News
Dollar up as US President, Biden confirms re-election bid
The dollar was largely higher Tuesday as Joe Biden confirmed his bid to run for re-election as US president next year.
The announcement comes with the US economy still battered by high inflation and interest-rate rises, triggering concerns of a possible recession.
Worries that the global economy could enter a downturn this year continued to weigh heavily on stock markets Tuesday, however.
“Equity markets are slightly under pressure on Tuesday following a wide array of earnings releases and as investors eye further US data later in the week,” said Craig Erlam, senior market analyst at OANDA trading platform.
Wall Street opened lower, with the Dow dipping less than a tenth of a percentage point at the open. The broader S&P 500 shed 0.4 percent and the tech-heavy Nasdaq Composite shed 0.6 percent.
Briefing.com analyst Patrick O’Hare said there was plenty of good earnings news among US firms but that it did not seem to be enough to persuade investors.
He said an earnings miss by UPS, which along with its rival parcel shipping companies are seen as a bellwether for the overall economy, “was piquing concerns about the broader economic outlook and earnings prospects”.
Shares of regional bank First Republic (FRC) fell 28 percent after the bank reported of a 40 drop in deposits, adding to worries about mid-size lenders in the US after three banks collapsed last month.
In Europe, London and Frankfurt were flat in afternoon trading, while Paris was lower.
Following recent shocks in the banking sector, UBS on Tuesday posted an underwhelming first quarter net profit of $1.0 billion but insisted it had seen strong client inflows as it prepared to integrate its stricken rival Credit Suisse.
Shares in UBS, Switzerland’s biggest bank, fell around four percent in early trading following the announcement, but recovered much of that loss.
Asian markets ended mostly lower, with Hong Kong falling sharply on the back of major losses in Chinese firms, as a lack of clear direction ahead of key announcements this week presented a challenge for global investors.
It was the third straight day of losses on the Hang Seng Index, with Alibaba Group Holdings down more than three percent, internet giant Baidu down nearly four and pharmaceutical maker Wuxi Biologics dropping almost seven.
“Investors seem to be having concerns about the sustainability of the recovery in China and the heightening of geopolitical tensions,” Redmond Wong, of Saxo Capital Markets HK, told Bloomberg.
No ‘clean read’
Traders have largely been treading water ahead of earnings results from US tech behemoths such as Amazon, Microsoft, Facebook owner Meta and Google parent Alphabet.
Alphabet and Microsoft report after the close of US trading.
Stephen Innes of SPI Asset Management said in a note that despite “a reasonably constructive picture on the economy front”, it was tough to get “a clean read on anything happening this week”.
“One of the most challenging things about navigating this bear market and the widely anticipated coming recession is that we’ve had to differentiate between real and nominal economic and market variables like nothing in recent decades,” he said.
Key figures around 1330 GMT
New York – Dow: DOWN less than 0.1 percent at 33,849.49 points
London – FTSE 100: DOWN less than 0.1 percent at 7,908.57
Frankfurt – DAX 40: UP less than 0.1 percent at 15,868.15
Paris – CAC 40: DOWN 0.6 percent at 7,531.52
EURO STOXX 50: DOWN 0.5 percent at 4,381.11
Hong Kong – Hang Seng Index: DOWN 1.7 percent at 19,617.88 (close)
Shanghai – Composite: DOWN 0.3 percent at 3,264.87 (close)
Tokyo – Nikkei 225: UP 0.1 percent at 28,620.07 (close)
Euro/dollar: DOWN at $1.1013 from $1.1050 on Monday
Pound/dollar: DOWN at $1.2414 from $1.2485
Dollar/yen: Down at 133.97 yen from 134.14 yen
Euro/pound: UP at 88.70 pence from 88.46 pence
West Texas Intermediate: DOWN 1.1 percent at $77.89 per barrel
Brent North Sea crude: DOWN 1.2 percent at $81.78 per barrel
Photo credit: getty images
The Kano State House of Assembly has initiated impeachment proceedings against Deputy Governor Aminu Abdussalam Gwarzo over allegations of gross misconduct, abuse of office, and breach of public trust.
The notice was presented yesterday during plenary by the Majority Leader, Lawan Hussaini Dala, who said the action follows Section 188 of the 1999 Constitution of the Federal Republic of Nigeria.
Dala said the allegations stem from Abdussalam’s tenure as Commissioner for Local Government (2023–2024) and his current role as deputy governor. He accused the deputy governor of diverting funds meant for the 44 local government councils.
According to the majority leader, Abdussalam allegedly received N1.5 million monthly from each council between June 2023 and January 2024, totaling N462 million. Between February and July 2024, he allegedly collected N3.255 million monthly from each council under the guise of special assignments, amounting to N726 million.
Dala also accused the deputy governor of abuse of office, claiming he facilitated payments of N10 million from each council to NovoMed Pharmaceuticals Limited, totaling N440 million, in violation of state procurement laws.
“The misuse of official capacity to confer undue advantage constitutes abuse of power and undermines public trust,” Dala told lawmakers, adding that the allegations amount to gross misconduct under the Constitution.
The impeachment notice was reportedly endorsed by 38 lawmakers, meeting the constitutional threshold to proceed. The Speaker has acknowledged receipt, and the House is expected to serve the allegations on the deputy governor.
If approved, a panel may be constituted by the state Chief Judge to investigate the claims.
As of filing, Abdussalam had yet to respond publicly to the allegations.
The Inspector-General of Police, Tunji Disu, on Wednesday inaugurated a seven-member committee on the establishment of state police, giving it four weeks to submit its report.
The inauguration was held during his maiden conference with senior police officers at the Peacekeeping Conference Centre, Force Headquarters, Abuja.
Charging members of the panel to discharge their duties with professionalism and objectivity, Disu described the assignment as “both significant and timely,” noting that it would shape the framework through which state policing may operate in Nigeria.
“In carrying out this assignment, your deliberations must be guided by professionalism, objectivity, and a clear appreciation of the unique complexities of policing a diverse nation such as our own,” the IGP said.
He stated that if properly designed and effectively implemented, state policing holds significant potential benefits for the country.
“By bringing law enforcement closer to communities, state police institutions can deepen local knowledge of security dynamics and enable quicker and more targeted responses to emerging threats,” he added.
The committee is expected to review existing policing models within and outside Nigeria, assess community security needs and emerging risks, and propose an operational framework for the establishment and coordination of state police structures.
It will also address issues relating to recruitment, training, standards and resource allocation, as well as develop accountability and oversight mechanisms to ensure professionalism and public trust.
The panel is chaired by Olu Ogunsakin, with Bode Ojajuni as secretary. Other members are Emmanuel Ojukwu, Okebechi Agora, Suleyman Gulma, Ikechukwu Okafor and Tolulope Ipinmisho.
Disu said the committee had about four weeks to conclude its assignment and submit a comprehensive report.
The move marks one of the first major steps taken by the new police chief since his appointment and confirmation a few days ago.
The development comes amid rising security concerns across the country, with several stakeholders advocating state policing as part of measures to tackle insecurity.
President Bola Tinubu had earlier asked the National Assembly to commence the process of amending relevant laws to pave the way for the creation of state police.
President Bola Tinubu on Wednesday swore in Olatunji Disu as the Inspector-General of Police (IGP).
Disu took the oath of office at the Council Chamber of the Presidential Villa, Abuja, shortly before the commencement of the Federal Executive Council (FEC) meeting.
The President also administered the oath of office to six commissioners of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) and two commissioners of the Federal Civil Service Commission (FCSC).
The ceremonies were witnessed by ministers, senior government officials and family members of the appointees.
The council meeting began shortly after the swearing-in.
In attendance were Vice President Kashim Shettima; the Secretary to the Government of the Federation, Senator George Akume; the Chief of Staff to the President, Femi Gbajabiamila; the National Security Adviser (NSA), Nuhu Ribadu; and the Head of the Civil Service of the Federation, Mrs EsthMrs.Walson-Jack.
Disu was appointed acting IGP on February 25, 2026, by President Tinubu, following the resignation of former IGP Kayode Egbetokun.
His appointment was subsequently endorsed by the Nigeria Police Council (NPC).
The former Assistant Inspector-General of Police assumed office last Wednesday.
He previously served as Assistant Inspector-General in charge of the Force Criminal Investigation Department (FCID) Annex, Alagbon, Lagos, after his promotion to the rank last year.
A former head of the Lagos Rapid Response Squad (RRS), Disu has pledged to deliver accountable, modern and professional policing.
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