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Qatar’s LNG plant shutdown skyrockets gas price in Europe

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Prices of gas in European gas has surged more than 50% as a result of shutdown of production at Qatar’s liquified natural gas plant facility which was targeted for drone attacks by Iran as part of the ongoing war with US and Israel.

QatarEnergy’s Ras Laffan plant covers about a fifth of global LNG supply and the unprecedented halt now threatens energy security worldwide.

European benchmark gas futures jumped the most since the energy crisis in 2022, after QatarEnergy confirmed Monday that output had been suspended. Tankers had already largely stopped transiting the Strait of Hormuz, a critical artery for global fuel shipments.

“The threat to security of supply is here and now,” said Simone Tagliapietra, an analyst at Bruegel. “The extent of it will depend on the duration of the shutdown, but we are now into a new scenario.”

European Gas Surges to Highest in a Year
While Asian countries buy most of the LNG shipped from the Middle East, a disruption will increase competition for alternative supplies — pushing up prices worldwide, including in Europe.

 

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Breaking: EFCC investigates Pastor Jerry Eze over alleged money laundering

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The Economic and Financial Crimes Commission, EFCC, has revealed that it investigated the founder of Streams of Joy International, Pastor Jerry Eze, for six months over suspected money laundering before clearing him.

Ola Olukoyede, chairman of the Commission, disclosed this on Wednesday while speaking at the Jerry Eze Foundation Business Grant Award Ceremony in Abuja.

According to him, the probe was triggered by intelligence reports and petitions after the commission observed large inflows of foreign currencies into the cleric’s domiciliary account.

“We work by intelligence, we work by petitions. At some point, I saw there was an account, a domiciliary account. Dollars, pounds were dropping in like raindrops, from Colombia, from America, from Sri Lanka, even from Togo.

“I said who is this man? Yes, I’ve been hearing about his name, I’ve seen his face a couple of times. I never bothered about what he was doing. I knew he was a pastor.

“So they said this one pastor of streams of joy, go and investigate him. So we went to the investigation. We combed the books,” Olukoyede stated.

The EFCC boss said he subsequently invited Eze for questioning after preliminary findings were compiled by investigators.

He added that upon meeting the cleric and reviewing the findings of the investigation, the commission found no wrongdoing.

“So he came to my office. He told me what happens and all of that, and how the money came, what he does, how he has been helping people, and all of that.

“I said, you know what, I didn’t call you here to explain to me. We have already done our work. I called you here to commend you,” he stated.

The remark drew applause from the audience, as Eze, who was present at the event, acknowledged the commendation.

He noted that the commission has a responsibility not only to investigate financial crimes but also to recognise individuals found to have acted with integrity.

The EFCC chairman, however, stated that the agency would continue to monitor financial activities where necessary, stressing that its preventive mandate remains critical in tackling corruption.

 

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Court bars David Mark, others from interfering with functions, tenure of elected ADC state executives

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The Federal High Court in Abuja on Wednesday restrained the Independent National Electoral Commission from recognising or participating in any congress organised by a disputed caretaker leadership of the African Democratic Congress.

The court, in a judgment delivered by Justice Joyce Abdulmalik, also barred former Senate President, David Mark, and other prominent figures in the party from interfering with the functions and tenure of elected state executives.

The ruling is the latest development in the festering leadership dispute within the ADC, with clear implications for the control of party structures ahead of future political activities.

The case arose from an originating summons filed by Norman Obinna and six others on behalf of state chairpersons and executive committees of the party.

The plaintiffs challenged the legality of actions taken by a caretaker or interim national leadership, particularly the move to organise state congresses through an appointed committee.

They argued that the caretaker body lacked constitutional authority to organise such congresses or to appoint any committee for that purpose.

According to them, only duly elected party organs recognised under the party’s constitution possess the power to conduct congresses.

The plaintiffs, therefore, asked the court to affirm the tenure of the state executive committees and restrain any parallel processes that could undermine their authority.

In resolving the dispute, Justice Abdulmalik held that the claims brought before the court were valid and deserving of judicial consideration, especially in view of alleged breaches of constitutional and statutory provisions.

She stated that she found “the issue in the originating summons meritorious”.

The judge framed the central issue as whether the second to sixth defendants, including Mark, had the constitutional or statutory authority to assume the powers of elected state organs of the ADC, whose tenure is guaranteed under the party’s constitution.

She relied on section 223 of the 1999 Constitution, which mandates political parties to conduct periodic elections based on democratic principles, as well as Article 23 of the ADC Constitution, which provides that national and state officers shall hold office for a maximum of two terms spanning eight years.

According to her, “the question is whether there is any infraction committed by Mr Mark and co-defendants when they convened meetings and appointed a body known as a congress committee to organise state congresses.”

On the defence raised by the defendants that the matter was an internal affair of a political party and therefore outside the jurisdiction of the court, the judge acknowledged the settled legal position but clarified its limits.

She held that while courts are generally reluctant to interfere in internal party matters, they will intervene where there is a clear allegation of violation of constitutional or statutory provisions.

“The law is settled that courts will not interfere. However, where there is an allegation of breach of constitutional or statutory provisions, the court has a duty to intervene,” she ruled.

“Where a party alleges that its constitution has been violated, the court is bound to adjudicate. Any argument that this court lacks jurisdiction on that basis fails,” she added.

 

 

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Nollywood veteran Hilda Dokubo emerges LP woman leader as party lifts suspension of 26 members

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Hilda Dokubo, a veteran Nollywood actress, has been elected as National Woman Leader of the Labour Party (LP) after her months of suspension from the party was lifted by the National Working Committee, NWC.

Apart from Dokubo, the suspension of 25 other members was also lifted. They include Emmanuel Agida, Abayomi Arabambi, Ogar Osim, Muhammed Aliyu, Casmir Uchenna, Airen Igbinedion, Auwal Ahmed, and others.

The suspension was lifted on Tuesday during the national convention of the party held at the International Conference Centre, Umuahia, Abia State.

The decision to lift the suspension was taken through a voice vote by delegates from all states in attendance at the convention.

The chairman of the elective national convention, Ginger Onwusibe, announced the recall of the 26 members after a unanimous voice vote by the delegates.

Explaining the development, the newly elected National Chairman of the LP, Esther Nenadi-Usman, said the party followed the path of reconciliation and forgiveness.

 

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