BusinessDay

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IPOB leader Nnamdi Kanu challenges FG over amended terrorism charges

Lawyers acting on behalf of Nnamdi Kanu, the Indigenous People of Biafra (IPOB), have sent a petition to the Court of Appeal to challenge the amended seven terrorism charges approved by Justice Binta Nyako of the Federal High Court in Abuja.

It was revealed in a copy of a court paper obtained by journalists in Abuja on Monday, May 2, 2022, that Nnamdi Kanu is challenging the Federal High Court’s decision to retain counts 1,2,3,4,5,8, and 15.

On April 8, Justice Nyako struck out counts 6,7,9,10,11,12,13, and 14 following Kanu’s application to strike out the entire charge labelled against, while retaining counts 1,2,3,4,5,8, and 15.

His legal counsel, Mike Ozekhome (SAN), and Ifeanyi Ejiofor, in their application at the Federal High Court, had insisted that the charges levied against Kanu were “legally defective”.

Ozekhome argued that not only did the court lack the jurisdiction to entertain the case on the strength of an incompetent charge, but that his extradition from Kenya was unlawful and a violation of his fundamental human rights.

Further investigation revealed that legal counsel for Kanu in their petition filed at the Court of Appeal accused Justice Nyako of failing to “consider, make a finding of facts and accordingly pronounce on issue one raised for the trial court’s determination, relating to the extraordinary rendition of the appellant, and thereby occasioning a miscarriage of justice.”

It is that because of perceived injustice melted at him at the Federal High Court, Kanu is now seeking “an order of this Honourable court allowing the appeal and setting aside in its entirety, the ruling/final decision of the learned trial court, retaining counts 1, 2, 3, 4, 5, 8 and 15 of the amended charge”.

“An order of this Honourable court upon granting the relief a above, dismissing the remaining counts 1, 2, 3, 4, 5, 8 and 15, and, accordingly discharging the appellant on those counts.

“An order of this Honourable court terminating the entire charge and discharging the appellant. And for such further order or orders as the Honourable court may deem fit to make in the circumstances of this appeal.”

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Putin’s efforts to save ruble inspires Zimbabwe’s president to act

Emmerson Mnangagwa, President of Zimbabwe, has said that he will adopt Russian President Vladimir Putin’s approach to revive the Zimbabwean dollar.

President Mnangagwa has announced a series of measures he plans to adopt to bring back the usefulness of the continent’s worst-performing currency.continent’s

According to an interview, Bloomberg had with Persistence Gwanyanya, who is a member of the Reserve Bank of Zimbabwe Monetary Policy Committee, the president plans to use the strategy to compel government departments to prioritise acceptance of the Zimbabwean dollar over the US dollar in the payment of services.

“We are going to see a significant shift by the government toward our own currency,” “We are drawing lessons from Russia. One of those is that heavy dependence on U.S. dollars is not good. We want to try and reflect some of these geo-political issues in our local economy.” He concluded.

Russia’s strategy, which is the motivation behind the government of Zimbabwe’s action, is its demand for payments for its oil and gas to be made in rubles, the local currency. “Putin resorted to the measure because of heavy sanctions for his war in Ukraine.” Bloomberg stated.

Unfortunately, achieving stability and relevance in Zimbabwe will be much harder now that the US dollar is preferred for carrying out even the most basic transactions in the country. From paying for fuel, to groceries, to road tolls, practically everything is dependent on the US dollar.

 

Inflation rate highest in 13 years – S.Korea Govt

The Statistics Korea, has revealed that food prices in South Korea expressed in the monthly inflation data rose 4.8 percent in April 2022 compared to the same time last year, making it the highest rise in over 13 years.

The report of the rise in food prices also followed a 4.1 percent increase the previous month, which was significantly higher than the 4.4 percent analysts’ expectations.

Tradingeconomics, stated that South Korea’s inflation has managed to stay above 3 percent since October, which is above the Central Bank of Korea’s 2 percent target despite raising interest rates four times to contain inflationary pressure on the economy.

 

Oil prices climbed higher following increased demand for refined products

Oil prices climbed higher following increased demand for refined petroleum products, overshadowing threats from China’s falling demand due to new measures to contain the spread of the COVID-19 virus.

West Texas Intermediate and London Brent futures are currently above $105 and $107 a barrel, respectively, after approaching $100 and $102 during the trading session yesterday. This recovery in prices follows Europe’s decision to stop its dependence on Russian oil products, thereby forcing the U.S. to increase exports to cover the gap.

Bloomberg reported that China’s drop in economic activity following its effort to contain the spread of the Covid-19 virus had affected oil demand and had negatively impacted global supply chains.

The global drop in demand for Russian fuel has depleted supplies, thereby forcing diesel prices to reach their highest price since 1987, Bloomberg stated.

The OPEC+ has agreed to ratify its resolution to increase supply later this week, despite increasing its production by 10 percent in March.

Meanwhile, the decision of the European Union to cut its dependence on Russian imports by year’s end will be proposed by year’s end.

Putin set to transfer power to ex-FSB chief, as he undergoes cancer surgery

President Vladimir Putin of Russia is set to hand over power to the former hardline federal police chief, Nikolai Patrushev. Putin, who was advised by doctors to undergo treatment for a maligned cancer, is set to undergo surgery in the coming days.

According to a report by nypost.com, Patrushev will be in charge of the state’s affairs while Putin is away.

Nypost.com, based on the information it received from its sources, said that Patrushev is more hardline than Putin and has committed more atrocities than Putin.

“The anticipated surgery and recovery are expected to incapacitate Putin for “a short time,” a report states, stating the genuineness of the claim of Putin’s absence from power following his treatment.

Putin is unlikely in the near future to hand over for a longer period of time than the three days due to health constraints. “Putin is unlikely to agree to hand over power for a longer period of time,” the nypost.com stated

According to the informant who provided this information to nypost.com, Patrushev is more cunning and insidious than Putin. “I will say that this is the worst option,” the narrator adds. “Patrushev is an outright villain. He is no better than Vladimir Putin. Moreover, he is a more cunning, and, I would say, more insidious person than Vladimir Putin. If he comes to power, Russians’ problems will only multiply. “