Africa

Four commercial banks in our country belong to Nigerians – Liberia’s VP

Published

6 months ago

September 11, 2024

Liberia’s Vice President, Jeremiah Kpan Koung

Four commercial banks in our country belong to Nigerians – Liberia’s VP

Liberia’s Vice President, Jeremiah Kpan Koung, has said that Nigerians now own about half of Liberia’s commercial banks.

He said this during the 17th Annual Banking & Finance Conference organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday.

Koung, speaking to an audience of banking professionals and government officials, praised the role Nigerian banks play in Liberia’s economic landscape.

He emphasized that Nigerian investors have been instrumental in increasing market competition, boosting efficiency, and providing credit lines to support private sector growth.

The Liberia’s Vice President said: “We welcome and applaud the expansion of Nigerian-owned banks in Liberia. The presence and increase in Nigerian-owned businesses, especially banks, are helping to increase market competition and improve efficiency.

“These banks continue to play major roles in providing jobs and establishing credit lines to support the development of our private sector. Presently, there are four (4) Nigerian-owned banks operating in Liberia out of a total of eight (8) commercial banks. This is a clear sign that Nigerians remain interested in investing in Liberia, and as a government, our doors remain open to you.”

He expressed his government’s openness to further investment from Nigerian banks, noting their critical role in job creation and economic development.

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Koung also touched on Liberia’s efforts to integrate into the West African Monetary Zone and the Economic Community of West African States (ECOWAS), with a vision to adopt a single currency regime.

He explained that the Central Bank of Liberia is working on a new monetary policy framework that will align with the region’s economic integration goals. However, Koung warned that achieving this vision will require collective economic responsibility from all member states, including managing debt and stabilizing exchange rates.

Koung said: “Currently, the Central Bank of Liberia is working on the monetary policy framework to meet the requirements for the West Africa Monetary Zone. As you may be aware, it is expected that Liberia, Ghana, Gambia, Guinea, Sierra Leone, and Nigeria will work towards the implementation of a single currency regime to achieve economic integration.

“This policy framework will lay the foundation for the realization of a common currency for all ECOWAS member states. However, to achieve this vision, we have a collective responsibility to make sound economic decisions to reduce our debts and stabilize our exchange rates.”

The vice president further emphasized the need for investment banks in Liberia, noting that the country’s only development bank, the Liberia Bank for Development and Investment (LBDI), lacks the capital necessary to finance the country’s ambitious economic transformation agenda.

As a result, Liberia has had to rely on multilateral development institutions like the African Development Bank and the World Bank to finance large-scale projects. Koung called for more investment in Liberia’s banking sector to address this gap.

In his closing remarks, Koung expressed optimism that the Abuja conference would inspire new policy directions to enhance the banking sectors in both Nigeria and Liberia.

He highlighted the potential for greater collaboration between the two countries, particularly in the areas of trade, investment, and financial services.

Four commercial banks in our country belong to Nigerians – Liberia’s VP

Africa

Fuel hits N8,000/litre in Niger, country seeks help from Nigeria

Published

2 days ago

March 16, 2025

Trends Admin

Fuel hits N8,000/litre in Niger, country seeks help from Nigeria

With the fuel crisis bedevilling the Republic of Niger, some of its military officials have visited Abuja to seek support from Nigeria to tackle the shortage of Premium Motor Spirit in the country.

It was gathered that the delegation successfully got the approval for 300 trucks of fuel from the Nigerian government.

Trouble started for Niger -which has been reliant on a Chinese refinery – after the refinery was shut down due to some misunderstanding with the supplier.

This led to Niger turning to Nigeria for help to ameliorate the fuel shortage experienced by the country.

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Officials from the Nigerian government noted that the deal was approved with the hope of using it as a bargaining tool with Niger.

“We do not want to blow our trumpet. Rather, we want to use it as a bargaining chip for negotiation, as we continue to engage with them to bring them back to ECOWAS.

“Let them get more from us. I am confident that gradually they will come back to ECOWAS because they do not have enough resources to import food to sustain their citizens,” the official said while pleading anonymity.

Sources stated that fuel prices in Niger were hitting N8,000 per litre

However, some transborder businessmen have attributed the fuel scarcity in Niger to the lingering relationship between the country and Nigeria.

They noted that in some cross-border towns to Niger, fuel is being sold for between 1,200 CFA and N3,500 (N2,500 and N8,500).

Fuel hits N8,000/litre in Niger, country seeks help from Nigeria

Africa

ECOWAS activates standby force against insurgency

Published

6 days ago

March 12, 2025

Trends Admin

ECOWAS activates standby force against insurgency

The Economic Community of West African States (ECOWAS) has activated its Standby Force to curb terrorism and other transborder crimes in the subregion.

The Minister of Defence, Mohammed Badaru, who disclosed this in Abuja on Tuesday at the Forty-third ordinary meeting of ECOWAS Committee Chiefs of Defence Staff said the economic growth of the region is dependent on stable peace.

The minister added that there is a need for members of ECOWAS to close ranks against all forms of threats against the region.

On January 29, 2025, ECOWAS recognised the exit of three of its former members Burkina Faso, Mali, and Niger Republic upon the expiration of a one-year notice period.

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However, in “the spirit of regional solidarity”, ECOWAS asked its member countries to still recognise the national passports of the three exiting countries bearing the ECOWAS logo until further notice.

Their departure from the bloc has fractured the region and is leaving the ECOWAS grouping with an uncertain future.

The three junta-led countries formally notified ECOWAS of their plan for an “immediate” withdrawal in January 2024, citing the organisation’s excessive dependence on France in particular.

Paris has become the common enemy of the three juntas, which now favour partnerships with countries such as Russia, Turkey and Iran.

However, ECOWAS required one year’s notice for the departure to be effective — that deadline falls on January 29, 2025.

The three Sahelian countries have teamed up to form a separate confederation called the Alliance of Sahel States (AES).

ECOWAS activates standby force against insurgency

Africa

Policewoman arrested for murder of husband, female friend

Published

7 days ago

March 11, 2025

Trends Admin

Nyiko Nyathi

Policewoman arrested for murder of husband, female friend

A 42-year-old police sergeant, Nyiko Nyathi was arrested in connection with the kidnapping and brutal murder of her husband and his ‘female friend’ in Mpumalanga, South Africa.

The officer handed herself over to authorities at Bushbuckridge police station, according to Mpumalanga provincial police spokesperson, Brigadier Donald Mdhluli.

She appeared before the Bushbuckridge Magistrate’s Court on Monday, March 10, 2025, facing charges for the m8rder of her husband and another woman.

“According to information, in February 2024, Lawrence Alba Mashego, 44, was reportedly attacked by a group of armed men at his house in Boikhutsong Trust in Bushbuckridge. The armed men robbed him of his Toyota Quantum and Ford Escort, then he got kidnapped,” said Mdhluli.

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“The two vehicles were reportedly used by the armed suspects as a mode of transport to reach a certain house in Zoeknog. At the house, they found Victoria Lebyane, 44, Mashego’s female friend, in possession of Mashego’s bank cards.”

Lebyane was then robbed of about R4,000 cash as well as some bank cards belonging to Mashego. After that, Mashego and Lebyane were m8rdered by the assailants.

“The matter was probed by the men and women in blue, where a thorough investigation was carried out, leading to the arrest of four suspects in connection with the incident. One of the suspects then pleaded guilty and was sentenced to 77 years imprisonment,” said Mdhluli.

As the police intensified their investigations, the police sergeant was implicated in the m8rder of her husband Mashego, and Lebyane.

Following the court appearance on Monday, the case was postponed to Wednesday, for a formal bail application.

Meanwhile, acting provincial commissioner of police in Mpumalanga, Major General Zeph Mkhwanazi, has welcomed Nyathi’s arrest.

He emphasised that the law will take its course on anyone suspected to have committed crime, regardless of their social status or position.

“The SAPS remains resolute to be intolerant to any criminality within our ranks,” said Mkhwanazi.