The World Bank has slashed the initial 2.8 per cent International Monetary Fund (IMF) projected 2023 global economic growth to 2.1 per cent as a result of uncertainties amid high-interest rates.

The flobal growth has slowed sharply and the risk of financial stress in Emerging Market and Developing Economies (EMDEs) is intensifying according to the World Bank’s latest Global Economic Prospects report released on June 6 2023.

“The Global growth is projected to decelerate from 3.1 per cent in 2022 to 2.1 per cent in 2023” the report read.

Also, in EMDEs other than China, growth is set to slow to 2.9 per cent in 2023 from 4.1 per cent recorded in the preceding year as growth projections for 70 percent of EMDEs and nearly all advanced economies have been downgraded.

“Most EMDEs have seen only limited harm from the recent banking stress in advanced economies, however they are now sailing in dangerous waters.

“With increasingly restrictive global credit conditions, one out of every four EMDEs has effectively lost access to international bond markets.

“The squeeze is especially acute for EMDEs with underlying vulnerabilities such as low creditworthiness. Growth projections for these economies for 2023 are less than half those from a year ago, making them highly vulnerable to additional shocks” the statement noted.

Speaking on the report, the World Bank Group President Ajay Banga revealed that the surest way to curtail poverty is through employment but it will be almost if growth rate is slow.

“The surest way to reduce poverty and spread prosperity is through employment and slower growth makes job creation a lot harder.

“It’s important to keep in mind that growth forecasts are not destiny, we have an opportunity to turn the tide but it will take us all working together” Banga said.

Also commenting the World Bank Group’s Chief Economist and Senior Vice President Indermit Gill said outside of East and South Asia, it is a long way from the dynamism needed to eliminate poverty, counter climate change, and replenish human capital.

He said, “In 2023, trade will grow at less than a third of its pace in the years before the pandemic. In emerging markets and developing economies, debt pressures are growing due to higher interest rates.”

Fiscal weaknesses have already tipped many low-income countries into debt distress. Meanwhile, the financing needs to achieve the sustainable development goals are far greater than even the most optimistic projections of private investment, Gill acknowledged.

He also stressed that the overlapping shocks of the pandemic, the Russian invasion of Ukraine, and the sharp slowdown amid tight global financial conditions have dealt an enduring setback to development.

Former Kaduna Senator, Shehu Sani has warned that the sex competition recently announced in Sweden should not be brought to Nigeria.

Vanguard reported on Sunday that Sweden officially declared sex as a sport and would have the first-ever European Sex Championship on Thursday.

The report disclosed that contestants will have daily sexual encounters that span for a maximum of one hour.

Reacting to the development via Twitter on Tuesday, Sani said the various sports approved by the International Olympics Committee are sufficient for Nigeria, thereby, the newly introduced one by Sweden should not be embraced.

“Don’t bring the newly invented Swedish Sport to Africa. We are okay with the ones approved by the International Olympics Committee,” Sani wrote.

Head, the Swedish Federation of Sex, Dragan Bratych had said he wished that sex would be universally regarded as a sport one day.

[Vanguard]

The Independent National Electoral Commission, INEC, vehemently objected to a request by the presidential candidate of the Labour Party (LP) Mr Peter Gregory Obi and his party to tender exhibits in 17 states of the federation against the election of President Bola Ahmed Tinubu.

The exhibits, mainly form EC8B used by the electoral body in collating results at the ward level of the states during the February 25 presidential election were opposed to be tendered by INEC which issued the exhibits to Obi and the Labour Party.

Represented at the Presidential Election Petition Court, PEPC, by a Senior Advocate of Nigeria SAN, Steve Adehi, INEC while opposing the admissibility of the documents, however, informed the court to give rationale for his objections at the address stage of the proceedings.

Obi’s lawyer and Senior Advocate of Nigeria SAN, Mr Benbella Anachebe, while introducing the documents, explained that the exhibits were obtained from the custody of INEC.

Besides, Anachebe said that the documents were duly certified by the electoral body before releasing them to his clients.

Apart from INEC, which conducted the election in dispute, President Bola Ahmed Tinubu and the All Progressives Congress (APC), who were declared winners of the poll, also kicked against the admission of the exhibits.

However, in line with the pre-hearing report and and agreements of counsel, reasons for the objections are to be reserved at the address stage of the hearing of the petition.

The states where the exhibits were tendered and admitted are Adamawa, Bayelsa, Benue, Kogi, Nasarawa, Niger, Ondo, Sokoto, Delta and Ekiti.

Others are Imo, Kaduna, Oyo, Cross River, Edo, Akwa Ibom and Lagos.

That of Ebonyi was put off on the grounds that INEC was yet to make the exhibits available to the two petitioners.

Breakdown of the exhibits showed that the collated Ward results were tendered in 21 local government areas of Adamawa, 8 in Bayelsa, 23 in Benue, 21 in Kogi, 11 in Nasarawa, 25 in Niger, 18 in Ondo, 23 in Sokoto and 25 in Delta.

The rest are 11 local government areas of ekiti state, 25 in Imo, 21 in Kaduna, 27 in Oyo, 18 in Cross River, 15 in Edo, 31 in Akwa Ibom and 20 in Lagos.

Meanwhile, Chairman of the Court, Justice Haruna Simon Tsammani has adjourned further hearing in the petition till June 7.

[DailyPost]

A Nigerian-born British data management lead at the Bank of England, Abel Aboh, has been appointed to the board of the Data Lab Scotland, a leading innovation centre for data and artificial intelligence in Scotland, United Kingdom.

Aboh is among the 20 new board members to oversee the centre’s Governance, Innovation, and Education Advisory Boards for a period of three years.

The mission of the Lab is to help Scotland maximise value from data and lead the world to a data-powered future.

Brian Hills, the Chief Executive Officer of the Data Lab, said, “We were overwhelmed by the volume and quality of applications for our boards; a true testament to the reputation of The Data Lab and Scottish data and AI innovation.

“The newly appointed board members bring an exceptional range of skills and perspectives across industry, academia, and the public sector as we continue in our vision to create the world’s most impactful data and AI community.”

With work experience that spans across global financial services, defence, airline and sports, Aboh is a professional data and technology influencer.

In 2021, Aboh was nominated as a finalist for the prestigious British Data Awards, Data Leader of the Year 2021, which was celebrated by the Bank of England and the Nigerians in the Diaspora Commission.

On his appointment, he said, “It is really a great honour and privilege to be part of the Board of the Data Lab Scotland’s Artificial Intelligence and data to help contribute and provide strategic direction to the leadership of the Lab.

“I am deeply humbled for this opportunity to contribute and help unlock the rich opportunities for AI and data, not just in Scotland, UK and across the world, by bringing industry, academia and public sector to harness opportunities, connect people and ideas, develop knowledge and expertise for the good of humanity and society- creating a better and sustainable economy and society.”

The Nigerian-British man stressed his love for data and AI, saying, “I am deeply passionate and intentional about data, AI, transformation, innovation, education, technology, inclusion, social and global mobility.”

[Punch]

The Nigerian National Petroleum Company Limited (NNPCL) has released a new ex-depot price of N479.50 per litre of Premium Motor Spirit (PMS) petrol to the marketers,

It was also gathered the marketers are not against the removal of subsidy but are worried that the NNPCL is giving them the product paid for at the old rate since eight months ago for the new rates.

They are said to be concerned about recovering money to pay for the loans with which they purchased the tickets.

The Independent Petroleum Marketers Association of Nigeria (IPMAN), National Vice President, Alhaji Abubakar Maigandi told The Nation these on the phone.

NNPCL Chief Communication Officer, Malam Garba Deen Muhammad, who was asked to respond to the allegation, did not respond to calls.

Asked about the new ex-depot price, Maigandi said: “The price has started coming out. Some depots have started releasing the price. “They are selling at the rate of N479.50. That is the ex-depot price.”

Lamenting over NNPC’s application of new prices for old tickets, he said, “You know the banks are charging you based on the money they lent to you.

“Again, we, the Independent petroleum marketers have already purchased the product from NNPC since getting to eight months. Now they are saying they will give us the product for this new rate and not the old rate we paid at.

“And it is with our money they (NNPCL) bought this product. These are part of the challenges we are encountering now.”

A 38-year-old first time lawmaker from Odo-Otin state constituency, Adewale Egbedun, has emerged as the speaker of the Osun State House of Assembly.

He was elected unopposed after the 8th Assembly was inaugurated by the State Governor, Ademola Adeleke on Tuesday.

Egbedun emerged after he was nominated after he was nominated by Ibrahim Abiola of Irewole/Isokan constituency and seconded by Areoye Ebenezer from Atakumosa West and East constituency.

Another first timer, from Ife-North State Constituency, Akinyode Oyewusi emerged as the Deputy Speaker, while Kofoworola Adewumi from Ede-North, emerged as the majority leader. Three returning lawmakers from the PDP, Tajudeen Adeyemi, Ifelodun, Adewumi Adeyemi, Obokun and Olaide Ajibola, Olorunda were not elected into any principal offices.

While first timers like Adekunle Oladimeji (Irepodun/Orolu), emerged as Deputy Majority Leader, Olawale Akerele (Ilesa West) was elected as Chief Whip and Afeez Ibrahim (Olaoluwa) as the Deputy Chief Whip.

In his inaugural speech, the Speaker stressed that he will focus on reviewing outdated legislation and sponsored new bills to introduce innovative ideas for the promotion of social sector of the economy.

Earlier in his address, Governor Ademola Adeleke sought the support of the lawmakers to deliver dividends of democracy to the masses in the state.

THE WHISTLER has gathered that former governors of Rivers and Ebonyi states, Nyesom Wike and Dave Umahi’s meeting with President Bola Tinubu on Monday was part of moves to save former Minister of Niger Delta, Godswill Akpabio from being dumped as the All Progressive Congress’ candidate for the position of the Senate President.

The duo alongside Akpabio met Tinubu on Monday behind closed-door with none revealing what was discussed.

But a probe into what may have prompted what a source said was an unscheduled meeting especially as it involved a non-member of the ruling All Progressives Congress, APC, in the person of Wike, with the visit coming less than one week after Wike had visited the president said it was “aimed at saving Akpabio, nothing more.”

Wike is a member of the major opposition Peoples Democratic Party, PDP, and has not hidden his support for Tinubu and the APC since the conclusion of the general elections.

With the PDP having three senators from Rivers State and 11 out of 13 House of Representatives seats in the state, the APC has appreciated Wike’s endorsement that the ruling party should produce the Senate President and Speaker of the House.

It’s down to the number’s game with the APC controlling the Red Chamber with majority seats while the combined opposition parties control the highest number of the House seats.

With stiff opposition within the APC, there are fears that the opposition parties may likely team up with the opposing APC candidates in order to elect principal officers that would be subservient to the minority caucus’ cause.

Electing opposition deputy Senate president and deputy speaker has also been muted by the opposition APC candidates as a way of extracting commitments from the opposition parties.

Following the stiff opposition within the APC to the announcement of Akpabio as the preferred choice, Tinubu who made the endorsement is reportedly having a change of heart.

It was gathered that his support for Akpabio has waned with sources revealing that the president would not openly withdraw his support for the former Akwa Ibom State Governor.

Instead, sources within the Tinubu camp had told this paper that he’s likely to allow all those vying to be Senate President and Speaker of the House to go ahead and contest on Tuesday, June 13, when the upper house would be convened to elect its principal officers.

It was learnt that Wike and Umahi were drafted in to save the former minority leader of the 8th Senate.

A source privy to the development said “Akpabio drafted the two men to meet with Tinubu in order to assure him that they will do all they can to get him elected.”

Meanwhile, Akpabio did not reply to text messages and calls.

Also, Mary Ekpenyor, an aide to the former Governor did not respond to calls.

The APC had said it was waiting for Tinubu, who then was President-elect to make his choice of those he wanted as principal officers of the 10th Assembly.

He therefore settled for Akpabio and Tajudeen Abbas, a lawmaker from Kaduna State for both the Senate president and Speaker.

But the opposition within the APC, being supported by the opposition political parties have made the choices of the president to descend into chaos.

The source could not say if Tinubu assured Akpabio of his commitment to his cause but said the assurance came from Wike and Akpabio, who explained the strategy they will adopt to produce Akpabio and others.

As part of their strategies , the two immediate governors said they would interface with the senators-elect across all political parties to get the numbers before the D-Day.

The source explained that with former Zamfara State Governor, Abdul-Azeez Yari proving more difficult, essential concessions would likely be conceded to the opposition parties in order to produce Akpabio.

Yari, sensing there were moves to gag him using anti-graft agencies, had gotten an ex parte order from the Federal High Court in Abuja stopping the Economic and Financial Crime Commission from arresting him.

His camp feels his association with former Abia State Governor, Orji Uzor Kalu, and the opposition parties, where they have promised them the deputy Senate president is the x-factor to win the race to the Senate.

Hon. Justice Rabiu Gwandu of the Lagos Judicial Division of the National Industrial Court has dismissed the case filed by the Association of Senior Staff of Banks, Insurance and Financial Institutions, and Association of Senior Civil Servants of Nigeria (ASSBIFI ) and 9 Others against Trade Union Congress of Nigeria and Petroleum and Natural Gas Senior Staff Association of Nigeria, challenging the enforcement of agreements and resolutions reached and ratified at the 11th Triennial Delegates Conference held on the 28th day of June 2019 at NAF Center Abuja for lack of proof.

Justice Gwandu held that the purported agreement relied upon by the Association of Senior Staff of Banks, Insurance and Financial Institutions and Others were not tendered in evidence, and the resolution adopted via video never told the specifics of the terms of same, as the full facts are not within the purview of the Court.

However, the Court faulted the Trade Union Congress of Nigeria and Petroleum and Natural Gas Senior Staff Association of Nigeria on disobedience of court orders, and ordered them to pay N10m as penalty into the account of the Court Registrar.

From facts, the claimant- Association of Senior Staff of Banks, Insurance and Financial Institutions and Others had sought an Order of the Court mandating, directing and compelling the TUC, PENGASSAN to immediately enable them produce and assume the office of the President of the Defendant (TUC) for the year 2022 to 2025 in line with the agreements and resolutions reached and ratified at the 11th Triennial Delegates Conference of the Union held on the 28th day of June 2019 at NAF Center Abuja.

In defense, the 2nd Defendant- PENGASSAN filed a notice of preliminary objection on the grounds that the suit is not properly constituted as the Associations have no locus standi to institute the action and the suit does not disclose any reasonable cause of action or a justiciable dispute to activate the jurisdiction of the Court.

In opposition, the Claimants- Association of Senior Staff of Banks, Insurance and Financial Institutions and Others averred that they are all members of the TUC and were involved in the Conference where the alleged resolutions were adopted, and cannot be barred from participating in the suit.

The learned Counsel to the ASSBIFI argued that the relationship between his clients and the TUC is not a mere domestic agreement but a valid and legal obligation, and urged the court to grant the reliefs sought.

In addition, PENGASSAN again filed an application praying the Court for an Order setting aside the proceedings of 6th July, 2022 together with the bench ruling and Order of Interlocutory injunction granted the Claimants on the grounds that the Bench Ruling with the Order of injunction is scandalous, and the Order of Injunction was made in grave error of Law as well as misrepresentation and concealment of material facts by the Claimants, and against public policy and administration of justice.

The defendants maintained that the purported agreements and resolutions and the minutes of the meeting where the understanding were reached are not exhibited.

Counsel to the PENGASSAN submitted that the TUC’s constitution is supreme and
the national officers of the union must be elected during the NDC notwithstanding any agreement or resolution that may have been reached to favour any candidate, and urged the court to dismiss the case.

Delivering judgment after careful evaluation of the submission of both parties, the presiding Judge, Justice Rabiu Gwandu dismissed the PENGASSAN’s objections for lacking merit and berated the Counsel for referring to the bench ruling and Order of injunction granted by the Court which the Association flagrantly disobeyed as scandalous.

Justice Gwandu fumed that the defendant’s Counsel, a senior member of the Bar, should know and be privy to the fact that his statements are highly disrespectful to the Honourable Court and described such statements as uncouth and unprofessional.

Justice Gwandu ruled that the Association of Senior Staff of Banks, Insurance and Financial Institutions and Others failed to prove to the Court that when agreements are reached and same are expected to have a binding effect on parties, such agreement is reduced to paper and signed with each party being aware of its obligations to such an agreement, the resolution as seen via the video does not outline the full details of any obligations that may or may not arise from it.

The Court ordered the TUC and PENGASSAN to pay costs of 5 million Naira (N5,000,000) each as a penalty for disobeying a valid Order of Court, same is to be paid to the account of the Chief Registrar of the Court.

“…it is disheartening that Counsel would be present when the Order of this Court was disobeyed, Counsel also had the duty to have informed my Brother Judge in Abuja that there existed a prior Order which they were present when it was made, but they chose to be silent and use that contradicting Order to their advantage, this does not show good faith on the part of Counsel to the Defendants.” The Court ruled.

The lawmaker representing Agege 01 constituency, Dr Mudashiru Ajayi Obasa, has been elected as the Speaker of the 10th Lagos State House of Assembly.

The six-term lawmaker will be presiding over the assembly for the third consecutive term as he was first elected speaker in 2015.

Obasa was nominated by the lawmaker representing Ifako Ijaiye 01, Hon Adewale Temitope Adedeji, after the Lagos state governor, Babajide Sanwo-Olu issued the proclamation for the House.

Obasa’s nomination was seconded by the lawmaker representing Epe II, Ogunkelu Sylvester Oluwadahunsi. It was a unianimous nomination.

The 10th Lagos State House of Assembly, which comprises 40 members, is dominated by the ruling All Progressives Congress, APC which has 38 members while the Labour Party has two members.

20 of the lawmakers are returning while the other 20 are first-term lawmakers.

A Federal High Court in Abuja, on Tuesday, awarded a N20 million fine against Chuks Nwachukwu, a lawyer representing five FCT residents in a suit seeking an order to stop the swearing-in of President Bola Tinubu. 

Justice Inyang Ekwo, in a judgment, struck out the suit on the grounds that the plaintiffs lacked locus standi to institute the matter.

“I make an order striking out this action on grounds of lack of locus standi of the plaintiffs, lack of jurisdiction of the court and failure of the plaintiffs to demonstrate to this court that similar subject is not pending before the Presidential Election Petition Tribunal which proceedings are on-going,” he declared.

Justice Ekwo consequently ordered the lawyer to pay the Attorney-General of the Federation (AGF) and Chief Justice of Nigeria (CJN), listed as 1st and 2nd defendants in the case, the sum of N10 million each.

He directed that until Nwachukwu paid off the N20 million fine, no further action should be taken on the matter.

The judge, who condemned Nwachukwu’s comments in the media, said with his interview, if the lawyer was in the courtroom, he would have been barred “from practising until he appears before the Legal Practitioners Disciplinary Committee to determine whether he is fit to practise the profession.”

“But since he is not in court, I made an order, directing the registrar to forward all the processes to the Legal Practitioners Disciplinary Committee to determine whether he is fit to practise the profession,” he declared.

He also directed that the order of the court be served on the chief registrar of the Supreme Court, the AGF and the Nigerian Bar Association.

The News Agency of Nigeria (NAN) reports that five FCT residents: Anyaegbunam Okoye, David Adzer, Jeffrey Uche, Osang Paul and Chibuike Nwanchukwu, had filed the suit through their lawyer, for an order of the court to stop the inauguration of Tinubu and his vice, Sen. Kassim Shettima, slated for May 29.

The plaintiffs had sued for themselves and on behalf of other residents and registered voters in the FCT.

In the suit marked FHC/ABJ/CS/578/2023 and filed on April 28, the plaintiffs averred that Tinubu failed to secure at least 25 per cent of votes cast in the FCT.

They, therefore, sought an order of court restraining the CJN, Justice Olukayode Ariwoola, and any judicial officer and/or any authority or persons from swearing in any candidate in the Feb. 25 presidential election as president or vice president, among other prayers.

Delivering the judgment, Justice Ekwo said upon reading the affidavit attached to the application, “I can discern that the averments thereof are merely the voice of Esau and the hands of Jacob.

“It means that the said Chucks Nwachukwu of counsel for the plaintiffs instigated this suit and merely got the plaintiffs to stand in as parties while he handles the suit as a lawyer.

“This is an unprofessional conduct on the part of the said Chucks Nwachukwu of counsel of the plaintiffs.

“It is unfortunate that lawyers like Chucks Nwachukwu of counsel to the plaintiffs continue to engage in this sort of activity by procuring innocent citizens to act as fronts in litigations which are actually their personal cases.

“This is done with such impunity and lack of fear of the consequence to the chagrin and ruin of the reputation of the legal system in this country.

“It is so because the learned counsel has made himself to believe that he can flout the Rule of Professional Conduct for Legal Practitioners without any consequence.

“On the whole I find that this action is premised on recklessness, frivolity and complete lack of knowledge of elementary principle of law as it relates to the Constitution and Electoral Act, 2022,” he said.

According to the judge, in my opinion, this action was willfully initiated to not just circumvent but to overreach the on-going proceedings of the Presidential Election Petition Tribunal.

“The aim thereof which cannot be denied, is to plunge this country into unprecedented constitutional anarchy capable of causing bloodshed and genocide.

“The plaintiffs and their lawyer ought to be deprecated in the strongest term for this type of adventure and I so do,” Justice Ekwo declared.

NAN reports that Nwachukwu had granted an interview in the media, accusing the judge of shying away from delivering the judgment in his suit.

The lawyer, who accused the judge of deliberately abandoning his duty, threatened to sue him up to the Supreme Court.

But Justice Ekwo, before delivering the judgment, said he could not hear the matter on May 26 because he was on official duty.

NAN had earlier reported that the judge had been away for some days due to official engagement.

The development had forced the court to adjourn cases, including high profile and election-related matters, before it.

This was also contrary to the rumour going the round that Justice Ekwo’s absence to hear the suit on May 26 was a ploy to comply with alleged standing order handed down by the FHC Chief Judge, Justice John Tsoho, to all judges of the court’s divisions across the country, directing them not to entertain cases bothering on presidential election or swearing-in of Tinubu and Shettima.

NAN reported that a sister court presided over by Justice James Omotosho had, on same May 26, delivered a judgment in another suit filed by three applicants seeking to stop the swearing-in of Tinubu on May 29 as fifth Nigeria’s democratic president.

The judge had awarded a total sum of N17 million against the three applicants: Praise Ilemona Isaiah, Pastor Paul Isaac and Dr Anongu Moses, including their lawyer, Daniel Elombah, for filing a suit considered to be “frivolous, vexatious and an abuse of court processes.”