Nigerian Human Rights Lawyer Seeks ProbeInto Alleged Diversion Of $3.4bn IMF Loan

The US and China will give details of “substantial progress” touted by Washington on trade talks aimed at ending a devastating tariff war launched by US President Donald Trump that has wiped billions off equities and brought chaos to international commerce. US Treasury Scott Bessent and Trade Representative Jamieson Greer met with Chinese Vice Premier He Lifeng and international trade representative Li Chenggang for closed-door talks in Geneva on Saturday and Sunday. Both sides sounded an optimistic note after the talks ended on Sunday, without providing many specifics, with the White House calling it a new “trade deal”.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Russian President Vladimir Putin proposed direct negotiations in the coming days to end the conflict in Ukraine but did not address a 30-day ceasefire proposal drawn up hours earlier by European allies of Kyiv, reportedly with US backing. Putin proposed direct talks with Ukraine in Istanbul on May 15 — hours after Kyiv and the leaders of France, Germany, Britain and Poland had called for an unconditional 30-day ceasefire to start on Monday. Russian and Ukrainian negotiators held direct talks in Istanbul in the first weeks of the conflict, but failed to agree to halt the fighting, which has been raging ever since. Putin says he was committed to serious negotiations with Ukraine and that he wanted talks to “eliminate the root causes of the conflict and to establish a long-lasting peace.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Safaricom Ethiopia, the subsidiary of Kenya’s largest telecom operator, narrowed its losses by 65% to $165.7 million in 2024. The group company posted an 11% jump in 2024 full-year profit to $540 million, buoyed by stabilising losses from its Ethiopian expansion and steady growth in mobile money and data in Kenya. Safaricom is laying the rails for mobile money dominance in a country where 90% of transactions are still cash-based.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Taliban government in Afghanistan has banned chess until further notice due to fears the game is a source of gambling. Officials says the game has been prohibited indefinitely until its compatibility with Islamic law can be determined. Atal Mashwani, the spokesman of the Taliban government's sports directorate, says chess in Islamic sharia law is "considered a means of gambling". He says there are religious considerations regarding the sport of chess adding that until these considerations are addressed, the sport of chess is suspended in Afghanistan.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

South Africa has criticised the US as reports emerge suggesting Washington could receive white Afrikaners as refugees as early as next week. South Africa's foreign ministry described the purported move as "politically motivated" and designed to undermine South Africa's "constitutional democracy". Trump earlier described Afrikaners as victims of "racial discrimination" in an executive order, opening up the prospect for them to resettle in the US. The South African authorities says they would not block the departures of those chosen for resettlement, but says hey had sought assurances from the US that those selected had been fully vetted and did not have pending criminal charges.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Kebbi State Government has announced the release of over N266 million for the payment of tuition fees for 100 students of Kebbi origin studying in India. Kebbi State Commissioner for Higher Education, Isah Tunga, described the efforts of the governor as a significant step towards taking education to greater heights. “The Kebbi State Government, under the able leadership of Governor Nasir Idris, the education promoter, has approved and released the payment of tuition fees of N266,964,560 for the 100 students of Kebbi State indigenes studying in various universities in India.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Human Rights lawyer, Femi Falana, SAN, has called on the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission to investigate the alleged criminal diversion of the $3.4 billion loan obtained from International Monetary Fund by Nigeria to fight the COVID-19 pandemic. Falana asked the IMF board to probe alleged deliberate refusal of its management to ensure that the emergency funds were used for their intended purposes. He further urged the IMF to suspend the collection of the scheduled charges, including net charges, basic interest, and administrative fees, amounting to N275.28 billion pending the conclusion of its investigation. The International Monetary Fund confirmed that Nigeria had fully repaid the $3.4 billion COVID-19 financial support it got under the Rapid Financing Instrumentbut scheduled charges, including net charges, basic interest and administrative fees, amount toN275.28 billion.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

US President Donald Trump says he was ordering new tariffs on all films made outside the United States, claiming Hollywood was being devastated by a trend of US filmmakers and studios working abroad. The announcement comes as the White House is coming under mounting criticism over its aggressive trade policies that have seen Trump impose sweeping tariffs on countries around the globe. Trump authorised the Department of Commerce, and the United States Trade Representative, to immediately begin the process of instituting a 100% Tariff on any and all Movies coming into our Country that are produced in Foreign Lands.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Donald Trump says he is directing his government to reopen and expand Alcatraz, the infamous former prison on an island near San Francisco's Golden Gate Bridge. President Trump says that for too long America has been plagued by vicious, violent, and repeat criminal offenders". The reopening of Alcatraz - once notorious as one of the US's toughest prisons - would serve as a "symbol of law, order, and justice," he said. Leading Democrats said the proposal was "not a serious one". The maximum security facility, also known as The Rock, was closed in 1963 and it is currently operating as a successful tourist site.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Kenyan commercial banks have rejected the Central Bank’s proposed loan pricing model, arguing it risks reintroducing interest rate controls through the back door. The Central Bank wants lenders to price credit using the Central Bank Rate plus a regulated premium known as “K”—but banks prefer a market-driven benchmark like the interbank rate. The CBK aims to make interest rates more transparent and better aligned with monetary policy however the banks say the new formula could limit their ability to price risk effectively, especially when lending to small businesses. They argue that strict pricing rules would reduce credit flow to riskier sectors and undermine efforts to support economic growth. Banks also noted the potential disruption to their existing SME loan commitments. The Kenya Bankers Association says lenders have pledged to disburse KES150 billion (annually to SMEs. Imposing a rigid pricing formulacould make those goals harder to meet.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.