Headline

Ethiopia Becomes Africa’s Latest Sovereign Default

Published

2 years ago

December 26, 2023

Ethiopia became Africa’s third default in as many years on Tuesday after it failed to make a 33-million-dollar “coupon” payment on its only international government bond.

Africa’s second-most populous country announced earlier this month that it intended to formally go into default, having been under severe financial strain in the wake of the coronavirus (COVID-19) pandemic and a two-year civil war that ended in November 2022.

It had been supposed to make the payment on Dec. 11, but technically had up until Tuesday to provide the money due to a 14-day ‘grace period’ clause written into the 1 billion dollar bond.

According to two sources familiar with the situation, bondholders had not been paid the coupon as of the end of Friday, Dec. 22, the last international banking working day before the grace period expires.

Ethiopian government officials did not respond to requests for comment on Friday or over the weekend, but the widely expected default will see it join two other African nations—Zambia and Ghana—in a full-scale “Common Framework” restructuring.

The East African country first requested debt relief under the G20-led initiative in early 2021.

Progress was initially delayed by the civil war, but, with its foreign exchange reserves depleted and inflation soaring, Ethiopia’s official sector government creditors, including China, agreed to a debt service suspension deal in November.

On Dec. 8, the government said parallel negotiations it had been having with pension funds and other private sector creditors that hold its bond had broken down.

Credit ratings agency S&P Global then downgraded the bond to “default” on December 15 on the assumption that the coupon payment would not be made.

Headline

Again, Russia Claims Another Village In Ukraine’s Region

Published

20 hours ago

August 25, 2025

Editor

The Russian army Monday claimed to have captured another village in Ukraine’s Dnipropetrovsk region, moving deeper into Ukrainian territory as peace efforts stall.

Russian forces are slowly but steadily gaining ground in costly battles for largely devastated areas in eastern and central Ukraine, normally with few inhabitants or intact buildings left.

Russia’s defence ministry said its forces had seized the settlement of Zaporizke in the region, which Russian troops recently advanced into for the first time in the three-and-a-half-year offensive.

Kyiv denies that Russian troops have gained a foothold in the Dnipropetrovsk region, an important industrial hub.

After another push by US President Donald Trump to broker a Ukraine-Russia summit, hopes for peace dimmed when Russia last week ruled out any immediate meeting between presidents Vladimir Putin and Volodymyr Zelensky.

The central region of Dnipropetrovsk has previously been largely spared from fighting that has ravaged swathes of eastern and southern Ukraine, until Russia said its forces broke through in July.

Dnipropetrovsk is not one of the five Ukrainian regions — Donetsk, Kherson, Lugansk, Zaporizhzhia and Crimea — that Moscow has publicly claimed as Russian territory.

Ukraine said Russia had launched over 100 drones Monday, killing a 37-year old civilian driver and wounding two people in the northeastern Sumy region.

Moscow said Kyiv had launched about two dozen drones targeting western Russia

Headline

US Comedian Reggie Carroll Shot Dead In Mississippi

Published

20 hours ago

August 25, 2025

Editor

A United States comedian, Reginald “Reggie” Carroll, has been shot dead in Southaven, Mississippi.

The 52-year-old Carroll, widely known as the Knockout King of Comedy, was reportedly killed on Wednesday, August 20, 2025, after sustaining multiple gunshot wounds.

The Southaven Police Department confirmed the incident in a Facebook statement on Saturday.

“Southaven officers located one male victim suffering from gunshot wounds.

“The officers and medical personnel provided life saving techniques but the individual succumbed to his injuries,” the statement partly read.

The victim was later identified as Carroll, a Baltimore native.

Police said one suspect was arrested and charged with his murder.

“One male is in custody and has been charged with the murder of Reginald Carroll.

“Our thoughts are with the family of Mr. Carroll.

“Thank you to the community for their patience and understanding,” the department added.

The police further assured that there was no ongoing threat to residents, describing the case as “an isolated shooting.”

Carroll, who built his career in stand-up comedy, gained national recognition touring with Katt Williams and headlining his own showcase, Knockout Kings of Comedy.

He also featured in the 2000 edition of Showtime at the Apollo, appeared on the UPN sitcom The Parkers alongside Mo’Nique and Countess Vaughn, and starred in the 2022 television film Rent & Go.

In 2023, he produced the stand-up special Knockout Kings of Comedy.

The Southaven Police Department disclosed that an investigation into his death is ongoing.

Headline

US Defends New Social Media Vetting For Nigerian Visa Applicants

Published

20 hours ago

August 25, 2025

Editor

The U.S. Mission in Nigeria on Monday reaffirmed that the safety and security of the United States remain the cornerstone of its visa application and decision-making process.

The US said this following its directive last week that mandates Nigerians to disclose all social media usernames and handles used over the past five years as part of the visa application process.

US Mission said Nigerian visa applicants must provide a comprehensive list of their social media profiles on the DS-160 visa application form, and warned that omitting the information could lead to visa denials.

Reacting to the development, the Federal Government said US citizens intending to visit Nigeria will be subjected to the same measures.

“The best we can do is to carry out reciprocal action. Some people from the US might want to apply for a visa, and we will adopt the same measures,” spokesman of the Ministry of Foreign Affairs, Kimiebi Ebienfa, said last Monday.

However, in a statement released Monday on X, the US Mission said prospective visa applicants undergo careful vetting to maintain a safe and welcoming environment in the US.

It said, “The safety and security of the United States is at the heart of every #USVisa application and decision process.

“That’s why prospective applicants undergo careful screening to ensure a safe and welcoming environment for all.”

The Mission added, “These measures help protect American citizens and communities while supporting secure and responsible travel.”