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Iraqi president nominates Ali al-Zaidi as prime minister-designate
via Punch Nigeria1 min read
Iraq's newly elected president, Nizar Amede, has nominated businessman Ali al-Zaidi as the country's prime minister-designate. This nomination followed an endorsement from the Coordination Framework, the main Shia alliance in Iraq. The presidency stated that President Amede tasked Ali al-Zaidi, the candidate of the largest parliamentary bloc, with forming the new government. The Coordination Framework, an alliance of Shia factions, initially supported Nouri al-Maliki for the position but changed its stance after an ultimatum from US President Donald Trump. Trump had threatened to withdraw US support if Maliki, who has close ties to Iran, returned to power. The Coordination Framework praised Maliki and caretaker Prime Minister Mohammed Shia al-Sudani for withdrawing their candidacies. Zaidi, a businessman, banker, and television channel owner, is considered a compromise figure and is not widely known in political circles, having never held a government post. In Iraq, a nomination by the largest Shiite bloc typically leads to a presidential appointment, but Trump's threats complicated the process, leading to extensive discussions to select a new candidate.
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Must ReadA new report by the Africa Finance Corporation AFC reveals that Africa's growing capital base, estimated at over $4 trillion, is not translating into significant job creation or industrial growth. The 2026 State of Africa’s Infrastructure report, "The Africa We Build: From Capital to Systems," highlights that despite substantial expansion in domestic financial resources across banks, pension funds, insurance pools, and sovereign institutions, the continent faces high unemployment, weak industrialization, and infrastructure deficits. The report identifies a disconnect between capital availability and its real economic impact, noting that funds are not effectively channeled into productive sectors. Samaila Zubairu, President and Chief Executive Officer of AFC, stated that the core challenge is not access to capital but its deployment. Africa continues to export raw materials and import finished goods, thereby exporting jobs and importing inflation. The report argues that the issue is a failure of alignment, where existing capital, resources, and markets are not connected to create productive capacity and sustained employment. Financial systems often prioritize low-risk, short-term investments, leaving long-term capital unutilized in critical sectors like infrastructure and industry. The AFC also warns that reliance on external financing is becoming unreliable, emphasizing that Africa must increasingly depend on its own capital. The report calls for a strategic shift from extrac
Must ReadA senior management official of the Dangote Group revealed that the Dangote Petroleum Refinery is subsidizing the petrol and diesel it sells in the Nigerian market. The official stated that the company's N1,200/litre ex-depot price for petrol is below the competitive market price, attributing the increase in crude prices to the US-Iran war. Brent crude jumped above $100 a barrel from $66 per barrel on February 28, following the blocking of the Strait of Hormuz by Iran. Dangote subsequently raised its petrol gantry price from N774 to N1,200. The official explained that while petrol and diesel prices are optimized, the refinery cannot subsidize aviation fuel, which is sold at market price. Another Dangote Group official confirmed that the company sells its aviation fuel to marketers at N1,799 per litre, which is below N2,000. This contrasts with reports from the Airline Operators of Nigeria AON, which stated that Jet A-1 prices have risen from N900/litre on February 28, 2026, to N3,300/litre, an increase of over 300 percent. The Major Energies Marketers Association of Nigeria MEMAN attributed the rising cost of aviation turbine kerosene to global factors and geopolitical tensions, expressing surprise at the N3,300 per litre price cited by AON, stating their survey showed significantly lower prices.
A couple, Paul Onyeama and Adline Ogbonna, have been arrested in Lagos State after their 10-year-old adopted daughter, Faith, reportedly died from severe beatings. Residents in the Igando area of Lagos State were shocked by the incident, which followed weeks of alleged abuse. The couple, living on Jemesi Papa Street, reportedly subjected the child to persistent maltreatment, including frequent assaults and strenuous errands. Faith had been ill for about two weeks, but the alleged abuse continued. A resident, Adekunle Taofeek, stated that the situation escalated on Sunday when the husband and wife allegedly severely beat the ailing child, leading to her death. The suspects reportedly rushed the victim to a hospital, where she was confirmed dead on arrival. Angered youths in the area apprehended the couple. The matter was reported to the Igando Police Division, leading to the arrest of the couple and the recovery of the child’s body. A police source indicated that preliminary findings revealed the child was already dead before being brought to the medical facility, contradicting the suspects' claim that she died while receiving treatment. Taofeek, who is the state coordinator of the Take It Back Movement, confirmed that the medical facility stated Faith was brought in dead and vowed to pursue justice.
Kwara State University KWASU and CRC Credit Bureau Limited have formed a strategic partnership to improve access to credit and stimulate economic growth through data-driven research and financial infrastructure development. A Memorandum of Understanding MoU was announced, allowing KWASU to access anonymized credit data for research and policy innovation. The collaboration, organized by the Faculty of Management and Social Sciences and the Centre for Advancement and Industrial Collaboration, brought together academics and industry experts to discuss finance, entrepreneurship, and data-driven credit systems. Dr. Ahmed Popoola, Managing Director and Chief Executive Officer of CRC Credit Bureau Limited, emphasized finance as a key driver of entrepreneurship, noting that limited credit access hinders many Nigerians. He highlighted that credit can unlock opportunities, citing examples of individuals and businesses growing significantly with accessible financing. Popoola lamented that many entrepreneurs are excluded from formal financing due to a lack of credit history. He stressed the importance of credit bureaus, digital identity systems, and open banking frameworks in bridging information gaps and expanding financial access. Nigeria's credit penetration is low at about 13% compared to a global average of 91%, necessitating stronger policy frameworks and deeper data integration. Popoola argued that government interventions alone are insufficient, advocating for market-driven solut