• Saturday, December 09, 2023
businessday logo


Five things to know to start your Friday


Clark calls for constitutional reform to end electoral litigation

Renowned Senior Advocate of Nigeria, Robert Clarke, has pointed to the 1999 Constitution as the root cause of ongoing electoral litigation, asserting that reform is necessary to end this cycle.

Clarke criticised the constitution for granting the Independent National Electoral Commission (INEC) excessive power.

He underscored the need to remove the section mandating political party membership for election eligibility. Clarke emphasised that the system must change to avoid repetitive electoral disputes.

The recent Supreme Court ruling upholding President Bola Tinubu’s election was also discussed, with Clarke blaming lawyers for the litigants’ defeat.

Obiano’s Anambra recorded low domestic debt—BudgiT

Former Governor Willie Obiano of Anambra State achieved remarkable financial performance in 2021, ranking 3rd nationally and 2nd among Southeastern states, according to BudgiT.

He maintained a low debt profile, with Anambra’s total debt at N100 billion and one of the smallest domestic debts in the country.

Despite COVID-19 challenges, the state’s internal revenue increased by 6.22 percent, reaching N28.01 billion in 2020. Anambra’s prudent management is reflected in its small operating expenses of N43.77 billion, showcasing fiscal responsibility.

Tony Elumelu calls for massive electricity investments in Africa

Billionaire Tony Elumelu emphasised the urgent need for massive electricity investments in Africa to unlock its potential.

Speaking at the Future Investment Initiative in Riyadh, Saudi Arabia, he underscored that electricity investment isn’t just about profits but sustainability and overcoming continent-wide challenges.

Elumelu highlighted Africa’s youthful population as a unique advantage, emphasising the importance of shaping it positively and catalysing its potential through Africapitalism principles, which encourage private sector engagement in critical sectors for economic empowerment.

US fighter jets strike Syria after attacks by Iran-backed militias

Two U.S. fighter jets conducted airstrikes on weapons and ammunition facilities in Syria in response to attacks on U.S. forces by Iranian-backed militias.

These strikes were ordered by U.S. President Joe Biden, who warned of additional measures if such attacks continue. Concerns are growing that the Israel-Hamas conflict may spread in the Middle East.

The U.S. is addressing ongoing attacks on its personnel by these militias and stressing the need for specific actions by Iran to prevent further hostilities.

Oil rises more than $1 on fears of spread of Middle East conflict

Oil prices rose by over $1 on Friday as reports that the U.S. military struck Iranian targets in Syria raised concerns of a widening of the Israel-Hamas conflict that could impact supply from the key Middle East producing region.

Brent crude futures for December rose $1.16, or 1.3%, to $89.09 a barrel by 0338 GMT. The U.S. West Texas Intermediate contract for December climbed $1.08, also 1.3%, to $84.29 a barrel.

The strikes on two facilities in eastern Syria used by Iran’s Islamic Revolutionary Guard Corps and groups it backs were in response to recent attacks on U.S. troops in Iraq and Syria, the Pentagon said on Thursday. (Source: Reuters)