Senate to probe N30trn Ways and Means, N10trn Anchor Borrower programme

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Africa Headlines

Senate to probe N30trn Ways and Means, N10trn Anchor Borrower programme - The Nigerian Senate is set to investigate the payment of N30 trillion in "Ways and Means" funds by the Central Bank of Nigeria (CBN) over the past decade. Ways and Means refers to loans or advances provided by the CBN to the federal government for short-term financing needs. The Senate recommends that the government prioritize repaying this debt through a faster resolution mechanism than the current 40-year securitization plan. Additionally, the Senate calls for the evaluation of performance and repayment of various intervention programs by beneficiaries to reduce money supply. The Senate also plans to investigate quasi-fiscal measures amounting to N10 trillion, including the Anchor Borrower program, and scrutinize $2.4 billion in invalid forex transactions. The Senate aims to enhance transparency, confidence in the market, and collaboration between fiscal and monetary policies. Furthermore, the Senate resolves to address security challenges and secure food supply by engaging with security agencies and developing transportation networks and market infrastructure.

NARTO Suspends Planned Nationwide Strike - Following a crucial meeting in Abuja with government officials and industry stakeholders, the Nigerian Association of Road Transport Owners (NARTO) has called off its strike action and instructed members to resume petroleum product transportation immediately. This decision comes after NARTO members, frustrated by the skyrocketing cost of diesel (crucial fuel for their trucks), suspended operations nationwide earlier this week. The association cited the ongoing foreign exchange crisis in the country as the primary reason for the cost increase, with diesel prices exceeding N1,250 per liter. The meeting, attended by NARTO leadership, oil marketers, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), served as a platform to address NARTO's concerns and find a path forward. While the specific details of any agreements reached remain undisclosed, the resumption of fuel loading activities suggests a positive outcome. This development promises to alleviate potential fuel shortages and disruptions caused by the strike, bringing some relief to consumers already facing economic challenges.

South Africa fixes date for General Election - South Africa will hold parliamentary elections on May 29, according to President Cyril Ramaphosa. This election is expected to be significant, as opinion polls indicate that Ramaphosa's African National Congress (ANC) may receive less than 50% of the vote for the first time since the end of apartheid. If the ANC fails to secure a majority, it will need to form a coalition government. The country is grappling with concerns over high levels of violent crime, a sluggish economy, power outages, and unemployment, which have led to growing dissatisfaction among the population. Ramaphosa faces challenges from both the right and left political spectrum.  The ANC, despite its challenges, remains a powerful political force with loyal supporters and a prominent role in the anti-apartheid movement. Ramaphosa is set to launch his party's manifesto on Saturday, and rival parties have already presented their platforms for change, sensing an opportunity to challenge the ANC's dominance. The Democratic Alliance (DA) aims to unite smaller parties to reduce the ANC's majority, while Julius Malema's radical Economic Freedom Fighters (EFF) and a new group led by former President Jacob Zuma pose challenges from the left.

Military leaders dissolve government in Guinea - Guinea's military leadership abruptly dissolved the interim government, installed after the 2021 coup, leaving the nation's future uncertain. No reason was given for the dissolution, and details about a new administration remain unclear. This move comes despite promises from military leader Colonel Doumbouya to return power to civilians by year-end 2024. International pressure from ECOWAS, the regional economic bloc, had secured a 24-month transition plan in October 2022. Guinea's turbulent journey began with the 2020 electoral crisis, fueled by President Conde's controversial bid for a third term. Violent protests, arrests of opposition figures, and the eventual military takeover followed. Now, with the dissolution of the interim government, concerns about transparency and adherence to the transition timeline resurface. It remains to be seen who will form the new administration and how this development will impact Guinea's path to civilian rule.

Global Headlines 

US To Sanction Russia Over Navalny’s Death  - Russian opposition leader Alexei Navalny died in his penal colony, according to Russian authorities, while his team claims he was murdered. The United States is preparing to announce a major sanctions package in response to Navalny's death and the ongoing conflict in Ukraine. The European Union summoned Russia's charge d'affaires and several member states called in Russian ambassadors over the incident. Navalny's mother and widow have demanded the immediate release of his body, but investigators have stated it could be held for at least two weeks. The Kremlin has not commented on Navalny's death, and Putin has remained silent. Navalny's death has led to widespread mourning and accusations against Putin, with his widow vowing to continue the fight against the Kremlin. The West has accused Russia of responsibility for Navalny's death, while imprisoned opposition figure Ilya Yashin believes Putin ordered the killing.

US banking giant Capital One to buy Discover Financial for $35.3bn - Capital One has announced its plans to acquire Discover Financial Services for $35.3 billion, creating a merger between two major US lenders and credit card issuers. The deal aims to combine their strengths and accelerate growth. Capital One's CEO, Richard Fairbank, sees the acquisition as an opportunity to work directly with merchants, leveraging their customer base, technology, and data to drive sales and provide better deals to consumers and small businesses. Discover's CEO, Michael Rhodes, believes the merger will enhance both brands' growth potential and create value for shareholders. If the acquisition goes through, Capital One would become the largest US credit card company by loan volume. However, consumer rights advocates expect regulatory scrutiny, and opposition from retailers is also anticipated. The Biden administration has prioritized tougher antitrust enforcement, and the US Justice Department has expressed plans to enhance its review process for bank mergers.

Haiti President Moise’s widow, ex-PM among 50 charged in his assassination - A bombshell report in Haiti alleges the widow, ex-PM, and former police chief were involved in President Moise's assassination. Leaked court documents accuse Martine Moise of conspiring with Claude Joseph to kill her husband, while Leon Charles also faces charges. All deny wrongdoing, calling the accusations politically motivated. This development deepens the chaos plaguing Haiti since Moise's death in 2021. Elections remain postponed, violence soars, and powerful gangs control much of the capital. Prime Minister Henry, seeking foreign aid to tackle the crisis, is accused of manipulating the justice system to silence opponents. The leaked document doesn't name the assassination masterminds, raising further questions and leaving little hope for stability in the near future.

Julian Assange appeals in ‘most important press freedom case in the world’ - London's High Court has scheduled two days of hearings to determine whether Julian Assange, the founder of WikiLeaks, can appeal against the United States' request for his extradition on espionage charges. The charges carry a maximum penalty of 175 years, but Assange's wife, Stella, has expressed concerns about his declining health, both physically and mentally, and the potential risk to his life if he remains in prison or is extradited. Assange's legal team plans to appeal to the European Court of Human Rights if the decision goes against him. The US government has continued to seek his extradition despite a British judge ruling against it in January 2021 due to concerns about Assange's mental condition and the risk of suicide. The charges against Assange stem from the publication of classified US military documents on WikiLeaks in 2010. Supporters argue that his case is significant for press freedom and investigative journalism.