π Tumultuous Changes: Nigeria's Presidential Controversy, Uganda's Crisis, & More
Plus: Poll results are in and we're changing the format...
The poll results are in:
Stunningly, it ended in a perfect 50:50 split after a week of participation! π
So here's the plan: we'll shake things up and try out the '5 quick reads' format for a bit!
We'll revisit the poll after you've all had a taste of the new style.
And don't forget β we're always eager to hear your thoughts!
Photo of the day: Market Street, Victoria, Seychelles
Markets:
π’ Nigerian SE: 52,973.88 (+0.29%)
π’ Johannesburg SE: 76,613.35 (+0.03%)
π΄ Ghana SE: 2,519.92 (-0.94%)
π’ Nairobi SE: 99.33 (+1.43%)
π’ US S&P 500: 4,205.45 (+1.30%)
π’ Shanghai Composite: 3,221.45 (+0.28%)
Biden and McCarthy Make a Deal on the US Debt Ceiling | It's like the old saying goes: if you owe the bank a million dollars, you have a problem; but if you owe the bank 31.4 trillion dollars, you have a political crisis. US President Joe Biden and House Speaker Kevin McCarthy have managed to reach a compromise on the debt ceiling, the amount of money the US government can borrow to keep running. The agreement means no new taxes or programs, and flat spending in the next two years with a 1% increase in 2025. The details are still being ironed out, but it looks like the two sides have reached a compromise that won't send the US into a recession or disrupt global markets. But there's just one thing left to do: convince Congress to back the deal.
*Data accurate as of the close of markets across the continent
Brief & Bright: Africa's Top Five Highlights
π³π¬ Nigeria's New President: Sworn In, But Challenges Await | Nigeria's new president, Bola Tinubu, has been sworn in at a ceremony in the capital Abuja. Tinubu won the February election, but his victory is being challenged in court by his two closest rivals. So the 71-year-old accountant-turned-politician has already got his work cut out for him. The former two-term governor of Lagos has a whole list of challenges to tackle, from high inflation and record debt levels to increasing cases of kidnap-for-ransom. Tinubu has also been the subject of some criticism about his health, but his supporters say he's just as fit as US President Joe Biden. Whether he'll be in power for long is still up in the air, as the election tribunal is expected to start hearing the main arguments on Tuesday. That said, Nigerian presidential election results have never been successfully challenged before.
πΊπ¬ Uganda's Ugliest Battle: Significant Losses in Al Shabaab Attack | Itβs been a bad couple of days for the Ugandan troops serving in the African Union Transition Mission in Somalia (ATMIS). After Somali Islamist group Al Shabaab attacked their base, President Yoweri Museveni finally admitted that there were casualties. βCondolences to the country and the families of those who died,β he said in a statement. The attack, which involved around 800 al Shabaab fighters, was carried out on Friday in Bulamarer, and while Al Shabaab reported 137 soldiers dead, there has been no official confirmation of the casualties. The Ugandan troops had to retreat to a nearby base, and ATMIS has yet to say how many were killed or wounded in the attack. Uganda has been in Somalia since 2007, and its mission is to defend Somaliaβs central government against the Islamists.
π²πΏ Mozambique Finance Minister to be Extradited to US | Former Mozambique finance minister Manuel Chang is headed to the US to face the music after a five-year legal battle in South Africa to avoid extradition over his role in a $2 billion corruption scandal. Allegedly, Chang and his pals were meant to use the money for maritime projects in Mozambique, but instead, it went toward bribes, kickbacks, and other illicit payments. Changβs actions reportedly caused a financial crisis in the country and got the IMF to pull its support for the country. Chang and the Mozambican government argued that he should be extradited to Mozambique, but the countryβs Constitutional Court denied their applications. Credit Suisse agreed to pay $475 million to settle allegations of bribery and kickbacks related to the bankβs involvement in the loans in 2021. It looks like the US is Changβs only destination now!
πΈπ΄ Somalia is Going From Clan Chiefs to One-Person-One-Vote | In a big move, Somalia is ditching its indirect voting systemβwhere lawmakers and clan chiefs elected officials in a secret voteβin favor of one-person-one-vote. In a statement tweeted by Somaliaβs state media, the government said that in 2024, the country will start electing its president and other officials by direct vote. The move is a big one for Somalia, which has been plagued by insecurity and conflict for three decades. In the new system, the position of Prime Minister will be abolished and replaced with a presidential system where the president and vice president are elected directly by the people on a single ticket. The nation will also be holding local council and regional lawmaker elections.
π¬π³Β Guinea's Crisis: Military Junta Fails to Deliver on Promises |Β Itβs a story as old as time: Promises made, promises broken. And in Guinea, the military junta is apparently falling short on its word. After promising to restore democracy to the West African nation, the junta has instead clamped down on protestors with force, leading to the deaths of at least 24 people. Not exactly the outcome people were expecting. The military takeover in September 2021 was initially welcomed by the opposition parties, but relations quickly soured when the junta announced a three-year transition plan that was rejected by the opposition. In response, the junta cut the transition timeline to two years and banned public demonstrations. As of last week, the military had deployed to quell protests, and dozens had been arrested. All of this has failed to appease the opposition parties, who are now calling for a dialogue with the junta. βAt this rate, I fear we are heading straight into a wall,β one opposition leader said.
FOOD FOR THOUGHT
Proverb of the Day
βA roaring lion kills no game.β
β Ugandan Proverb.
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