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Former Governor Ibikunle Amosun on Saturday said he was deceived into handing over a free trade facility in Ogun State to an investment group from China, introducing a disturbing dimension to the ongoing legal battle that threatens the depletion of Nigeria’s assets abroad.

Mr Amosun, governor of the southwestern Nigerian state from 2011 to 2019, admitted in a statement personally signed by him that he didn’t do even a cursory assessment of facts before asking a Chinese team to take over the Ogun-Guandong Free Trade Zone in 2012. His decision marked the onset of a protracted legal crisis that led to aggrieved Chinese investors’ recent targeting of Nigeria’s assets in Europe and the United States.

The free trade zone was conceived in 2007 between Ogun State under Governor Gbenga Daniel and Guangdong Xinguang International China Africa Investment Ltd (or China Africa) to facility seamless trade between Nigeria and China in Igbesa, Ogun State. China Africa, the major investor at 60 per cent of the stake, was developing the 10,000 hectares facility when, in 2012, a year after Mr Amosun assumed office, another firm that identified itself as Zhongfu International Investment Ltd came in with tales about how the place was being poorly administered and thereafter sought to manage it.

Mr Amosun, in his statement, said he subsequently asked Zhongfu investors to take over as the interim managers of the trade zone before his administration could find time to investigate the allegations. “Zhongfu International Investment FXE, pretending to be a concerned and genuine tenant and Zone stakeholder, volunteered very damaging and destructive information about the official representatives of Guangdong Province, the Joint Venturer and lawful Zone Managers, China Africa Investment FXE and subsequently requested to be appointed as Interim Zone Managers.

Based on the information at the government’s disposal at the time, Zhongfu International Investment FXE was appointed interim zone manager on March 15, 2012, pending further evaluation. The whole idea was to ensure that someone was in charge and thereby prevent unwholesome and untoward development in the zone pending the completion of our fact-finding exercise.

“It was later discovered that the information and claims volunteered by Zhongfu International Investment FXE against China Africa Investment FXE were tissues of lies. Unknown to Ogun government at the time, Zhongfu International Investment FXE merely sought to de-market China Africa Investment FXE and to surreptitiously covert the state-owned assets of Guangdong Province in China together with the zone ownership and management rights of their business rival,” Mr Amosun said.

The former governor said Chinese authorities later directly intervened through several notes from the country’s mission in Nigeria. “It was further discovered – much later – through the intervention of the Chinese Government via Diplomatic Note 1601, dated March 11, 2016,” Mr Amosun said, saying the Chinese government told him the company he had terminated was the rightful owner of the investment.

Mr Amosun said that after he ousted Zhongfu International Investment, the company approached Nigerian courts in different jurisdictions to ventilate its legal and business rights but lost all four cases filed. He didn’t list out the cases.

Consequently, the former governor urged the federal government and Ogun State to continue desisting from entering into any resolutions that would benefit Zhongfu. “Nigeria should not give Zhongfu International Investment FXE any listening ear as doing so would amount to indulging and, encouraging an unlawful entity without locus standi to appropriate our common patrimon,” Mr Amosun said. This matter of Zhongfu International Investment FXE should be treated the way Nigeria treated the P&ID case. There is no basis for negotiation.”

Mr Amosun has recently been critiized as the source of Nigeria’s confrontation with Chinese investors before international arbitration panels. The Chinese have been trying to seize private jets used by President Bola Tinubu in France. On August 9, an appellate judicial panel in the United States authorised Zhongfu’s parent firm Zhongshan to proceed with its legal efforts to seize Nigeria’s assets in the U.S. Zhongshan had in 2021 obtained a compensation judgment in the United Kingdom to the tune of $60 million, which it has since been trying to enforce in France, the U.S. and other countries where Nigeria’s assets could be targeted.

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Consumers are finally feeling some relief from price pressures. 

The University of Michigan’s Index of Consumer Sentiment improved to 67.8 in August, rising for the first time in five months. Recent reports have shown slowing inflation as annual price increases move back toward the Federal Reserve's target of 2%. 

“Recent encouraging developments toward bringing inflation back into the FOMC's target range have given consumers reason to be a bit more optimistic,” wrote Wells Fargo economists Tim Quinlan and Jeremiah Kohl. The Federal Open Market Committee (FOMC) is the Fed's policy setting body, and it has kept interest rates at two-decade highs in an effort to tame inflation.

The University of Michigan poll is more sensitive to inflation readings when compared with other consumer surveys. For that reason, readings have been dour over the past year as inflation remained stubborn.

Consumers expect inflation to be 2.9% a year from now, in line with their predictions last month. Fed officials closely monitor consumer inflation expectations since people act on those predictions, which can influence both price setters and wage payers. 

Consumers reported feeling better about the economic outlook but souring on the current conditions.

“Overall, expectations strengthened for both personal finances and the five-year economic outlook, which reached its highest reading in four months,” said Joanne Hsu, director of the University of Michigan’s Survey of Consumers.  

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A man has revealed that life is a proof that God is alive and merciful as he shares a powerful testimony of how he ch£ated d£ath.

On the 12th of April this man here was wheeled into the hospital. I was diagnosed of a lung infection and doctors said I had to be placed on oxygen to live.

3 weeks down the treatment my health was detoraiting. Life was leaving me. I saw de@th came face to face.

I remember one of the days.I over heard one of the doctors discussing with my dad that they have given up on my case and they are just managing my case hoping for a miracle. It dawned on me that I had to fight for my life.

For weeks I could neither talk or walk… it was a hopeless case. I was bedridden. I didn’t sleep for about a month cos I will have to stay awake and monitor the oxygen so it doesn’t finish. My case was getting worse by the day. The money we had was already exhausting and we needed to buy oxygen.

I woke up one morning and then the Holy Spirit said: take a picture of you and post on Facebook. Naturally I wouldn’t have. I obeyed. He said reach out to Bmp Anthonent and Chukwudi Somack Mmesoma. Now this was the first miracle!

People started responding. I literally saw how people gave and gave and gave. We moved from 6 oxygen per day to about 10. Each of this oxygen cost for 18,000. In a day we were buying drugs over 40-50k It got to a point it was looking as if there was no improvement after all the money spent.

To shaken my faith people were diging like rats in my ward. I lost count of de ath that took place at the hospital. 80% did on oxygen. Regardless, I kept declaring I won’t di! Not now. Thank God for Dominion City Lagos who stood with me in prayers and arms. Infact my account was displayed on the screen . Church kept giving, members kept giving. There was literally nobody who wasn’t aware of my case.

When all hope was lost! Against all odds That faithful morning the doctor walked in and said Chidi you’re going home. I will discharge you today.

The hospital erupted!! You need to see the shout. Nobody believed • He said pull of the oxygen. I did!! Stayed for an 1hr nothing happened. Poir to this time, any second without oxygen is de@th.

But mehn!Chidi has been breathing for the past one month. Guess what? My recovery process is supposed to take extra months staying at home. But we’re all seeing what God is doing. The speed at which i I’m recuperating is humbly!

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The Dow, S&P 500, and Nasdaq were little changed at midday Friday heading to the end of a week of gains for the major indexes driven by better-than-expected retail sales and labor market data.

H&R Block (HRB) shares surged, a day after the tax-prep firm reported better-than-expected results for the fiscal fourth quarter, along with a dividend hike, and a $1.5 billion buyback program.

Madison Square Garden Entertainment (MSGE) shares reached a record high as the owner of Madison Square Garden posted a surprise profit on higher revenue from events and sales of food, beverages, and merchandise at sporting events.

Ulta Beauty (ULTA) shares added to yesterday’s rise, after Warren Buffett’s Berkshire Hathaway (BRK.A) revealed a stake in the beauty store chain. Tapestry (TPR) also extended gains after posting better-than-expected results on strong European demand.

Amcor (AMCR) was the worst-performing stock in the S&P 500 as the packaging firm missed revenue estimates and gave weak guidance as volumes for healthcare and North American beverage companies remained soft.

Pfizer (PFE) shares and American depositary receipts (ADRs) of BioNTech (BNTX) dropped following disappointing results from a trial of the drugmakers’ combined COVID-19 and flu vaccine.

Gold futures climbed to a record high. Oil futures fell and the yield on the 10-year Treasury note declined. The U.S. dollar lost ground to the euro, pound, and yen. Most major cryptocurrencies traded in negative territory.

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The IGP has said, the Kidn+p of 20 medical students in Benue appalling, unacceptable.

The Inspector-General of Police, IGP Kayode Adeolu Egbetokun, PhD, NPM, has condemned the kidnapping of 20 medical students who were abducted in Otukpo, Benue State, while en route to the annual convention of the Federation of Catholic Medical and Dental Students in Enugu. This reprehensible act is truly appalling, callous, and unacceptable

In a display of unwavering commitment to the rescue, safety, and well-being of the young Nigerians, the IGP has ordered the prompt deployment of a substantial number of human and technical resources to augment the manpower of the Benue State Command, and ensure swift rescue of our beloved students. This initiative encompasses the mobilization of additional tactical units from the FID-STS and FID-IRT, the deployment of advanced helicopters and drones, as well as the use of specialized tactical vehicles to facilitate the search and secure the safe return of the victims.

The Nigeria Police Force stands with the victims and their loved ones during this challenging time, and we are committed to ensuring the safe return of the students. The Inspector-General of Police reiterates the zeal of the force to leave no stone unturned in the pursuit of the perpetrators and others alike, as the Nigeria Police Force is determined to sustain the fi ht against crimes and criminality, most especially kidn: pping of Nigerians. The IGP equally appeals to the general public to provide useful information and actionable intelligence that may aid the ongoing investigation and the rescue operation. Individuals with relevant details are encouraged to contact the nearest police station or the state’s command control number or the FHQ via Pressforabuja@police.gov.ng and other help lines.

The Nigeria Police Force remains resolute in its mission to protect the lives and property of all Nigerians, and it will continue to work tirelessly to maintain peace, stability, and the rule of law throughout the country.

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