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BREAKING: Owner of FCMB, Subomi Balogun is dead

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The owner of First City Monument Bank (FCMB), in Nigeria, Subomi Balogun, has been confirmed dead in the early hours of Friday, May 19, in London, the United Kingdom.

Balogun, who celebrated his 89th birthday in March, was an alumnus of Igbobi College and studied law at the London School of Economics.

The deceased practised as a lawyer in the regional justice ministry and at the federal ministry of justice until the January 1966 coup, while after the coup, Balogun ventured into banking and joined the Nigerian Industrial Development Bank (NIDB).

He pioneered Icon Securities, a subsidiary of NIDB which specialised in merchant banking, as director of operations. He also ventured into several commerce and economics firms until he established FCMB in 1979.

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Dangote refinery gets new CEO

David Bird is the former head of Oman’s Duqm Refinery

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The Dangote Petroleum Refinery and Petrochemicals has appointed David Bird, the former head of Oman’s Duqm Refinery, as its new Chief Executive Officer.

A report by S&P global on Friday said, Bird heads the refinery’s petroleum and petrochemicals division in a strategic move to overcome production challenges and advance its next wave of expansion.

Effective from July 2025, the former Shell head of operations at its Balau Pokom refinery stepped in as CEO of the Dangote Group’s fuels and petrochemicals business, which commissioned the world’s largest single-train refinery last year.

The CEO participated at the just concluded Dangote Leadership Development Program Graduation Ceremony.

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Trump Imposes 15% tariff on Nigerian Imports

Under the revised tariff schedule:15% tariffs now apply to Nigeria, Angola, Ghana, South Korea, Turkey, Japan, Israel, Norway, and several others.10% tariffs target countries such as the Falkland Islands, the United Kingdom, and others not explicitly listed.

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US President Donald Trump has approved a 15 percent import tariff on Nigeria and dozens of other countries.

The White House announced the implementation of the new reciprocal tariff rates on Thursday.

In April, Trump imposed a 14% tariff on Nigerian imports, citing the need for fairer trade terms.

That move was followed by a 90 – day grace period to allow time for bilateral trade negotiations, pushing the final decision deadline to August 1.

However, the majority of talks failed to result in new trade agreements.

As a result, the new tariff rates are now being implemented, with Nigeria among dozens of countries facing increased duties under the revised plan.

African countries, including Nigeria, were unable to secure individual trade deals with the United States despite urgent efforts from both sides.

During the negotiation window, Trump also reintroduced travel restrictions targeting several African nations. Though Nigeria was initially exempt, it was later added to the list as the policy evolved.

Under the revised tariff schedule:15% tariffs now apply to Nigeria, Angola, Ghana, South Korea, Turkey, Japan, Israel, Norway, and several others.10% tariffs target countries such as the Falkland Islands, the United Kingdom, and others not explicitly listed.

Tariffs climb to 18% for Nicaragua, 19% for countries like Indonesia and Pakistan, and 20% for countries like Indonesia and Pakistan, and 20% for Bangladesh, Vietnam, and others.

10% tariffs target countries such as the Falkland Islands, the United Kingdom, and others not explicitly listed.Tariffs climb to 18% for Nicaragua, 19% for countries like Indonesia and Pakistan, and 20% for Bangladesh, Vietnam, and others.

More severe penalties include 25–41% tariffs for countries like India, South Africa, Iraq, and Syria.

Switzerland faces a steep 39% duty, while Laos and Myanmar are hit with 40%.Syria tops the list at 41%.

Meanwhile, negotiations are still ongoing with China, Washington’s main trade rival.

Canada is facing a 35% tariff, while Mexico was hit with a trio of levies, including a 50% duty on metals. Brazil, previously under a 10% tariff, was slapped with an additional 40% charge on Thursday, bringing its total to 50%.

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EU accuses online giant Temu of selling ‘illegal’ products

EU regulators believe Temu is not doing enough to protect European consumers from dangerous products and that it may not be acting sufficiently to mitigate risks to users.

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The European Union accused Chinese-founded online shopping giant Temu on Monday of breaking the bloc’s digital rules by not “properly” assessing the risks of illegal products.

AFP reports that TEMU, wildly popular in the European Union despite only having entered the continent’s market in 2023, Temu has 93.7 million average monthly active users in the 27- country bloc.

EU regulators believe Temu is not doing enough to protect European consumers from dangerous products and that it may not be acting sufficiently to mitigate risks to users.

Evidence showed that there is a high risk for consumers in the EU to encounter illegal products on the platform,” the European Commission said in its preliminary finding.

It pointed to a mystery shopping exercise that found consumers were “very likely to find non-compliant products among the offer, such as baby toys and small electronics.”

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