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Okonjo-Iweala will drive global trade, says World Bank
The international financial architecture is ‘skewed in favour of rich and creditor countries’, the World Bank has said.
President of the bank, David Malpass exposed the partial state of the architecture at the close of the World Bank/IMF Spring Meetings 2021 Development Committee meeting, in Washington D.C. yesterday.
He said the disturbing state of the global financial system was exposed last year by the COVID-19 pandemic, which made challenges and staggering needs of every country’s economy even clearer.
Malpass said, “One major challenge is that the current international financial architecture is heavily skewed in favor of the rich and creditor countries. It is ever important that all voices are heard. I urge all of us to consider how we can restore growth in developing countries and help reverse the growing inequality, in terms of access to vaccinations, unsustainable debt, and adverse climate impacts.”
According to him, the bank is developing a better line of sight forward, and the collective efforts to poverty, climate change, and inequality will be the defining choices of this age.
“Now is the time to move urgently toward opportunities and solutions that achieve sustainable and broad-based economic growth without harming climate, degrading the environment, or leaving hundreds of millions of families in poverty,” Malpass said.
He also expressed the hope that World Trade Organisation (WTO) will facilitate effective global trade deals under the watch of Dr. Ngozi Okonjo-Iweala The is its Director-General,
He said: “I would also like to acknowledge our former World Bank colleague, now Director-General of the WTO, Mrs. Ngozi Okonjo-Iweala, who is joining us today. It is a point of pride that we have IMF Managing Director Kristalina Georgieva and Ngozi – two good friends and women who have previously been members of the World Bank team – leading our sister institutions and playing critical global roles in the development agenda today.”
“I had the privilege of hearing strong presentations by both these women leaders at the IMFC meeting. With Ngozi as a champion, we’re looking forward to having a strong focus on trade facilitation and development in future Development Committee meetings.”
Malpass said the Development Committee plays an essential and unique role in the international cooperation architecture.
“I have said this before – it is the only forum in which the governments of developed countries and developing countries, creditor countries and borrower countries, come together with a primary focus development and resource needs for developing countries.”
He said the World Bank goal on COVID-19 was to act quickly and to help as many countries as possible to respond to the pandemic.
“These actions include new COVID-related emergency health programs in 112 countries, vaccination operations that we expect will reach $4 billion of commitments available in 50 countries by mid-year, and a quick doubling of our trade and working capital finance to help fill the banking vacuum that hit private sectors. In 2020, the World Bank achieved a record 65 per cent growth in commitments, Group-wide commitments topped $100 billion for the first time, and we expect this elevated level of delivery to continue in 2021.”
He said the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) maintained strong levels of investment in 2020, filling critical gaps in private sector financing, including short-term liquidity and trade, caused by the global recession.
Malpass said the International Centre for Settlement of Investment Disputes has continued to ensure that international disputes under investment contracts, laws, and treaties are resolved effectively and impartially, which is key to mitigating risks that may otherwise deter much needed private investment for economic recovery.
On debt, he said he strongly welcome the G20’s decision on April 7 to extend the DSSI to end-2021.
He said: “We are working closely with the IMF to support the implementation of the G20 Common Framework, as detailed in this joint paper. I welcome the clear statement in the G20’s communique that ‘the need for debt treatment, and the restructuring envelope that is required, will be based on an IMF/World Bank Debt Sustainability Analysis’ as an input to the creditor committee deliberations.
“In both these debt efforts, greater transparency and participation are important elements. I urge all of you to disclose the terms of your financing contracts, including re-schedulings, and to support the World Bank’s efforts to reconcile borrower’s debt data more fully with that of creditors”.
On vaccines, he said the World Bank have been pleased to see the rapid development of safe vaccines and their deployment in some poor countries, but we are deeply concerned about the limited access around the world.
“The IFC is making investments to help manufacturers expand vaccine production, as well as increase the availability of medical equipment and critical supplies. We’re working closely with the international community, including WHO, Gavi, and UNICEF, and have conducted over 140 vaccine readiness assessments and we are working with countries to address challenges from cold chain and logistics to community outreach.”
“We’re also supporting countries to access vaccines both through COVAX and directly from manufacturers. We remain focused on the goal of vaccinating as broad a group of countries as possible.
“Once again, transparency is key. To accelerate progress, the world needs much more information sharing regarding export and supply commitments and requirements.
“Finally, to recover from COVID-19, we will need integrated, long-run strategies that emphasize green, resilient, and inclusive development (GRID). This must be aligned with the need for policies that help countries increase literacy, reduce stunting and malnutrition, ensure clean water and energy access, and provide better healthcare.
“We must help countries improve their readiness for future pandemics. We need to help them accelerate the development and adoption of digital technologies. We need to work to improve and expand local supply chains and strengthen biodiversity and ecosystems. In our efforts to rebuild, we can generate a recovery that ensures a broad and lasting rise in prosperity, especially for the poorest and most vulnerable.”
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Despite Tegbe’s 72-Hour Promise, Nigerians Still Battle Power Outages
Despite Tegbe’s 72-Hour Promise, Nigerians Still Battle Power Outages
Nigeria’s electricity generation has risen to 4,020.41 megawatts (MW), up from about 3,500MW, but the improvement has yet to translate into reliable power supply for households and businesses across the country.
The development comes amid growing frustration over prolonged power outages, particularly in Lagos and other states, despite assurances by the Minister of Power, Joseph Tegbe, that electricity supply would improve within 48 to 72 hours.
Data from the Nigerian Independent System Operator (NISO) showed that generation increased on Monday, November 9, 2026, following disruptions linked to maintenance at the Egbin Power Station, gas supply constraints and damage to critical transmission infrastructure.
The increase followed the Federal Government’s intervention to restore damaged transmission infrastructure and return affected generating units to operation. However, electricity consumers continued to report inadequate supply, highlighting the gap between improved generation figures and the actual amount of electricity reaching homes and businesses.
According to the reported figures, electricity generation reached a peak of 4,253.6MW on Sunday before standing at 4,020.41MW on Monday. The Afam VI power plant contributed the largest share at 519MW, followed by the Shiroro hydroelectric plant with 445MW and the Azura-Edo plant with 438MW.
However, the Egbin Power Station, which has an installed capacity of 1,320MW, was generating only 108MW at the time of the reported assessment.
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The combined electricity allocation to the 11 distribution companies (DisCos) stood at approximately 3,195MW by late Monday afternoon, with Abuja DisCo receiving 581MW, Ikeja Electric 467MW and Eko Electricity Distribution Company 458MW.
The Minister of Power, Joseph Tegbe, had earlier attributed the worsening electricity situation to planned maintenance at the Egbin Power Station, inadequate gas supply to some thermal power plants and the vandalism of critical transmission infrastructure.
In an update issued on Friday, November 6, Tegbe explained that maintenance activities and gas supply constraints had reduced the volume of electricity available on the national grid, forcing operators to introduce load shedding in some areas.
He also disclosed that the vandalism of key transmission lines had restricted alternative routes for delivering electricity, particularly to Lagos.
The minister subsequently apologised to Nigerians over the disruptions, acknowledging the difficulties experienced by households, businesses and public institutions.
He said the government was working with generating companies, the Transmission Company of Nigeria (TCN), NISO and electricity distribution companies to restore affected facilities and improve supply.
Tegbe had promised that the first affected generating units would return to operation within 48 to 72 hours, while repairs to damaged transmission infrastructure would be accelerated.
In a further update on Monday, the minister announced that the vandalised Benin-Egbin 330-kilovolt transmission line had been repaired and returned to service.
According to him, the restoration increased electricity supply to the Lagos electricity complex to more than 1,000MW, bringing it back to the level recorded before the disruption.
Tegbe said electricity had been restored to several previously affected areas in Lagos, Ogun, Oyo, Kwara and the Federal Capital Territory, although some locations were still awaiting full restoration.
He also disclosed that the government was working to repair another important transmission route, the Osogbo-Ikeja West 330kV line, which has reportedly remained out of service for about 18 months.
The line could deliver an additional 400MW to Lagos when restored. However, about six transmission towers along the route have been vandalised, making repairs difficult because of the swampy terrain.
The minister said the government expected the restoration work to be completed by the end of November.
Despite the recent disruptions, Tegbe has expressed confidence that Nigeria could achieve more stable electricity supply within the next three to five years.
He said the Federal Government was considering a proposed $2 billion east-west super grid designed to strengthen the country’s transmission infrastructure and increase its capacity to 19,000MW.
The proposed project is expected to connect several locations, including Funtua, Gwagwalada, Ikot Ekpene, Benin, Epe and Ilorin.
Tegbe said the government had commenced the procurement process and expected the project to improve the resilience of the national electricity network.
He also stressed the need to address longstanding infrastructure problems, noting that some electricity equipment was between 40 and 50 years old.
Meanwhile, he maintained that the government was working to improve electricity supply through better coordination among generation, transmission and distribution operators.
The latest development highlights the continuing challenges in Nigeria’s electricity sector, where improvements in generation do not automatically guarantee adequate supply to consumers because of limitations in transmission and distribution infrastructure.
For millions of Nigerians, the major concern remains whether the increased generation figures and government interventions will translate into more consistent electricity supply.
Despite Tegbe’s 72-Hour Promise, Nigerians Still Battle Power Outages
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Edo APC Chieftain Hacked to Death by Son Over Alleged Prophecy
A chieftain of the All Progressives Congress (APC) in Edo State, Julius Bello, popularly known as De Lord Ogata, has reportedly been hacked to death by his son following claims that a prophet blamed him for the younger man’s financial struggles.
Bello, who was the APC Ward Three Chairman in Fugar, Etsako Central Local Government Area, was allegedly attacked with a sledgehammer by his son, identified as Irobudo, on Sunday, November 8, 2026.
The incident reportedly occurred shortly after the suspect returned from Lagos over the weekend.
According to reports, the suspect struck his father on the head with the weapon, inflicting fatal injuries.
Family sources linked the attack to an alleged prophecy that reportedly portrayed Bello as being spiritually responsible for his son’s prolonged poverty and inability to make financial progress.
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The claims were said to have fuelled resentment against the deceased before the fatal attack. However, the alleged prophecy and its connection to the killing have not been independently verified, and the police have not established it as the motive.
The Edo State Police Command confirmed the killing and said an investigation had commenced.
The command’s spokesperson, Eno Ikoedem, disclosed that the suspect was still at large as of Monday, November 9, while police operatives were working to apprehend him.
According to the police, investigations would establish the circumstances surrounding the killing and the events that preceded the attack.
The incident has thrown Bello’s family and residents of Fugar into mourning, particularly because the suspected attacker is his own son.
The killing has also raised concerns about the potential consequences of unverified spiritual accusations when they fuel suspicion, hostility and violence within families.
The police investigation is expected to establish the full circumstances of the incident, determine the motive and bring the suspect to justice.
Edo APC Chieftain Hacked to Death by Son Over Alleged Prophecy
News
INEC Flags 268 Voter Records Over AI-Generated Photos, Begins Cleanup Ahead of 2027 Elections
INEC Flags 268 Voter Records Over AI-Generated Photos, Begins Cleanup Ahead of 2027 Elections
ABUJA, Nigeria – The Independent National Electoral Commission (INEC) has commenced the removal of questionable records from Nigeria’s preliminary Register of Voters after its biometric verification system flagged 268 entries over suspected artificial intelligence-generated photographs and other irregularities.
The development comes amid growing public concerns over the credibility of the voters’ register ahead of the 2027 general elections, following the discovery of suspicious photographs, duplicate registrations and names of deceased persons in the preliminary database.
INEC’s Director of Information and Communication Technology, Lawrence Bayode, disclosed the development during an interview on Channels Television’s Sunday Politics, explaining that the commission’s Automated Biometric Identification System (ABIS) had identified 268 records requiring further examination.
Bayode said the commission had begun reviewing the affected entries and removing those confirmed to be irregular.
He also explained that some registration officers allegedly exploited their authorised access to introduce questionable records into the database.
According to him, some of the irregularities involved the misuse of a special registration option designed for persons with disabilities who have incomplete or missing fingers.
However, the INEC official clarified that not every photograph enhanced with artificial intelligence would lead to the exclusion of the affected voter.
He distinguished between genuine photographs improved with AI-powered applications on mobile phones and images generated entirely by artificial intelligence, stressing that only confirmed fraudulent images would be removed.
The controversy followed INEC’s publication of its preliminary Register of Voters online on October 26, which triggered public outrage after screenshots showing suspicious photographs and other questionable entries circulated on social media.
Some of the disputed records reportedly included entries from parts of Edo State, prompting questions about the commission’s registration and verification procedures.
INEC Chairman, Professor Joash Amupitan, subsequently confirmed that the commission was examining the questionable records and would take corrective action based on verified findings.
The commission has maintained that the preliminary register is not the final certified document, explaining that the verification and public scrutiny exercises are intended to identify inaccuracies and irregularities before certification.
INEC has scheduled December 15, 2026, for the certification of the final Register of Voters after completing the necessary verification, adjudication and data-cleanup processes.
The commission has also encouraged Nigerians to participate in scrutinising the register and report suspicious entries to help safeguard the credibility of the electoral process ahead of the 2027 general elections.
INEC Flags 268 Voter Records Over AI-Generated Photos, Begins Cleanup Ahead of 2027 Elections
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