BusinessDay

Five things to know to start your Tuesday

Datti Baba-Ahmed disassociates self from fake social media accounts

Datti Baba-Ahmed, the running mate to Peter Obi, the Labour Party (LP) Presidential candidate, has issued a warning to Nigerians, distancing himself and his team from the numerous fake social media accounts claiming to represent him.

The former PDP Senator, who represented Kaduna North Senatorial Constituency in the National Assembly from 2011 to 2012, was reacting to the numerous reports about some dubious social media accounts claiming to be representing him.

Up until his press conference, there have been claims of some of these fake social media accounts taking money from unsuspecting victims in the guise of seeking financial support for the Obi-Datti presidential campaign.

“Ever since indications began to appear about my joining the Labour Party, more imposters have hurriedly opened more social media accounts in my name,” he said.

“Again, without my knowledge or approval, we have been saying, ‘Please take this down there are not me. For 10 years now they have not done,” he explained, insisting that some of his pleas to handlers of some of these fake social media accounts have fallen into deaf and unwilling ears.

“So I have not been active, so what you see is not me. In the last three weeks, my honourable team tried to have one verified that has not yet been verified,” he continued, making clear the difficulty his team has experienced trying to get an authentic social media account with no success.

He concluded with a warning to Nigerians to disassociate themselves from the many fake social media accounts claiming to represent him or his team.

“Up to this moment, I do not have a verified social media account. For safety reasons, consider all of them as unverified, unauthentic, and fake. ”

Many APC Senators supported  impeachment move against Buhari – Bulkachuwa

Senator Adamu Bulkachuwa, an APC Senator representing Bauchi North, said that the majority of APC senators during a closed session supported the motion to serve an impeachment notice to President Muhammadu Buhari.

He made this revelation on Monday during an interview on Politics Today with Seun Okinbaloye.

He was reacting to information about the role played by APC senators in the recent move to impeach the president over the worsening state of insecurity in the country.

“In the first instance on that day, the Senate went into closed session, and it was at the close session that these issues were discussed,” he began by describing the scenario that unfolded when the move to serve the president with an impeachment notice began.

“Without divulging too much, I can tell you that the majority of senators really felt that there was a need to initiate that action,” he continued with a little brief explanation of the unanimous agreement arrived at by the majority of senators that attended the closed sessions.

He insisted that the majority of senators supported the action to move toward an impeachment process against the president.

“And this thing didn’t come out to public knowledge because it was during a closed session.”

“You know, during close sessions, there are no staff of the national assembly, no journalists, it is just a meeting of senators that are present on that day,” he explained the reason why information about this wasn’t made public instantly until much latter.

On the question of it being a situation of the party falling apart, Senator Bulkachuwa said,

“It is not a question of the party per say, what is happening is that we in the legislative arm of government. We have tried all within our power except one thing. ”

“We have tried financing, making sure that the president has all he needs by way of budgeting,” he said.

“We tried to even engage service chiefs and other security personnel to try to find out what their problems are and when they divulge their problems to us, we tried to proffer solutions and we went ahead and advised Mr. President,” stating clearly how open and willingly senators have tried to assist the president in dealing with the worsening insecurity in the country.

“And when we realise that all that has not actually worked-the security situation was getting worse and even the financial situation in the country was not improving,” he added, explaining the senators’ frustration in getting a solution.

“Well, we are just one arm of government and we are limited in the execution of proposals and the actual enforcement of suggestions and laws.”

“What we can do is try to draw the attention of the executive that look we have tried everything. The only thing we haven’t tried is we have to draw attention that we have a constitutional responsibility to pull your ears as it were by way of notice of impeachment. ” He added

Since the notice of impeachment was issued to the president, so many changes, especially within the security apparatus, have taken place.

Read also:Reps may join Buhari’s impeachment move – Minority leader

AfDB to help Ivory Coast achieve all-inclusive economic growth

The African Development Bank (ADB) has promised to continue its partnership with the government of Ivory Coast to help achieve all-inclusive economic growth.

The continental development bank said this at the conclusion of its weeklong meeting with the government of Ivory Coast.

Joseph Ribeiro, the Bank’s Deputy Managing Director for West Africa, said that the bank “is ready to support Ivory Coast in the implementation of its National Development Plan and to provide the necessary resources in the priority sectors identified by the government.”

According to Ribeiro, the discussions also focused on support for human capital and capacity building.

“We are ready to examine all this in discussions specifically focused on the Country Strategy Document for the period 2023-2027,” he added.

The bank is motivated by an above-average achievement of the first pillar plan and believe that despite the challenges that frustrated implementation they were still able to accomplish set objectives.

The bank hopes that it will be able to drive infrastructure investment in agricultural value chains and human capacity development.

South Africa  to handle Eskom debt, not sure about how much

The South African government has agreed in principle to take on some of the state-owned power utility company Eskom’s debt but is still unclear about how much it will assume responsibility for.

Enoch Godongwana, the finance minister, said this on Monday, after taking into consideration the impact the 400 billion Rand ($24.32 billion) of debt has had on the company.

Godongwana noted that it will be very difficult for the company to continue to operate successfully without government bailouts, seeing how the recent cutouts have affected the country negatively.

Reuters reported that the South African government has been grappling with different options for years, but no definitive solution has been reached.

“It’s an accepted issue … that debt for Eskom is unsustainable,” Finance Minister Enoch Godongwana told a news conference.

“It poses a risk to the sovereign, and to avoid that sovereign risk, the sovereign has got to step in.”

However, how much of the debt the state-owned company owes is yet to be made clear.

Brent falls amid fear of recession

On Tuesday, London Brent crude futures fell below $99 per barrel, the lowest level since July 22.

This drop follows a 4% drop in the previous session as a result of weak manufacturing data in major economies, highlighting a bleak economic outlook.

According to J.P. Morgan, the Global Manufacturing PMI experienced a rather mixed outcome in July, following declining output and new orders in developed markets such as the US, the euro area, Japan, and the UK, while emerging markets witnessed mixed results.

Fears that a global slowdown will hurt demand have gripped commodity markets in the last two months, according to Trading Economics, with oil prices down more than 20% from their June high.

The market is expected to react somewhat positively as the new OPEC Secretary General, Haitham Al Ghais, anchors his first meeting on Wednesday after the death of Muhammad Sanusi Barkindo.

Investors expect the organisation to stick to its policy of modest supply increases, keeping the global supply tight, and with a recent tweet by Saudi King Salman bin Abdulaziz to US President Joe Biden over promises of increased oil production, the prospect of a further price drop looks likely.

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