Former presidential candidate of the Labour Party (LP), Mr. Peter Obi, has reacted after Aliko Dangote slammed the federal government over its decision to hike interest rate to 30 per cent.

Dangote had said such a move will chase away investors planning to invest in the country.

Obi had argued against the decision of the Monetary Policy Committee to increase the Monetary Policy Rate (MPR) and the Cash Reserve Ratio (CRR) to 22.5% and 45%, respectively.

He insisted it would further worsen the economic situation, as the increases would push interest rates on loans to above 30%, which, according to him, would make it very difficult for manufacturers and MSMEs to borrow and repay.

In a statement on Thursday via his X handle, Obi said that Africa’s foremost entrepreneur and respected Nigerian businessman, Aliko Dangote, stating that no jobs will be created with such a high interest rate is consistent with his own position over time.

The former Anambra State governor maintained that the country must urgently reverse the ugly trend.

According to him, it is seriously resulting in further job losses, discouraging production in the nation, and has continued to hinder Nigeria’s movement from consumption to production.

Obi’s words: “Africa’s foremost entrepreneur and respected Nigerian businessman, Aliko Dangote’s recent outcry against the current interest rate of 30% underscores my earlier cry in February on the negative effects of the monetary policy of the present Federal Government.

“According to Dangote, no jobs will be created with such a high interest rate because there will be no growth in the economy. This has been my consistent position over time.

“In February this year, I argued against the decision of the Monetary Policy Committee to increase the MPR to 22.5% and the CRR to 45%, which, in my opinion, would further worsen the economic situation, as the increases would push interest rates on loans to above 30%, making it very difficult for manufacturers and MSMEs to borrow and repay.

“If Dangote, the richest person in Africa and foremost industrialist, can complain, then imagine the negative impacts of these policies on MSMEs, who are the engine of economic growth.

“To further understand the harsh economic environment that this monetary policy has exacerbated, the recent report from the Manufacturing Association of Nigeria (MAN) stated: ‘In 2023, 767 companies were shut down and 335 became distressed.

“The capacity utilization in the sector has declined to 56%; the interest rate is effectively above 30%; foreign exchange to import raw materials and production machines is scarce; inventory of unsold finished products has increased to N350 billion; and the real growth rate has dropped to 2.4%.

“These harsh economic policies, both on the monetary and fiscal sides, have continued to slow down our economic growth, drive multinationals out of the country, stifle our small businesses, and discourage the inflow of foreign direct investment.

“Again, I maintain that we must urgently reverse this ugly trend which is seriously resulting in further job losses, discouraging production in our nation, and has continued to hinder our movement from consumption to production.

“We need to reverse course and only initiate policies that can lead to growth and the birth of a new Nigeria.

“A New Nigeria is Possible.”

Shanté Adams

A 17-year-old girl, Shanté Adams has been confirmed dead after she was shot at her friend’s house in Voorbrug, Delft, South Africa.
 
Advocacy group, Women For Change, confirmed the incident in a statement on Wednesday, July 3, 2024.
 
According to the group, Shanté was hanging out with a group of friends when unknown men shot through the roof of the Wendy’s house where she was sitting on June 30, 2024.
 
Shanté was shot in the head and pronounced dead at the scene by the medical personnel.
 
Police have opened a murder case, and no one has been arrested as yet.

Shanté’s family told the media that she was the third family member who was innocently killed after her uncles, aged 18 and 28, were also shot and killed in the same road in 2019 and 2021.
 
Those previous murders are still unsolved, which leaves Shanté’s family without hope for any justice.
 
Shanté was a grade 10 student at the Voorburg Secondary School.

The Nigeria Police Force has announced its preparedness to initiate legal proceedings against Ubani Zion Chibuike, known as ZFancy, a popular prankster, for creating and disseminating provocative content on his social media channels.

The Force released a statement on Thursday morning, signed by its spokesperson, Olumuyiwa Adejobi, alleging that the detained content creator had engaged in serious offences that pose a significant threat to national security, leading to his arrest and detention.

It was learned that ZFancy was arrested on Wednesday at an apartment in Wuye, Abuja.

“This arrest follows the circulation of accusatory videos on social media, in which ZFancy was alleged to have committed heinous crimes, including rape. These videos caused significant apprehension among social media users,” the police’s statement reads.

It continued: “Furthermore, ZFancy came out and claimed the videos were scripted and part of his attempt to regain the spotlight after a break. Regardless, such actions have serious implications and cannot be taken lightly. The Nigeria Police Force remains committed to maintaining public safety and ensuring that individuals are held accountable for actions that incite fear or disturb public peace.

“The Police therefore warns pranksters and content creators to be law-abiding and be conscious of pranks and contents that could pose threats to the public and jeopardise the general security of our country. We urge the public to remain calm as we proceed with the necessary legal actions in this case.”

ZFancy is not the first prankster arrested by the Nigerian police over his content. In 2023, the police also arrested and sued an Oyo State-based skit maker and prankster, Abdullahi Maruff Adisa, popularly known as Trinity Guy, for sexualising a minor in a viral skit video.

Trinity Guy was later granted bail after spending four weeks in prison custody.

The trial court had also ordered the remand of Isiaka Ahmed, 40, and his wife Rofiat Ahmed, 29, who are the parents of the minor.

The police charged Abdullahi, alongside the parents of the victim with conspiracy, sexual abuse and exploitation.

The Prosecution Counsel, Inspector Oluwakemi Arowosaye, earlier informed the court that Trinity Guy, was arrested for sexually abusing and exploiting a 10-year-old girl in the Kuola neighbourhood of Ibadan on December 17, 2022.

Two singers have sued popular American rapper Cardi B for alleged copyright infringement.

She was sued for allegedly using their song in her track “Enough (Miami)” without permission.

Recall that Cardi B scored top 10 hits with the release of “Enough (Miami)” in March.

According to the lawsuit documents obtained by TMZ, Miguel Aguilar, known as Kemika 1956, and Joshua Fraustro, also known as Sten Joddi, alleged that Cardi B and her producers used elements of their 2021 song “Greasy Frybread” in her track.

The plaintiffs claimed that their song was also featured as a promotional piece for the FX series “Reservation Dogs.”

The lawsuit also names Atlantic Records, Warner Music Group, and producers OG Parker and DJ SwanQo as co-defendants.

“Enough (Miami)” was released on March 15, 2024, about three years after “Greasy Frybread.”

Reno Omokri

Former Presidential aide, Reno Omokri has stated that it makes no sense for a lady who comes from a poor background to say she cannot marry a poor man.

According to him, she came from poverty and has no right to dictate wealth.

He stated that if a woman can endure the poverty of her father, she should also be able to endure the same of her husband.

Omokri stated that a poor woman is not a scarce commodity.

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Responding, a Nigerian man, Omera Ugbede Opaluwa, disagreed with Reno Omokri, stating that his daughters will never marry poor men.

According to Opaluwa, no woman deserves a poor man.

He wrote;
 
“Sir Reno Omokri, I disagree with this respectfully. There was a time I posted on this space that my daughter(s) will never marry a poor man, if others like let them teach their own children to marry a poor man,” he wrote.
     
“People came up with series of disagreements about my own opinion which is not theirs like I don’t have the right to make my choice anymore.
     
“This post reminds me of that my old post and I still stand by it that our wish as parents is for our children to be better than us, why then will I wish my own daughter the type of man her mother married again?
     
“Even in the Bible, after Jesus died the sins of the parents were no longer transfered to the offsprings, why should my own daughter not marry a better and richer man than me the father?
     
“If me and her mother made a mistake in getting married, she should learn from the mistakes not repeating same.
     
“No one woman deserves a poor man just like even a poor man does not deserve poverty.”

In what will come across as a really heartbreaking development, a 12-year-old schoolgirl, has been killed by a crocodile.

She was killed when she went for a swim in a river in Australia.

The tragic schoolgirl was dragged to her death in Palumpa, northern Australia after she vanished when she went for a swim.

The alarm was raised when she went missing after she was last seen swimming in Mango Creek.

Police tragically confirmed her remains had been found today, Thursday, July 4, despite a frantic 36-hour search.

Authorities described the scene as “particularly gruesome.”

Northern Territory Police Senior Sergeant Erica Gibson said: “This morning, as a result of searching intensively overnight, the remains of the missing child were located in the riverway.

“It was particularly gruesome and a sad, devastating outcome. It was extremely difficult for the first responders involved in the search.

“As awful as the outcome is, it’s been an incredible effort from the people involved. I certainly would commend the actions of everyone involved.

“They were diligent and worked relentlessly. However, for the family, it’s the most devastating outcome possible for them.

“They are in a state of extreme shock and disbelief. “

Northern Territory police minister Brent Potter said officers had been authorised to “remove” the killer crocodile as he warned locals to be vigilant.

He said: “We live in a place where crocodiles occupy our water places… it’s just a reminder to stay out of the water as best we can.”

Sgt Gibson said a black crocodile was seen in the sea close to where the schoolgirl had been swimming as police used boats, helicopters and officers on foot to no avail.

Afrobeats singer, Anthony Victor, aka Victony has opened up that veteran singer Olamide inspired his debut album.

He stated this during a recent interview.

The ‘Soweto’ crooner explained that he wanted to release an Extended Play, EP, because he felt he wasn’t ready to drop an album yet but the YBNL boss encouraged him to release a full-length project.

Speaking in a recent interview with Channels TV, Victony said he gave a shoutout to Olamide on his debut album ‘Stubborn’s’ cover because he inspired the album.

He said, “Shout out to Olamide again. Olamide is basically the reason why I have an album. He encouraged me to go for it. I wanted to put out a smaller body of work like an EP because I didn’t think I was ready for an album but after meeting Olamide and the words of encouragement he gave to me..

“Someone at that level making out time for people in my generation to make sure that we are making the right moves and doing what is necessary for our careers, I had to give him a shout out to let people know he was part of everything that has to do with my album.”

Popular Nigerian content creator, Flowerboy, has gifted his beloved mother a fully furnished 6-bedroom mansion.

He posted photos of the new house and his mother in a joyous mood on his Instagram page.

In the caption, he congratulated his mother, noting that he had fulfilled his promise.

He recounted a day when he returned from school to find his parents had been evicted, which was the moment he vowed to himself and to God to change their circumstances.

His words: “Congratulations to my mum the latest landlady i kept my promise. I remember coming back from school feeling sad I couldn’t play that day in school I don’t know why but I could feel something was wrong when I got home running under that heavy rain. Rushing to enter inside my uncle’s house then I look beside my uncles house to the building opposite and saw my dad and mom standing with their backs all in front of them and my mom was crying and when she saw me my junior brother she busted into more tears

“I was confused at Dan but I understood what was happening. This is not our house. My dad has called me to decide of an uncompleted building two weeks back and told me look at this house. This is not our house told me a story of how he gave his life into smoking and doing up different things and he ended up staying at my uncle‘s place with his wife, which is not right I was still very little, but I was , listening to him so particular I knew what was happening. My father and my mother had been chased away from that house. I met my mom crying and I made a promise to God and I made a promise to myself.”

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American pop star Taylor Swift has made history as the most followed singer on Spotify.

She became the most followed artist after overtaking British singer, Ed Sheeran.

The ‘Cruel Summer’ hit 114.6 million followers to break Sheeran’s record.

Swift also holds the record for the most expensive tour for the highest-grossing music tour in history.

Her ‘Eras’ tour which grossed over $1 billion broke British legend, Elton John’s five-year farewell tour which generated $939 million (£749 million) over 328 shows.

In December 2023, Swift set a new Guinness World Record as the first musician to become a billionaire solely on music earnings.

The expulsion of Martin Amaewhule and 24 others from the Rivers State House of Assembly by the Rivers State High Court has been nullified.

The nullification order was given on Thursday by the Appeal Court in Abuja.

A 3 member panel of the appellate court unanimously held that the lower court lacked the jurisdiction to grant the exparte order.

Section 272(3) of the Constitution gives the federal high court powers to determine whether the seat of a House of Assembly member has become vacant.

The federal high court has the exclusive jurisdiction to determine if the seats have become vacant.

The express mention of the federal high court in section 272 (3) of the constitution automatically excludes all state high courts from having the jurisdiction.

The exparte order having been made without jurisdiction is null and void