News
New US sanctions hit Russian banks, elites
The latest round of sanctions announced Thursday against Russia purposely spares the energy sector to avoid inflicting pain on the Western allies, but officials say they leave room for escalation.
Washington said the penalties will be severe and will have a lasting impact on Russia’s economy, even though they tried to “mitigate” costs on American and European consumers, who already face rising oil prices.
Here are the highlights of the measures:
Hitting major banks
The Treasury added five more Russian banks to the sanctions list including the country’s two largest, both majority-owned by the government, although each faced penalties with differing severity.
Sberbank, which holds about a third of all bank assets in Russia, will be banned from conducting transactions through the US financial system, through what is known as the Correspondent Account or Payable-Through Account Sanctions (CAPTA) List.
But VTB and three other banks were hit with “full blocking sanctions,” meaning all US-held assets will be frozen.
Asked to explain the rationale behind the differing treatment, a senior administration told reporters the decision was partly due to the fact that VTB “had assets in the United States that we wanted to freeze” denying them to the Kremlin.
On top of previously-announced measures, the official said “the top 10 Russian financial institutions representing nearly 80 percent of Russia’s banking sector and assets value are now under US restrictions.”
However, transactions involving energy, agriculture, or medical goods are exempt from the financial prohibitions.
In addition, major state banks and companies, including Gazprom’s oil and natural gas units, were cut off from Western credit markets, joining the debt blockage of the central government announced earlier this week.
Cutting off high-tech goods
Western allies banned exports of key high-tech goods aimed at choking off the Russian military’s capabilities.
The ban targets the defense and aerospace sectors and includes semiconductors, computers, telecommunications, information security equipment, lasers, and sensors.
Washington said the blockade “will cut off Russia’s access to vital technological inputs, atrophy key sectors of its industrial base, and undercut its strategic ambitions.”
The United States, the European Union (EU), Japan, Australia, United Kingdom, Canada, and New Zealand, cooperated on the ban, with more expected to join.
Putin allies targeted
Washington added to the list of Russian oligarchs in government and finance, who officials say “Putin relies on for his wealth and power.”
The officials, including executives at Sberbank and VTB, will have any US assets frozen. The penalties extend to their family members as well, to prevent transferring resources to them.
The Nigeria Customs Service (NCS) has announced a record revenue collection of N5.7 trillion as of November 12, 2024, surpassing its yearly target by 10 percent.
This was disclosed by the Comptroller-General of Customs, Adewale Adeniyi, at the ongoing 2024 Comptroller-General of Customs Conference in Abuja.
Themed “Nigeria Customs Service: Engaging Traditional and New Partners with Purpose,” the conference showcased the Customs Service’s progress in modernizing its operations and fostering collaborative partnerships.
“Today, I stand before you to demonstrate how our commitments in 2023 have evolved into tangible achievements,” Adeniyi stated.
He attributed the revenue growth to a series of reforms, including the implementation of a one-stop solution for cargo alerts, a revamped ICT infrastructure, streamlined inspection procedures, and enhanced automation.
Adeniyi explained that these changes reflect the agency’s commitment to elevating operational transparency and efficiency.
“We pledged to re-align our free trade operations, elevate cargo integrity standards, and expand our scanning capacities,” he said.
“Above all, we promised to usher in a new era of customs operations—one built on transparency, efficiency, and genuine collaborations with our partners.”
As of Tuesday, November 12, Adeniyi confirmed that the NCS collected N5.07 trillion, achieving the anticipated 10 percent revenue surplus.
“This performance validates our partnership-driven approach to revenue collection and trade facilitation,” he added.
Adeniyi also highlighted recent strides in trade facilitation, revealing that six companies have been selected to benefit from the Authorised Economic Operators programme, which provides fast-tracked customs clearance and other trade facilitation benefits.
Similarly, the NCS has processed 21 requests under an advance ruling programme, designed to expedite customs decisions on import and export cargoes before they reach Nigerian ports.
The Comptroller-General expressed optimism about the NCS’s potential to drive further economic growth, citing the agency’s commitment to fostering partnerships and advancing innovative practices within the customs sector.
Nineteen out of the thirty-eight directors who were shortlisted to fill permanent secretary vacancies within the Federal Civil Service have failed the qualifying examination, a memo from the Office of the Head of Civil Service of the Federation (OHCSF) revealed on Tuesday.
The memo, signed by Dr. Emmanuel Meribole on behalf of the examination committee, disclosed that the qualifying exam was conducted on Monday, November 11, 2024.
The Federal Government, through the OHCSF, launched the recruitment drive in October to fill permanent secretary vacancies in eight states.
Providing insights into the progress, Eno Olotu, Director of Press at OHCSF, stated, “Of the 38 eligible directors who sat for the exam, 19 have passed the first stage and will move on to the second stage, which will assess their competency in using Information and Communication Technology (ICT) in government operations on Wednesday, November 13, 2024.”
Olotu highlighted the rigorous three-stage selection process, designed to ensure that only the most capable individuals are appointed to these high-ranking civil service roles.
This comprehensive approach, according to OHCSF, aims to elevate the quality of leadership across federal ministries.
The directors who advance beyond the ICT proficiency test will face a final stage on Friday, November 15, 2024, where a panel of senior government officials and private sector experts will conduct a final evaluation to determine their suitability for the permanent secretary positions.
The Chairman of the House Committee on the Federal Road Maintenance Agency (FERMA) and representative of Ibarapa East/Ido Federal Constituency in Oyo State, Engr. Aderemi Oseni, on Saturday urged the community to unite in advancing key development projects aimed at transforming Ikogosi.
Speaking at this year’s Ikogosi Day celebration and the launch of a N1 billion development project in Ekiti, the lawmaker, who served as the Chairman of the occasion, emphasised the importance of unity and collective action.
He encouraged attendees to approach the celebration as a call to action for the betterment of their community.
“As we all know, Ikogosi is not merely a town; it is a treasured gem in the heart of Ekiti State and Nigeria as a whole,” he said. “Ikogosi, a historic and vibrant town, plays a vital role in the tourism and economic landscape of Ekiti State. Its rich cultural heritage and unique resources draw visitors and stimulate economic activities that benefit us all.”
“Today is not just a celebration; it is a call to action,” he continued. “Let us come together, united in purpose, to support these transformative projects that promise to uplift the Ikogosi community. I urge everyone here to invest their time, resources, and energy in this endeavor. Together, we can build a legacy of self-help and development that future generations will cherish.”
Reflecting on the broader challenges facing the country, Oseni encouraged the people of Ikogosi and all Nigerians to remain hopeful and resilient, assuring them of President Bola Ahmed Tinubu’s commitment to a brighter future for the nation.
“To the good people of Ikogosi and all citizens of Nigeria, I urge you to remain steadfast and hopeful. President Bola Ahmed Tinubu means well for all Nigerians. The APC-led administration’s Renewed Hope agenda holds the promise of a brighter future. Though the beginnings may be challenging, perseverance will guide us toward a prosperous new Nigeria,” he stated.
In a statement released by his media aide, Idowu Ayodele, the lawmaker lauded the Ekiti State government under Governor Biodun Oyebanji’s leadership for its transformative efforts in governance and development.
He acknowledged the strides made by the governor and praised his impactful initiatives, which have set Ekiti on a progressive path.
“First and foremost, let me commend the Ekiti State government under the leadership of His Excellency, Mr. Biodun Abayomi Oyebanji. The trailblazing development initiatives and effective governance during your tenure have not gone unnoticed,” Oseni remarked.
“Under your stewardship, we have witnessed remarkable progress and commendable governance that have undoubtedly made Ekiti State a shining example of peace and development,” he added.
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