The International Monetary Fund (IMF) has warned Nigeria and other African countries to be wary of the terms and conditions that come with loans/grants from China.
According to the IMF, African countries must always ensure that the loan arrangement and terms of the agreement favour them. The IMF raised this concern through its Financial Counsellor and Director of the Monetary and Capital Markets Department, Tobias Adrian.
Adrian made the suggestion while speaking at a press conference on the Global Financial Stability Report (GFSR) at the ongoing springs meeting of the World Bank and IMF in Washington DC.
While Adrian admitted that capital flow is important for a country’s development, he warned that African countries should not ignore or pay less importance on the terms and conditions that surround the loan in order not to fall victim to slave deal that becomes difficult to offload.
The concern is beyond contract terms: There has been concern regarding the business-relationship between African countries and the Chinese Government. The United States, in particular, has expressed concern, saying the trade and loan agreement between African countries and China is increasing the influence of the Chinese Government in the region.
Why the Nigerian Government is favouring Chinese loan
The Chairman of United Bank for Africa (UBA), Tony Elumelu, has explained why China and Nigeria’s trade relations have continued to grow despite the Asian country’s trade war with the United States of America.
According to him, Nigeria is a land of opportunity for anyone willing to do business or invest in businesses as Nigerians are enterprising, and the Chinese have identified the prospect in the country, even as Nigeria has opened its doors for the Asian tiger.
Note that Nigeria’s close economic ties with China have often been blamed for the US and the United Kingdom’s unwillingness to invest in Nigeria.
Nigeria’s capacity to repay N24.39 trillion debt worries IMF
Nigeria’s ability to repay its N24.39 trillion debt is in question after the International Monetary Fund (IMF) expressed concern about the rollover risks, arguing Nigeria’s capacity to refinance might drop in the future.
Update: FG suspends reopening of schools, students won’t write 2020 WAEC
The Minister of Education, Adamu Adamu, said that WAEC should suspend exams.
The Federal Government has just announced that schools under its control will not be reopening for the forthcoming West African Examination Council (WAEC) exams.
This was disclosed in a tweet post by the aide to President Muhammadu Buhari on New Media, Tolu Ogunlesi from his official Twitter handle on Wednesday, July 8, 2020.
According to Ogunlesi, the Minister of Education, Adamu Adamu, said that WAEC should suspend exams and also urges State Governments to toe the line of the Federal Government as this is not the right time to reopen.
According to the tweet post, ‘’Minister of Education has just announced that schools under control of the Federal Government will not be reopening for the forthcoming WAEC exams. Says WAEC should suspend exams and urges State Governments to toe Federal Government line. This is not the right time to reopen,’’
Adamu, while addressing state house correspondents after the virtual Federal Executive Council meeting on Wednesday, July 8, 2020, said that none of the schools under the control of his ministry will resume until schools are considered safe enough
The Minister appealed to the State Governments that have already announced the resumption of schools to reconsider that as it is not safe and the students should be protected. He said that he would prefer that students lose an academic year than expose them to dangers.
He also debunked an earlier report that claimed that the Minister of State for Education, Emeka Nwajiuba, announced that schools will be resuming on August 4, 2020. Adamu said that the Minister of State must have been misquoted as the schools under the supervision of the ministry will not be opening on August 4 or anytime soon.
Going further, Adamu pointed out that WAEC will not determine what Nigeria will do as he will rather have the country lose a school year than exposing the students to danger.
Tizeti reinstates Kendall Ananyi as CEO after investigation into alleged sexual misconduct
The investigations into the allegations could not establish a case of sexual harassment, .
Following the conclusion of the independent special investigation, Tizeti Board of directors have reinstated Kendall Ananyi as Chief Executive Officer.
With this development, the interim Co-CEOs Ifeanyi Okonkwo and Patricia Aiyedun, will return to their respective positions as Chief Operating Officer, and Chief Financial Officer.
According to a statement published on its website, the company stated that investigations into the allegations of sexual harassment could not establish a case of sexual harassment.
The board had on June 7 appointed an Independent Special Investigation Committee of its Board of Directors to investigate allegations of sexual harassment made against Kendall Ananyi, the embattled CEO.
To ensure the independence of the committee, the CEO stepped down and was walled off from communications with the Independent Special Investigation Committee and any matters related to the investigation, the statement read.
After a month of investigations, the committee led by Senior Advocate of Nigeria Olumide Sofowora, SAN, C.Arb. of Olumide Sofowora Chambers, stated that no clear case of sexual harassment had been established, and recommended that the CEO be reinstated.
According to the statement, the committee researched “what actions would constitute sexual harassment, gathered relevant information from a number of sources in both Nigeria and Ghana, and conducted a number of interviews, including separately interviewing both the accuser and Mr. Ananyi”.
It was based on this that the independent legal counsel concluded that a clear case of sexual harassment had not been established.
The company promised that a sexual harassment policy would be put in place going forward.
“Tizeti remains fully committed to high ethical standards, gender equality, providing a workplace that is free from sexual harassment and ensuring that its diverse team feels comfortable and safe at all times.
“Tizeti wants to ensure that it has best in class policies and procedures going forward. As a result, Tizeti will be updating its code of conduct and putting in place a sexual harassment policy that is in line with best practices and encourages the reporting of any potential incidents,” it said.
NNPC reports explosion on its production facility, 7 casualties recorded
7 people were killed in the explosion which occurred during the discharging of Gbetiokun production.
The Nigerian National Petroleum Corporation (NNPC) has reported a major explosion in one of its upstream facilities on Tuesday July 7, 2020. The explosion incident occurred at Gbetiokun, OML 40, which is operated by the Nigerian Petroleum Development Company (NPDC), on behalf of the NPDC/Elcrest Joint Venture.
The incident was confirmed in a press statement by the Group General Manager Group Public Affairs Division of NNPC, Dr Kennie Obateru, on Wednesday, July 8, 2020.
He revealed that 7 people were killed in the explosion which occurred during the discharging of Gbetiokun production.
In the statement, Obateru said, ‘’The incident, which occurred on Tuesday during the installation of a ladder on a platform (Benin River Valve Station) for access during discharging of Gbetiokun production, unfortunately caused 7 fatalities.’’
The release also stated that a detailed investigation of the cause of the explosion has started, while the Department of Petroleum Resources has been duly notified and Form 41 was being prepared for the Industry regulator as required in circumstances of this nature.
The bodies of casualties have been deposited in a morgue in Sapele, while families of the personnel involved are being contacted by their employers: Weld Affairs and Flow Impact, which are consultants to NPDC.
The release stated that all personnel onboard the platform had been fully accounted for.
Meanwhile, the Group Managing Director of NNPC, Mallam Mele Kyari, in the statement commiserated with the families of the bereaved, praying that God grants them the fortitude to bear the irreparable loss of their loved ones.