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Nigeria ready to play vital role in G20– Tinubu

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Bola Tinubu

President Bola Tinubu has expressed Nigeria’s readiness to play a major role within the G-20 and contribute to shaping a more equitable world.

This is contained in a statement by Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, on Saturday in Abuja.

Addressing world leaders at the 18th G-20 Leaders’ Summit in New Delhi, India, Tinubu called for global unity and cooperation in tackling pressing challenges, fostering inclusiveness, and establishing a fairer world order.

He acknowledged the vital role of the G-20 in shaping a rules-based world order that promotes shared prosperity and security.

The president also emphasized: “Most of today’s pressing issues are international in character and cannot be addressed without multilateral cooperation.

“Therefore, stronger collaboration, cooperation, and partnership among diverse regions are the pathways to a peaceful, prosperous, and sustainable future for our world.

“This is why the role and contributions of the G-20 in shaping a new world order that is fair and rules-based cannot be over-emphasized.

“A world that lives as one family, but is divided by staggering income inequalities and uneven access to basic social goods by the vast majority of our people cannot result in a peaceful and secure world where shared prosperity is achieved.

“I hasten to add that such rules and global governance structures of our collective dreams must be collectively designed, collectively owned, and collectively managed.”

According to the president, this is consistent with the true spirit of one Family, mutual respect, and sustainable development.

Tinubu said: “Nigeria is poised, able and willing to be a major player in this family of the G-20 and in shaping a new world, without whom, the family will remain incomplete.”

The Nigerian leader congratulated India for hosting the historic summit and for successfully landing on the moon under the visionary leadership of Prime Minister Narendra Modi.

He described the achievement as an inspiration to all developing countries of the Global South.

On the issue of African Union (AU) inclusion in the G-20, Tinubu welcomed the decision, saying, “it opens opportunities for future membership of the group in a manner that reflects the relative balance of power and inclusiveness of humanity as One Family.”

Reflecting on the theme of the Summit: ‘One Earth. One Family. One Future,’ Tinubu stressed the interconnectedness of global affairs and the need for collaborative efforts.

He underscored the importance of tackling challenges related to technology, energy transition, and access to credit, as well as the growing socio-economic divide between those who have and those who do not.

The president urged greater solidarity among nations, tasking advanced economies to support disadvantaged regions in the Global South and to promote climate justice.

Tinubu also called for the strengthening of international frameworks for resource mobilisation and governance that were based on the principles of justice, equity, and fairness.

In addressing the sub-theme of Session II of the Summit, which is ‘One Family’, Tinubu highlighted the magnitude of challenges facing humanity today.

He said; “The need for us to work together as one family has, therefore, become more imperative.

“We must strive to create a world of inclusiveness in which everyone has access to the basic necessities of life, and in a manner that widens and strengthens the ownership of our planet regardless of one’s economic, social, and political status.”

Tinubu urged the Global North, advanced economies, and multilateral institutions to mobilize resources and direct efforts to where help is needed most in the disadvantaged Global South.

“By doing so, we will be building a society anchored on the strong values of tolerance and mutual respect, where diplomacy, dialogue, and cooperation take precedence over competition, conflict, and divisions, which are based on inflexible ideologies and belief systems,” the president said.

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Putin Registers As Candidate For Russia’s Next Presidential Election

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Russia on Monday officially recognised Vladimir Putin as a candidate for the presidential elections in March, a vote that he is all but certain to win.

The 71-year-old has led Russia since the turn of the century, winning four presidential ballots and briefly serving as prime minister in a system where opposition has become virtually non-existent.

The Central Election Commission said it had registered Putin, who nominated himself, as well as right-wing firebrand and Putin-loyalist Leonid Slutsky as candidates for the vote.

The election will be held over a three-day period from March 15 to 17, a move that Kremlin critics have argued makes guaranteeing transparency more difficult.

Following a controversial constitutional reform in 2020, Putin could stay in power until at least 2036.

Rights groups say that previous elections have been marred by irregularities and that independent observers are likely to be barred from monitoring the vote.

While Putin is not expected to face any real competition, liberal challenger Boris Nadezhdin has passed the threshold of signatures to be registered as a candidate.

However, it is still unclear if he will be allowed to run, and the Kremlin has said it does not consider him to be a serious rival.

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Hong Kong court grants Chinese real estate giant reorganisation postponement

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Hong Kong’s Supreme Court has once again granted the highly indebted Chinese real estate giant Evergrande a postponement for its reorganisation plan.

Judge Linda Chan surprisingly postponed the decision until Jan. 29, the South China Morning Post reported on Monday.

The property developer, which has liabilities estimated at more than 300 billion dollars, is threatened with liquidation.

However, creditors from abroad had taken the company to court because of its missing several payments.

Chan had already said at the previous hearing that this would be the last postponement and that she would very likely agree to liquidation if China Evergrande did not find a plan for restructuring with its creditors.

According to reports, however, the lawyers of the Hong Kong-listed group had now held out the prospect of being able to reach an agreement with the lenders in the coming weeks.

In the case of liquidation, an insolvency administrator would monetise the company and pay out the creditors.

Meanwhile, some experts were of the opinion that liquidation would return less money to creditors than a reorganisation, China Evergrande argued the same in court, according to reports.

The group had been trying to submit a restructuring plan since 2022, without success. Its founder and once China’s richest man, Hui Ka Yan, is being investigated by the Chinese authorities.

Like many other property groups, the company had been in a serious crisis for some time because it is earning significantly less on the slumping property market.

The company is finding it more difficult to obtain state support and is no longer able to service its loans.

“The Evergrande case also shows that the era of large private property developers in China is coming to an end,’’ says Max Zenglein from the Merics China Institute in Berlin.

If Chan decides to wind up China Evergrande, this could also have an impact on other companies.

“One challenge for the government will be to prevent domino effects in the economy caused by major bankruptcies,’’ says Zenglein.

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