BusinessDay
NigeriaDecides2023

Five things to know to start your Thursday

Electricity workers suspend strike

Electricity workers under the umbrella of the National Union of Electricity Employees (NUEE) have suspended their nationwide strike for two weeks.

While speaking to the press on Wednesday, Comrade (Engr) Chike Ben, the President-General of the Senior Staff Association of Electricity and Allied Workers, a representative body of electricity workers in the country, promised that electricity would be restored today.

He said this after the union concluded a four-hour-long conciliation meeting with the Federal Government aimed at putting a stop to the industrial action that has put the country into a total blackout.

“The issues that we have, I thank the Honourable Minister and the Minister of State for Power for their maturity in handling these issues that we brought up,” he said.

Acknowledging the impact the lack of effective communication between all concerned stakeholders has had, Comrade Ben believed that the nation wouldn’t have arrived at this situation if all parties were talking.

“Yes, this issue could have been tackled earlier on if there was a rightful communication with all parties, but well as we have said, we have been given two weeks to report back to the whole house,” he added.

“Well, we assure the nation that such a crisis will be nipped in the bud before it escalates.” He promised Nigerians.

Read also: NUEE threatens to shut down power stations

Egypt’s central bank governor resigns

Tarek Amer has resigned from his position as the governor of the Central Bank of Egypt. He submitted his resignation letter to President Abdel Fattah al-Sissi on Wednesday, having just a little over a year to complete his tenure as governor.

Amer, who has been under a lot of pressure for his handling of the effect the war in Ukraine has had on the Egyptian economy, didn’t give any reason for his decision.

Al-Ahram newspaper, which first reported the news, said that President Fattah al-Sissi, who accepted his resignation, immediately appointed him as presidential adviser on a matter yet to be disclosed.

During his tenure as governor of the apex bank in Egypt, the Egyptian pound lost much of its value, losing more than 23 percent of its value after the bank’s decision to devalue the currency. The currency trades at exactly 19.13 Egyptian pounds to a US dollar.

According to Reuters, Egypt’s government bonds suffered a sell-off on international debt markets after the news of the unexpected resignation.

A replacement for Amer is yet to be announced. It is expected, however, that the next governor will have the intellect and calmness to captain the ship out of troubled waters.

Troops rescue six hostages in Kaduna

Troops of Operation Forest Sanity said that they raided a camp belonging to bandits at Kuriga and Manni communities in the Chikun Local Government Area of Kaduna State.

A statement from Samuel Aruwan, the Kaduna State Commissioner for Internal Security and Home Affairs, said that the operation which was carried out on Tuesday led to the rescue of six hostages who were kidnapped at different locations in the state.

Aruwan said that  the rescued persons have been reunited with their families and promised that the military effort to rid Kaduna State off banditry and kidnapping will be intensified.

Oil prices ease as Russia’s output increases

Oil prices dropped on Thursday following increased output from Russia amid concerns about a potential global recession.

According to Reuters, the London Brent crude futures fell 33 cents, or 0,4 percent, to $93.32 per barrel, while the US WTI futures fell 40 cents, or 0.5 percent, to $87.71 a barrel.

Russia’s supply has started to increase after sanctions had failed to have the anticipated impact on Kremlin production. According to a document from the economy ministry of Russia, earnings from energy exports are expected to rise 38 percent this year owing largely to increase purchases from the Asian market.

Oil prices can still be affected greatly as the market awaits the outcome of discussions between the US and Iran over the resurrection of the botched 2015 nuclear deal.

US strike kills 13 Al-Shabaab fighters – Pentagon

A US army airstrike has killed 13 fighters of the al-Shabaab militant group in Somalia, a report from the Pentagon said.

Since the re-establishment of a US troop presence in Somalia, a series of high-profile air assaults to reduce the influence of al-Shabaab, who have been fighting to get rid of the Federal Government in the country, have been met with precision successes.

According to the BBC, the strike took place on August 14 near Teedaan in the central-southern part of the country while the fighters were attacking the Somali National Army forces.

A statement from the Pentagon’s Africa Command read that they were authorised to conduct strikes in defence of designated partner forces.

 

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