Africa
Four commercial banks in our country belong to Nigerians – Liberia’s VP
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
Nigeria denies alleged plot to destabilise Niger Republic
Nigeria denies alleged plot to destabilise Niger Republic
The Federal Government of Nigeria has refuted “in very strong terms” allegations that it is plotting to destabilise neighbouring Niger Republic.
The Nigerien authorities alleged that the Lakurawa terrorist group, with the help of foreign security forces, including Nigerian security forces, were responsible for the attack on the Niger-Benin oil pipeline on December 13, 2024, in Gaya, Dosso Region of Niger Republic.
However, Nigeria, the Ministry of Foreign Affairs, in a statement on Saturday signed by its acting spokesperson, Kimiebi Imomotimi Ebienfa, refuted the allegation.
“The Government of Nigeria condoles with the Government of Niger over the unfortunate attack on the oil pipeline, but informs that the perpetrators were neither backed nor assisted by Nigerian authorities.
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“The Government of Nigeria is strongly committed to the fight against terrorism and will not condone or support the activities of such groups.
“The Federal Government of Nigeria also expresses very serious concern and states categorically that there are no French military troops in the northern part of the country preparing to destabilize the Government of Niger.
“These allegations are unfounded and should be discarded in their entirety,” the Statement read in part.
It also noted that the relationship between Nigeria and France had always been cordial, saying it is guided by mutual respect, dignity, and non-interference in each other’s internal affairs.
The government of Nigeria assured that it would continue to explore all peaceful means to maintain its cordial relationship with the Republic of Niger for the benefit of the people of both countries.
Nigeria denies alleged plot to destabilise Niger Republic
Africa
Suspected witchdoctors arrested over attempt to ‘bewitch’ Zambia’s President
Suspected witchdoctors arrested over attempt to ‘bewitch’ Zambia’s President
Two men were detained in Zambia on charges of being “witchdoctors” tasked with attempting to bewitch the president.
The police stated they had arrested Jasten Mabulesse Candunde and Leonard Phiri in Lusaka.
“Their purported mission was to use charms to harm” President Hakainde Hichilema, according to the police statement issued on Friday.
Many individuals in the southern African country believe in and dread witches.
The police stated Mr. Candunde and Mr. Phiri were hired by Nelson Banda, MP Emmanuel “Jay Jay” Banda’s younger brother.
The MP was reportedly arrested last month in nearby Zimbabwe on robbery allegations, which he denies, but he has not been seen in public since.
He is also accused of escaping from detention in August while waiting to appear in court.
The opposition Patriotic Front (PF), led by z, has previously claimed that the charges are politically motivated.
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Emmanuel Banda, who has been an independent MP since 2021, previously worked with Lungu, who lost the presidency to Hichilema that same year.
The police stated the MP’s younger brother, Nelson, was “currently on the run” in their statement.
Mr. Candunde and Mr. Phiri face charges under Zambia’s Witchcraft Act for “possession of charms,” “professing knowledge of witchcraft,” and “cruelty to wild animals.”
The pair was found with “assorted charms,” including a live chameleon, according to the authorities.
According to the police statement, they claimed they had been given more than 2 million Zambian kwacha (£58,000; $73,000) for their “mission.”
The accused are in jail and will appear in court “soon,” according to the police, although no specific date has been set for the hearing. They have not yet responded in public to the charges.
Suspected witchdoctors arrested over attempt to ‘bewitch’ Zambia’s President
Africa
South African man sentenced to six life terms for killing his relatives
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