News
Why is Putin’s back against the wall?
Since the beginning of his “special operation” in Ukraine, the Russian president has been seriously weakened, particularly by Western sanctions.
The Kremlin refuses to acknowledge it, but the Russian energy sector is being undermined by the West. And although Putin could have cut off the gas supply to Europe, he has done nothing. The media outlet Business Insider covers the matter in a recent article, reporting that Russia is “not ready to acknowledge that it’s not in a financial position to completely cut off Europe from its natural gas exports”.
For his part, Russian Foreign Minister, Sergei Lavrov, told Sky News Arabia: “We are honest people. We have signed long-term contracts with Europe. We always honour our obligations, unlike Europe or the United States”.
It should be noted that before the conflict began, 40% of European countries’ gas came from Russia. At the end of 2023, this figure barely reached 15%, a fall helped by the damage suffered by several Nord Stream pipelines during sabotage operations, reports Korii.
When the G7 imposed a price cap on oil exports, Russian energy revenues fell by 24%. Even though the Russians keep the situation afloat, it’s only thanks to their ghost fleet and a major ally, China. An ally that is not exactly generous… Indeed, Beijing would like the Kremlin to revise the price of gas downwards. The Russian energy empire is more vulnerable than ever, it will hold out as long as the war in Ukraine lasts. But will it be able to do that without the European market? According to Business Insider, based on documents from the Oxford Institute for Energy Studies, “the oil and gas industry accounts for between 30% and 50% of Russia’s federal budget revenues.”
(MH with Manon Pierre – Source: Korii – Picture: Picture by tatarstan.ru via WikiCommons under Creative Commons Attribution 4.0 International license)
Former Attorney-General Abubakar Malami says Economic and Financial Crimes Commission operatives forcefully evicted him and his family from their Abuja residence despite ongoing court proceedings over the property’s forfeiture.
He described the action as unlawful and vowed to challenge it in court.
The governor of Oyo state, Seyi Makinde, has approved a N10,000 transportation allowance as a palliative for the state workforce to cushion the effects of the increase in the pump price of Premium Motor Spirit, otherwise known as petrol.
The Chairman of the Nigeria Labour Congress (NLC), Oyo State chapter, Kayode Martins, in a statement released on Monday, March 23, disclosed that the governor has granted the request of the union on the issue of transportation allowance.
The statement read
“Following the intervention and formal request made by the State Council of the Nigeria Labour Congress (NLC) earlier this morning, the state government has approved a N10,000 transportation allowance for all workers in the state.
The newly approved allowance is set to take effect from April 2026, providing much-needed relief to workers grappling with rising transportation costs amid current economic challenges.
This development comes as a direct response to sustained advocacy by the state NLC, aimed at cushioning the impact of increased living expenses on the workforce.
Further details on implementation are expected to be communicated by the relevant government authorities in due course.”
News
Former Acting Accountant-General of the Federation bags 72years imprisonment for diverting N868.46 million security funds
Justice James Omotosho of the Federal High Court in Abuja, on Monday, March 23, convicted and sentenced Chukwunyere Nwabuoku, former acting Accountant-General of the Federation (AGoF), to a 72-year jail term without an option of fine.
DailyTrust reports that in the judgment delivered, Justice Omotosho held that the Economic and Financial Crimes Commission (EFCC) had been able to prove the nine-count money laundering charge beyond reasonable doubt.
According to the judge, the defendant is hereby convicted as charged.
Justice Omotosho convicted Nwabuoku in all the nine counts and sentenced him to eight years imprisonment in each of the counts, making 72 years.
The judge, however, ordered that the counts shall run concurrently.
Justice Omotosho, who described Nwabuoku’s act of diverting funds meant for security and defence while he served as Director of Finance and Account in the Ministry of Defence as “appalling,” commended the EFCC for being detailed in its prosecution.
The judge observed that the evidence of the 9th prosecution witness that Nwabuoku voluntarily refunded part of the siphoned money of over N200 million during investigation was not controverted by the defence.
Nwabuoku served as the Director of Finance and Accounts in the Ministry of Defence between 2019 and 2021. He became acting Accountant General of the Federation in May 2022.
IMO STATE LABOUR PARTY DESCENDS INTO FACTIONAL WAR
EFCC evicts Malami from Abuja home amid forfeiture dispute
Fuel price hike: Gov Makinde announces N10,000 transport support for workers
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