Good Morning. Here’s a recap of top trending news stories this morning.
1. The federal government has announced it is in discussions with investors from Russia, China, and several Arab countries to revamp the Ajaokuta Steel Company. Minister of Steel Development, Shuaibu Audu, disclosed that the government is considering a $2 billion investment to resuscitate the plant, which was constructed in 1979.
2. Landlords affected by the Lagos-Calabar Coast Highway project are unhappy with the government’s compensation, claiming it falls short of their investment. Minister of Works, David Umahi, announced that 750 houses are slated for demolition under the current plan. At a stakeholders’ meeting in Lagos, Umahi explained that the new alignment would demolish 490 houses, while the gazetted alignment requires 750 demolitions. A 25-kilometer realignment at Okun Ajah is also planned to avoid damaging submarine cables.
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3. The House of Representatives passed a bill on Thursday to reinstate Nigeria’s old National Anthem, “Nigeria, We Hail Thee,” replacing the current one, “Arise O’ Compatriots.” Sponsored by House Leader Hon. Julius Ihonvbere, the bill quickly passed through the legislative stages, including first and second readings, consideration and approval at the Committee of the Whole, and third reading at plenary.
4. Minister of the Federal Capital Territory (FCT), Nyesom for the impoverished residents of the territory as part of President Tinubu’s “Renewed Hope Cities” project. Speaking in Abuja, the minister emphasized that the FCTA would provide necessary infrastructure for the houses and allocate them to individuals unable to afford their own construction projects, clarifying that they were not intended for affluent individuals.
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5. The Federal Capital Territory Administration (FCTA) has rescheduled the inauguration of commercial operations for the Abuja Rail Mass Transit system by President Bola Tinubu. The new date for the inauguration is now May 29, instead of the previously announced May 27.
6. A dramatic scene unfolded on Thursday at the Federal High Court in Abuja during the trial of Tigran Gambaryan, an executive of the cryptocurrency exchange platform Binance. Gambaryan reportedly collapsed in the courtroom before proceedings began.
The Economic and Financial Crimes Commission (EFCC) is prosecuting Gambaryan for alleged foreign exchange (forex) violations and money laundering. The case follows accusations by the Nigerian government that Binance, through its Naira peer-to-peer (P2P) platform, manipulated the Nigerian currency.
7. The Code of Conduct Bureau (CCB) has initiated a discreet investigation into specific public officials and appointees from previous administrations who may have violated statutory laws on asset declaration during their tenure. The agency’s focus includes individuals who provided false declarations and those who intentionally failed to disclose their assets.
8. A Federal High Court in Kano has issued an ex-parte order, temporarily stopping Governor Abba Kabir Yusuf of Kano from reinstating Emir Muhammadu Sanusi II. This order will remain in effect pending the determination of a substantive lawsuit filed against the reinstatement. The order also kicked against the abolishment of four emirates: Bichi, Gaya, Karaye, and Rano.
9. Manufacturers’ confidence in the economy and government policies saw its first improvement in six quarters during the first quarter of 2024 (Q1’24). This was revealed by the Manufacturers Association of Nigeria (MAN) in its MAN CEO’s Confidence Index Report for Q1’24, released on Thursday.
10. A massive landslide hit Kaokalam village in Papua New Guinea’s remote Enga province around 3:00 am local time on Friday. The disaster resulted in significant loss of life and property, as confirmed by provincial governor Peter Ipatas. Images from the site show a large section of rock and soil torn from a densely vegetated hill. Many are feared dead according to local officials and aid groups.