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Five things to know to start your Tuesday

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INEC to issue certificates of return to Rivers Governor-elect, others, March 29

The Independent National Electoral Commission (INEC) in Rivers State said that it will issue Certificates of Return to the Governor-elect, Deputy Governor-elect, and State House of Assembly members-elect on March 29.

Johnson Alalibo, the Resident Electoral Commissioner (REC), disclosed this on Monday in a statement signed by Mark Usulor, the Commission’s Head of the Department for Voter Education and Publicity in the state.

Alalibo said that the Commission would issue the certificates of return to affected persons in accordance with Section 72(1) of the Electoral Act of 2022.

According to the statement, the Act mandates the Commission to issue a certificate of return within 14 days to every candidate who has been returned elected under the law.

It stated that the event would take place by 10 a.m. at the commission’s state headquarters in Port Harcourt.

Read also: INEC shifts Adamawa, Kebbi, other supplementary elections to April 15

Bank credit to govt rose by N3.78tn, hits N28.43tn

The banking credits to the government rose by N3.78 trillion from N24.66 trillion in December 2022 to close at N28.43 trillion at the end of February 2023, according to figures obtained from the Central Bank of Nigeria (CBN).

Aliyu Sanusi, a member of the Monetary Policy Committee of the CBN disclosed this in the bank’s latest report titled, “Money and credit statistics”. Sanusi said that the bank’s credit rose from N14.9tn as of the end of January 2022 to N26.65tn in the corresponding period of 2023.

He added that, at the January meeting of the apex bank, they agreed that tightening the rates was needed to manage the effects of election-related spending and the liquidity associated with the proposed government borrowing in 2023.

United Capital records N14bn profit, total assets hit N602bn in 2022

The United Capital Plc announced during its 10th Annual General Meeting (AGM) on Monday held in Abuja that the company increased its profit before tax to N13.5 billion, or 13 percent, for the 2022 financial year from the previous year.

In a statement made available to BusinessDay, the financial group said that it recorded a 49 percent year-on-year increase in gross earnings to N26.90 billion and a 33 percent year-on-year increase in total assets to N601.92 billion.

It disclosed that the board of directors recommended and approved a dividend of N1.50 for every 50k ordinary share held by its shareholders.

According to the statement, shareholders will receive the sum of nine billion naira as total dividend for the year under review.

Global economy’s “speed limit” set to drop to three-decade low- World Bank

A new World Bank report says the global economy’s “speed limit” is set to drop to a three-decade low by 2030.

The” speed limit” is the maximum long-term rate at which the economy can grow without sparking inflation.

This is contained in a statement issued by the World Bank, a copy of which was obtained by the News Agency of Nigeria (NAN) in Abuja on Monday.

The statement said the report is titled ” Falling Long-Term Growth Prospects: Trends, Expectations, and Policies”.

It said the report offered the first comprehensive assessment of long-term potential output growth rates in the aftermath of the COVID-19 pandemic and the Russian invasion of Ukraine.

“These rates can be thought of as the global economy’s “speed limit.”

It said the report introduced the world’s first comprehensive public database of multiple measures of potential Gross Domestic Product (GDP) growth covering 173 economies from 1981 through 2021. (NAN)

Humza Yousaf: Nicola Sturgeon’s successor and Scotland’s next leader

Humza Yousaf, the man set to become Scotland’s first Muslim leader after a bruising contest to replace Nicola Sturgeon, is an experienced minister who faces a tough task uniting the Scottish National Party around its independence bid.

Announced the winner in the race, which will see him become the first minister in Scotland’s semi-autonomous government, Yousaf will be the first Muslim to lead a country in Western Europe.

A close Sturgeon ally, he has been considered a continuity candidate, and his victory in the SNP’s leadership vote signals that the party will not abandon its progressive policies.

He has however distanced himself from her planned route to independence, saying the party needs to get back to making the case for independence, rather than endlessly debating the process.

He will also have to try to unify the party after a brutal leadership campaign that exposed divisions among the candidates over their approach to independence and social issues. (Reuters)