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ECOWAS sends Togolese leader to engage Niger Junta

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West African leaders yesterday took a step forward in their quest for the restoration of democracy in Niger Republic. 

The sub-regional body, Economic Community of West African States (ECOWAS) Authority of Heads of State and Government raised a three-man negotiation team to mediate in the protracted political crisis in the country. 

Led by President Faure Gnassingbe of Togo, other members of the team are President Macky Sall of Sierra Leone and President Patrice Talon of Benin Republic.

The ECOWAS Authority, which is chaired by President Bola Tinubu, took the decision during its 64th Ordinary Session at the State House Conference Center in Abuja.

The team’s terms of reference are to negotiate  Niger’s speedy return to democracy with the junta that seized power from the legitimate government led by Mohammed Bazoum, who is in detention, encourage the coup plotters to release a transition programme and facilitate the monitoring of the programme. 

Besides, the ECOWAS Authority resolved to prevent any attempt to break the sub-regional group through foreign-sponsored alliances and set up a standby force for counterterrorism across region.

According to its communique read by the President of the ECOWAS Commission, Dr Omar Touray, the leaders mandated the three-man Committee to interface with the National Council for the Safeguard of the Homeland (CNSP), which is the military administration in Niger Republic.

It said the team was expected to rally the CNDP and other stakeholders to agree to a short transition roadmap and the establishment of transition organs and goals.

The Abdourahamane Tchiani-led CNSP had about a month ago requested that Togolese President Gnassingbe should lead the team to negotiate with it in resolving the impasse.

That followed the ousting in July the democratically elected administration of President Bazoum.

ECOWAS Authority said the outcome of the engagement with the CNSP will determine its subsequent resolutions; either to commence the progressive relieving of the imposed sanctions or sustain the sanctions, including the use of force, as well as requests for more actions against the junta from other international bodies.

The communiqué reads: “On the political situation in the Republic of Niger, the Authority recalled its decision at its extra ordinary summit of 30 July, 2023, and 10th August 2023. 

“The Authority commends the efforts of the Chair of Authority, His Excellency, Bola Ahmed Tinubu, President of the Federal Republic of Nigeria, towards a peaceful resolution of the political crisis. 

“The Authority deeply deplores the continued detention of President Mohammed Bazoum, his family and associates by the CNSP administration. The Authority further deplores the lack of commitment on the part of the CNSP to restore constitutional order. Consequently, the Authority calls on the CNSP to release President Mohammed Bazoum, his family and associates immediately and without condition. 

“The Authority decides to set up a committee of heads of state, made up of the President and Head of State of the Republic of Togo, the President and the Head of State of the Republic of Sierra Leone, the President and Head of State of the Republic of Benin, to engage with CNSP and other stakeholders, with a view to agreeing on a short transition roadmap, establishing transition organs, as well as facilitating the setting up of a transition monitoring and evaluation mechanism towards the speedy restoration of constitutional order. 

“Based on the outcomes of the engagement by the committee of heads of state with the CNSP, the Authority will progressively ease the sanctions imposed on Niger. Failure by the CNSP to comply with the outcomes of the engagement with the committee, ECOWAS shall maintain all sanctions, including the use of force and will request African Union and all other partners to enforce the targeted sanctions on members of the CNSP and their associates.”

The ECOWAS Authority also rejected new moves by external interests to balkanise the region by creating alliances among member-states.

President Tinubu frowned at an attempt to distract the efforts at entrenching democratic culture in the region through the creation the ‘Alliance of the Sahel States’ among military-run member-states.

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Global Oil Market Report – May 2025 by IEA

Based on the latest plans, OPEC+ will add 310 kb/d of extra supply this year and 150 kb/d in 2026.Refinery throughput forecasts for 2025 and 2026 are broadly unchanged from last month’s Report at 83.2 mb/d and 83.6 mb/d, respectively.

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Global oil demand growth is projected to slow from 990 kb/d in 1Q25 to 650 kb/d for the remainder of the year as economic headwinds and record EV sales curb use.

International energy agency, made the disclosure in its Oil Market Report – May 2025

The report reads: ” Demand growth averages 740 kb/d in 2025 and 760 kb/d in 2026, despite accelerating OECD declines of -120 kb/d and -240 kb/d, respectively.

World oil supply looks on track to rise by 1.6 mb/d to 104.6 mb/d on average in 2025, and by an additional 970 kb/d in 2026.

Non-OPEC+ producers are set to add 1.3 mb/d this year and 820 kb/d next year, even as US LTO supply has been reduced.

Based on the latest plans, OPEC+ will add 310 kb/d of extra supply this year and 150 kb/d in 2026.Refinery throughput forecasts for 2025 and 2026 are broadly unchanged from last month’s Report at 83.2 mb/d and 83.6 mb/d, respectively.

Annual gains of around 400 kb/d in both years are driven exclusively by non-OECD regions. Refining margins reached 12-month highs across most regions and configurations in late April, as a discernible shift in crude pricing boosted profitability.Global oil stocks rose by 25.1 mb in March, led by a 57.8 mb increase in crude, but at 7 671 mb remained well below the five-year average (-221 mb).

Total OECD inventories increased by 3.1 mb, while non-OECD stocks rose by 21.3 mb and oil on water was up slightly by 0.7 mb. Preliminary data show global oil inventories built further in April.

Benchmark crude oil prices fell by around $10/bbl over April and into May amid escalating US tariffs and larger-than-expected OPEC+ output hikes.

Bearish sentiment eased somewhat after the US reached a trade deal with the UK on 8 May, and a 90-day accord with China on 12 May. Russian crude prices averaged $55.64/bbl in April with all major export grades below the $60/bbl price cap.

At the time of writing, North Sea Dated was trading at around $66/bbl.

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Former Mauritanian president jailed for 15 years following appeal

Abdel Aziz, who has denied corruption allegations, was found guilty of economic crimes and abuse of power.

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Mauritania’s former president, Mohamed Ould Abdel Aziz, was on Wednesday sentenced to 15 years in prison on corruption charges following an appeal to a Nouakchott court by both the state and Aziz’s defence against a sentence imposed in 2023.

Reuters reported that Abdel Aziz led the West African country for a decade after coming to power in a 2008 coup, followed by an election a year later.

He was an ally of Western powers fighting Islamist militants in the Sahel region.

Abdel Aziz, who has denied corruption allegations, was found guilty of economic crimes and abuse of power.

He was initially handed a five-year prison sentence in December 2023 before the state appealed against the leniency of that punishment and Aziz’s team appealed the ruling, saying only a high court of justice was qualified to try a former president.

“It is a decision that reflects the pressure the executive branch exerts on the judiciary,” defence lawyer Mohameden Ichidou told Reuters, adding that the defence would appeal against the decision to the Supreme Court.

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Nissan plans 20,000 jobs cut after $4.5bn annual net loss

The uncertain nature of US tariff measures makes it difficult for us to rationally estimate our full-year forecast for operating profit and net profit, and therefore we have left those figures unspecified,” CEO Ivan Espinosa told reporters..

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Japan’s Nissan posted a huge annual net loss of $4.5 billion on Tuesday while confirming reports that it plans to cut 15 percent of its global workforce and warning about the possible impact of US tariffs.

AFP reported that the carmaker, whose mooted merger with Honda collapsed earlier this year, is heavily indebted and engaged in an expensive business restructuring plan.

Nissan reported a net loss of 671 billion yen for 2024-25 but did not issue a net profit forecast for the financial year that began in April. It did say, however, that it expects sales of 12.5 trillion yen in 2025-26.

The uncertain nature of US tariff measures makes it difficult for us to rationally estimate our full-year forecast for operating profit and net profit, and therefore we have left those figures unspecified,” CEO Ivan Espinosa told reporters.

“Nissan must prioritise self-improvement with greater urgency and speed.”

The company’s worst ever full-year net loss was 684 billion yen in 1999-2000, during a financial crisis that birthed its rocky partnership with French automaker Renault.

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