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Obasanjo, 7 ex-presidents work towards debt relief for African countries

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By Kayode Sanni-Arewa

Eight former African Heads of State and Government have signed a Cape Town Declaration, calling for debt relief for highly indebted countries and advocated lower borrowing costs for all developing countries.

The declaration was signed at the launch of the African Leaders Debt Relief Initiative (ALDRI), which reflects the leaders’ commitment to rallying for a comprehensive debt relief strategy for countries in dire financial situations.

The launch of the initiative took place on the sidelines of the first G20 Finance Ministers’ meeting in Cape Town, where the South African G20 Presidency had made debt sustainability a central focus.

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The declaration also aligns with the African Union’s Agenda 2063, underscoring the continent’s long-term development aspirations.The African Leaders Initiative on debt relief is led by a group of former African leaders, including a former President of the Federal Republic of Nigeria (Chair), Olusegun Obasanjo; former President of the Republic of Malawi, Joyce Banda; former President of the United Republic of Tanzania, HE Jakaya Mrisho Kikwete; and former President of the Republic of Mauritius, Dr Ameenah Gurib-Fakim, among others.

The signatories called for intensified international cooperation to address the debt crisis and emphasised the need to reform the global financial architecture to better support developing countries.

The African Leaders Debt Relief Initiative continues to advocate policies that promote economic resilience and sustainable growth across the African continent. The signatories are committed to working collaboratively with international stakeholders to implement these crucial reforms, ultimately driving forward Africa’s development agenda.

Obasanjo said: “Africa is facing unsustainable debt burdens. It is crucial that we come together to find a solution to this crisis. Africa’s future is intertwined with the world’s future, and we must work to resolve the debt crisis in order to drive sustainable economic development across the continent. South Africa’s commitment to prioritizing debt relief and collaborate with nations to address the root causes of high-cost debt is a welcome one.”

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According to Sall, African countries are burdened with disproportionately high borrowing rates and debt costs, often requiring repayment within a short timeframe and a comprehensive solution to the debt crisis must be a priority for all.

Banda said: “Countries on the frontlines of the development crisis are the same ones grappling with record levels of debt. By 2030, these nations will need to invest up to $6.4 trillion annually to achieve sustainable development. However, this goal remains unaffordable given their overwhelming debt servicing obligations.”

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Naira Continues to slide Against Dollar At The Black Market

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By Kayode Sanni-Arewa

The Naira continued its fall against the dollar at the parallel foreign exchange market on Thursday.

A Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan, said that the Naira dropped to N1500 per dollar on Thursday from N1490 exchanged on Wednesday.

This showed that the Naira fell by N10 against the dollar on Thursday compared to the N1,490 per dollar exchange rate the previous day.

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Recall that this is the second time this week, the naira had weakened at the black market.

Meanwhile, at the official market, the Naira rose slightly by N0.04 to N1,499.07 on Thursday from N1,499.11 on Wednesday.

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Troops Nab Notorious Bandit, Hassan in Zamfara

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By Kayode Sanni-Arewa

Troops have nabbed Kachallah Hassan Nabamamu, a notorious bandit kingpin terrorizing communities in Mada, Tsafe, and other parts of Zamfara State.

Zagazola Makama, shared the news on Friday via a post on his X handle, revealing that the operation took place on February 27 in the Gusau Local Government Area of the state. The troops, part of Operation FANSAR YANMA, carried out a well-planned ambush, resulting in a fierce firefight. Several bandits were killed during the operation, while others fled with gunshot wounds.

Initially, Nabamamu fled to nearby homes but was soon pursued and captured alive by the security forces. However, hours after his arrest, his gang, led by Bakin Malam, retaliated by attacking Chediya, Bamamu, and Makera villages. The gang issued threats to residents, warning them of violent action unless Nabamamu was released. This prompted many villagers to flee in fear.

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The Nigerian troops, however, quickly responded with superior firepower, forcing the bandits to retreat and preventing further attacks. Both air and land troops were deployed to safeguard the area while intelligence operations continue to track down fleeing gang members.

Nabamamu, who hails from Tsafe, Gidan Alhaji Kaduna, began his criminal activities as an Almajiri before attending Model Primary School, Tsafe. For over three decades, he was involved in armed robbery and later became one of the first Fulani men to engage in large-scale banditry in Zamfara. His criminal notoriety began with a violent robbery at the home of Sani Dan Kyaso, during which multiple murders were committed.

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FG speaks As Air France Diverts to Togo, Leaving Nigerian Passengers Stranded

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By Kayode Sanni-Arewa

Some Nigerian passengers were left frustrated and delayed after an Air France flight, traveling from Paris to Abuja, was rerouted to Lomé, Togo, due to bad weather in the Nigerian capital.

This unexpected turn of events prompted a quick response from Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo. He voiced his concerns over how Air France handled the situation.

The airline’s decision to land in Lomé was made to avoid a risky landing in Abuja caused by severe weather. However, Keyamo expressed dissatisfaction with the airline’s plan to leave passengers stranded overnight in Lomé, despite the weather in Abuja clearing up and the aircraft being ready to return.

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Taking to his official social media, Keyamo confirmed that he had contacted both his team and Air France to demand immediate action. He insisted that passengers be promptly flown back to Abuja or, if they had to stay in Lomé, they should receive proper accommodations and care according to international standards.

“I’ve been alerted about the situation involving mostly Nigerian passengers stuck in Lomé by Air France. I stressed that they must return to Abuja tonight, or if they stay in Lomé, they should be treated according to best international standards,” Keyamo tweeted on Thursday night.

Passengers, understandably upset, had voiced concerns about the lack of communication and the potential for being left stranded. Thankfully, due to Keyamo’s intervention, efforts were made to ensure their safe return to Abuja.

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