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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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Tinubu Working To Bring Smiles To Nigeria, Obasa Says

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– as Methodist Archbishop advocates for Muslim governor in 2027

The Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, has urged Nigerians not to despair as the administration of President Bola Tinubu is working to resolve the country’s challenges.

“The outgoing year is indeed a challenging one, especially considering the economic situation of the country. Nevertheless, we have solace in the fact that the government of Asiwaju Bola Ahmed Tinubu, GCFR is not leaving any stone unturned to bring us to our promised land.

“Mr. President is busy doing everything possible to put smiles on our faces. Trust me, succour is coming. I urge us to keep the hope alive,” Dr. Obasa said during the Assembly’s 22nd Annual Thanksgiving Service with the theme: ‘The Voice Of Mercy’.

Senior Special Assistant to the President on SDGs, Adejoke Orelope-Adefulire; Rt. Hon. (Dr) Mudashiru Ajayi Obasa; Archbishop of the Methodist Church of Nigeria, Lagos, during the 22nd annual Christian Thanksgiving of the Assembly on Friday.

At the event which had officials from the various arms of the state government, members of the Governance Advisory Council (GAC), traditional rulers and guest preachers, the Speaker urged Nigerians to enter 2025 with renewed passion and vigour.

Quoting from various portions of the Bible, Dr. Obasa said the country had reasons to thank God for His mercies, love and faithfulness.

“In times like these, when the world can seem overwhelming and uncertain, it is crucial to remember the enduring message of mercy and grace that is ever-present in our lives. Indeed, it is through God’s mercy that we find strength, solace, and renewal.

“May we acknowledge God’s sovereignty and mercy in our lives, recognising that our blessings and successes are not solely the result of our efforts, but rather a manifestation of God’s mercy and compassion,” he said while urging citizens to also learn to show mercy to one another.

In his sermon, Most Rev. Isaac Ayo Olawuyi, Archbishop of the Methodist Church Nigeria (Lagos), urged Nigerians to be merciful to one another in line with God’s instruction.

“When the mercy of God is upon you, all protocols are be broken. All things are possible by the mercies of God. We receive forgiveness of our sins from Him by His mercies. The nation needs God’s mercy and it is by His mercy that we can overcome our predicaments and our shortcomings.

“How many people have you helped and taken care of? Go and show love and mercy,” he said.

He praised the Speaker for his leadership and collaboration with the other arms of government saying these have kept the state strong.

“You have been a true and sensitive leader with a big heart. You have proved yourself worthy. We pray that God will continue to use you to make us smile in Lagos and also grant you your heart desires,” he said while commending President Tinubu for the steps he has taken so far.

The Archbishop ended his sermon with an advocacy for a Muslim as the governor of Lagos in 2027 arguing that this was in the spirit of religious tolerance.

“I also want to add that we have consideration for religious inclination in Lagos State. It would be 12 years in 2027 that we have been in the system together and we have been having Christians as governors.

“Now, it’s time to give our Muslim brothers a chance to govern us in Lagos State. We want to pray that when it’s time for the election, it would be a time for us to elect who will govern us in Lagos State effectively,” he said.

 

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Senate Issues Warrant Of Arrest Against Julius Berger

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The Nigerian Senate has issued a warrant of arrest against the management of construction company, Julius Berger, for snubbing its invitation on several occasions.

The Senate’s resolution on Thursday followed a motion raised by Senator Osita Ngwu, representing Enugu West, expressing concern over Julius Berger’s repeated failure to appear before the Senate Committee on Works.

The lawmaker noted that Julius Berger has many failed contracts littered all over the country, stressing that there was need to investigate the development.

However, according to him, the company is taking the Senate for granted.

Making reference to the power of Senate to summon anyone before its investigative committee, Ngwu said: “If a committee summons any person or entity to come for a committee hearing and that entity does not send a representative or do not appear in any way, the normal thing is to report to the presiding officer and then warrants will be issued.”

The lawmaker urged the Senate President to compel Julius Berger to appear for investigation.

His position was supported by Senator Abdul Ningi representing Bauchi Central, who pointed out that the Senate President is empowered by the Constitution and the Senate Rules to order the appearance of anyone through a warrant of arrest.

“The committees, of course, derive their powers on the same standard rules.

“The Constitution gives the National Assembly such powers. There is no way in Order Paper, not in the powers and privileges of the National Assembly, because a committee chairman is saddled with the capacity to compel.

“It is the presiding officer that compels, and therefore, when a matter of this nature is brought before a house, the committee now seeks the mandate of the entire Senate.”

 

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₦80.2bn Fraud: Court Grants Yahaya Bello ₦500m Bail

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The Federal High Court, Abuja, on Friday, granted the immediate past Governor of Kogi State, Yahaya Bello, bail in the sum of N500 million with two sureties in like sum.

This was after the former governor had pleaded not guilty to the 19-count charges brought against him by the Economic and Financial Crimes Commission.

He is facing an alleged money laundering trial to the tune of N80bn but pleaded not guilty to all the charges.

When the case was called for hearing on Friday, Counsel for the EFCC, Kemi Pinheiro, SAN, notified the court of the intention of the prosecution to withdraw an earlier application for abridgment of the earlier date fixed for arraignment.

He said the application had been overtaken by events. The defendant’s counsel, led by Joseph Daudu, SAN, did not object, and Justice Emeka Nwite accordingly granted the request.

After the defendant had taken his plea, Daudu, SAN, made clarifications on the reasons he had not been in court during the previous hearings.

“I would like to place on record that for any impression that might have been created that the defendant did not wish to appear before your lordship, coincidentally, the ruling on my lord’s sitting this morning dealt with the issue of jurisdiction.

“What the defendant did was to ask his counsel to challenge the jurisdiction of the court, which got to the Court of Appeal and the Supreme Court.

“So it was not wishful disrespect, but he was only trying to defend himself. So we all hold your lordship in high esteem. If that impression must have been, he should not have presented himself for arraignment. That episode is gone, and things are clearer now,” the counsel stated.

While moving an application for bail, he assured that the former governor would always be present in court for the trial.

“I am saying this with the highest sense of responsibility that the defendant, a two-term governor of Kogi State who travelled only two times out of his eight years in service, will always be present in court at all times.

“There should be no apprehension that he will jump bail. So we urge your lordship to grant us very reasonable conditions of bail such that he will be able to bear,” the defendant’s counsel said.

He commended the prosecution counsel, saying he had conducted himself in the best tradition because the matter was not a do-or-die one.

He said they had agreed that the counsels would not stress his lordship over the issue of bail.

The prosecution counsel concurred.

Pinheiro, SAN, said, “I must express my honour to the very eminent lead senior counsel. He is a man of immense stature, not because of his size.

“I do respect him as former president of NBA. I also confirm that we have been engaging in a series of discussions to ease the burden on your lordship in compliance with Rule 26 of the Rules of Professional Ethics.

“I also note that your lordship had delivered not less than five rulings in this matter and it is our aim to ease the work. We are prosecutors, not persecutors, and EFCC is a professional commission, a prosecutorial, and not prosecutorial commission,” he said.

He added, “We accept the assurances of the very eminent SAN that the defendant will make himself available subject to your lordship’s discretionary terms that may be imposed.

“By so doing, we will ease the burden on the court. Therefore, we will not be opposing the eminent SAN’s submission.”

The prosecution counsel said though they had filed a counter-affidavit, they would not oppose the bail, going by the assurances of the learned SAN.

Ruling on the bail application, Justice Nwite said, “I have listened to the submissions of both counsels. It is not in dispute that both counsels have filed applications in respect of this.

“Based on the account exhibited by learned counsel for the defendant, which was exhibited and supported by prosecution counsel, I am minded to change my earlier stand on this matter.”

He granted the defendant N500 million bail with two sureties.

“Sureties must be landed property owners within the jurisdiction of this court. They must swear to affidavits of means. The title deeds of properties to be verified by the court registrar,” he said.

The defendant was also asked to submit his international passport, and he would remain at the Kuje Correctional Centre pending the perfection of the bail conditions.

It will be recalled that the ex-governor was earlier remanded in a fresh N110bn charge by EFCC, pending his bail application.

Meanwhile, the judge has fixed February 24, 2025, for hearing into the matter.

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