Bandits have displaced 10 communities in Kidandan area under Giwa Local Government Area (LGA) of Kaduna State.
Giwa is one of the LGAs that has been badly hit in the ongoing wave of insecurity in the North West.
Daily Trust gathered some of the residents forced to relocate to Kidandan main town and other safer communities in the LGA.
The affected villages include Tunburktu Hayin Dabino, Mugaba, Nasarawan Hayin Doka, Dokan Yuna, Doka, and Hayin Teacher.
Councilor Representing Kidandan Ward, Abdullahi Ismail, confirmed the incident, lamenting that in the last three weeks, troops have been conducting operations around the area but still the bandits continue to terrorize some communities.
Another community leader, who preferred to remain anonymous, said villagers displaced left behind their foodstuffs and houses due to constant bandits intimidation and harassment.
He also disclosed that soldiers operating in the area killed about six of the bandits on Tuesday.
He explained that although residents were happy with the killing of the bandits, they were hesitant to celebrate openly.
He urged the government t to deploy more security agencies to protect other villages from being displaced.
ASP Mansir Hassan, Police Public Relations Officer in Kaduna, was not available for comment as of the time of filing this report.
Billionaire investor Femi Otedola is reportedly acquiring shares in Dangote Cement, according to sources with knowledge of the matter.
Dangote Cement is among the SWOOT (Stocks Worth Over One Trillion) with a current market capitalization of around N7.7 trillion.
Other members of SWOOT include MTN, Airtel, Seplat, BUA Foods, BUA Cement, Zenith Bank, GTB, UBA, First Bank, Geregu Power, and recently Transcorp Hotel. Dangote Cement has the largest market capitalization.
The stock opened at N350 this week and has so far gained 29%, as demand continues to rise. However, the stock gained 3.8% on Thursday with about 1.8 million shares traded. The company has approximately 16.8 billion shares outstanding.
This year alone, the stock has seen a remarkable gain of 48%, opening at N317 per share and currently trading at N470 per share.
Otedola acquiring shares
Sources who shared the scoop with Nairametrics reveal the billionaire is one of the major forces behind the trades and has been acquiring the stock.
It is however unclear how many shares he has acquired so far and whether he plans to hold a significant stake in Nigeria’s largest company by market capitalization.
- Femi Otedola, renowned for his mercurial stock-picking prowess, is recognized by Nairametrics as one of the major drivers of the stock market’s bull run in 2023.
- His early 2023 foray into Transcorp Group shares sparked a rally that catapulted the stock into the top 5 performing stocks of the year.
- The stock has risen from just under N2 per share to N19 per share. It is believed that Otedola exited the stock at multiples of his entry price. He had also acquired a significant stake that required that he communicate to the Exchange.
- He also acquired shares in First Bank Plc when the stock was trading below N5 in 2022, rising to become the officially declared majority shareholder of the bank. The stock also recently hit the trillion market cap milestone and trades at around N30 per share.
N10 trillion market cap: Sources also suggest that the billionaire could be betting on Dangote Cement to possibly become the first Nigerian stock worth N10 trillion in market capitalization, a feat that could take the company’s share price to around N1,000 per share.
Africa and Nigeria’s richest man, Aliko Dangote owns an unassailable stake in the company with over 85% ownership of the stock.
- Dangote Cement currently trades at a high price-to-earnings multiple of 17.4x based on its trailing 12 months’ earnings.
- According to Nairametrics’ valuation metrics, the company’s earnings per share have been growing at a compounded annual growth rate of 21%.
- Yet, in the stock market, market sentiments often drive up share prices ahead of fundamentals, as investors continue to invest billions of naira in equities.
Dangote Cement reported earnings per share of N16.2 in the first 9 months of 2023, compared to N12.5 in the same period in 2022.
[Nairametrics]
There was a heated gunfire exchange, on Thursday, as the police rescued Segun Akinyemi, an Abuja resident, who was kidnapped just as he was driving out of his house.
The kidnappers were taking Akinyemi from Abuja to Kano State when the police swooped on them, according to Police Public Relations Officer in Kaduna, ASP Mansir Hassan.
He said on January 18, 2024, operatives attached to Kawo Divisional Headquarters, Kaduna, received a distress call of a kidnapping incident from Abuja.
He said they were alerted that the culprits and their victim were transiting through Kaduna.
“The Operatives, at about 0010 hours, blocked a grey Toyota Hilux van with registration number Abuja RBC 90 DC, carrying four passengers, the driver inclusive, suspected to be the vehicle conveying the kidnappers and their victim.”
“On sensing danger and in an effort to escape, one of the kidnappers fired at the Policemen, and they responded accordingly. In the resulting gun duel, the victim, a certain Segun Akinyemi of block 10, flat 2 FCDA quarters Area 3 Garki, Abuja, was rescued, and one of the kidnappers, a 28-year-old Chinaza Philip of Life Camp Abuja, was arrested,” he said.
The police said the three other suspects who escaped are being trailed, adding that the vehicle belonging to the victim, two Retay G17 model pistols, one Beretta pistol, ten 9mm P.A.K ammunitions, and five 9mm special ammunitions were recovered from the kidnappers.
He said preliminary inquiries revealed that the victim was abducted on January 17, 2024, by the kidnappers just when he was leaving his home situated at the aforementioned address.
He said the three escaped suspects were; Chidibere Nwodibo of Life Camp, Abuja, one Auwal surname unknown, and the gang leader whose identity is yet to be ascertained.
The kidnappers were transporting their victim to Kano before they were intercepted by the Police.
The Commissioner of Police Kaduna State Command, CP A.D Ali, while commending the Operatives for the brave feat, still tasked them to continuously go after criminal elements in the State.
He called on the members of the public to avail themselves of security agencies’ hotlines for any distress call requiring a prompt response.
[DailyTrust]
In compliance with the provisions of the Constitution on time bound nature of political cases, the Supreme Court will on Friday, January 19, 2024, deliver final judgements in 13 gubernatorial election legal battles.
Hearing and final judgments in the cases are by law to be considered and concluded within 60 days after which the matters would become statute barred.
The states whose governorship election legal battles will be decided by the Supreme Court on Friday include Nasarawa, Delta, Ogun, Gombe and Kebbi, among others.
Governors of the states will know their fate – whether they will remain in office or not – at the end of the make or mar verdicts that would be handed down on Friday morning.
Political parties that filed cases along with their governorship candidates are the All Progressives Congress, APC, Peoples Democratic Party, PDP, New Nigeria Peoples Party, NNPP, Labour Party, LP, and Social Democratic Party, SDP.
Our correspondent observed that in Delta State, Gbagi Kenneth Omemavwa of the Social Democratic Party, SDP, Omo-Agege Ovie Augustine of the All Progressives Congress, APC, and Pella Kwahariebie Kennedy of the Labour Party, LP, are challenging the election of Governor Sheriff Oborevwori.
The cause list sighted by our correspondent also showed that Emmanuel David Ombugadu of the PDP is challenging the declaration of Sule Audu Abdullahi of the APC as the elected Governor of Nasarawa State.
In Ogun State, Adebutu Oladipupo Olatunde of the PDP is praying the apex court to upturn the victory of Abiodun Adedapo Oluseun of the APC as the lawfully elected governor of the state.
For Gombe State, Jibrin Muhammed Barde of the PDP is the appellant seeking to get the election of Mohammed Inuwa Yahaya invalidated.
Similarly, Bande Aminu of the PDP is asking the apex court to set aside the declaration of Idris Nasir of the APC and his Deputy, Abubakar Umar Argungu, as winners of the March 18, 2023 governorship election.
Deputy Director of Press and Information of the Supreme Court, Malam Alfa Ahmed, confirmed that 13 judgments on disputes over governorship elections would be delivered on Friday.
He said that the apex court has put adequate security arrangements in place to make the judgment delivery hitch-free.
Ahmed confirmed further that counsel who represented different governors during the hearing of the cases are to come to court with only two lawyers from each chamber.
He hinted that only accredited political party leaders would be permitted into the court premises to ensure crowd control and prevent security breaches.
According to him, Department of State Service, DSS, operatives would be responsible for screening those that would access the courtroom.
He further disclosed that journalists accredited by the Supreme Court would be allowed into the courtroom and foyer of the court, depending on the number of seats allocated to them.
[DailyPost]
The Chairman of Christian Association of Nigeria( CAN), Kaduna State Chapter, Rev Joseph John Hayab, has said that it would only be wrong to pay ransom if the government would secure the people.
The cleric’s response was a statement the Minister of Defence, Badaru Abubakar, made that it was an offence to pay ransom for the release of kidnapped victims.
Speaking to journalists in Hausa, the Minister alleged that it was the publicity given to the donation gathered to pay ransom for the release of Abuja kidnapped victims that emboldened the terrorists to demand more.
However, Hayab told Vanguard Correspondent in Kaduna that it was sad that on many occasions, “we have reported kidnapped incidences to security agencies, but they will advise us to continue to dialogue with the bandits, and we keep doing this with no help coming from the security men.”
According to him, “Those who speak against payment of bandits are saying so because they do not have first-hand experience. When their family member, wife, children, parents, or close associate is a victim, they will understand the pressure those paying ransom do go through.”
“No one enjoys paying any dime to bandits, but the failure of the government and our security forces to stop this criminality from tormenting and terrorising the people is the reason why victims and their families have no option but to pay for their freedom.”
“The psychological trauma both primary and secondary victims go through is not what you will want your enemy to experience. Victims of banditry go through painful torture, humiliation, abuse, and all forms of inhumane treatment.”
“Our leaders should first provide a good reaction to stop this evil that citizens are going through before coming out to make an unguarded statement that gives the impression that they do not care how people feel.”
DAVOS, Switzerland (AP) — The Latest on the World Economic Forum gathering in Davos, Switzerland:
Colombia President Gustavo Petro described U.S.-led efforts to fight drug trafficking as “an absolute failure” during a panel with Latin American political leaders at the World Economic Forum gathering.
Speaking Wednesday in Davos, Switzerland, Petro called for strategies to reduce consumption that focus on education, prevention and treatment for those with addiction.
He says that “thousands of people, most of them Black, have gone to prison in the United States, and up to a million have died in Latin America.”
He added that “if we cannot have a debate on the United States failed drug policy, we will have serious problems.”
Petro’s administration is trying to make peace deals with rebel groups within Colombia and other criminal organizations involved in the drug trade.
He said global changes in drug policy will be required to pacify Colombia as well as policies that bring economic development to isolated regions within the South American nation, where many people make a living from the drug trade.
KEY DEVELOPMENTS:
— Zelenskyy urges West to speed up flow of weapons to Ukraine
— Putin foe Bill Browder slams jacked-up fee to attend Davos
— World Food Program postpones, not averts Somali famine
— Elon Musk apparently wasn’t on the Davos guest list
Former British Prime Minister Boris Johnson has received an honorary “Citizen of Kyiv” medal from Mayor Vitali Klitschko on the sidelines of the World Economic Forum annual meeting in Davos, Switzerland.
Johnson has been hailed as a hero by many Ukrainians for his and Britain’s support for their country after Russian President Vladimir Putin ordered forces to invade Ukraine nearly a year ago.
At the Ukraine House on Wednesday, Klitschko said Johnson is “one of us” before draping the medal around the former British leader’s neck.
Johnson said he’d received an invitation to visit Kyiv — a “beautiful, beautiful city” — from Klitschko and traveled there while Britain’s foreign minister.
“I realized then that if Putin was ever so mad as to invade Ukraine, that Ukrainians would fight and that they would win. And that is what is going to happen,” Johnson said to a cheering crowd.
He added that the only thing that allies “have got to do now is to continue our support for Ukraine with tanks, with planes, with whatever it takes, with financial resources until Ukraine wins.”
___
Bill Browder, a leading critic of Russian President Vladimir Putin, has criticized the World Economic Forum on social media for jacking up his entrance fee to the annual meeting in Davos that he has attended for the last 27 years.
Browder told The Associated Press on Wednesday that it was wasteful to pay a quarter of a million dollars for a ticket and he thought organizers of the elite gathering in the Swiss Alps didn’t want him around.
The former fund manager says he has set aside his commercial activities and devotes all of his time to getting justice for his former lawyer Sergei Magnitsky, who was killed in Russian police custody in 2009, and other victims of human rights abuses.
Forum spokesman Yann Zopf says Browder had participated previously as CEO of Hermitage Capital Management and that he was “very welcome to re-engage with the Forum’s work.”
Zopf said told the AP that “partnerships with businesses contribute to our ability to invite activists and civil society figures who tend to have considerably less resources.”
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NATO Secretary-General Jens Stoltenberg says Ukraine’s Western backers this week will discuss ways to supply heavier and more advanced weapons to help it fight Russia.
The so-called Ukraine Contact Group will gather at Ramstein Air Base in Germany on Thursday and Friday. It consists of about 50 top defense officials, including U.S. Defense Secretary Lloyd Austin, who work to coordinate military contributions to Ukraine.
Stoltenberg said Wednesday during a session at the World Economic Forum gathering in Davos, Switzerland, that “the main message there will be: more support, more advanced support, heavier weapons and more modern weapons.”
He says, “This is a fight for our values, this is a fight for democracy and we just have to prove that democracy wins over tyranny and oppression.”
NATO’s leader says supplying Ukraine with more equipment long term will help force Russian President Vladimir Putin to the negotiating table.
Stoltenberg warned that “it is very dangerous to underestimate Russia” and said “weapons — they are the way to peace” but must come quickly.
___
Ukrainian President Volodymyr Zelenskyy says Western supplies of weapons must outpace Russia’s attacks and urged the world to move faster in its decision-making because “tragedies are outpacing life; the tyranny is outpacing democracy.”
In a video address Wednesday to the World Economic Forum gathering in Davos, Switzerland, Zelenskyy stood and asked for a moment of silence for victims of a helicopter crash in Ukraine, who included his interior minister.
While a cause is not yet known, he said that “every individual, every death is a result of war.”
He says that the world needs to react quicker to challenges like global security, climate change and hunger, saying there’s a “time crisis.” He says that Russia started the war, and the world needed days to react with the first sanctions, with “the time the free world uses to think is used by the terrorist state to kill.”
He said the world must not hesitate: “The supplying of Ukraine with air defense systems must outpace Russia’s vast missile attacks. The supplies of Western tanks must outpace another invasion of Russian tanks.”
Asked about engaging with Russia, Zelenskyy said “they will have to recognize their own mistakes, they will have to recognize Ukrainian statutes and they will have to really respect our territorial integrity.”
___
German Chancellor Olaf Scholz highlighted his country’s and others’ financial and military support to Ukraine and said that “we will continue to support Ukraine — for as long as necessary.”
In a speech Wednesday to the World Economic Forum gathering in Davos, Switzerland, he pointed to efforts by Berlin and others to kick off a long-term rebuilding process for Ukraine but said that “in order for the war to end, Russia’s aggression must fail.”
He listed some of the equipment Germany has pledged to provide — including air-defense systems and most recently armored personnel carriers, “marking a profound turning point in German foreign and security policy.”
But he didn’t make any new pledges. Germany faces mounting pressure to supply Leopard 2 battle tanks or at least to authorize allies to deliver their own stocks of the German-made vehicles.
When asked about sending tanks to Ukraine, Scholz reiterated that Germany was one of the top suppliers of military equipment to the war-torn country, just behind the U.S. and Britain.
___
France’s junior minister for European Affairs says Europe has lost competitiveness versus the U.S. due to sharply higher energy costs and U.S. support for domestic renewables.
Laurence Boone said Wednesday at the World Economic Forum gathering in Davos, Switzerland, that Europe needs a “big bang” to catch up in moving to renewable and secure energy supplies. She added that the bloc needs “to be a lot more radical and proactive in response to this challenge.”
Boone said on a panel about European energy that higher prices after Russia shut off most natural gas over the war in Ukraine, along with the Inflation Reduction Act, were “a wake-up call” for the European Union.
She said the IRA could have an effect in just two or three months because it works through tax credits, while European measures can take years to go through.
European industries that use a lot of energy — such as makers of glass, steel and fertilizer — are facing costs that make production unprofitable in some cases and are raising the possibility that such producers will move to places where energy is more affordable such as the U.S. and China.
Boone said a Europe-wide approach was needed instead of financially stronger countries handing out state aid because the continent’s economy was so interconnected.
She says that “it’s not enough to increase state aid in one country if we don’t do it for everyone, otherwise we will have disruption of supply chains.”
___
Young climate activists including Greta Thunberg and Vanessa Nakate will discuss speeding up the energy transition with the head of the International Energy Agency at the World Economic Forum gathering in Davos, Switzerland.
The Paris-based IEA says Executive Director Fatih Birol and the young activists will discuss Thursday whether governments and businesses are responding adequately to the climate crisis, the state of the clean energy transition, widespread calls to end new investments in fossil fuels, and what needs to be done to limit global warming to 1.5 degrees Celsius.
It comes after Thunberg and other protesters were carried awa y Tuesday from the edge of an open coal pit mine in western Germany where they demonstrated against the destruction of a village to make way for the mine’s expansion.
The German government reached a deal with energy company RWE last year allowing it to destroy the village in return for ending coal use by 2030, rather than 2038. Environmentalists say bulldozing Luetzerath will result in vast greenhouse gas emissions.
Thunberg told The Associated Press on Saturday that in the global fight against climate change, “what everyone does matters.”
The Swedish activist added that “and if one of the largest polluters, like Germany, and one of the biggest historical emitters of CO2 is doing something like this, then of course it affects more or less everyone — especially those most bearing the brunt of the climate crisis.”
___
German Chancellor Olaf Scholz is celebrating his country’s newfound independence from Russian energy sources and says its energy supply for this winter is secure.
In a speech Wednesday to the World Economic Forum gathering in Davos, Switzerland, Scholz noted that Germany has opened its first two liquefied gas terminals within months and a third is close to completion. He said that shows “Germany can be flexible, we can be unbureaucratic, and we can be fast.”
Russia, which once supplied more than half of Germany’s natural gas, hasn’t delivered any since the end of August. Scholz said that “within a few months, Germany made itself completely independent from Russian gas, Russian oil and Russian coal.”
Scholz says “our energy supply for this winter is secure — thanks to well-filled storage facilities, thanks to improved energy efficiency, thanks to remarkable solidarity within Europe, and thanks to the readiness of our companies and of millions of citizens to save energy.”
The German leader also defended Berlin’s program of to 200 billion euros ($216 billion) in subsidies to ease the strain of high gas, electricity and heating prices, which has met with some concern elsewhere in Europe.
He said it “is both forceful and proportionate.”
___
Former U.S. Vice President Al Gore has slammed the influence of oil and gas interests at the annual U.N. climate conference.
In impassioned remarks at the World Economic Forum gathering in Davos, Switzerland, Gore called for the COP climate talks to make supermajority decisions rather than requiring unanimous agreement as oil-rich states frustrate the process.
Gore said Wednesday during a session on climate action leadership that “we cannot let the oil companies and gas companies and petrostates tell us what is permissible. In the last COP, we were not allowed to even discuss scaling down oil and gas.”
He expressed concerns of the “appearance of the conflict of interest” of having the head of oil company Abu Dhabi National Oil Co. — Sultan al-Jaber — as the next COP president.
Gore asked: “Are we going to be able to discuss scaling down oil and gas in the next COP or (are we) putting the oil industry in charge of the COP?”
He asserted that “we’ve just decided to not even disguise” fossil fuel presence at COP anymore.
Gore added that fossil fuel industries were also responsible for stifling pro-climate legislation in the U.S. and elsewhere. But he noted some instances of positive climate action around the world in the last year, including the U.S. Inflation Reduction Act and elections in Brazil and Australia that ushered in governments with stronger climate ambitions.
___
Ukrainian first lady Olena Zelenska says in many areas of the war-torn country, people are only getting a few hours of electricity a day and those near the front are completely cut off from energy infrastructure.
She said Wednesday at the World Economic Forum gathering in Davos, Switzerland, that her foundation is working to provide warmth and light to people who are often living in half-destroyed homes in areas occupied by Russian forces.
Russian missiles have targeted energy systems for months, and Zelenska also says “our enemy has been destroying our health care infrastructure.”
She says the foundation is working to rebuild medical facilities and provide laptops to teachers, with two-thirds of Ukraine’s children studying remotely as schools face shelling.
After a helicopter crash in Ukraine killed the country’s interior minister and several others, Zelenska said she didn’t “have the strength to express my emotions right now.”
When asked about whether there is global fatigue in supporting Ukraine nearly a year into the war, she said that “seems like an exaggeration.”
She added: “Imagine what this day will be like when the Ukrainians are fatigued. I wouldn’t want to see it. I don’t think it would be good for Ukraine or the world.”
___
The head of the United Nations isn’t optimistic that Russia’s war in Ukraine could end soon.
U.N. Secretary-General Antonio Guterres said Wednesday at the World Economic Forum gathering in Davos, Switzerland, that “I do not see the end of the war in the immediate future.”
He pointed to deep historical differences between Russia and Ukraine that will make it more difficult to find a solution based on international law and that respects territorial integrity.
Guterres added that “I don’t think that we have a chance to promote or to mediate a serious negotiation to achieve peace in the short term.”
In the meantime, he said private-sector cooperation is needed to keep Ukrainian and Russian food and fertilizer exports flowing.
Both countries are major suppliers of wheat, barley and other food to developing nations where many people are struggling with hunger. A U.N.-brokered deal allows agricultural supplies — Russia is also a top global exporter of fertilizer — to leave the Black Sea region.
Guterres says the insurance sector has helped support the movement of vessels from Ukraine and Russia, and “we need other private sector’s actors to engage, such as the banking sector, the traders and the shippers.”
Some companies fear running afoul of Western sanctions by facilitating shipments from Russia, though allies have said penalties don’t apply to food and fertilizer.
___
The Dutch environment minister says the Netherlands wants “to sell 2 million electric cars by 2030 — from 2030 onwards only electric cars allowed.”
Vivianne Heijnen spoke Wednesday during a panel session about “the electric decade” at the World Economic Forum gathering in Davos, Switzerland.
The forum says that by 2030, clean power capacity must increase by three times what it is today and by nine times by 2050. The organization also has found that energy consumption must be increasingly based on electricity and should increase to 50% by 2050 from 20% now.
Heijnen says the Netherlands has one charging station for every four cars. She says “we are thinking of smart solutions” to “some challenges when it comes to the entire power system.”
Talking about the challenges to achieving these clean energy and electrification goals, Jakob Stausholm, CEO of mining corporation Rio Tinto Plc said, “It’s not that easy to get green energy at scale. We are fooling ourselves on the timeline — it is going to take time.”
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The head of the United Nations says the world is in a “sorry state” because of myriad “interlinked” challenges including climate change and Russia’s war in Ukraine.
U.N. Secretary-General Antonio Guterres said Wednesday at the World Economic Forum gathering in Davos, Switzerland, that the struggles are “piling up like cars in a chain reaction crash.”
Guterres said the widest levels of geopolitical division and mistrust in generations are undermining efforts to tackle global problems, which also include widening inequality, a cost-of-living crisis sparked by soaring inflation and an energy crunch, lingering effects of the COVID-19 pandemic and more.
He singled out climate change as an “existential challenge,” saying a global commitment to limit the Earth’s temperature rise to 1.5 degrees Celsius “is nearly going up in smoke.”
Guterres referenced a recent study that found scientists at Exxon Mobil made remarkably accurate predictions about the effects of climate change as far back as the 1970s, even as the company publicly doubted that warming was real.
He said, “Some in Big Oil peddled the big lie.”
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Japan’s minister of trade and industry says the world’s third-largest economy needs more innovation and younger leadership.
Minister of Economy Trade and Industry Yasutoshi Nishimura said, “Japan’s economy has long been run by a bunch of old men.”
Speaking in a panel Wednesday at the World Economic Forum’s gathering in Davos, Switzerland, he said, “We need to change this drastically, because we need diverse ideas to bring about innovation in the new era. You shouldn’t make decisions with only old men who have spent a long time in the same company.”
Despite trade tensions between Beijing and Washington and other trading partners, Nishimura said it’s unrealistic to cut off economic ties with China, so “a complete decoupling is not possible, but we need to manage the risks and cooperate with like-minded nations.”
___
Ukrainian first lady Olena Zelenska dabbed teary eyes before attending a World Economic Forum session in Davos, Switzerland, as she heard the news that a helicopter carrying Ukraine’s interior minister and other officials crashed in Ukraine.
Forum President Borge Brende requested 15 seconds of silence Wednesday to honor the 18 people killed in the crash, including Ukrainian Interior Minister Denys Monastyrskyi and other officials, before the opening the session.
Zelenska said it was “another very sad day today. New losses.”
She told those attending the session: “I think you understand my emotions. Perhaps they’re a little bit out of place in the political and economic dialogue, but I am sure that just as the war has changed the whole world, it has also changed all of our dialogue. We can also change this negative situation for the better.”
Her husband, President Volodymyr Zelenskyy, is scheduled to speak via video later in the day as the Ukrainian delegation pushes for more weapons from international allies.
Speaking shortly before Zelenskyy is German Chancellor Olaf Scholz, who is facing pressure to send tanks to Ukraine.
[AP]
Davos day three: Hunt says West must talk to China over AI; Red Sea disruption hitting global trade growth, WTO warns – as it happened
AdminHunt: global AI standards must reflect liberal democratic values.
Jeremy Hunt tells Davos that Western goverments must talk to China about artificial intelligence, and that it is very important that global AI standards reflect liberal democratic values.
He says:
When it comes to setting global AI standards, it’s very important that they reflect liberal democratic values.
But, I think it is really important that we talk to countries like China.
Hunt points out that Sam Altman, alongside him on today’s panel, has a sign in his OpenAI office that says ‘no-one knows the future’.
But, Hunt says, “we do have agency over the future”, and that is why there is tension between the two (AI developers, and policymakers).
Hunt says we are “incredibly lucky” that people like Sam Altman are helping to transform humanity’s prospects for the future.

No-on in the room here in Davos today thinks the world would be better without AI, Hunt argues. “But we have choices”.
Hunt says:
The choice we need to make is how to harness it, so it is a force for good.
I actually think that means talking to countries like China.
One of the ways it would be a force for bad is if it just becmae a tool in a new geo-strategic superpower race, with much of the energy put into weapons rather than things that could transform our daily lives.
One way to avoid that is to have discussions with countries like China over common ground, Hunt says.
He adds that the benefits of AI should be spread throughout the world, and not just concentrated in advance economies.
Hunt says previous technological revolutions, such as the industrial revolution and computer revolution, succeeded where the benefits were spread evenly across society, not concentrated in small groups.
He adds:
Otherwise that will deepen some of the fractures that are already, in my view, taking us in the wrong direction.
[Reuters]
The Governor of Oyo State, Seyi Makinde, has announced his decision not to ban mining activities in the state, despite the recent explosion in Bodija, Ibadan, which he attributed to illegal mining.
This statement was made while updating the public on the situation following the blast that affected areas including Bodija, Agbowo, Eleyele, and Orogun.
The governor, addressing the incident, explained that the explosion was caused by illegal miners who stored explosive devices in a building in the Bodija area.
Despite this, Governor Makinde emphasized that the state government would not ban mining activities.
He assured residents that his administration is effectively managing the situation, with support from President Bola Ahmed Tinubu.
Furthermore, Makinde mentioned that the government had made arrangements for temporary shelters to accommodate the victims and their families affected by the explosion.
When asked during an interview on Channels TV Politics Today if he was considering banning mining in the state following the incident, Makinde said, “My approach has been a little bit different.
“I will not go out to ban mining activities because there are people who are legally mining in the state. They may be international investors. You will give the impression that this is a lawless environment where we will not obey our contracts, what we signed with people.
“It is a difficult route to take. When we are swimming through the situation we have found ourselves, we will not have a knee-jerk reaction to the issue.”
says subsidy to gulp N1.6tn in 2024
The federal government, through the Nigerian Electricity Regulatory Commission, NERC, has approved a new cost-reflective tariff increase for the electricity distribution companies in Nigeria.
This is as the commission stated that the electricity subsidy will gulp N1.6 trillion in 2024.
NERC disclosed this in a Multi-Year Tariff Order for DisCos uploaded on its official website on Wednesday.
The commission said the new MYTO for DisCos takes effect from January 1 2024.
Meanwhile, the Chairman of NERC, Sanusi Garba, who explained the development to journalists in Abuja on Wednesday, said the federal government would spend 30 billion monthly, amounting to N1.6 trillion, on electricity subsidies in 2024.
The implication is that for any N150 electricity bill, the federal government will pay N90 while consumers will bear the remaining fraction.
Enugu Electricity Distribution Company, EEDC, will get N128.92bn, Abuja Electricity Distribution Company (N223.26 billion), Yola Electricity Distribution Company (N64.48 billion), Benin Electricity Distribution Company (N140.85 billion), Ibadan Electricity Distribution Company (N199.841 billion), the Eko Electricity Distribution Company (N198.78 billion) and Ikeja Electricity Distribution (N238.201 billion).
NERC stated that electricity tariff adjustments would be made monthly to avoid rate hike shock.
“If we have determined that you should be paying N150 and the Federal Government says you should pay N60, it will pay the difference. Then that is what it is, and the government would now provide the money.
“One of the new things in tariff order is, to avoid rate shock, we will now be doing the minor tariff review very frequently, like every month,’’ he said.
In the last days of 2023, a report emerged of a planned electricity hike on January 1, 2024.
However, the apex regulatory body denied the claim of electricity tariff hike.
Barely two weeks ago, the Minister of Power, Adebayo Adelabu, insisted on electricity subsidy payments at the time of review of the implementation of cost-reflective tariffs.
He said, “We’re reviewing the implementation process of a cost-reflective tariff while ensuring continued government subsidy for vulnerable members of society”.
Adelabu disclosed that the federal government spent N700 billion on electricity tariffs in 2023.
The development showed that Nigerians must battle with the new electricity pricing template amid heightened headlines and food inflation.
DAILY POST reports that headline and food inflation increased to 28.92 per cent and 33.93 per cent, respectively, in December 2023, according to the National Bureau of Statistics.
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The Abia State Council of the Nigeria Union of Journalists (NUJ) has described as primitive, the invasion of All Breaking News (ABN) Radio/TV, Umuahia, by police operatives.
The police operatives arrested a guest on a live programme during the incident.
The Abia NUJ council in a statement made available to journalists in Umuahia, said that the invasion should be condemned by well-meaning Nigerians.
In the statement signed by Victor Ndukwe, the Abia NUJ Chairman and Adaeze Ralph Igbokwe, the association recalled how policemen invaded FLO FM in Umuahia to arrest a guest invited for a live programme, some years ago.
The association also recalled how men of the Nigerian Military invaded the NUJ Press Centre in Umuahia in 2017, where they beat up journalists and destroyed their working equipment.
“These attacks refuse to take into account, the robust relationship the media in Abia has fostered with security agencies in the state over the years.
“We want to state categorically that these attacks are in bad taste, designed to harm the media industry as they have the propensity to make media houses endangered zones for guests invited to live programmes and muzzle plurality of opinions which oil democracy.
“In an era when live programming has become the fashion in broadcasting, arresting guests who honour invitations to live programmes translates to a systematic but crude means of putting the media out of business occasioned by resultant damages to costly, sensitive equipment and scaring people away.
“We call on the police hierarchy in the state to reign in their men and put a stop to such ill-motivated attacks.
The Council aligns with the management of ABN TV in their demand for unreserved apology from and replacement of damaged equipment by the police,” the NUJ said.
The statement noted that both the police and the media are working for the good of the Nigerian society.
Former lawmaker Senator Shehu Sani has claimed that security agencies in some African countries sharing borders with Nigeria are more serious in discharging their duties than those in Nigeria.
The former Senator, who made the claim in a post on his official X handle on Thursday, questioned why citizens in countries like Benin Republic, Niger, Chad and Cameroon are not being kidnapped for ransom.
According to him, security operatives in those countries are more professional, leading to the safety of their citizens.
He lamented the worsening security crisis bedeviling the nation at the moment, saying kidnapping is becoming a lucrative business.
The post reads, “If ransom is not paid to kidnappers, the lives of the hostages are at risk. If ransom is paid to kidnappers, it encourages other kidnappers to abduct more and makes the business of kidnapping more lucrative.
“Families of the victims of kidnappings will do anything to get their loved ones released in the event of the helplessness and hopelessness of the security agencies.
“Why are there no kidnappings for ransom in Benin Republic, Niger, Chad and Cameroon? Because their security agencies are more serious and professional in the execution of their duties”.
The Economic and Financial Crimes Commission (EFCC) has intensified its pursuit of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, filing a fresh 20-count amended charge against him at the FCT High Court on Thursday.
The latest development comes two months after Emefiele’s initial arraignment on six counts related to procurement irregularities in awarding a contract to April 1616 Investment Limited.
In August 2023, the anti-graft agency brought charges against Emefiele, Sa’adatu Yaro, and the company for violating the Procurement Act during the purchase of vehicles.
The EFCC initially amended the charges in November, dropping the co-defendants and reducing the charges against Emefiele to six.
He pleaded not guilty and was granted bail by Justice Hamza Muazu on November 22, 2023.
The bail conditions included a N300 million bond, two sureties with property in Abuja’s Maitama district, surrender of travel documents, and restricted movement within the city.
However, the EFCC’s pursuit seems far from over. The EFCC lawyer, Rotimi Oyedepo, informed the court of the new 20-count filed against Emefiele just yesterday.
Emefiele’s lawyer, Matthew Burkaa, requested time to review the updated charges. Consequently, Justice Muazu adjourned the case until tomorrow for rearrangement.
NAN
[PRESS RELEASE] Reevaluation of the Economic and Financial Crimes Commission (EFCC): Ensuring Accountability and Effectiveness - Olukayode Ajulo, SAN
AdminThe Nigerian Economic and Financial Crimes Commission (EFCC) has long been entrusted with the critical responsibility of preventing, investigating, and prosecuting financial crimes. However, recent developments have raised concerns about the Commission's focus and operations, warranting a thorough reassessment of its mandate and effectiveness.
Regrettably, it appears that the EFCC has strayed from its primary functions, engaging in what can be described as political posturing. It has prioritized high-profile cases and media sensationalism over its core objectives, compromising its ability to diligently pursue and bring to justice the real perpetrators of economic and financial crimes.
There is a growing apprehension that the EFCC has become overly preoccupied with media trials, theatrics, and grand gestures, rather than adhering to the rigorous standards and procedures necessary for effective investigation. This approach has led to hasty actions, inadequate evidence gathering, and subsequent dismissal of cases by the courts, undermining the pursuit of justice.
A recent incident that exemplifies these concerns is the alleged pursuit of Zamfara State Governor, Gov. Lawal, by the EFCC while his case was still pending before the Supreme Court. However, following his victory in the apex court, the EFCC swiftly shifted its focus to his political rival, Former Governor Bello Mohamed Matawale, who now serves as the Minister of State for Defence.
The Commission has reportedly accused him of involvement in financial crimes. The timing and circumstances surrounding this accusation raise legitimate questions about the EFCC's impartiality and its commitment to due process.
Furthermore, it is essential to inquire about the EFCC's inaction during the mandatory screening of the recently appointed minister, where his past activities were expected to undergo thorough review.
The origin of the petition and the credibility of the accusers must be scrutinized to ensure that the EFCC's actions are not driven by ulterior motives or baseless claims. Stringent procedures should be in place for submitting petitions, and comprehensive forensic investigative patterns should be employed when dealing with such cases. This will safeguard against the EFCC embarking on fruitless pursuits and ensure that its efforts are focused on genuine and substantive cases.
The Economic and Financial Crimes Commission plays a pivotal role in combating corruption and financial crimes. However, it is crucial to critically evaluate its operations, address shortcomings, and reinforce its commitment to its original purpose. This process necessitates collaboration between the EFCC's leadership, relevant government bodies, civil society organizations, legal experts, and the media.
Through open dialogue and collective efforts, we can restore public trust, enhance transparency, and strengthen the EFCC's capacity to effectively tackle economic and financial crimes.
Dr Olukayode Ajulo, OON, is a Senior Advocate of Nigeria.