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COP29: Summit Ends With $300bn A Year Climate Finance Deal For Developing Nations

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World leaders at the UN conference of parties (COP29) have agreed on a new finance deal of $300 billion a year after days of intense negotiations.

The high-level climate event which went into overtime left many developing countries disappointed with the outcome.

Developing countries had been vocal about their demand for a $1.3 trillion funding to help vulnerable countries adapt to the impacts of climate change.

The Alliance of Small Island States and Least Developed Countries had staged a walkout during a finance meeting at the conference on Saturday.

The walkout was to protest the new collective quantified goal (NCQG) of $300 billion proposed by developing countries.

Speaking during the closing plenary, Simon Stiell, the executive secretary of the United Nations Framework Convention on Climate Change (UNFCCC), urged countries to fulfill their pledges.

Stiell added that although not all nations reached their intended goals, the outcome leaves the parties with a pressing task ahead.

“This new finance goal is an insurance policy for humanity, amid worsening climate impacts hitting every country. But like any insurance policy – it only works – if premiums are paid in full, and on time. Promises must be kept, to protect billions of lives,” Stiell said.

“No country got everything they wanted, and we leave Baku with a mountain of work to do.

“The many other issues we need to progress may not be headlines but they are lifelines for billions of people.”

Antonio Guterres, United Nations (UN) secretary-general, said he had envisioned a bold and ambitious outcome, noting that the newly forged deal serves as a foundational stepping stone.

“I had hoped for a more ambitious outcome – on both finance and mitigation – to meet the great challenge we face. But this agreement provides a base on which to build,” Guterres said.

Reacting to the new NCQG, Mohammed Adow, director of Power Shift Africa, said it is a betrayal of the planet by rich countries.

“This COP has been a disaster for the developing world. It’s a betrayal of both people and planet, by wealthy countries who claim to take climate change seriously,” Adow said.

“Rich countries have promised to “mobilise” some funds in the future, rather than provide them now.

“At this ‘Finance COP’ not a single dollar of real climate finance has been provided right now.”

The new finance goal at COP29 builds on the efforts made at COP27, where nations agreed on the historic loss and damage fund, and COP28, which delivered a global agreement to transition from fossil fuels to boost climate resilience.

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Kano: APC Deputy Gov Candidate, Murtala Garo Welcomes Governor Yusuf To Party

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The All Progressives Congress (APC) deputy governorship candidate in the 2023 election, Murtala Garo, has welcomed Kano State Governor Abba Kabir Yusuf to the party.

Garo described the governor’s defection as a positive development for political stability and sustainable growth in the state.

Garo, who is also a former Commissioner for Local Government and Chieftaincy Affairs, said in a statement on Tuesday that Yusuf’s decision demonstrated political maturity and foresight at a time when Kano and Nigeria require unity and inclusive governance.

“I formally welcome His Excellency, the Executive Governor of Kano State, Alhaji Abba Kabir Yusuf, into the All Progressives Congress. This is a significant and commendable step in our collective quest for political stability, inclusive governance and sustainable development in Kano State,” Garo said.

He praised Yusuf’s leadership, noting that his calm disposition and commitment to public welfare distinguish him as a leader willing to place peace and progress above partisan considerations.

“By this decisive action, His Excellency has shown the ability to rise above partisan divides in the interest of peace, progress and unity,” Garo added.

Garo said the governor’s move also reflected an understanding of the political and economic challenges facing Kano State and the country.

He expressed confidence that Yusuf’s entry into the APC would strengthen the party’s reform agenda and enhance cooperation between the state and federal governments.

He also reaffirmed his loyalty to the APC and pledged to work with the governor and other stakeholders to promote good governance, political harmony and policies that benefit the people of Kano.

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Boardroom Guru, Otunba Adekunle Ojora, Dies At 93

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Otunba Adekunle Ojora, a legendary figure in Nigeria’s corporate world and a prominent Lagos traditional leader, has passed away at the age of 93.

According to an official family statement signed by his daughter, Toyin Ojora-Saraki, he died peacefully at his home in Ikoyi, Lagos.

Widely celebrated as one of Nigeria’s most influential corporate leaders of the post-independence era, Otunba Adekunle Ojora carved an exceptional legacy that spanned journalism, public service, politics, and big-ticket corporate governance. He was Chairman of the Board of AGIP Nigeria Limited from 1971 until its acquisition by Unipetrol in 2002.

Ojora’s professional journey began in the early 1950s at the British Broadcasting Corporation (BBC) after studying journalism at Regent Street Polytechnic, London. Rising to the position of assistant editor, he later returned to Nigeria in 1955 to join the Nigerian Broadcasting Corporation (NBC) as a reporter. He later moved to Ibadan, where he served as an information officer in the office of the then regional premier.

In 1961, he transitioned into the corporate world, joining the United African Company (UAC) as Public Relations Manager and becoming an Executive Director in 1962. His interest in commerce and enterprise deepened in the years that followed, marking the start of a lifelong influence in Nigerian boardrooms.

Following the military coup that ended the First Republic, Otunba Ojora was nominated to the Lagos City Council in 1966. In 1967, he held two key appointments: Managing Director of WEMABOD, a regional property and investment company, and Chairman of the Nigerian National Shipping Line, succeeding Chief Kola Balogun.

After leaving WEMABOD, he expanded his footprint as a major investor and entrepreneur. He held significant interests in AGIP Petroleum Marketing, NCR Nigeria, and founded several private firms, including Nigerlink Industries, Unital Builders, and Lagos Investments, a holding company. In the wake of the Nigerian Enterprise Promotion Act, he acquired equity stakes in numerous foreign companies operating in Nigeria, including Bowring Group, Inchcape, Schlumberger, Phoenix Assurance, UTC Nigeria, Evans Brothers, and Seven-Up.

Beyond the boardroom, Otunba Ojora was deeply rooted in tradition. He was the Otunba of Lagos, Lisa of Ife and Olori Omo Oba of Lagos.

He is survived by his wife, Erelu Ojuolape, and children, including, Mrs. Toyin Saraki, wife of former Senate President Bukola Saraki.

 

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Bello Turji’s Men Execute Rival Kingpin Abdu Lankai In Katsina

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The group led by notorious bandit kingpin Bello Turji has executed a rival leader, Abdu Lankai, in the Jibia Local Government Area of Katsina State.

The incident was disclosed on Wednesday in a post on X by Bakatsine, a journalist who reports on conflict and insecurity in Nigeria’s northwest.

Bakatsine disclosed that Abdu Lankai was reportedly captured on Tuesday afternoon during a reconciliation meeting with rival commanders, Dogo Rabe and Black, both linked to Bello Turji.

He wrote: “Sources confirm the killing of Abdu Lankai, an armed group leader central to enforcing a local peace arrangement in Jibia LGA, Katsina State.

“He was reportedly captured yesterday afternoon during a reconciliation meeting with rival commanders Dogo Rabe and Black, both linked to Bello Turji, and later executed.

“With Lankai gone, can Jibia’s fragile calm hold or does this mark the collapse of the peace deal?”

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