BusinessDay
NigeriaDecides2023

Five things to know to start your Wednesday

Chimamanda backs Peter Obi’s presidential ambition

Chimamanda Adichie, the multiple award-winning author, has given her backing to the ambition of Peter Obi, the presidential candidate of the Labour Party, ahead of the 2023 general election.

She gave her endorsement in her birthday wish to the former running mate of Atiku Abubakar in the 2019 general election as he turned 61 today.

In the statement shared on social media, she praised Obi for his loving kindness, patience, simple lifestyle and ever-supportive attributes, especially during the family’s moment of grief.

“I will never forget your kindness to my beloved parents. Thank you for the respect you showed them, for your many visits to Abba, where you gave to Daddy and Mummy the most precious gifts: your time and your attention.

“Thank you for walking this still-unbearable journey of grief with my siblings and me.” She said

She, however, promised to vote for him and encourage many others to vote for him in the election next year.

“I cannot wait for February 25, 2023, when I, with personal pride in you and with hope for what Nigeria can become, will cast my vote for you and your running mate, Senator Yusuf Datti Baba-Ahmed,” she said.

Read also:Votes count, says Peterside as Gov Oyetola faces defeat

EFCC extradites FBI wanted suspect to US over alleged wire fraud

Fatade Olamilekan, a wire fraud suspect, has been extradited to the United States of America for stealing equipment in various cities across the US worth more than $3.5 million.

The Economic and Financial Crime Commission (EFCC) made this known on Tuesday in a statement after the suspect was sent to the US to face charges of wire fraud.

Olamilekan has since been declared wanted by the Federal Bureau of Investigation (FBI) and was apprehended through a collaborative effort with the EFCC.

According to the EFCC, “Fatade was indicted by a grand jury in the Southern District of New York for offences of wire fraud, interstate transportation of stolen property, and identity theft.”

Though he had been apprehended by the anti-graft agency on September 30, 2021, it was only on May 1 that the judge granted the request to extradite the suspect to the United States to answer the criminal charges levelled against him.

Dollar set to fall for 4th straight session

According to Trading Economics, the dollar index fell toward 106.5 on Wednesday and was on track to fall for the fourth straight session, as expectations of a supersized 100 basis point rate hike at next week’s Federal Reserve meeting eased.

The dollar index also reacted to possible rate increases by major central banks as inflation bites harder. The US central bank is on track to raise interest rates by another 75 basis points next week after pushing back against expectations of a bigger full percentage point increase.

Meanwhile, Reuters reported that the European Central Bank officials are considering a bigger 50 basis point rate hike on Thursday to get ahead of inflation.

Gold remains weak on rate hike worries

Gold stayed steady at around $1,710 an ounce this morning but remained close to its lowest levels in almost a year, as the prospect of aggressive global monetary tightening dented bullion demand despite recent weakness in the dollar.

According to Reuters, the Federal Reserve is on track to raise interest rates by another 75 basis points next week, while European Central Bank officials are considering a bigger 50 basis point rate hike on Thursday to get ahead of inflation.

Meanwhile, Philip Lowe the Reserve Bank of Australia Governor has also warned of upside risks to inflation, signaling a steady increase in interest rates.

UK officials warned government not to pursue Rwanda deportation plan, court told

According to Reuters, the London High Court on Tuesday repeatedly warned the British government not to pursue its plan to send migrants to Rwanda as the country was initially excluded from the shortlist of partner countries because of human rights concerns.

The agreement struck between Britain and Rwanda was that Britain would send tens of thousands of migrants who arrive on its shores illegally to the East African country. Britain will provide logistical support and other support to make integration into the country possible.

However, the first planned deportation flight last month was blocked by a last-minute injunction from the European Court of Human Rights. Reuter reported.

The government feels undeterred by the court injunction and has promised to press ahead with the plan, despite recent judicial hurdles about its lawfulness.

Lawyers acting for asylum seekers from countries including Syria, Sudan, and Iraq, as well as charities and Border Force staff, have been sent thousands of documents detailing internal government discussions about the policy.

 

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