loss

In recent years, the continent of Africa has faced significant challenges in economic growth, primarily due to losses that severely hinder foreign direct investment (FDI) and development assistance. This loss is more than a statistic; it resonates in the lives of millions who are deprived of essential resources necessary for infrastructure, healthcare, and education. The underlying culprits—illicit financial flows—are often driven by practices such as capital flight, tax evasion, and crimes ranging from money laundering to…

Uganda Confirms Death of 7 Soldiers in Somalia Clash With Al-Shabaab KAMPALA, Uganda - The Uganda People's Defence Forces (UPDF) has solemnly announced the death of seven of its soldiers who were part of the African Union Support and Stabilisation Mission in Somalia (AUSSOM). This tragic incident unfolded amidst intense conflict with the notorious al-Shabaab fighters. For close to 20 years, Uganda has played a pivotal role in the mission, deploying approximately 3,000 troops in a bid to bring peace to…

England Suffers Historic Defeat against Senegal On Tuesday evening, a solemn atmosphere engulfed the stadium as England exited the pitch to a chorus of boos, having endured a 3-1 defeat against Senegal in what was not just any friendly match—it marked the first loss under the reign of their new coach, Thomas Tuchel. The implications of this game resonate far beyond the scoreline; they prompt deeper reflections on team dynamics and preparation, particularly with the World Cup looming on the horizon. Harry…

Mogadishu (AX) — Somalia stands at a critical juncture. The country risks losing millions in unspent reform funds unless it accelerates a much-needed governance overhaul supported by the African Development Bank (AfDB). It's a timely reminder of how the window for progress can close faster than we anticipate. Eighteen months into the $13 million Institutional Support for Economic Governance Project (ISEGP), only 15.2% of the funds have been utilized. This dismal pace has left federal finance officials scrambling to triple…

Exploring the Unjust Reality of Visa Rejections for African Applicants In 2024, African applicants found themselves at the unfortunate crossroads of costly visa applications and repeated rejections, losing nearly €60 million (approximately $67.5 million) in non-refundable Schengen visa fees. This staggering figure comes from the LAGO Collective, a London-based research organization dedicated to understanding global mobility trends. It’s a harsh reality when we think about the dreams and aspirations that often lie behind…

Confronting Illegal Mining: A High Court Ruling in Plateau State In a significant ruling from the Federal High Court in Jos, Plateau State, four Chinese nationals—Liang Quin Yong, Wang Huajie, Zhong Jiajing, and Long Kechong—have been ordered to face deportation following their conviction for unlawfully mining solid minerals in the region. The ruling serves as a stark reminder of the complexities surrounding mining regulations and international involvement in local resource extraction. These individuals were…

In an eyebrow-raising turn of events, the Central Bank of Nigeria (CBN) reported a staggering loss of 13.9 trillion naira (approximately $9 billion) in 2024 due to settling overdue derivatives contracts. This significant financial setback is part of the bank's broader strategy to reduce foreign currency liabilities and bolster investor confidence in the naira, as noted in a recent Bloomberg report. Reflecting on this context, one must wonder: what does this mean for the average Nigerian citizen? Are we…

In a thought-provoking interview, Mr. Nkaw shed light on the often-overlooked consequences of gas flaring—a practice that remains alarmingly prevalent in our energy sector. He meticulously detailed how the unresolved issue of excess gas processing leads to not just financial waste, but also significant environmental and health repercussions. Flaring, a method of burning off excess natural gas, contributes to a myriad of challenges that extend beyond the immediate economic implications. “We have data that shows…

In a tragic incident, three elderly residents in Spain have succumbed to suspected carbon monoxide poisoning following the use of a generator during a nationwide electricity blackout. Emergency services confirmed the findings at a residence in Taboadela, a small town in the northwestern region of Galicia, where the generator was being used to power an oxygen machine for one of the victims. According to regional emergency services, "a high concentration of carbon monoxide" was detected inside the home. Additionally, reports…

In an intriguing development in the realm of international trade, the Pakistan Business Forum (PBF) has cast a spotlight on a significant economic challenge unfolding between India and Pakistan. According to PBF officials, India is poised to face trade losses totaling an estimated $1.14 billion. The root of this financial setback lies in Pakistan’s decision to restrict the use of its territory for Indian trade activities. According to data shared by the Associated Press of Pakistan (APP), Indian trade…