lagos.

Speaking on the National Arts Theatre funding, he said, “I must confess that when we started this project, we contemplated it would cost $100m to complete. But unfortunately, where we are on the dimensions, the scope of the project yesterday, we found out that it is almost going to last up to $200m.”

To boost the volume of export repatriation, he said there was need to support the exporters who needed the facility to be able to process their goods that could qualify for exports abroad.

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To ensure this support, he added that the banks would be made to grant at least N500bn yearly to export oriented companies.

READ ALSO: Leadership Should Not Be Strong Today, Weak, Confused Tomorrow – Pastor Kumuyi

According to him, the banking sector realised that the interventions introduced to support the economy was realising result.

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He said, “Realising the progress that had been made so far, the CBN will continue to support the market with foreign exchange as hard as it may be; while the banks will continue to ramp up their own source of non-oil export to earn FX through repatriation which they can use to fund the needs of their customers.”

 

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Ghana Defence, Environment Ministers Killed In Helicopter Crash

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Ghana’s defence and environment ministers were killed in a helicopter crash Wednesday, the Ghanaian presidency said, hours after the armed forces reported a chopper carrying three crew and five passengers dropped off the radar.

Edward Omane Boamah became President John Mahama’s defence minister earlier this year shortly after Mahama’s swearing-in in January.

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Ibrahim Murtala Muhammed was serving as the minister of environment, science and technology.

Everyone onboard was killed in the accident, authorities said.

READ ALSO:Ex-Ghanaian President Mahama Leads Election Mediation Team To Nigeria

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“The president and government extend our condolences and sympathies to the families of our comrades and the servicemen who died in service to the country,” said Mahama’s chief of staff Julius Debrah.

Boamah was helming Ghana’s defence ministry at a time when jihadist activity across its northern border in Burkina Faso has become increasingly restive.

While Ghana has so far avoided a jihadist spillover from the Sahel — unlike neighbours Togo and Benin — observers have warned of increased arms trafficking and of militants from Burkina Faso crossing the porous border to use Ghana as a rear base.

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A medical doctor by training, Boamah’s career in government included stints as communications minister during Mahama’s previous 2012-2017 tenure. Before that, he was the deputy minister for the environment.

READ ALSO:Guinea-Bissau President, Niger Republic PM, Others Attend Buhari’s Burial In Daura

The Ghanaian Armed Forces had reported earlier Wednesday that an air force helicopter had fallen off radar after taking off from Accra just after 9:00 am. It had been headed towards the town of Obuasi, northwest of the capital.

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The statement had said that three crew and five passengers were aboard, without specifying at the time that the ministers were among them.

Alhaji Muniru Mohammed, Ghana’s deputy national security coordinator and former agriculture minister, was among the dead, along with Samuel Sarpong, vice chairman of Mahama’s National Democratic Congress party.

READ ALSO:Ghanaians Protest, Decry ‘State-sponsored’ Harassment In Abuja

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As Ghana has pursued increased diplomacy with Burkina Faso, Mali and Niger — all ruled by juntas who have broken with the ECOWAS west African regional bloc — Boamah led a delegation to Ouagadougou in May.

He had been set to release a book titled “A Peaceful Man in an African Democracy”, about former president John Atta Mills, who died in 2012.

All flags were to be flown at half-staff, Debrah said, while the presidency said Mahama had cancelled his official activities for the day.

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26-year-old Nigerian Fatally Stabbed In London

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Two individuals have been charged in connection with the fatal stabbing of a 26-year-old Nigerian, Ayowale Aladejana, in New Cross, southeast London.

The Metropolitan Police reports that detectives investigating the fatal stabbing of Ayowale charged a man and woman with murder.

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Ben Wazabanga, 23 (24.10.2001) of Fairfax Road, Bedford was charged with murder and possession of a knife on Monday, 4 August. He was remanded in custody and will appear at Croydon Magistrates’ Court on Monday, 4 August.

“Ronique Belfon, 23 (10.05.2002) of Morinsbury Road, Bedford was charged with murder on Monday, 4 August. She was remanded to appear at Westminster Magistrates’ Court on Monday, 4 August,” the report read.

READ ALSO:US Will Send Ukraine Patriot Air Defense Systems

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Speaking on the incident, Detective Chief Inspector Lucie Card, who is leading the investigation, was quoted as saying, “Our thoughts are with Ayowale’s family and friends at this difficult time.

“I understand this incident will be concerning and we are carrying out a fast-paced and thorough investigation to establish the circumstances. I would encourage anyone who has not yet spoken to us.”

The investigation was reportedly launched after officers were called to reports of a man with stab wounds at a residential address in Monson Road, New Cross, at 19:26hrs on Saturday, August 2.

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READ ALSO:UK Opens Application For Chevening Scholarships

The officers were said to have responded alongside the London Ambulance Service and medics from London’s Air Ambulance, however, Ayowale died at the scene despite efforts to save him.

The report added that a post-mortem examination conducted on Sunday gave a preliminary cause of death as stab wound to the chest.

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Ayowale’s family are also reportedly being supported by specially trained officers.

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Trump Threatens 250% Tariffs On Foreign Pharmaceuticals

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US President Donald Trump said Tuesday that upcoming tariffs on imported pharmaceuticals could reach 250 percent, after starting at a lower level, while adding he plans to also unveil fresh duties on foreign semiconductors.

We’ll be putting (an) initially small tariff on pharmaceuticals, but in one year, one-and-a-half years, maximum, it’s going to go to 150 percent,” Trump said in an interview on CNBC.

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“And then it’s going to go to 250 percent because we want pharmaceuticals made in our country,” he added.

READ ALSO:Corporation For Public Broadcasting To Shut Down Following Trump’s Funding Cuts

In the same interview, Trump said he expects to raise the US tariff on Indian imports “very substantially over the next 24 hours” due to the country’s purchases of Russian oil.

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While Trump has aimed at products from different countries with varying tariff rates after imposing a 10-percent levy on almost all trading partners in April, these have excluded certain products he planned to target separately.

These sector-specific tariffs have generally come after government investigations that look into the national security concerns surrounding certain imports.

READ ALSO:Immigration Issues Travel Advisory To Nigerians On US Visas

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After earlier embarking on probes on imported semiconductors and pharmaceuticals, the Trump administration has signaled plans to wrap up these studies, which could lead to new tariffs.

Already, Trump has slapped steep tariffs of 50 percent on imported steel and aluminum, and also rolled out a separate but lower duty on autos and parts.

AFP

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