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Around the World

Update: Nigerian-born Democrat, Oye elected as Shadow US Rep, emerges 1st Nigerian congressman in history

The 30-year-old is the first Nigerian congressman in the country’s history.

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A Nigerian-born Democrat, Oye Owolewa, has been elected as a shadow United States Representative out of the District of Columbia.

This was disclosed by ABC 7 News via its Twitter handle early on Wednesday morning.

It tweeted, “Democrat Oye Owolewa will be elected as a shadow U.S. Representative out of the District of Columbia.”

READ: Nigeria, 17 others elected into ECOSOC

How Oye won

Based on the results, Oye had 82.65% of the votes, which represents 135,234 votes against Joyce Robinson-Paul, who had 15,541 votes, and Sohaer Syed with 12,846 votes.

Click here to see the election results:

Meanwhile, the Nigeria in Diaspora Commission (NIDCOM), has congratulated the feat recorded by Oye

In the letter of congratulations, Abike Dabiri-Erewa, DG, NIDCOM, said she was pleased with the wonderful feat of Mr Owolewa, describing it as well deserved.

She acknowledged the sterling qualities of Owolewa as a role model to the youths and a good ambassador of Nigeria which endeared him to the grassroot leading to his historical election into the US Parliament.

She advised him to diligently carry out his duties as a new congressman in such a way as to positively impact on the community who entrusted him with their votes.

Despite the campaign being toilsome, Owolewa pulled through and won.

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“This goes to show that with dedication, hardwork, resilience and prayer one can achieve just about anything”, Dabiri-Erewa said.

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What you should know

Oye Owolewa, whose father is from Kwara State and mother is from Oyo, is aiming for a ‘shadow’ (non-voting) seat in the House of Representatives.

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READ: FIRS boss wants to tax street traders, artisans, others 

Owolewa, a PhD holder in Pharmacy from the Northeastern University, Boston, is seeking to represent the District of Columbia under the Democratic Party.

What it means

The 30-year-old is the first Nigerian congressman in the country’s history.

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Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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Around the World

Covid-19: US economy grappling with 10 million job losses, adds 379,000 jobs in February 

The Covid-19 pandemic has led to the mandatory lockdown of major businesses and factories in the US.

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The World’s biggest economy is grappling with the loss of 10 million jobs due to the Covid-19.

The Covid-19 pandemic led to the mandatory lockdown of major businesses and factories in the country. This meant downsizing for most companies who could not continue paying salaries with no incoming revenue

According to the Nasdaq, the unemployment rate in the United States economy was at its highest in April last year, reaching a record high of 14.7%. The unemployment rate dropped to 6% but that is still a significant number.

According to CNN, the US economy added 379,000 Jobs in February this year. This is a clear sign of the world biggest economy getting back on track. Although the US economy is still missing around 9.5 million jobs since the beginning of Covid-19.

Biggest losers 

According to Nasdaq, the most affected industries in the Covid 19 economic decline is the Hospitality and Outdoor industry. Hotels and restaurant workers were mostly put out of jobs. They also fall into a category regarded as the long-term unemployment category. This category is used to define those who have been without a job for 27 weeks.

Big government to the rescue 

The United States government has rolled out the following packages to cushion the effect of the Covid 19:

  • The Joe Biden Administration has postulated a 1.9 trillion Covid Relief Package for Americans. The Bill made it through a house vote and now needs to pass the senate-house too.
  • Jobless American workers will be entitled to an extra $400 a week.
  • The Joe Biden new relief bill will also contain a $1,400 stimulus check for citizens.

 What to know 

  • The US economy is gradually shifting to the post-Covid-19 era adding 379,000 jobs in February alone. It added a paltry 166,000 jobs in January.
  • The United States major economic rival China is already in the post-Covid-19 era, the only major economic country in the post-Covid-19 era.

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Around the World

Jack Dorsey’s Square set to acquire majority stake in Jay Z’s Tidal for $297 million

Jack Dorsey’s company, Square set to acquire Tidal, the streaming music service owned by Jay-Z for a $297 million deal.

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Square, the mobile payments company owned by Jack Dorsey, announced on Thursday its plan to acquire a “significant majority” of Tidal, the streaming music service owned by Hip-hop music mogul, Jay-Z.

Square said it expects to pay $297 million, in a combination of cash and stock, for a stake in Tidal. Shawn “Jay-Z” Carter will join Square’s board, subject to the closing of the transaction while Tidal will operate independently within Square.

Existing artist shareholders will still remain stakeholders. Other Tidal artist-owners include Beyoncé, Alicia Keys, Coldplay’s Chris Martin, Kanye West, Madonna, Nicki Minaj, and Rihanna.

In a tweet made by Jay-Z today, he highlighted that “from the beginning that TIDAL was about more than just streaming music, and six years later, it has remained a platform that supports artists at every point in their careers. Artists deserve better tools to assist them in their creative journey.”

He also commented that “Jack is one of the greatest minds of our times, and our many discussions about TIDAL’s endless possibilities have made me even more inspired about its future. This shared vision makes me even more excited to join the Square board.

“This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!”

Jack Dorsey, who is CEO of both Square and Twitter, also commented on this deal “comes down to one simple idea: finding new ways for artists to support their work.”

“New ideas are found at intersections, and we believe there’s a compelling one between music and the economy. I knew Tidal was something special as soon as I experienced it, and it will continue to be the best home for music, musicians, and culture.”

Jesse Dorogusker, a Square executive will lead Tidal on an interim basis. He added that Square will offer financial tools to help Tidal’s artists collect revenue and manage their finances. “There are other tools they need to be successful and that we’re going to build for them,”.

What you should know

  • Last month, Jack Dorsey and Jay-Z announced a Bitcoin fund focused on developing the cryptocurrency’s adoption in Africa and India.
  • In 2017, Sprint bought a 33% stake in Tidal. This week, Jay-Z bought back those shares from T-Mobile (which acquired Sprint).
  • Last month, Jay-Z announced that he would sell 50 percent of his champagne company, Armand de Brignac — better known as Ace of Spades — to LVMH Moët Hennessy Louis Vuitton amid a downturn in the entertainment industry caused by the pandemic that has affected some of Jay-Z’s holdings.

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