• Thursday, December 07, 2023
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Five things to know to start your Thursday


HoR under Abbas will be vibrant, active – Rep. Agbese

Rep. Philip Agbese (APC-Benue) says the 10th House of Representatives, under the leadership of Tajudeen Abbas, will be a vibrant and active one.

Agbese, representing Ado/Okpokwu/Ogbadibo Federal Constituency of Benue, said this while speaking with newsmen on Wednesday in Abuja.

He described the emergence of Abbas as speaker of the House of Representatives as a unanimous decision. He commended lawmakers for believing in him and giving him their overwhelming support to lead them.

He said that the manner in which Abbas emerged indicated that the house is a united one and hence would be an active one as well.

Read also: Support Tinubu;s regime, enlighten Nigerians rationale behind subsidy removal; Salahu

Odu’a plans partnership with South West states on power generation

Bimbo Ashiru, Chairman, Odu’a Group, said on Tuesday that the company was planning to collaborate with the governments of the six South West states on power generation and distribution to improve power generation and distribution in the region.

Ashiru, who paid a courtesy visit to Ekiti State Governor Biodun Oyebanji, said that the group would soon begin oil exploration and production. He added that these moves were part of the group’s strategy to boost its potential and reposition it for future growth.

The Odu’a boss used the opportunity of the working visit to assure the Ekiti State governor that the board and management were working round the clock to revive the group’s abandoned investments and establishments.

Seafarers says Maritime industry has the potential to generate $100bn annually

Seafarers in Nigeria, under the auspices of the Joint Body of Nigerian Seafarers Professional Group, have said that the Nigerian maritime industry has the potential to generate $100 billion annually if well managed and fully utilized.

Addressing newsmen at the event to celebrate this year’s World Seafarers Day, Captain Alfred Oniye, Secretary-General of the Merchant Seafarers Association of Nigeria, admitted that a proper implementation of the Cabotage Act could help drive the country’s maritime industry potential to a level were it can generate at least $50 billion annually.

Ghana agrees restructuring deal with banks on some domestic debt

Reuters revealed, based on information received from three reliable sources, that Ghana has reached an agreement with banks to restructure 15 billion Ghana cedi ($1.36 billion) of locally issued U.S. dollar bonds and cocoa bills.

Reuters revealed further that Ghana is seeking new terms for the restructuring of its domestic debt by the end of June to be able to meet an International Monetary Fund (IMF) deadline and focus attention on negotiations with external creditors.

The West African country concluded the first phase of its domestic debt exchange in February, with 85 percent of eligible bondholders participating, but needs new terms for another 123 billion Ghana cedi ($11.18 billion) to qualify for the next tranche of a $3 billion IMF loan to address its worst economic crisis in a generation.

UBS plans massive job cuts at Credit Suisse, Bloomberg reports

Bloomberg News reported on Tuesday that UBS Group is planning to embark on a massive job cut at Credit Suisse. The job cut is expected to affect more than half of Credit Suisse’s workforce starting next month as a result of the bank’s takeover.

The report said that bankers, traders, and support staff in Credit Suisse’s investment bank in London, New York, and some parts of Asia are expected to be most affected, with almost all activities at risk.

Some analysts at Bloomberg have revealed that as many as 10,000 jobs would be cut if the Swiss domestic businesses of the two banks were merged.