Connect with us

News

China puts ‘aggressive’ terms on Uganda airport loan – AidData reveals

Published

on

A top Chinese lender has imposed “aggressive” repayment terms on a $200 million loan to expand Uganda’s international airport, US-based research lab AidData said Monday, criticising the bank for forcing the government to repay its debt before funding public services.

Chinese state banks are the biggest source of infrastructure funding to Africa and have been criticised for their predatory lending practices although details of contracts are rarely made public.

Under the loan from China’s Exim Bank to modernise the Entebbe Airport, the Ugandan government is required to channel all revenue from the country’s only international airport into an account held jointly with the lender, according to the contract published Monday by AidData.

The government is then required to use part of the revenue to repay the loan each year before it can invest in public services.

“These are (more) aggressive terms than what we have seen earlier,” Bradley Parks, executive director at AidData, told AFP, saying the contract “limits the fiscal autonomy of the government”.

State-owned China Communications Construction Company began repairing runways and building new airport hangers in Entebbe in 2016 and the work is expected to be completed this year.

Chinese creditors — unlike other lenders from developed nations — require governments to deposit some earnings from big infrastructure projects in bank accounts they control to serve as collateral.

ALSO READ  Mailafia to Security Agents: It will be unwise to go after Sunday Igboho

But the contract for the Ugandan airport goes further.

“The lender is asking not just for revenues from the new projects they are funding, but also from the underlying asset — or the airport — that already exists,” Parks said.

The airport, built in 1951, was generating about $68 million in annual revenue prior to the expansion project and the money was used to fund public services according to Parks, citing data from the government.

The project led to public outrage last year after Ugandan media reported China will take control of the airport if the government in Kampala defaulted, a claim that Beijing later denied.

China Exim Bank did not respond to a request for comment.

US Treasury Secretary Janet Yellen this month said China needs to contribute more to global efforts to provide debt relief for poor nations that are struggling to repay after the pandemic battered their economies.

 

 

 

Comments

News

Court halts Multichoice Nigeria’s tariff increase on DStv, GOtv

Published

on

By

 

The Competition and Consumer Protection Tribunal (CCPT) in Abuja has issued a restraining order against MultiChoice Nigeria Limited, preventing the company from implementing its planned tariff increase and adjustments to the cost of products and services scheduled to commence on May 1.

Presiding over the three-member tribunal, Saratu Shafii, granted the interim order on Monday, in response to an ex-parte motion presented by Ejiro Awaritoma, legal counsel representing the applicant, Festus Onifade.

In her ruling, Shafii directed MultiChoice to refrain from proceeding with the impending price hike set to take effect from May 1 until the hearing and determination of the motion on notice before the tribunal.

Also, she mandated all involved parties to appear before the tribunal on May 7 at 10 a.m. for further proceedings regarding the motion on notice.

The petitioner, Festus Onifade, filed a lawsuit against MultiChoice Nigeria Ltd and the Federal Competition and Consumer Protection Commission (FCCPC), seeking two specific orders.

These orders include an interim injunction restraining MultiChoice from implementing the impending price increase and any actions that could negatively impact the rights of the claimant and other consumers, pending the determination of the motion on notice.

MultiChoice Nigeria Ltd had previously raised the prices of all its packages on April 1, 2022, prompting legal action from concerned parties.

ALSO READ  Shehu Sani reacts to Catholic bishops visit to Buhari

 

Continue Reading

News

Kogi Assembly Urges EFCC to Remove ‘Wanted’ Tag on Ex- Gov. Yahaya Bello

Published

on

By

In a recent session of the Kogi State House of Assembly, members passed a resolution urging the Economic and Financial Crimes Commission (EFCC) to remove the ‘wanted’ tag placed on the immediate past Governor of the state, Yahaya Bello.

The resolution was reached during plenary on Tuesday, following a presentation by Jibrin Abu, the representative of Ajaokuta State Constituency.

Abu brought forth a motion titled, ‘A call to end all false, frivolous, fictitious, and far from the truth smear campaign against the former Governor of Kogi State, Alhaji Yahaya Bello.’

Abu alleged that the anti-graft agency had been engaging in a witch-hunt against Bello, stating, “Kogi State, by allocation standard, is not rich so much so that N80.4b will be missing that the State will not be shaken to its foundation. This claim by the EFCC should be sanctioned and taken as laughable. Innocent Nigerians and Kogi State citizens that bought into the lies should by their personal volition withdraw their support.”

Former Deputy Speaker of the House, Enema Paul, echoed Abu’s sentiments, urging the EFCC to uphold the rule of law.

In his ruling, Speaker Aliyu Yusuf emphasized the importance of the EFCC operating within the boundaries of the law.

ALSO READ  Ona-Ara Multi-million Naira Hospital Opens in Ibadan

He stated, “This House is not against the EFCC doing their job but they should do it within the ambit of the law and not in a Gestapo way. The country belongs to all of us, so we must respect the law and work with it.”

 

Continue Reading

News

‘Catch And Kill’ Architect Details Trump-Boosting Scheme

Published

on

By

TOPSHOT – Former US President Donald Trump, with attorney Todd Blanche (L), walks toward the press to speak after attending his trial for allegedly covering up hush money payments linked to extramarital affairs, at Manhattan Criminal Court in New York City on April 23, 2024. (Photo by Yuki Iwamura / POOL / AFP)

In the 1990s, Donald Trump famously gossiped to the tabloids about — who else — himself, a headline-chaser who loved none other than to see his name in lights, or at least in the supermarket checkout line.

 

But those were Trump’s good old days, an era of clubs and models, long before he launched a bid for the US presidency and found himself needing to squash the lewd, party boy stories he once boasted about.

 

Cue David Pecker, the former publishing executive whose titles included the National Enquirer, and who on Tuesday in a Manhattan courtroom laid out the “catch and kill” strategy he carried out in a bid to support Trump’s 2016 presidential campaign.

 

In a then-secret meeting in August 2015, Trump and his former personal lawyer Michael Cohen met with Pecker to ask how he and his publications could “help the campaign,” the 72-year-old witness testified

Trump “dated the most beautiful women,” Pecker explained, “and it was clear that, based on my past experience, that when someone is running for a public office like this, it is very common for these women to call up a magazine like the National Enquirer to try to sell their stories.”

ALSO READ  Ona-Ara Multi-million Naira Hospital Opens in Ibadan

‘Fake news’ sells

Speaking under oath, Pecker, who sported a pink tie and slicked back hair, essentially confessed to trafficking so-called “fake news” to both his and Trump’s benefit, while simultaneously paying off several people whose tales had the potential to damage candidate Trump’s reputation.

He said “popular stories about Mr. Trump” as well as “negative stories about his opponents” would “only increase newsstand sales.”

“Publishing these types of stories was also going to benefit his campaign,” Pecker said. “Both parties benefited from it.”

Pecker offered a portal into the editorial practices of outlets like his own, which had no shame in paying for stories and focused far more on the cover than the content.

“We would do a lot of research to determine what… the proper cover of the magazine would be,” Pecker said.

“Every time we did this, Mr. Trump would be the top celebrity,” Pecker said, describing the magnate’s pre-politician days and pointing to his star turn as the top guy on his own reality show “The Apprentice,” and its celebrity-starring sequel.

In recalling Trump’s first campaign era, the prosecution presented bombastic headlines disparaging the Republican’s opponents, such as “Bungling surgeon Ben Carson left sponge in patient’s brain” and “Ted Cruz shamed by porn star.”

ALSO READ  How Osinachi’s husband threatened to kill late gospel singer - Victim’s mother reveals

Pecker said such ideas often came from or were shaped by Cohen, Trump’s then-fixer who is expected to be a star witness in the New York state trial.

But Pecker also said he wanted to keep his “agreement among friends” with Trump and Cohen “as quiet as possible.”

Among the times he said he killed a story regarding Donald Trump, it centered on a Trump Tower doorman who was peddling a false claim that Trump had fathered a child out of wedlock with one of his former employees.

Pecker said he thought it was important to buy the story and keep it quiet for Trump’s benefit — as well as his own.

He said had the story been true, he planned to publish it “after the election.”

“If the story was true, and I published it, it would be probably the biggest sale of the National Enquirer since the death of Elvis Presley.”

 

Continue Reading
Advertisement

Tweets by ‎@megaiconmagg

Subscribe to our Newsletter

* indicates required

MegaIcon Magazine Facebook Page

Advertisement

MEGAICON TV

Trending