News
Tinubu urges African unity for economic growth
President Bola Ahmed Tinubu has called on African countries to improve the quality of life across the continent by ensuring that democracy, good governance, and robust economic institutions work together.
Speaking at the 2024 African Caucus Meeting in Abuja, President Tinubu who was represented by Vice President Kashim Shettima emphasised the importance of self-reliance in development efforts.
“We must also acknowledge the need to take responsibility for our own development by undertaking the difficult structural and fiscal reforms required to boost long-term growth and enable reinvestment into our economies through infrastructure and effective social spending,” he stated.
President Tinubu who addressed the delegation of African Central Bank Governors, noted Nigeria’s bold economic policies designed to overcome the downturns caused by multiple global economic shocks. “My administration is currently undertaking bold economic policies to propel Nigeria’s economy out of the downturns occasioned by multiple shocks in the global economy,” he said.
He called for increased global cooperation among African nations to address shared economic challenges and leverage opportunities. Despite Africa’s numerous economic, humanitarian, and social challenges, President Tinubu urged countries to translate their natural resources and human capital into growth, innovation, and collaboration.
The African Caucus Meeting, chaired by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, provides a platform for African Governors to strengthen their voice in the Bretton Woods Institutions (BWIs). Established in 1963, the Caucus meets twice annually, first in the host country of the chairperson of the Caucus and later at the venue of the Annual Meetings of the IMF and World Bank Group (WBG).
This year’s theme, “Facilitating Intra-African Trade: Catalyst for Sustainable Economic Growth in Africa,” underscores the collective commitment of member countries to drive economic progress.
President Tinubu, in his address titled “A Shared Vision for Africa’s Growth,” outlined Nigeria’s ongoing efforts to address global economic challenges through strategic reforms aimed at fostering fiscal and monetary efficiency, driving sustained economic growth, and creating jobs aligned with the Sustainable Development Goals (SDGs).
“We remain committed to optimizing our economic potential, delivering favorable outcomes for our citizens, and ensuring the overall sustainable development of the regional economy,” President Tinubu said. He also highlighted the need for enhanced international tax cooperation to combat illicit financial flows and ensure multinationals contribute fairly to African economies.
“We need enhanced international tax cooperation to combat illicit financial flows and ensure that multinationals contribute fairly to our economies. We must also foster global economic cooperation to tackle shared challenges and leverage opportunities,” he added.
In his welcome address, the host and Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, noted that 41 African countries are projected to experience stronger growth, up to 3.8 percent from 3.4 percent in 2022, rising to 4.3 percent in 2025, exceeding the global average of about 3.2 percent.
He added that Africa’s demographics present tremendous potentials that should be explored.
He stated that the African Caucus meeting will focus on strengthening the pan African payment system digitalisation, revenue mobilisation and more with a focus on charting a common way for the continent. Edun said the resolutions from the meeting would be communicated to the heads of IMF and World Bank ahead of the October annual spring meetings.
Central Bank of Nigeria Governor, Mr. Olayemi Cardoso, emphasised the significance of leveraging global partnerships to navigate Africa’s complex economic landscape. “Africa stands at a crossroads with unprecedented opportunities for development alongside significant challenges. To navigate this complex landscape and set the continent on the path of sustainable economic growth, we must leverage the support of our global partners,” he added.
African Union Commissioner for Economic Development, Trade, Tourism, Industry, and Minerals, Ambassador Albert Muchanga, emphasised the importance of domestic resource mobilization. “We must see the African market as a viable channel for domestic resource mobilisation to address the issue of the continent’s sustenance,” he noted.
Speaking virtually, WTO Director-General, Dr. Ngozi Okonjo-Iweala, provided a comprehensive analysis of Africa’s economic situation and potential, emphasising the need for greater regional integration. “According to UN data for 2021, only 13 percent of Africa’s goods trade was internal, compared to 21 percent for Southeast Asia, 39 percent for the US, Mexico, and Canada, and 60 percent for Europe,” she said.
Deputy Secretary-General of the United Nations, Amina J. Mohammed, underscored the importance of trade facilitation, a Pan-African payment and settlement system, and increased access to energy and connectivity. She highlighted the significant challenge of public investment, with 48% of government revenue in sub-Saharan Africa going to debt payments last year.
Rwanda’s Prime Minister, Dr Edouard Ngirente, called for concrete actions to remove trade barriers and create an integrated African market.
Lord Paul Boateng, a member of the UK House of Lords and keynote speaker at the event, expressed concern over Africa’s decline in diversification and competitiveness over the past 20 years. He emphasized the need for African countries to adopt technological innovations such as blockchain and artificial intelligence to transform trade on the continent
The Asset Management Corporation of Nigeria (AMCON) has listed the Silverbird Entertainment Centre in Abuja for sale to recover a longstanding multi-billion naira debt linked to a former Nigerian Senator, Ben Murray-Bruce, and his companies.
The listing, published in a recent public notice by AMCON, shows that the Abuja Mall, a prime commercial complex located in the Central Area, Cadastral Zone, is now open for bids from interested buyers. The property is among several assets AMCON disposes of across different states, including Lagos, Rivers, Oyo and Plateau.
The Abuja mall, operated under Silverbird Entertainment, was previously seized following a 2016 Federal High Court order over a debt of more than N10 billion owed to AMCON by several companies owned by the Murray-Bruce family. Those affected include Silverbird Productions Limited, Silverbird Showtime Limited and Silverbird Galleria Limited.
In June 2016, the court appointed a receiver, M.A. Banire, to take over the companies’ assets on AMCON’s behalf. Justice C.M.A. Olatoregun, who presided over the matter, also barred Mr Murray-Bruce, his brothers Guy and Roy Murray-Bruce, and other family members from interfering with the receiver’s work. The court’s order covered several mortgaged properties in Abuja, Lagos, and Port Harcourt.
Despite negotiations that followed the initial seizure, the debt remained unresolved. AMCON said the latest sale is part of a broader asset recovery strategy targeting high-profile debtors who have failed to meet their obligations.
Silverbird’s Abuja mall is one of the group’s flagship properties, housing retail shops, a cinema, restaurants and office spaces. According to AMCON’s notice, the property comes with a gross lettable area of 15,050.91 square metres and is being sold as is.
Senator Ben Murray-Bruce, who served in the National Assembly representing Bayelsa East from 2015 to 2019, is also a prominent media entrepreneur and founder of the Silverbird Group, which operates television and radio stations in Nigeria and Ghana, as well as the Most Beautiful Girl in Nigeria (MBGN) beauty pageant.
As of 2017, AMCON said over 400 high-profile obligors were responsible for about N4.5 trillion nearly 80 per cent of the total outstanding debt on its books. The Corporation has since adopted more aggressive recovery efforts, including asset sales and legal enforcement.
Bids for the Abuja mall and other listed properties are due by 11 July.
Prospective buyers are advised to visit AMCON’s official website or contact the designated coordinating agents for details.
Murray-Bruce did not respond to a request for comment on the planned sale as of the time of filing this report.
President Bola Ahmed Tinubu has arrived in Rio de Janeiro, Brazil, to participate in the 17th Summit of Heads of State and Government for the Global South and Emerging Economic Bloc, which includes Brazil, Russia, India, China, and South Africa (BRICS).
The President’s flight touched down at the Galeao Air Force Base tarmac at 8:45 pm on Friday, where the Galeao Air Force Base Commander coordinated the Guard of Honour.
Brazil’s Deputy Minister for Africa and the Middle East, Ambassador Carlos Sergio Sobral Duarte, and the Deputy Minister for Trade Promotion, Science, Technology, Innovation, and Culture, received President Tinubu.
President Tinubu is in Brazil at the invitation of President Luiz Inacio Lula Da Silva. The Nigerian leader will attend a bilateral meeting hosted by President Lula today, July 5, ahead of the summit on June 6 and 7.
At the BRICS Summit, the President will participate in a plenary session and deliver an address on Nigeria’s ongoing reforms to reposition the economy for global competitiveness.
According to the Presidency, he will also attract investors to capitalise on the country’s opportunities in agriculture, solid minerals, healthcare, and alternative energy.
The summit’s theme is “Strengthening Global South Cooperation for More Inclusive and Sustainable Governance.” Deliberations will centre on health, Artificial Intelligence, governance, and Climate Change issues.
Ahead of the Leaders’ Summit, the political negotiators of BRICS brainstormed over aligning more commitments to combat socially determined diseases, artificial intelligence governance, and climate finance.
State Governors participating in the summit with the President are Hyacinth Alia (Benue), Prince Dapo Abiodun (Ogun), Babajide Sanwo-Olu (Lagos), Sheriff Oborevwori (Delta) and Mohammed Umar Bago (Niger).
The All Progressives Congress (APC) has appointed Hon. Ali Bukar Dalori as the acting National Chairman of the party following the resignation of Dr. Abdullahi Umar Ganduje.
Dalori, who currently serves as the Deputy National Chairman (North), was directed by President Bola Ahmed Tinubu to assume the leadership role in an acting capacity pending the meeting of the party’s National Executive Committee (NEC), which is being convened immediately to fill the vacancy.
The announcement was contained in an official statement signed by the party’s National Publicity Secretary, Felix Morka, on Friday in Abuja.
According to the statement, Ganduje tendered his resignation with immediate effect in order to attend to “urgent and important personal matters.”
Dalori’s appointment comes nearly two years after Ganduje was appointed National Chairman in August 2023, succeeding Senator Abdullahi Adamu.
During his tenure, Ganduje was praised for promoting party cohesion, driving electoral strength, and overseeing key defections into the party.
With Dalori now at the helm, the APC said it remains “steadfast and unwavering” in delivering President Tinubu’s Renewed Hope Agenda and sustaining internal unity.
The party expressed gratitude to Ganduje for his “invaluable contributions and distinguished record of service” and extended well wishes for his future endeavours.
President Bola Tinubu has signed the four tax reform bills into law. Tinubu assented to the bills at the Presidential Villa on Thursday.
The four proposed laws are the Nigeria tax bill, the Nigeria tax administration bill, the Nigeria revenue service (establishment) bill, and the joint revenue board (establishment) bill.
The signing ceremony was attended by Senate President Godswill Akpabio, Tajudeen Abbas, speaker of the house of representatives, and Julius Ihonvbere, house majority leader.
Also present were Abdulrazaq Abdulrahman, governor of Kwara, Hope Uzodinma, his Imo counterpart, and Wale Edun, minister of finance, among others.
Tinubu transmitted the proposed legislation to the national assembly on October 3, 2024, urging lawmakers to pass the tax reform bills.
The bills initially faced opposition from the northern governors, who argued that the proposed laws could harm the region’s interests, asking the national assembly to reject the bills and demanding fair and equitable implementation across all regions.
However, in January, the Nigeria Governors’ Forum (NGF) endorsed the bills after agreeing on an “equitable” VAT-sharing formula.
The house of representatives passed the bills in March, while the senate approved them in May.
On June 18, the legislature transmitted the bills to the president for assent.
Speaking earlier on Thursday, Tinubu said the tax bills will unify the country’s fragmented tax system.
“They (tax reform bills) deliver the first major, pro-people tax cuts in a generation, targeted relief for low-income earners, small businesses, and families working hard to make ends meet,” Tinubu said.
“For too long, our tax system has been a patchwork—complex, inequitable, and burdensome. It has weighed down the vulnerable and shielded inefficiency. That era ends today.”
Tinubu added that the bills will eliminate wasteful duplications, reduce red tape, restore investor trust, and promote transparency and coordination at all levels.
A businessman, Peter Otomewu and his company, Pebeto Enerji Limited, were on Monday arraigned by the Economic and Financial Crimes Commission, before the Ikeja Special Offences Court for allegedly defrauding a petroleum services company of $75,000.
The defendants were docked on a two-count charge bordering on obtaining money by false pretence and stealing, preferred against them by the EFCC.
The anti-graft agency’s prosecution counsel, M.S. Owede, told the court that Otomewu and his firm committed the alleged offences sometime in 2018.
Owode told the court that the defendants fraudulently obtained the sum of $75,000 from Virgin Forest Energy Limited under the false pretext that they had a vessel, MT AYSU, capable of transshipping petroleum products from a mother vessel.
The prosecutor alleged that the representation was false and that the money was never used for the stated purpose.
Otomewu and his firm were accused of dishonestly converting the entire $75,000 property of Virgin Forest Energy Limited to their use.
According to the EFCC, the offences committed contravened Sections 278, 278(1), and 411 of the Criminal Law of Lagos State, 2015, and Section 1(1)(a) and 1(3) of the Advance Fee Fraud and Other Related Offences Act, 2006.
However, both defendants who were docked before Justice Mojisola Dada pleaded not guilty to the charges against them when it was read.
Following the not-guilty plea, Owede asked for a trial date and also urged the court to remand the first defendant, Otomewu, in a correctional centre.
But the defence counsel, Mr Peter Ajabor, however, prayed the court to grant bail to the defendants on liberal terms.
Consequently, Justice Dada granted bail to the defendants in the sum of N50m, with two sureties in like sum.
The judge ordered that the sureties must be gainfully employed and reside within the court’s jurisdiction.
She also ordered that the sureties must have N50m in their bank accounts.
Justice Dada further ordered the remand of Otomewu in the correctional centre, pending the perfection of the bail conditions.
The matter was adjourned to September 29, 2025, for commencement of trial.
The Economic and Financial Crimes Commission (EFCC) has interrogated an Abuja-based businesswoman, Halimat Tejuosho, over her alleged involvement in an appointment and contract scam.
Tejuosho, said to be the founder of Haleems Integrated Services Limited, was reportedly quizzed after victims accused her of using false pretenses to obtain funds in exchange for promises of federal appointments and lucrative government contracts.
Counsel to one of the victims, Chief Tolu Babaleye, alleged that Tejuosho ran an elaborate scheme involving forged documents and fake appointment letters to deceive unsuspecting individuals.
He claimed she posed as an aide to the National Security Adviser, Mallam Nuhu Ribadu, to lend credibility to her claims.
“The court had earlier recommended her for prosecution on charges bordering on Advance Fee Fraud, Criminal Diversion of Funds, Criminal Breach of Trust, and Cheating,” Babaleye said.
He also alleged that Tejuosho used her involvement in humanitarian and NGO activities as a smokescreen to attract victims and gain their trust.
EFCC Spokesperson, Mr Dele Oyewale, confirmed that she was invited for questioning and has since been granted administrative bail under stringent conditions.
Investigations are ongoing, and the commission says she may be formally charged to court in the coming weeks.
The anti-graft agency also urged other potential victims to come forward, reiterating its resolve to clamp down on all forms of financial crime.
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