Wednesday, 17 July 2019
Ten Turkish sailors on a cargo ship on Tuesday were reportedly kidnapped for ransom, by some yet to be identified armed men off the coast of Nigeria.
A statement by the concerned shipping company, Kadioglu Denizcilik, on Tuesday explained that the vessel was attacked when the pirates boarded it on its way from Cameroon to the Ivory Coast in the Gulf of Guinea.
”Vessel Paksoy-1 was sailing without freight from Cameroon’s port city of Douala to Abidjan in Ivory Coast when the pirates boarded the ship in the Gulf of Guinea in the Atlantic Ocean,” the statement read.
“No injuries or loss of lives occurred according to initial information. Our efforts continue for the safe and sound release of all of our personnel.”
Meanwhile, the company’s operation manager, Numan Paksoy, said out of the 18 people that boarded the 8,900 deadweight-ton ships, 10 among them were kidnapped.
He explained further that the assailants picked the 10 people after threatening to kill all the sailors after the crew members hid in a safe room.
“We contacted those who were not kidnapped and found out that all crew members hid when the assailants boarded the ship, Mr Paksoy said.
”All of them had to come out of hiding when the assailants found some and threatened to kill them if the others did not come out. The assailants then picked 10 sailors at random among all the crew members and let others go,” he added.
Recall that the International Maritime Bureau says the Gulf of Guinea is the most dangerous sea in the world for piracy.
According to the International Maritime Bureau (IMB), 73 per cent of all sea kidnappings and 92 per cent of hostage-takings occur in the Gulf of Guinea off Nigeria, Guinea, Togo, Benin, and Cameroon.
Meanwhile, the Turkish Foreign Ministry in a statement said it has contacted both the Nigerian and Ghanaian authorities to secure the release of the kidnapped Turkish citizens.
Published in Travel & Tourism
The Central Bank of Nigeria (CBN) on Tuesday said $210 million had been freshly injected to boost the Nigerian foreign exchange market.
The apex bank had earlier in June injected $242m, and 32.3m Chinese Yuan (CNY) into the retail market.
Confirming the development in a statement on Tuesday, CBN’s Director of Corporate Communications Department, Mr. Isaac Okorafor, said the figures released by CBN indicated that authorized dealers in the wholesale segment of the market were again offered the sum of 100 million dollars.
On the distribution, he noted that the Small and Medium Enterprises (SMEs) window received the sum of 55 million dollars, while 55 million dollars were allocated to customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others.
Mr Okorafor reiterated the commitment of the bank in sustaining the level of stability in foreign exchange market.
Meanwhile, the naira was N360 to the dollar at the Bureau De Change (BDC) segment as of Tuesday.
Published in Bank & Finance

Bulgarian police have detained a suspect in a hacking attack on the Balkan country’s National Revenue Agency, that led to the leak of personal and financial data of millions of people, an interior ministry spokeswoman said on Wednesday.

“We have a suspect that has been detained,” the spokeswoman said. She declined to elaborate.

The hackers accessed the NRA’s systems on Monday before sending local media confidential information purportedly from Finance Ministry servers, Interior Minister Mladen Marinov said throwing more light on the matter.

“Maybe this is the first case in Bulgaria which is successful and a lot of personal data has been stolen,” Marinov told local TV channel.

He said the cyber attack was probably motivated by Bulgaria’s move to buy eight new Lockheed Martin F-16 fighters for $1.256 billion from the United States, its biggest military purchase since the end of communism.

Bulgaria’s Finance Minister Vladislav Goranov apologized to the country after admitting hackers had stolen millions of taxpayers’ financial data in the attack which one researcher said may have compromised nearly every adult’s personal records.

Goranov said about 3% of the agency’s database was affected, involving millions of records in the region of seven million, though the leaked information was not classified and did not endanger financial stability.

Published in Bank & Finance

African leaders often behave in a contradictory way towards international laws, and courts. While speaking out against them, they also voluntarily submit to their scrutiny.

The question is why?

The most likely answer is that they do so for political gain. Ugandan President Yoweri Museveni, who has been in power for 33 years, provides a good example of how to make sense of this otherwise contradictory behaviour.

On the one hand, he endorses the African Union (AU)’s critical stance against the International Criminal Court (ICC). The AU’s position is that the ICC unfairly targets African leaders while neglecting non-African ones.

But Museveni and his administration have also fruitfully cooperated with ICC investigators and prosecutors in building a strong case against former Lord Resistance Army Brigade Commander Dominic Ongwen – allegedly a key figure in Joseph Kony’s inner circle.

Museveni isn’t alone. Other African leaders have either considered or invited ICC scrutiny. For example, in 2004, former Congolese President Joseph Kabila invited the ICC to investigate crimes by rebel groups as did General François Bozizé of the Central African Republic in the same year.

The list of African leaders who called on the ICC includes the Malian military junta in July 2012 – just four months after removing President Amadou Toumani Touré from power. It also includes interim President Catherine Samba-Panza of the Central African Republic in late May 2014, and Gabonese President Ali Bongo Ondimba in September 2016.

The common thread in this list of African leaders who have sought ICC involvement in their domestic situation is that they’ve all seen the court as being beneficial to the survival of their governments. At the time they formally invited ICC scrutiny, all were facing serious internal threats to their tenure in power and saw the ICC as an instrument to criminalise their political rivals or military enemies in the eyes of the international community.

Shedding light on how these African leaders have instrumentally used international laws and courts for political gain allows scholars to showcase African actors as protagonists, rather than passive recipients, of international politics.

But engaging in legal brinkmanship is not without risk, as I argue in my latest article. The article focuses on the man who, more than anybody else, has come to regret his decision to invite ICC scrutiny: former Ivorian President Laurent Gbagbo.

How decision backfired

Contrary to common wisdom, Gbagbo – not Museveni – was the first to invite ICC scrutiny in mid-April 2003. He did so by lodging a declaration under Article 12(3) of the ICC Statute. This was a legal expedient that allowed him to accept ICC jurisdiction without ratifying its founding treaty.

As we now know, his decision backfired spectacularly years later.

Gbagbo’s original idea was to have the ICC, an independent international organisation, criminalise the rebel forces in the country. They had staged a coup d’état against him in September 2002, after which they gained control of the northern half of Côte d’Ivoire.

Unfortunately, his invitation of ICC scrutiny was untimely because the Court, at best, played only a marginal role during the first Ivorian civil war (2002-2007). It only rose to prominence in the aftermath of the 2010 presidential elections, the outcome of which Gbagbo stubbornly refused to accept. This precipitated the country in yet another cycle of civil violence.

As Gbagbo incited loyalist troops and militias to unleash violence against his political rivals, ICC chief prosecutor Luis Moreno Ocampo warned Gbagbo and his lieutenant Charles Blé Goudé that they would face trial in The Hague if they did not stop.

historical review of those dramatic days suggests that Moreno Ocampo’s warnings failed to de-escalate the conflict. They could even have strengthened Gbagbo’s resolve to fight to the end.

By December 2010 Gbagbo knew he was at the top of the ICC’s “most wanted” list. Yet he continued to lead and incite loyalist troops until his arrest in mid-April 2011. Gbagbo was ultimately transferred to the ICC detention centre in late 2011. It was clear that his successor, President Alassane Ouattara, found it convenient to outsource a politically controversial trial to an independent and faraway third party.

Several years have passed from Gbagbo’s arrest and transfer to the The Hague. But it’s still too soon to write the final chapter of his tumultuous story.

Gbagbo made the headlines again in January 2019, when he was – somewhat surprisingly – acquitted by a panel of three ICC judges. A second panel of ICC judges ultimately opted for the conditional release of the Gbagbo and his co-accused Blé Goudé. They ordered their release from prison while prohibiting them to fly back home and resume their political life.

In February this year Gbagbo was transferred to Belgium, where he will await appeal.


My research into the ICC’s involvement in Côte d’Ivoire led me to formulate a few conclusions. The first is that a likely explanation for former President Gbagbo’s invitation of ICC scrutiny was that he hoped it would stigmatise his enemies as war criminals.

The second is that the threat of ICC indictment quite possibly strengthened Gbagbo’s resolution to hold on to power despite his defeat in the 2010 presidential elections.

Finally, since Gbagbo’s transfer to the ICC detention centre in November 2011, the Ouattara Administration has undertaken to strengthen judicial capacity, thus preventing key figures of the current government from following Gbagbo’s fate.

It bears recalling that the ICC steps in only when domestic authorities are either unable or unwilling to genuinely prosecute war criminals at home. By boosting judicial capacity, it becomes highly unlikely that the ICC will ever start new investigations into former rebel leaders – those who brought Ouattara to power whilst committing alleged atrocities.

Marco Bocchese, Adjunct Professor, Department of Political Science, University of Illinois at Chicago

Published in Opinion & Analysis

International Monetary Fund chief Christine Lagarde announced on Tuesday she had submitted her resignation from the global lender, saying she had more clarity about her nomination to be the next head of the European Central Bank.

Lagarde said in a statement her resignation was effective Sept. 12, opening the way for the IMF to launch the search for her successor, which is likely to be another European.

“With greater clarity now on the process for my nomination as ECB President and the time it will take, I have made this decision in the best interest of the Fund,” Lagarde said in a statement.

She said her resignation would expedite the selection for the next head of the IMF.

Lagarde’s resignation comes two weeks after her nomination on July 2 for the ECB’s top job. She did not immediately resign from the IMF because of uncertainty over whether the new European Parliament would support her and other new EU leadership positions, sources told Reuters.

While a vote from the European Parliament is needed, its outcome is not binding, and Lagarde’s appointment will be finalized by EU leaders at a regular summit on October 17-18

Lagarde’s decision to resign comes on the eve of a meeting of the Group of Seven finance ministers in Chantilly, France.

U.S. Treasury Secretary Steven Mnuchin is slated to meet with Bank of England Governor Mark Carney – one of the leading candidates to replace Lagarde – on Wednesday evening on the sidelines of the meeting.

White House economic adviser Larry Kudlow last week declined to comment when asked about Carney as a possible replacement for Lagarde.

Other names being floated include Bank of Finland Governor Olli Rehn, as well as Germany’s Bundesbank President Jens Weidmann, and ECB executive board member Benoit Coeure.

Kristalina Georgieva, a Bulgarian national who is currently chief executive officer of the World Bank, has been seen as having an outside chance, according to IMF sources.

A former French finance minister, Lagarde was the first woman to head the IMF and was known among policymakers as a tough negotiator. She was a tireless advocate for the benefits of trade, global growth that aids the poor and middle classes, and the empowerment of women.

Her second five-year term as head of the IMF was not due to end until July 2021. Traditionally, the post has always been held by a European, while the head of the IMF’s sister organization, the World Bank, has always been an American since the institutions were created at the end of World War Two.

If approved, Lagarde would take over as ECB president from Mario Draghi on Oct. 31. While her confirmation could be lengthy, it is likely to be largely a formality as long as the euro zone’s biggest member states - Germany, France and Italy - are in unity.

Her immediate challenge at the ECB would be to overcome her shortcomings in monetary policy-making, especially as it seeks to rearm for a potential new slump after years of using unconventional policy tools to stimulate inflation and growth.



Published in Bank & Finance
  1. Opinions and Analysis


« July 2019 »
Mon Tue Wed Thu Fri Sat Sun
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31