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U.S Deputy Secretary Adeyemo Offers Insights On Nigeria’s Economic Prosperity
U.S Deputy Secretary Adeyemo Offers Insights On Nigeria’s Economic Prosperity....KINDLY READ THE FULL STORY HERE▶

Mr. Wally Adeyemo, Deputy Secretary of the United States Department of the Treasury, has called upon the Federal Government to ensure the stability of the naira, emphasizing its pivotal role in reviving the nation’s economy.
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Adeyemo, accompanied by a U.S. envoy delegation, made these remarks in Lagos during a Fireside discussion titled “U.S.-Nigeria Economic Relations: People, Entrepreneurship, and Investment,” hosted by the Lagos Business School (LBS).
As the first black U.S. Deputy Secretary of the Treasury, Adeyemo assured of President Joe Biden’s commitment to bolster the socioeconomic relationship between the two nations.
He emphasized that for Nigeria’s economy to prosper, the Federal Government must address four key critical areas that hold the potential to elevate the country’s status.
Adeyemo stressed the necessity of a stable naira and the unification of Nigeria’s exchange rates to ensure macroeconomic stability, thereby attracting investment and sparking transformative opportunities.
Furthermore, he called for the government to articulate a clear fiscal strategy that fosters credible investment, both for local and foreign investors, while asserting that, with the right macroeconomic framework, Nigeria can become the preferred destination for foreign capital, including from the United States.
Adeyemo urged the government to demonstrate greater commitment to combating corruption, holding public officials accountable, which, in turn, could stimulate investments into the country.
He expressed his presence at the event as an opportunity to discuss how the U.S. can collaborate in Nigeria’s economic reform programs, emphasizing that a prosperous Nigeria is mutually beneficial for both nations and the entire continent.
Acknowledging Nigeria’s vast economic potential, Adeyemo highlighted its significance to the country’s citizens, the continent, and the United States as a whole. He affirmed President Biden’s dedication to strengthening the U.S.-Nigerian relationship due to shared values.
Adeyemo noted the significant contributions of Nigerians globally, including the success of companies like the Dangote Group and Globalcom, as well as their contributions to culture, arts, entertainment, fintech, healthcare, and more.
With over 40 million MSMEs in Nigeria, predominantly operated by the youth, he emphasized the importance of implementing policies that would drive the growth of these businesses and further stimulate the nation’s economy.
The Vice Chancellor of the Pan Atlantic University, Prof. Enase Okonedo, expressed Nigerians’ eagerness to strengthen socioeconomic ties with the USA, particularly in vital sectors such as healthcare, security, infrastructure, and support for wealth creation.
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Government Agencies: Ireti Kingibe Sends Clear Message To Senate, Reveals What She Wants.
The senator representing the Federal Capital Territory (FCT), Ireti Kingibe, has called on the Senate to ensure that government agencies perform their responsibilities in line with the law.....KINDLY READ THE FULL STORY HERE▶
reports that Kingibe made the call during plenary on Thursday while supporting a motion sponsored by Senator Abdul Ningi, which sought strict compliance with resolutions passed by the Senate.
The lawmaker stressed that Nigerians deserve a government that listens to their concerns and responds to their needs.
Kingibe said she had joined Ningi in urging the Senate leadership and committee chairmen to use their constitutional powers to ensure that government agencies comply with the law.
She stated, “I joined my voice with that of my colleague, Senator Abdul Ningi, on the need for strict compliance with Senate resolutions, urging the Senate leadership and committee chairmen to utilise our constitutional powers to ensure that government agencies carry out their duties in accordance with the law.
“Where institutions fail to comply, the appropriate steps must be taken in accordance with due process.”
The senator emphasised that the responsibility of lawmakers extends beyond making laws and approving government budgets.
According to her, the National Assembly must also ensure that decisions made in the interest of Nigerians are implemented and that the concerns of their constituents receive adequate attention.
“Our responsibility goes beyond passing laws and approving budgets. It includes ensuring that decisions taken in the interest of Nigerians are implemented and that the concerns of our communities receive the attention they deserve,” she said.
Kingibe reiterated her commitment to promoting accountability, upholding the rule of law and ensuring that the needs of Nigerians are not neglected.
She added, “The people deserve a government that listens, acts and delivers. I remain committed to strengthening accountability, upholding the rule of law and ensuring that the voices and needs of our people are never overlooked.”
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Court Grants UBA Order Against Vitol, Four Others Over $242m Petroleum Products Dispute.
A Lagos State High Court has reportedly granted interim Mareva injunctions in favour of United Bank for Africa Plc (UBA) against Swiss-based energy trading company Vitol SA and four other shipping companies over a disputed $242 million petroleum products transaction.....KINDLY READ THE FULL STORY HERE▶
reports that UBA accused Vitol of wrongfully releasing petroleum cargoes that were consigned to the bank’s order in the relevant bills of lading.
During proceedings, UBA’s lead counsel, Bode Olanipekun, SAN, urged the court to grant interim preservative orders against Vitol and the other shipping companies.
In its ruling, the presiding judge, Justice K. A. Jose, granted three prayers contained in UBA’s application, including requests to prevent the dissipation of assets and restrict dealings with funds up to the disputed amount. However, the judge specified that the orders applied only to the second respondent.
“Prayers 1–3 are granted as prayed against the 2nd Respondent only,” the judge ruled.
The application was filed pursuant to Order 43 Rule 1 of the High Court of Lagos State (Civil Procedure) Rules 2019 and the Lagos State High Court Practice Direction No. 2 of 2019.
In the substantive proceedings, UBA intends to argue that Vitol SA and the owners of the vessels involved are liable for alleged conversion, misrepresentation and negligence arising from the failure to deliver the petroleum products.
The bank also listed 34 financial institutions and public agencies, including commercial banks, merchant banks, microfinance banks, the Nigerian Ports Authority and the Nigeria Customs Service, in connection with the application.
In an affidavit supporting the application, UBA’s Group Head of Recoveries and Remedial Management, Anthony Chilaka, explained that the bank had issued a letter of credit in favour of Vitol SA to facilitate a petroleum products transaction.
According to the affidavit, the cargo was transported to Nigeria, after which the vessels’ masters issued several bills of lading.
UBA alleged that Vitol subsequently endorsed the bills of lading in the bank’s favour and handed over the original documents to it.
The bank maintained that the endorsement entitled it to take possession of the cargo once the voyage had been completed.
However, Chilaka stated that UBA had yet to receive the gasoil despite the completion of the voyage.
“The applicant has not been given possession of the gasoil despite completion of the voyage,” the affidavit stated.
UBA further alleged that the cargo was instead diverted for the use of another party, arguing that the failure to deliver the products amounted to conversion and negligence.
The bank maintained that the respondents had obligations arising from the transaction and the endorsement of the shipping documents, which it alleged they failed to fulfil.
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Where Did Nigeria’s Ebola Patient Contract The Virus? Africa CDC Speaks Out.
The Director-General of the Africa Centres for Disease Control and Prevention (Africa CDC), Dr Jean Kaseya, has said the source of Nigeria’s Ebola case remains unknown.....KINDLY READ THE FULL STORY HERE▶
According to reports, Kaseya disclosed this during an appearance on Channels Television’s The Morning Brief on Thursday.
He explained that although the patient travelled to Nigeria from Uganda, there is no confirmed evidence that she contracted the virus in the East African country.
Kaseya said investigations were ongoing to establish whether the infection originated in Kampala, Uganda, or another location.
“What we know is that the lady came from Uganda, but what we don’t know is whether it is a transmission from Uganda, Kampala, or a transmission that came from another place. When we have answers to these questions, I will go back to Uganda to discuss the issue.
“From what I know now, Uganda has declared the end of the outbreak,” he said.
The Africa CDC chief revealed that the agency was engaging with authorities in Nigeria, Uganda and the Democratic Republic of the Congo (DRC) to determine the source of the infection and prevent the situation from escalating into a diplomatic dispute.
He added that the patient, who was born in Nigeria and resides in Abuja, arrived in the Federal Capital Territory with her husband on October 3 after spending several days in Uganda.
Meanwhile, Uganda’s Ministry of Health had earlier stated that the Nigerian national travelled to eastern DRC for business before passing through Uganda on her way to Nigeria.
The ministry stressed that the patient’s transit through Uganda did not necessarily mean she contracted the virus there.
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