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ECOWAS Agree On $187m Capital Base For Regional Central Bank
ECOWAS Agree On $187m Capital Base For Regional Central Bank
By: Michael Mike
Member countries of the Economic Community of West African States (ECOWAS) have agreed to put forward $187 million as capital base for the proposed Central Bank of West Africa.
This would make fund available for infrastructure development and solid liquidity of the region.
The President of the ECOWAS Commission, Dr. Omar Alieu Touray disclosed this while presenting the status of the community at the ongoing First Ordinary Session of the ECOWAS Parliament in Abuja on Wednesday.
He said studies on the size and distribution of the capital and reserve pooling have been finalized, explaining however that ” the criteria for pooling reserve, the voting system and establishment of the solidarity and stabilization fund for ECOWAS are still in progress.”
Touray lamented that the region is still grappling with the negative effects of the COVID-19 pandemic in terms of macroeconomic convergence.
He said: “The performance in terms of macroeconomic convergence of the member states, the preliminary data from member States in 2022 showed negative impact of lingering effects of COVID-19 pandemic, the Russian-Ukraine war, which have put more pressure on member states performance in terms of macroeconomic convergence.”
He said the situation of the region deteriorated further in 2022 compared to 2021, adding that more work needs to be done towards meeting both the primary and secondary convergence criteria for the ECOWAS single currency.
He said that none of the member states met all the primary or secondary convergence criteria in 2022 same in 2021.
He disclosed that in response to the challenges facing the community, the commission has embarked on numerous activities and increased efforts towards Economic and Monetary Union and efforts to deploy the right infrastructure to address the deficits in the community as well as building bridges and the connectivity necessary for economic integration and improvement in the well-being of the people.
He revealed that other areas of interests where the commission has made great strides include; investment in human capital development in the community, humanitarian assistance to citizens who are victims of both man-made and natural disasters and promoting gender equality and youth empowerment.
ECOWAS Agree On $187m Capital Base For Regional Central Bank
Troops rescue 31 kidnapped passengers in Kogi, search ongoing for others
By; Zagazola Makama
The Nigerian Army troops in collaboration with police and local hunters rescued 31 kidnapped passengers along the Apata-Obajana road on Thursday night.
Zagazola Makama informed reliably that the incident occurred on May8, at about 11:50 p.m. when two Toyota Hiace buses travelling from Lagos to Kano and Katsina respectively were attacked by armed hoodlums.
The first bus with registration number DTF 773 XA driven by Saminu Yahaya was heading to Kano with 17 passengers, while the second, with registration number KNA 170 XA, driven by Bashir Dahiru, was en route to Katsina with another 17 passengers.
A distress alert was received from a local hunter, prompting a swift response by the troops who engaged the assailants in a fierce gun duel, which forced the attackers to abandon 31 of the 38 victims and flee into the forest.
Four of the rescued passengers sustained machete injuries, while one victim was hit by a bullet in the left thigh. All injured victims were immediately evacuated to a hospital for medical treatment.
Efforts are ongoing to rescue the remaining seven abducted persons have been intensified.
Troops rescue 31 kidnapped passengers in Kogi, search ongoing for others
Troops of Operation Safe Haven arrest notorious gunrunners, recover arms in Kaduna
By: Zagazola Makama
Troops of Operation Safe Haven (OPSH) have arrested three suspected notorious gunrunners and recovered arms and ammunition in Golgokofa village under Godogodo Chiefdom, Jema’a Local Government Area of Kaduna State.
The operation, which was conducted on May 8, followed credible intelligence that led the troops to the suspects’ hideout.
The suspects were identified as Adamu Musa, 65; Lukman Isah, 35; and Umar Jammo, 25.
Items recovered from the operation include one AK-47 rifle, one fabricated gun, one AK-47 magazine, a round of 7.62mm (Special) ammunition, and three motorcycles.
The suspects are currently in custody and making useful confessions to aid further operations aimed at arresting other members of the criminal network and recovering additional arms.
OPSH reiterated its commitment to working with the public and utilizing actionable intelligence to rid the region of criminal elements and ensure a safe and secure environment.
Troops of Operation Safe Haven arrest notorious gunrunners, recover arms in Kaduna
Cattle Herder Survives ISWAP Terrorists Attack in Monguno LGA, Borno
By Hamza Suleiman
On May 7, 2025, at approximately 2030hrs, a cattle herder, Hassan Bukar, 55, was attacked by suspected Boko Haram/ISWAP terrorists while grazing his cattle in Wulo bush, Monguno Local Government Area, Borno State.
Sources told Zagazola Makama that the assailants used a knife to cut him at the nape of his neck, but the victim, despite the severity of the injury, managed to survive.
The victim was immediately rushed to Monguno General Hospital by a patrol team from Monguno Division, where he was admitted and is currently receiving treatment.
Troops of Sector 3 MNJTF and Operational Hadin Kai have intensified efforts to track and nutrialised the terrorists.
Cattle Herder Survives ISWAP Terrorists Attack in Monguno LGA, Borno
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Troops rescue 31 kidnapped passengers in Kogi, search ongoing for others
Troops of Operation Safe Haven arrest notorious gunrunners, recover arms in Kaduna
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