Rishi Sunak, outgoing prime minister of the UK, has apologised to the Conservative Party after Labour won the general election by a landslide.

Sunak conceded defeat as the networks called the election for Keir Starmer of the Labour Party — who had reached the required 326 parliamentary seats.

The Conservative Party candidate retained his seat in Richmond & Northallerton however.

“Britain has delivered a sobering verdict. On this difficult night, I’d like to express my gratitude to the people of Richmond and Northallerton constituency for your continued support,” Sunak said.

“Today, power will change hands in a peaceful and orderly manner, with goodwill on all sides. That is something that should give us all confidence in our country’s stability and future.

“There is much to learn… and I take responsibility for the loss.”

The outcome of the election ends 14 years of Conservative government, in which time five different prime ministers ran the country.

Sunak was appointed prime minister on October 25, 2022, becoming the first British Asian and the first Hindu to assume the office.

At 42, Sunak became the youngest prime minister since Robert Jenkinson.

Aliko Dangote, chairman of the Dangote Industries Limited, says Nigeria’s economy can be turned around in a few months.

Dangogte addressed journalists in Abuja after the inauguration of the presidential economic coordination council (PECC) on Thursday.

“What I keep saying is that our own issues are not that bad, this economy can be turned around within few months and I think we are on that way,” he said.

The billionaire also pledged the support of the private sector in investing in job creation for Nigerians.

“The private sector will support the government to invest heavily and create jobs,” the business tycoon said.

“Government does not create jobs but they give us the right policies, you can see the interventions in gas sector, getting the OB3 to work will give the country additional $2 billion.”

On July 4, President Bola Tinubu inaugurated the PECC and announced a N2 trillion economic stabilisation plan in a move to revive Nigeria’s struggling economy.

Established in March, the PECC is chaired by the president and includes key government officials such as the vice-president, the senate president, and the chairman of the governors’ forum.

Prominent private sector leaders, including Dangote, Tony Elumelu, and Bismarck Rewane will serve on the council for one year.

On July 2, Dangote had warned that the increase of interest rate to almost 30 percent by the Central Bank of Nigeria (CBN) would stifle growth.

Tajudeen Abbas, speaker of the house of representatives, says the nation’s security will improve if traditional rulers are given constitutional roles. 

The bill seeking to give traditional rulers constitutional roles did not scale through during the last assembly.

Speaking at an event to mark the one year anniversary of the 10th house, Abbas said through the ongoing constitutional amendment process, parliament will grant constitutionally recognised roles to traditional institutions.

“The 10th house, under my leadership, will do its best to give recognition to the traditional rulers during our constitution amendment exercise,” Abbas said.

“Many amendments were made in the past to grant constitutional recognition to traditional rulers, but they never saw the light of day.

“Because most of us in the house honestly believe that traditional institutions are the backbones of our society. We believe that the welfare of our people will be more enhanced with a legal role for the traditional institutions.”

Abbas said he constituted two special standing committees when he assumed office, to drive the process of actualising constitutional roles for traditional institutions, and achieving autonomy for local governments.

“We also believe the security of our country will be more enhanced if the traditional institutions are given better roles. That is the reason from the onset, we decided to create committees — two different ones — actually,” he added.

“One of them is the committee on traditional institutions to drive the process of giving legal recognition to the traditional institutions in this coming constitutional amendment.

“The second one is the committee on states and local governments.

“If we must make headway with the ongoing constitution amendment, state governments, state houses of assembly, local government councils and their councillors must be considered.

“That is the reason we decided that another committee dealing with issues of states and local governments should come on board.

“These two committees, we believe, will drive the process of reaching out to critical stakeholders in the states to ensure that the goal of local government autonomy is realised.”

The Confederation of African Football (CAF) has sanctioned Samuel Eto’o, president of the Cameroon Football Association, for ethics violations. 

In a statement on Thursday, CAF announced Eto’o was facing “charges of alleged manipulation of football matches and violating the principles of ethics and integrity.”

The continental football governing body added that “there is insufficient proof” to corroborate Eto’o’s involvement in match-fixing alongside Valentin Nkwain.

However, CAF ruled that the four-time African Footballer of the Year “seriously violated the principles of ethics, integrity and sportsmanship” by “signing a brand ambassador contract with the company 1XBET in exchange for remuneration”.

The statement said Eto’o breached “Article 2 paragraph 3 of the CAF Statutes,” which reads: “any person or organisation involved in football in Africa has to respect at all times and unreservedly the principles of ethics and fair play enacted by CAF, the principles of integrity and sportsmanship as well as the Statutes, regulations, decisions, and directives of CAF and FIFA.”

Eto’o was penalised with $200,000 fine for the violation.

The former Barcelona striker has been embroiled in controversy since he was elected president of Cameroon FA in 2021.

In 2022, he was caught on tape attacking a cameraman outside a stadium at the FIFA World Cup in Qatar.

A year later, CAF investigated him for alleged improper misconduct following complaints from several stakeholders of Cameroonian football.

PRESS RELEASE

On 28 June 2024, Nigeria signed the Samoa Agreement at the Organisation of African, Caribbean, and Pacific States (OACPS) Secretariat in Brussels, Belgium.

The partnership agreement is between the EU and its Member States on one hand, and the members of the OACPS on the other.

Negotiations on the agreement started in 2018, on the sidelines of the 73rd United Nations General Assembly. It was signed in Apia, Samoa on the 15th of November 2018 by all 27 EU Member states and 47 of the 79 OACPS Member states.

The agreement has 103 articles comprising a common foundational compact and three regional protocols, namely: Africa –EU; Caribbean-EU, and Pacific-EU Regional Protocols with each regional protocol addressing the peculiar issues of the regions.

The African Regional Protocol consists of two parts. The first is the Framework for Cooperation, while the second deals with Areas of Cooperation, containing Inclusive and Sustainable Economic Growth and Development; Human and Social Development; Environment, Natural Resources Management, and Climate Change; Peace and Security; Human Rights, Democracy and Governance; and Migration and Mobility.

Nigeria signed the Agreement on Friday 28 June 2024. This was done after extensive reviews and consultations by the Interministerial Committee, convened by the Federal Ministry of Budget and Economic Planning (FMBEP) in collaboration with the Ministry of Foreign Affairs (MFA) and the Federal Ministry of Justice (FMOJ). It was ensured that none of the 103 Articles and Provisions of the Agreement contravenes the 1999 Constitution as amended or the laws of Nigeria and other extant Laws.

In addition, Nigeria’s endorsement was accompanied by a Statement of Declaration, dated 26th June 2024, clarifying its understanding and context of the Agreement within its jurisdiction to the effect that any provision that is inconsistent with the laws of Nigeria shall be invalid. It is instructive to note that there is an existing legislation against same-sex relationships in Nigeria enacted in 2014.

It is necessary to assure Nigerians that the President Bola Tinubu Administration, being a rule-based government will not enter into any international agreement that will be detrimental to the interest of the country and its citizens. In negotiating the Agreement, our officials strictly followed the mandates exchanged in 2018 between the EU and the OACPS for the process.

The Samoa Agreement is nothing but a vital legal framework for cooperation between the OACPS and the European Union, to promote sustainable development, fight climate change and its effects, generate investment opportunities, and foster collaboration among OACPS Member States at the international stage.

Mohammed Idris
Minister of Information and National Orientation.

The federal government says Nigeria has won its bid to host the headquarters of the $5 billion Africa Energy Bank (AEB).

In a statement on Thursday, Heineken Lokpobiri, minister of state for petroleum resources (oil), described the development as a testament to the country’s leadership and commitment to the energy sector.

The decision, reached at an extraordinary meeting of the Council of Ministers of the African Petroleum Producers Organization (APPO), places Nigeria at the forefront of Africa’s energy future, Lokpobiri said.

“As the Minister for Petroleum Resources[Oil], I am incredibly proud of this achievement. The African Energy Bank will be a cornerstone for financing and advancing energy projects across Africa, promoting innovation, sustainability, and economic growth,” the statement reads.

“This is a remarkable victory for Nigeria and the entire African continent. It symbolizes our collective efforts to harness and develop our rich energy resources for a brighter, more sustainable future.

“Thank you to everyone who made this possible. Together, we are shaping the future of energy in Africa, starting right here in Nigeria!”

In March, Nigeria won the bid as the preferred host nation despite competing against Algeria, Benin, Ghana, Ivory Coast, and South Africa. 

The proposed AEB, which will focus investment in oil and gas projects across the continent, plans to start operations later this year with an initial $5 billion authorised capital base.

In November last year, the African Export-Import Bank (Afreximbank) had the African Energy Bank would be inaugurated in June 2024 to mitigate the crisis in the continent’s energy sector.

The lender said it had partnered with over 700 banks in Africa and its partners to chart a profitable pathway for the African energy sector.

Keir Starmer, the Labour Party candidate, has won the UK general election and will become the next prime minister of the country.

Labour has been declared official winner of the poll after reaching the required 326 parliamentary seats.

“Change begins now. It feels good, I have to be honest,” Starmer told a cheering crowd in central London.

Rishi Sunak, outgoing prime minister, said he takes responsibility for the loss of the Conservative Party.

“Britain has delivered a sobering verdict. On this difficult night, I’d like to express my gratitude to the people of Richmond and Northallerton constituency for your continued support,” Sunak said.

“The Labour Party has won this general election and I’ve called Sir Keir Starmer to congratulate him on his victory.

“Today, power will change hands in a peaceful and orderly manner, with goodwill on all sides. That is something that should give us all confidence in our country’s stability and future.

“The British people have delivered a sobering verdict tonight, there is much to learn… and I take responsibility for the loss.

“To the many good, hard-working Conservative candidates who lost tonight, despite their tireless efforts, their local records and delivery, and their dedication to their communities, I am sorry.”

Wale Edun, minister of finance, says the N2 trillion economic stabilisation plan announced by President Bola Tinubu will prioritise food and energy security.

Edun spoke to journalists after the inauguration of the presidential economic coordination council (PECC) on Thursday.

He said the council members were presented with the outcomes of the president’s review of the accelerated stability and advancement plan.

The minister described the plan as an emergency measure set to span the next six months following the approval of the N2 trillion intervention package.

He said the package includes N350 billion for health and social welfare, N500 billion for agriculture and food security, N500 billion for the energy and power sector, and N650 billion for general business support.

“This is in addition to a range of promising tax measures, there is a range of Executive Orders which the president’s signed and are been gazetted to ease the cost of doing business at this particular time,” Edun said.

“There are a number of funding which will reduce the cost of interest rate for certain sectors in economy with small and medium scale in particular but also larger companies there is a line of credit that will allow them to fall cheaper than the elevated rate.

“This plan is a means of stabilising the economy and [to] get business growing again.

“We know what has happened since the micro economic measures which are necessary and have been implemented in a determined and consistent manner led to elevated cost for industries and for individuals.”

Edun said Tinubu’s focus is on food security, food production, and nutrition security.

He reaffirmed the president’s commitment to reducing losses in the crude oil sector and increasing production and sales to 2 million barrels per day.

In his remarks, Tony Elumelu, chairman of Heirs Holdings, said the president’s target of producing 2 million barrels of crude oil per day is achievable, emphasising the need to improve power generation in Nigeria.

In a move to revive Nigeria’s struggling economy, Tinubu announced a N2 trillion economic stabilisation plan on Thursday.

The plan was unveiled during the inauguration of the PECC.

Established in March, the PECC is chaired by the president and includes key government officials such as the vice-president, the senate president, and the chairman of the governors’ forum.

Prominent private sector leaders, including Dangote, Elumelu, and Bismarck Rewane will serve on the council for one year.

Janet Galadima-Gimba, a customary court judge in Kaduna, who was abducted by bandits, has been released.

The judge and her sons were reportedly abducted at their residence in the Mahuta area of Kaduna on June 23.

The abductors, numbering up to 15, invaded the home of the judge at night when her husband, a medical doctor, was away on duty.

The bandits were said to have demanded N300 million ransom for their release and had threatened to start killing their victims one after the other if payment was delayed.

One of the children, a 14-year-old boy, was, however, killed on Tuesday by the bandits when the N298 ransom demanded could not be delivered at the stipulated time.

However, in a telephone interview on Thursday evening, the judge said she was released by her abductors.

She added that they demanded N150 million for the release of her three children.

“Initially, they demanded N298 million, but they have reduced it to N150 million, and they released me to go and bring the money before my children are released,” she said.

She said the bandits threatened to kill her children in less than three days if she failed to deliver the ransom to them.

The Nigerian National Petroleum Company (NNPC) Limited has inaugurated 12 compressed natural gas (CNG) stations in Lagos and Abuja.

The newly-built CNG stations were simultaneously inaugurated on Thursday by Ekperikpe Ekpo, minister of state for petroleum resources (gas).

According to the national oil firm, the facilities include six CNG stations in Abuja, constructed through its subsidiary NNPC Retail Ltd and six CNG-Autogas stations in Lagos and Abuja, via NNPC Gas Marketing Limited and NIPCO Gas Limited.

Speaking at the occasion, Ekpo said the commissioning of the stations would provide economic benefits by creating jobs and boosting local economies.

He said it will also contribute significantly to Nigeria’s national goals of lowering emissions and combating climate change.

The minister commended NNPC for ensuring that CNG is available for Nigerians.

On his part, Mele Kyari, group chief executive officer (GCEO) of NNPC, said in addition to the deployment of CNG stations nationwide, the firm and its partners would also build three liquefied natural gas (LNG) stations in Ajaokuta.

“There is simply no way to turn back on delivering CNG for all Nigerians,” Kyari said.

“It is the right thing to do. Is it late? Yes, but we will make progress, we will cover the gap in order to ensure that the volatility we see with Premium Motor Spirit (petrol) does not apply to gas.”

Also speaking, Huub Stokman, managing director at NNPC Retail, said in the next one year, the retail company would launch over 100 CNG sites, including 16 NNPC Gas Marketing and NIPCO Gas joint venture (JV) sites.

“CNG provides Nigeria with affordable alternatives to existing available fuel products. It will be about 40% cheaper than petrol in Nigeria and with continued investments, it will become a significant part of our energy mix,” Stokman added.

According to the national oil company, NNPC Gas Marketing, in partnership with NIPCO Gas Limited, has developed an Auto-CNG rollout plan for the construction of 35 CNG stations across several geographical zones in Nigeria.