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How Tinubu’s 15 Days In Office Leave Investors Excited

Published

2 years ago

June 13, 2023

Editor

President Bola Tinubu’s policies in his first 15 day in office have signaled some sense of hope to foreign investors, pulling the right levers for markets.

Recall that, during his inaugural speech as president, Tinubu announced that the fuel subsidy was ‘gone.’

The president also suspended the governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, having promised to unify a web of varying exchange rates.

With this development, foreign investors have embraced the decisions of Tinubu’s government, sending Nigeria’s dollar debt surging on Monday.

A portfolio manager at Ninety One in London, Thys Louw, who shared insight on the policies of the new government, said, “Overall, President Tinubu has shown that he’s willing to take on two of the most important factors investors are focusing on, which is fuel subsidies and FX reform, in a very short space of time.”

“Reform momentum in Nigeria has picked up considerably, although from a low level and sustaining this will be important given poor economic conditions Tinubu inherited,” he added.

Following Emefiele’s suspension on Friday, a senior adviser said it would be a matter of months before he unified its exchange rates, a key demand of investors and multilateral institutions like the World Bank.

The suspended CBN governor was considered the chief architect of a set of unorthodox policies — including propping up the naira, allowing a complex regime of multiple exchange rates, and lending tens of billions to the government of Tinubu’s predecessor — that have been blamed for the condition of Africa’s largest economy.

Against this background, Nigeria’s State Security Service detained Emefiele on Saturday for “investigative reasons,” while a Deputy governor of Operations in the CBN was appointed in an acting capacity.

Lately, Nigeria’s international bonds, due in 2029, jumped the most among emerging-market peers on Monday, a public holiday in Nigeria.

According to data compiled by Bloomberg, those notes jumped as much as 3 cents before closing around 88 cents on the dollar, the highest since January.

The extra yield investors demand to hold the nation’s debt over US Treasuries fell 38 basis points to 7.19 percentage points, according to a JPMorgan index.

Head of Africa sovereign and corporate credit research at BancTrust & Co. in London, Ayodeji Dawodu noted that the changes at the central bank “could spell the end of unorthodox and often conflicting and confusing monetary policies that held back economic growth and destroyed local and foreign investor confidence.”

The CBN offered the US dollar through several windows at tightly controlled rates, with little liquidity, to businesses and individuals.

This forced many to the black market, where the dollar traded more freely but at about a 60% premium to the official rate.

An influential member of Tinubu’s advisory board, Wale Edun noted that the unification of exchange rates was “imminent.”

“I would say it would have to be done within a quarter as rather than within a year,” he said. “I think you’re talking, think quarters rather than years, that’s where I would put it,” he said.

The Emefiele-led CBN was perceived to be in close adherence to the administration of Tinubu’s predecessor, Muhammadu Buhari.

The chief economist for Nigeria at KPMG LLP and the nation’s former statistician general, Yemi Kale believes that the previous government was perceived to be more statist and socialist in its approach, said

“The markets will respond positively to an administration it believes to be more market-oriented,” he added.
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Trump Threatens To Unleash ‘Hell’ On Hamas

Published

12 hours ago

October 4, 2025

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US President Donald Trump has given Hamas until 2200 GMT on Sunday to accept his 20-point plan for peace in Gaza, warning the Palestinian militant group faced “all hell” if it did not agree to the terms.

The US leader set the deadline — which would fall at 1:00 a.m. Monday in Gaza — after an official for the Islamist movement told AFP earlier on Friday that the group still needed time to study the proposal to end nearly two years of devastating war in the Palestinian territory.

“If this LAST CHANCE agreement is not reached, all HELL, like no one has ever seen before, will break out against Hamas,” Trump posted on his Truth Social platform.

The proposal, backed by Israeli Prime Minister Benjamin Netanyahu, calls for a ceasefire, the release of hostages within 72 hours, Hamas’s disarmament and a gradual Israeli withdrawal from Gaza.

That would be followed by a post-war transitional authority headed by Trump himself.

“Hamas is still continuing consultations regarding Trump’s plan… and has informed mediators that the consultations are ongoing and need some time,” the official said on condition of anonymity because they were not authorised to speak publicly on the matter.

On Tuesday, Trump gave Hamas “three or four days” to accept his plan, which has been welcomed by world powers, including Arab and Muslim nations.

Mohammad Nazzal, a member of Hamas’s political bureau, said in a statement Friday that the “plan has points of concern, and we will announce our position on it soon.”

As Hamas mulled Trump’s peace plan this week, a Palestinian source close to the group’s leadership told AFP on Wednesday that the Islamist movement wanted to amend some clauses, including the one on disarmament.

Hamas leaders also want “international guarantees” for a full Israeli withdrawal and that no assassination attempts would be made inside or outside Gaza, the source added.

Another source familiar with the negotiations told AFP that the group was split over Trump’s plan.

Structurally, the group’s leadership is divided between officials based in the Gaza Strip and those abroad, particularly in Qatar.

Much of Hamas’s leadership has also been wiped out in Israeli attacks throughout the war.

The source told AFP that “the first (opinion) supports unconditional approval, as the priority is a ceasefire under Trump’s guarantees, with mediators ensuring Israel implements the plan”.

“The second has serious reservations regarding key clauses… They favour conditional approval with clarifications reflecting Hamas’s and the resistance factions’ demands,” the source added.

Hugh Lovatt, a senior policy fellow at the European Council on Foreign Relations, said “ultimately it’s not just about convincing Hamas leadership in Doha, but also the leadership in Gaza, as well as Hamas members and fighters in Gaza.”

“Additionally, Hamas must then be able to convince other factions in Gaza,” he added.

The war was triggered by Hamas’s October 7, 2023 attack on Israel, which resulted in the deaths of 1,219 people, mostly civilians, according to an AFP tally of Israeli official figures.

Israel’s retaliatory offensive has killed at least 66,288 Palestinians, according to health ministry figures in the Hamas-run territory that the United Nations considers reliable.

Their data does not distinguish between civilians and combatants, but indicates that more than half of the dead are women and children.

Headline

Israeli Forces Strike Gaza Despite Trump’s Ceasefire Call

Published

13 hours ago

October 4, 2025

Editor

Gaza’s civil defence agency said Saturday that Israel carried out dozens of attacks on Gaza City despite US President Donald Trump’s appeal to end bombardments after Hamas accepted a ceasefire deal.

“It was a very violent night, during which the (Israeli army) carried out dozens of air strikes and artillery shelling on Gaza City and other areas in the Strip, despite President Trump’s call to halt the bombing,” civil defence spokesman Mahmud Bassal told AFP.

Bassal, whose agency is a rescue force which operates under Hamas authority, added that 20 homes were destroyed in the overnight bombardments.

“The situation is very serious in Gaza City,” Bassal said, adding that his teams were not able to reach all the casualties due to the “presence of tanks and the ongoing bombardment”.

Contacted by AFP, the Israeli military said it was “checking” reports of overnight bombardments on Gaza City.

Gaza City’s Baptist Hospital said in a statement that it received casualties from a strike on a home in Tuffah neighbourhood, including four dead and “several wounded”.

Nasser Hospital in south Gaza’s Khan Yunis said two children were killed and eight people were wounded in a drone strike on a tent in a camp for displaced Gazans.

The peace plan for Gaza, presented by Trump this week and backed by Israeli Prime Minister Benjamin Netanyahu, calls for a ceasefire, the release of hostages within 72 hours, Hamas’s disarmament and a gradual Israeli withdrawal from Gaza.

Hamas said on Friday it was ready to release hostages held in Gaza under the Trump plan, but wanted negotiations on the details and a say in the future of the Palestinian territory.

AFP

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Prosecutors Seek 11-year Sentence For Diddy, Citing ‘Lack Of Remorse’

Published

1 day ago

October 3, 2025

Editor

Prosecutors urged a federal judge Friday to sentence Sean “Diddy” Combs to more than a decade behind bars for his conviction on two prostitution-related counts, saying the music mogul had shown a lack of remorse.

“This is not a person who has accepted responsibility,” prosecutor Christy Slavik told the New York court at Diddy’s sentencing hearing.

“His remorse was qualified. It’s as though he thinks the law doesn’t apply to him,” Slavik said in arguing for an 11-year prison sentence for the 55-year-old hip-hop innovator. ” “His respect for the law is just lip service.”

Combs’s lawyers have asked the judge for a 14-month sentence, which would effectively be time served.

Slavik said Combs had booked speaking engagements in Miami next week in anticipation of a light sentence, which she called “the height of hubris.”

Judge Arun Subramanian for his part said federal sentencing guidelines suggested a prison term of between six and seven years although he has the latitude to impose more or less.

The judge also noted an apparent lack of remorse, saying Combs has “challenged his factual guilt full-throatedly.”

Combs was expected to address the court at the sentencing hearing after submitting a letter to the judge on Thursday pleading for mercy and saying he had “lost my way.”

Following two months of often searing testimony, jurors in July rejected the most serious charges of sex trafficking and racketeering against Combs, sparing him the prospect of life in prison.

Combs’s mother and six of his children were in court on Friday and have submitted letters to the judge in his support.

In his plea to the judge, Combs apologised for his conduct, saying he was “scared to death” to be away from his family and vowing he “will never commit a crime again.”

“I lost my way,” he wrote. “I got lost in my journey. Lost in the drugs and the excess.”

Combs’s former girlfriend, Casandra Ventura, asked the judge in a letter of her own to consider “the many lives that Sean Combs has upended with his abuse and control.”

– ‘Humbled and broken’ –

Ventura, the 39-year-old singer known as Cassie, testified for days while heavily pregnant.

She described in wrenching detail physical, emotional and sexual abuse she suffered while in a more than decade-long relationship with Combs.

Ventura and another woman, identified as Jane, said they were coerced into performing so-called “freak-offs”: sexual marathons with hired men that Combs directed and sometimes filmed.

“The entire courtroom watched actual footage of Combs kicking and beating me as I tried to run away from a freak off in 2016,” Ventura wrote.

“People watched this footage dozens of times, seeing my body thrown to the ground, my hands over my head, curled into a fetal position to shield me from the worst blows,” she said, noting she has nightmares and flashbacks “on a regular, everyday basis.”

Ventura said she and her family had left the New York area for fear of “retribution” from Combs if he is released.

The defense didn’t deny Combs’s sexual activity but insisted it was consensual.

They also didn’t deny Combs’s years of violence against both romantic partners as well as employees — but they said it didn’t meet the legal threshold for the grave charges he faced.

Jurors took their side.

The conviction on lesser if still serious counts stemmed from a federal statute that makes it illegal to transport people across state lines for prostitution.

Combs has been incarcerated in Brooklyn for more than a year.

He said his time in prison has left him “reborn.”

“I have been humbled and broken to my core,” Combs wrote.
AFP