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Elumelu appointed into IMF Advisory Council On Entrepreneurship and Growth

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The International Monetary Fund (IMF) has appointed Heirs Holdings Founder and Group Chair, Tony Elumelu, to its Advisory Council on Entrepreneurship and Growth, convened by IMF Managing Director, Kristalina Georgieva.

His appointment was disclosed in a statement on Friday.

The Advisory Council of the IMF comprises global business leaders, policymakers, and academics, dedicated to identifying and addressing regulatory barriers to entrepreneurship.

Its mandate is to recommend policies that enhance resource allocation, stimulate innovation, and catalyse sustainable private sector-led economic growth.

“Elumelu, Africa’s leading advocate of entrepreneurship and whose Foundation has funded, mentored and trained over 25,000 African entrepreneurs since 2015, champions entrepreneurship as the engine for the economic transformation of Africa.

“A self-made entrepreneur, Elumelu’s embracing of entrepreneurship is fundamental to his concept of Africapitalism, his belief that Africa’s private sector can and must play a leading role in the continent’s development, making long-term investments, that deliver social and economic value.

“Elumelu will be instrumental in ensuring that Africa’s entrepreneurial potential is central to global economic policymaking.

Other members of the Council include: Harberger Professor of Economics, University of Chicago, Professor Ufuk Akcigit; Saudi Ambassador to the United States, HRH Ambassador Reema Bandar Al-Saud; Chair, CEO, and Co-Founder of Salesforce, Mr. Marc Benioff; Executive Chair, Banco Santander, Ms. Ana Botín; Chairman, Tata Group, Mr. Natarajan Chandrasekaran; Chief Executive, Vodafone Group, Ms. Margherita Della Valle; Founder, Chairman and CEO, Vista Equity Partners, Mr. Robert Smith and Argentine Minister of Deregulation and State Transformation, Mr. Federico Sturzenegger.

Speaking at the inaugural meeting of the Advisory Council on Wednesday 26 March 2025, the IMF Managing Director, Kristalina Georgieva, noted: “The Council brings together a group of leading thinkers and practitioners in business, finance, academia, and policymaking to share their views and experiences on how macroeconomic and financial policies can provide a supportive environment for innovation, entrepreneurship, and productivity—key ingredients for a thriving private sector and strong economic growth.”

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Appea Court Lack Jurisdiction To Declare Abure As The National Chairman Of LP – Supreme Court

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The Supreme Court has overturned the Court of Appeal’s decision that recognised Julius Abure as the National Chairman of the Labour Party (LP). In a decisive ruling, a five-member panel declared that the Court of Appeal lacked the legal authority to determine the party’s leadership matters.

In a unanimous verdict, the highest court in the land stated that the Court of Appeal had no jurisdiction over the matter. The panel observed that since the case revolved around the internal leadership structure of the Labour Party, it fell outside the jurisdiction of the courts.

The ruling reinforced the long-standing principle that leadership disputes within political parties should be resolved internally, rather than through judicial intervention.

The Supreme Court stressed that leadership struggles within political parties are purely internal matters. According to legal principles, courts should not interfere in such issues, as they fall under the party’s constitution and governance framework. By upholding this legal doctrine, the apex court reaffirmed that political parties must settle their leadership crises independently.

The Supreme Court upheld the appeal lodged by Senator Nenadi Usman and a fellow appellant, ruling that their claims were valid. Their appeal challenged the earlier judgment, arguing that it was flawed due to jurisdictional overreach. After thorough legal scrutiny, the Supreme Court found merit in their argument and ruled in their favour.

The legal battle also involved a cross-appeal filed by supporters of Julius Abure, who sought to challenge the decision against their leader. However, the Supreme Court dismissed this cross-appeal, declaring it unsubstantiated and lacking merit. The ruling effectively ended the legal contest over the Labour Party’s chairmanship, cementing the judiciary’s stance on non-interference in party leadership disputes.

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Bitcoin Drops to $82,000 After Trump’s Tariff Announcement

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Bitcoin experienced sharp fluctuations following President Donald Trump’s April 2 tariff announcement, initially surging to $88,000 before dropping to $82,000.

By April 3, it stabilized around $83,000, with the broader crypto market down over 4%. Major altcoins like Ethereum and Solana also declined over 6%, hitting multi-month lows.

Analysts see the tariff news as reducing market uncertainty, potentially attracting institutional investors.

Despite higher-than-expected rates, experts believe the clarity could help Bitcoin regain momentum toward $90,000. Bitcoin ETFs, led by BlackRock, recorded $218 million in inflows on April 2, reversing prior outflows.

Kraken’s Thomas Perfumo challenged the idea that institutional interest stabilizes crypto, emphasizing that volatility signals demand for a scarce asset.

Some analysts viewed the sell-off as an overreaction to trade policy concerns, highlighting Bitcoin’s resilience as a store of value.

With ETFs showing strong demand, Bitcoin’s price may stabilize and rise, though market participants remain cautious, monitoring trade policies and economic conditions.

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Clashes In South Sudan: 30 People Kill

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Violent clashes between pastoralist groups and settled farming communities have long been a challenge in South Sudan.

However, the recent outbreak of violence in the northern Ruweng Administrative Area has further heightened concerns over the nation’s fragile peace. At least 30 people lost their lives after an armed youth group launched a brutal attack on a northern South Sudanese town, according to local officials.

The incident, linked to an escalating cattle raid, saw the town briefly fall under the control of the attackers before security forces regained control.

The violence began when a group of armed youth stole lambs earlier in the week. Security forces quickly intervened, forcing the raiders to retreat. However, instead of dispersing, the group reorganised and launched a more aggressive attack on Abiemnom the following day.

Local Minister of Information, Simon Chol Mialith, confirmed that despite resistance from local youth and security personnel, the town was overrun by the Mayom armed youth. The attack led to significant casualties and destruction before security forces were able to reclaim the town.

On Wednesday, the South Sudan People’s Defence Force (SSPDF) successfully pushed the attackers out, restoring a semblance of calm. However, the scale of the destruction was already severe, with over 40 individuals injured in addition to the fatalities.

Although reports suggest that some of the deceased were members of the armed groups, official confirmation remains pending.

The attack comes at a time of growing instability in South Sudan, with tensions between forces loyal to President Salva Kiir and First Vice President Riek Machar intensifying. This political rivalry threatens to unravel the delicate 2018 peace agreement that ended the nation’s five-year civil war.

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Since gaining independence in 2011, South Sudan has struggled with continuous unrest. Despite its vast oil resources, the country remains impoverished, with conflicts like these exacerbating economic and social difficulties.

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