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UK finance minister, Kwasi Kwarteng, sacked

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(FILES) In this file photo taken on October 3, 2022 Britain’s Chancellor of the Exchequer Kwasi Kwarteng delivers his keynote address on the second day of the annual Conservative Party Conference in Birmingham, central England. – Kwarteng has been sacked, the BBC and Sky News reported on October 14, 2022 quoting unnamed sources, as Prime Minister Liz Truss tries to save her beleaguered premiership. (Photo by Paul ELLIS / AFP)

British Prime Minister Liz Truss on Friday dismissed her finance minister, forcing Kwasi Kwarteng to carry the can for turmoil sparked by her right-wing economic platform as restive Conservatives plotted her own demise.

The chancellor of the exchequer was dismissed in person by Truss after he rushed back early from international meetings in Washington, and before she was due to hold her first Downing Street news conference at 2:30 pm (1330 GMT).

Former foreign secretary and former Tory leadership candidate Jeremy Hunt was appointed as Kwarteng’s replacement, making him Britain’s fourth finance minister this year.

“You have asked me to stand aside as your chancellor. I have accepted,” Kwarteng wrote in a letter to Truss, who only succeeded Boris Johnson on September 6.

But he insisted that their economic programme was needed because “the status quo was simply not an option”.

In reply, Truss wrote that Kwarteng had “put the national interest first”.

“I know that you will continue to support the mission that we share to deliver a low-tax, high-wage, high-growth economy that can transform the prosperity of our country for generations to come,” she said.

Financial upheaval sparked by the new government’s September 23 plan to slash taxes — financed via billions in more borrowing — has subsided somewhat since the Bank of England intervened in bond markets.

But the central bank was adamant it would end its bond-buying spree on Friday, and market analysts said only a bigger climbdown by Truss following Kwarteng’s disastrous budget announcement last month would avert fresh panic.

Tony Travers, from the London School of Economics, told AFP Kwarteng had been made “the fall guy for the government’s mistakes” — but that the sacking had not taken the pressure off Truss or calmed the Tories.

“It’s very hard to see them coming back from this” by the next election, he added.

– ‘Not going anywhere’ –
Kwarteng was due to have stayed in Washington this weekend to conclude annual meetings of the International Monetary Fund and World Bank, after earned a rebuke from IMF chief Kristalina Georgieva on the need for “coherent and consistent” policies.

Speaking in Washington on Thursday, Kwarteng had insisted that his job was safe. “I’m not going anywhere,” he said.

But UK broadcasters showed live footage of Kwarteng’s British Airways plane landing at Heathrow airport a day early, after Truss held hurried meetings with her own financial advisors on Thursday in his absence.

Speculation was rife that Truss would row back on planned changes to corporation tax, having already changed her mind about cutting income tax for the highest earners.

The promised tax cuts were the centrepiece of Truss’s successful pitch to Tory party members that she,, rather than rival Rishi Sunak, was the best candidate to replace Johnson.

That programme now lies in tatters, and Truss’s judgement is in question more than ever, after Sunak’s warnings were entirely vindicated: higher borrowing to pay for tax cuts served only to terrify the markets and drive up borrowing costs for millions of Britons.

A new YouGov poll for The Times newspaper said 43 percent of Conservative voters want a new prime minister in Downing Street.

Other polls show a mammoth lead up opening up for the main opposition Labour party, threatening electoral meltdown for the Tories.

– ‘Romcom-worthy dash’ –
Junior minister Greg Hands said “I don’t recognise” multiple reports that senior Tory MPs were plotting to unseat Truss by installing a new leadership team under Sunak and Penny Mordaunt, who also ran to succeed Johnson.

Pressed on whether Truss will still be in 10 Downing Street in a week, Hands told ITV: “Oh definitely.”

The chancellor’s September 23 budget sparked market chaos because of fears it would drive up state debt.

The pound tumbled to a record dollar low near parity with the greenback and bond yields surged, before stabilising thanks to interventions by the Bank of England (BoE).

But with that costly BoE crutch ending on Friday, markets had already priced in a fresh about-turn by the government, leaving Downing Street with no room for manoeuvre.

Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, said before Kwarteng’s sacking that his “romcom-worthy dash through the airport” showed the government waking up to financial reality.

But for many pundits, the self-inflicted damage risks proving terminal for Truss and her hard-right platform.

Another new poll by Ipsos showed Truss’s net satisfaction score at minus 51, lower than any of her predecessors this century, while Kwarteng left office with historically low ratings for a chancellor.

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‎LAF Foundation Founder, Adisa Marks Birthday with Food Outreach in Oyo

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‎Founder of the LAF Foundation, Dr. Olalekan Adisa, has  celebrated his birthday by distributing food items to residents across Ido Local Government Area of Oyo State, reaffirming his commitment to supporting vulnerable members of society.

The outreach, which attracted beneficiaries from different communities within the council area, was organised to cushion the effects of the current economic hardship confronting many households. Residents, including the elderly, widows, and low-income earners, received bags of rice and other food items from the foundation.

‎According to Adisa, his birthday was an opportunity to appreciate God by extending love and kindness to people in need rather than holding elaborate celebrations.

He said: “Every birthday reminds me that life is meaningful only when it positively impacts others. Today is not just about celebrating another year; it is about sharing God’s blessings with those around us. If we all make helping others a habit, our communities will become stronger and more united.”

The scholar noted that the LAF Foundation would continue to champion humanitarian interventions aimed at improving the welfare of the less privileged through education support, health initiatives, youth empowerment and community development programmes.

‎In his words, “The economic realities demand that those who have the capacity should lend a helping hand. This gesture may seem small, but for many families, it will make a significant difference. Our commitment to humanity remains unwavering.”

‎Some beneficiaries expressed appreciation to the foundation for the timely intervention, describing the gesture as a source of relief. They commended Adisa for consistently identifying with ordinary people and prayed for greater strength and resources for him to sustain the initiative.

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‎Oseni hails Dotun Sanusi’s elevation as Gbonka Olubadan, says honour well deserved

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‎The All Progressives Congress (APC) candidate for Oyo South Senatorial District in the 2027 general election and member representing Ibarapa East/Ido Federal Constituency in the House of Representatives, Hon. Aderemi Oseni, has congratulated foremost businessman and philanthropist, Chief Dotun Sanusi, on his elevation to the prestigious chieftaincy title of Gbonka Olubadan of Ibadanland, describing the honour as a fitting reward for a life devoted to service, compassion and the development of humanity.

‎Oseni, in a statement issued on Friday by his Media Aide, Idowu Ayodele, said the elevation was a well-deserved recognition of Chief Sanusi’s outstanding contributions to the socio-economic growth of Ibadanland and his unwavering commitment to improving the lives of countless people through philanthropy, enterprise and community development.

‎The federal lawmaker noted that Chief Sanusi has, over the years, distinguished himself as an exceptional son of Ibadan whose investments, humanitarian interventions and unwavering support for the less privileged have continued to leave lasting footprints across Oyo State and beyond.

‎He said the latest elevation in the revered Olubadan traditional succession line was not merely a recognition of status, but a celebration of character, integrity and purposeful leadership, adding that Chief Sanusi has consistently demonstrated that genuine greatness is measured by the number of lives positively impacted.

‎According to the chairman, House Committee on Federal Roads Maintenance Agency (FERMA), the respected industrialist has earned the admiration of many through his humility, generosity and unwavering commitment to the progress of his people, stressing that his contributions to education, healthcare, youth empowerment and economic development have continued to strengthen communities and inspire hope.

“On behalf of my family and the good people of Ibarapa East/Ido Federal Constituency, I heartily congratulate my distinguished  brother and friend, Chief Dotun Sanusi, on his well-deserved elevation as the Gbonka Olubadan of Ibadanland. This honour is not only a recognition of your place in the revered Olubadan traditional institution, but also a celebration of your remarkable life of service, sacrifice and unwavering commitment to humanity,” Oseni said.

‎He added: “You have consistently shown that true leadership is about touching lives, creating opportunities and giving hope to others. Your philanthropy has restored dignity to many families, empowered young people, supported education and strengthened communities. It is gratifying to see these noble contributions being recognised through this prestigious elevation. I am confident that you will continue to serve Ibadanland with the same humility, wisdom and sense of responsibility that have always defined your public life.”

‎Oseni also commended the Olubadan of Ibadanland and the Olubadan-in-Council for preserving the time-honoured succession tradition, describing the institution as one of the enduring symbols of stability, unity and cultural heritage in Yorubaland.

‎He expressed confidence that Chief Sanusi’s elevation would further strengthen the traditional institution while inspiring a new generation of leaders to embrace selfless service, integrity and genuine commitment to community development.

The APC senatorial candidate prayed for God’s continued guidance, sound health and greater wisdom for the new Gbonka Olubadan as he ascends to higher responsibilities, expressing optimism that his new status would open another remarkable chapter of impactful service to Ibadanland, Oyo State and Nigeria as a whole.

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Oriire Rescue: SWEGOP Seeks Stronger Security in Border Communities

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The South West Guild of Online Publishers has urged the Federal and Oyo State governments to strengthen security in border communities following the rescue of pupils and teachers abducted from Oriire Local Government Area of Oyo State.

The guild said the successful rescue of the victims, who regained their freedom on Friday after spending months in captivity, should mark a turning point in efforts to secure vulnerable communities and prevent similar attacks.

In a statement issued on Sunday and jointly signed by its Chairman, Bisi Oladele, and Public Relations Officer, Remi Oladoye, SWEGOP commended President Bola Tinubu, Oyo State Governor Seyi Makinde and the security agencies for what it described as their commitment and coordinated efforts that led to the victims’ rescue.

The guild described the operation as proof that strong political will, intelligence-driven operations and effective collaboration among security agencies can deliver positive results in the fight against insecurity.

It also praised the gallantry, resilience and professionalism of the military and other security personnel involved in the operation, noting that their sacrifices had restored hope to the rescued victims, their families and residents of Oyo State.

While celebrating the successful rescue, SWEGOP sympathised with the families of security personnel and civilians who lost their lives during the ordeal, praying for the peaceful repose of the deceased.

The publishers observed that recent abductions across parts of the country revealed a disturbing pattern of attacks on border communities, where inadequate security presence, poor road networks, weak telecommunications infrastructure and easy escape routes into neighbouring countries have continued to expose residents to criminal activities.

It, therefore, called on governments at all levels to sustain the level of cooperation demonstrated during the rescue operation by strengthening collaboration among security agencies, traditional rulers, community leaders and other critical stakeholders to improve the safety of residents.

The guild further urged both the Federal Government and the Oyo State Government to deepen investments in intelligence gathering, surveillance technology, rapid response mechanisms and community policing to guarantee the safety of schools and ensure that children can learn without fear.

SWEGOP reaffirmed its commitment to responsible journalism and pledged continued support for initiatives aimed at promoting peace, public safety and the protection of lives and property across the South-West and the country.

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