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Oyo council funds: Lawyer demands seven-year allocation details

A lawyer, Ayo Omoleaupen, has demanded a comprehensive breakdown of federal allocations to the 33 local government areas in Oyo State in the past seven years.

The move might trigger investigations into the management of local government funds.

Omoleaupen, of Umar and Alofe Chambers, made the request in a letter to the Minister of Finance and the Accountant-General of the Federation, pursuant to the Freedom of Information (FOI) Act, 2011.

The lawyer said he was acting on behalf of the Peoples Democratic Party (PDP) House of Representatives candidate for Surulere/Ogo-Oluwa Federal Constituency in Oyo State, Akinloye Olusegun. The request, dated October 27, covers federal allocations to the 33 local government areas from May 2019 to October 2026.

The move, according to the letter, was a prelude to filing petitions before the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

The lawyer said he needed the information in the interest of civic accountability, public research, and transparency in the management of public finances.

The letter, addressed to the Office of the Accountant-General of the Federation, requested that the information be provided within seven days of receipt, in line with Section 4 of the FOI Act.

Among the details sought is a month-by-month breakdown of all federal allocations disbursed to each of the 33 local government areas within the period.

The lawyer also requested separate details of statutory allocations, Value Added Tax (VAT) proceeds, exchange rate gains or differentials, Electronic Money Transfer Levy (EMTL) and other augmentations, including excess crude revenue and other distributions approved by the Federation Account Allocation Committee (FAAC).

He also demanded the aggregate amount received collectively by the 33 councils for each month.

Explaining the basis for the request, the lawyer said his client was an indigene of Oyo State and a concerned stakeholder in accountable governance and public finance management.

The letter reads: ‘We are Solicitors to Mr. Akinloye Olusegun, hereinafter referred to as our client, on whose firm and express instructions we make this request pursuant to the Freedom of Information Act, 2011.

‘Our client is an indigene of Oyo State and a concerned stakeholder in accountable governance and public finance management’.

It added that the request was made in line with Section 14(2)(c) of the 1999 Constitution, as amended, which recognises the importance of public accountability.

The lawyer also undertook to pay the prescribed fees for searching, duplication, transcription and certified true copies of the requested records, where applicable, in accordance with Section 8 of the FOI Act.

The development comes amid growing calls for transparency and accountability in the administration of local government finances in Oyo State.

Azerbaijan-Trkiye brotherhood celebrated at handicrafts ehibition in Bursa [PHOTOS]

An ehibition of handmade crafts titled ‘From Khari Bulbul to Tulip: Bonds of Brotherhood’ has opened in Bursa, Trkiye.

The ehibition is dedicated to Azerbaijan’s Victory in the Karabakh War and November 8 – Victory Day. Its main aim is to showcase the shared cultural heritage of the two brotherly nations, highlight women’s creativity in traditional handicrafts and promote national artistic traditions, while further strengthening Azerbaijani-Turkish friendship and solidarity through culture.

The ehibition was organized on the initiative of the Bursa-Azerbaijan Innovation and Solidarity Association (BAIDD), with the support of Bursa Metropolitan Municipality, the Bursa City Council and the Federation of Turkish-Azerbaijani Associations (TADEF).

Artists Ramila Ozden and Amina Yilmaz made particularly significant creative and artistic contributions to the ehibition.

The displayed works reflect the rich cultural heritage of Azerbaijan and Anatolia, featuring traditional national ornaments, intricate patterns and artistic elements that highlight the deep cultural and spiritual bonds between the two peoples.

The opening ceremony continued with an artistic programme.

The ehibition will remain open to visitors until November 8, Victory Day.

Palmas – Vautrin discuss Cyprus -France defence cooperation in Paris

The bilateral cooperation in the defence field between Cyprus and France was the focus of a meeting held in Paris between Defence Minister Vassilis Palmas and Minister of Armed Forces and Veterans of France, Catherine Vautrin.

According to a post by the Ministry on ‘X’, during the meeting, they discussed aspects of the bilateral defence cooperation between Cyprus and France.

In addition, the two Ministers discussed about the latest security developments in the Eastern Mediterranean and the Middle East.

Istanbul hosts 6th Korkut Ata Turkic World Film Festival [PHOTOS]

The opening ceremony of the 6th Korkut Ata Turkic World Film Festival has been held in Istanbul, Trkiye, bringing together filmmakers, cultural officials and representatives of the film industry from across the Turkic world.

The ceremony was attended by TURKSOY Secretary-General Sultan Raev, representatives of the culture ministries of Turkic states, film producers, members of the cinema community and media representatives.

Speakers at the opening ceremony highlighted how the shared history and spiritual heritage of Turkic nations are also reflected in cinema. The festival’s main programme was announced, and members of the international jury were introduced.

The ceremony concluded with a screening of Aytmatov, a film by Kyrgyz director Kanybek Kalmatov.

Running until November 7, the festival features several Azerbaijani productions in its competition programme. These include Taghiyev: The School in the feature film category, Azykh Cave in the documentary category and May You Live as Long as the Land in the short fiction film category.

In addition, two Azerbaijani films will be screened outside the competition programme: the feature film In a Southern City and the documentary 100 Years of the Baku Turkological Congress.

A total of 56 films from 10 countries and 10 autonomous republics will be presented during the festival. The event is expected to welcome 150 international guests and 300 local film industry professionals.

Azerbaijan is represented by a 20-member delegation comprising filmmakers and representatives of the Cinema Agency operating under the Ministry of Culture.

Established in 2021 by Trkiye’s Ministry of Culture and Tourism, the festival aims to showcase the shared cultural heritage of Turkic-speaking countries and peoples to international audiences through cinema.

ACCA and British Chamber push sustainability reporting dialogue in Azerbaijan [PHOTOS]

On 4 November 2026, the British Chamber of Commerce Azerbaijan (BCCA) Sustainability and Energy Committee and the Association of Chartered Certified Accountants (ACCA) jointly hosted a panel discussion titled ‘Sustainability Reporting in Azerbaijan: Tracking Progress and Building Readiness’.

The event eplored the current state of sustainability reporting in Azerbaijan, the practical challenges companies face, and opportunities for further development. Participants echanged views on how sustainability information is prepared and used to support better decision-making.

Opening remarks were delivered by Kanan Ahmadzada, BCCA Sustainability and Energy Committee Leader, and Firuza Abdullayeva, Head of the Accounting Policy Department of the Ministry of Finance of Azerbaijan. They highlighted the importance of collaboration and sharing eperience across different stakeholders and sectors to advance sustainability reporting.

The event also featured a presentation of the key findings from ACCA’s global research on sustainability reporting, which eamines how prepared organisations are to create and use sustainability information.

Gaukhar Ashirbekova, the Public Affairs Lead for Eurasia at ACCA, said: ‘This is our first joint event on sustainability reporting in Azerbaijan with the British Chamber of Commerce in Azerbaijan, and we hope it will mark the beginning of a broader dialogue on the sustainability agenda across the business community, public sector and professional bodies.

The presentation was followed by a panel discussion moderated by Gaukhar Ashirbekova, with contributions from Goshgar Ahmadov, Deputy Chair of the Chamber of Auditors of the Republic of Azerbaijan; Ali Ahmadzada, Economist at the Central Bank of the Republic of Azerbaijan; Zeynab Gadirova, Lead Specialist in the ESG Standards Implementation Division at SOCAR; Gunay Asgarova, Director for Broader Assurance Services at PwC Azerbaijan; and Samra Talishinskaya-Abbasova, Sustainability Manager at Unibank.

The panellists discussed the development of sustainability reporting, how companies can strengthen their readiness, and eperiences from different sectors. The event continued with a question-and-answer session.

BCCA is a non-profit organisation that promotes the development of economic ties, business relationships and mutual investment between the United Kingdom and Azerbaijan. Its Sustainability and Energy Committee supports the development of sustainable business practices and energy transition initiatives.

ACCA is the only truly global professional accountancy body. Since it was founded in 1904, ACCA has breaking down barriers to the accountancy profession. Today, ACCA proudly supports a diverse community of over 266,100 members and 546,500 future members in 179 countries.

George Perris to represent Cyprus at Eurovision 2027

The Cyprus Broadcasting Corporation (CyBC) has announced that George Perris will represent Cyprus at the 71st Eurovision Song Contest, in May 2027.

His selection, it added, was carried out through a process organized by CyBC, with the participation of special committees from Cyprus and abroad.

The Corporation said that the song with which Perris will compete will be selected following an open invitation to composers, lyricists and creators from Cyprus and abroad to submit their songs. Interested parties can submit their proposals in the electronic platform until Sunday, December 13, 2026, at 23:59 (Cyprus time).

Furthermore, it noted that after the completion of the submission the songs that will qualify for the final phase will be presented in a special live television broadcast during which the song that will represent Cyprus in the competition will be selected.

The final selection will be made by a combination of the vote of the television audience (50%) and a special committee (50%).

More information on how to submit proposals are available at https://corporate.rik.cy/esc-2027-song-selection/

Navigating a higher for longer world: What it means for your portfolio

Investors today are not short of information. Every week brings a fresh headline on oil prices, interest rates or AI valuations, and the temptation is either to react to each one or to tune out entirely.

Neither serves a long-term portfolio. What helps is a way to separate the signal from the noise, so let me share how I read the picture and what it means for the decisions in front of you.

Our research view is that global inflation will stay elevated for longer than markets currently price, with oil likely to hold above what the futures curve implies in the near term.

The experience of 2021 and 2022, when inflation proved far less transitory than most forecasters expected, has made central banks quicker to act and slower to ease.

We expect advanced-economy rates to stay restrictive, with the US Federal Reserve more likely to tighten further than to cut. That argues against building a portfolio on an assumption that rates will fall soon.

Investors should be careful with long-duration bets that depend on it, and keep a healthy allocation to instruments that earn a real return today.

Global equities add a second note of caution. US growth has stayed resilient, supported by heavy investment in AI infrastructure and relative energy self-sufficiency.

That is good for earnings, but it means much of the market’s performance now rests on a narrow theme.

We do not expect a repeat of the dot-com collapse, yet valuations in parts of the market look stretched, and the pace at which US Treasury yields rise matters as much as the level they reach.

Sharp moves tend to unsettle markets and raise dollar borrowing costs for emerging economies.

The answer is not to retreat from global markets but to diversify across sectors, geographies and asset classes.

The more encouraging story is closer to home. Frontier and sub-Saharan African markets have attracted strong foreign portfolio inflows over the past year, even as global volatility rose, the opposite of what history would suggest.

Stronger starting points explain part of this. Kenya’s foreign exchange reserves stand just under $15 billion, roughly double their level two years ago, and foreign direct investment rose above $3 billion in 2025, according to UNCTAD.

Inflation and interest rates are lower, private sector credit growth has recovered from its 2024 lows, and construction, electricity generation and vehicle assembly point to real momentum.

Kenya is not immune. Higher oil and fertiliser costs, and swings in global dollar conditions, still feed through to inflation and the shilling.

Our baseline is that headline inflation could drift higher towards the end of the year if temporary fuel relief measures lapse. But the economy is better placed to absorb such shocks than in earlier episodes, and that matters for how you position.

Four practical lessons follow. First, the shilling’s stability has been valuable, but it should not breed complacency. If you have dollar needs such as school fees, travel or offshore investments, plan ahead and spread conversions over time rather than reacting to short-term moves.

Second, local fixed income still offers attractive yields relative to inflation, so match maturities to your goals instead of chasing the longest tenors.

Third, Kenya’s low domestic savings are a long-term challenge, but they also open the door for investors with a long horizon to consider infrastructure-linked and other long-dated assets, where these suit their risk profile.

Finally, in an uncertain environment, holding some liquidity lets you act on opportunities rather than being forced to sell.

We are in a world of higher inflation, firmer rates and uneven global growth, but Kenya enters it with stronger buffers than before.

Investors who do best in these conditions tend to be those who stay diversified, match their investments to their time horizon and resist reacting to headlines.

Kazakhstan plans potential wheat supplies to Israel via Azerbaijan

Kazakhstan’s national company “Prodcorporation” is eploring the possibility of supplying up to 500,000 tons of food-grade wheat to Israel via Azerbaijan and Georgia.

According to Kazakhstan’s Ministry of Agriculture, the announcement was made by Samat Tenbayev, Deputy Chairman of the Management Board of Prodcorporation, during a meeting of the Kazakhstan-Israel Intergovernmental Commission on Trade and Economic Cooperation in Jerusalem.

Tenbayev noted that Kazakhstan is steadily strengthening its position in the international agricultural market by epanding the geographical reach of its agricultural eports. Currently, the country eports agricultural products to more than 80 countries worldwide, with particular focus on developing trade relations with Europe, North Africa, the Middle East and Southeast Asia.

This year’s high crop yields have created additional opportunities to epand grain eports. Kazakhstan has substantial volumes of food-grade wheat with high protein and gluten content, which is in demand on international markets and of interest to Israeli processing facilities.

“Taking into account the needs of the Israeli market, Prodcorporation is ready to consider the possibility of concluding long-term contracts for the supply of 200,000 to 500,000 tons of food-grade wheat and other agricultural products,” Tenbayev said.

At the same time, logistics remains one of the key challenges to further epanding eports. As potential routes for delivering Kazakh products to Israeli partners, the company proposed considering the transport corridor passing through Azerbaijan and Georgia, as well as alternative routes via Baltic Sea ports.

The potential for cooperation is underpinned by the size of Israel’s grain market. The country imports more than 2 million tons of wheat annually.

PSG breaks Champions League record with four goals against Villarreal

French giants Paris Saint-Germain (PSG) have set a new UEFA Champions League record after scoring four goals in just 17 minutes during their away match against Spanish side Villarreal in the competition’s fourth round.

PSG found the net through João Neves in the ninth minute, Désiré Doué in the 12th, Senny Mayulu in the 13th and Fabián Ruiz in the 17th.

The previous record dated back to November 2011, when a team scored four goals against Croatian side Dinamo Zagreb within a 20-minute period.

PSG’s remarkable attacking display means the French club has now set a new benchmark for the fastest four-goal haul in the competition’s history.

Meta, TikTok, X to face mandatory illegal online activity reports in Kenya

Social media firms, including Meta, TikTok and X, will be required to file reports on illegal activities on their platforms with the Kenyan government, as part of proposed changes aimed at holding tech giants accountable under domestic laws.

A new proposal by the ICT ministry seeks to introduce a requirement for content-sharing apps and other online platforms operating in the country to report activities such as sexual exploitation, cyberbullying and impersonation to the Communications Authority of Kenya (CA).

This brings social media giants under tighter scrutiny as the government seeks to hold platforms serving Kenyan users accountable under local laws, even when their operators are foreign-based.

‘Insert a new section 85C in the principal Act to provide for the regulation of digital platforms. The proposed section requires a provider to… report unlawful activity and the remedial steps taken, and comply with the relevant laws of Kenya,’ reads the Kenya Information and Communication Amendment Bill 2026.

‘The proposed section is intended to protect users in Kenya, enhance online safety and ensure that providers delivering services to users in Kenya are accountable under Kenyan law.’

The Bill defines a digital platform as ‘an online environment that facilitates interactions, transactions and content sharing among users,’ while a provider is a person who operates such a platform.

The proposed new section in the Kenya Information and Communications Act will require platform operators to notify the CA of their particulars and the services offered.

The regulator would be required to maintain a register of digital platforms used by Kenyans, receive and facilitate the resolution of user complaints, and monitor compliance among platform providers.

Providers like Meta, which owns WhatsApp, Facebook and Instagram, would be required to ensure the availability and safety of their platforms and publish the policies and terms governing their use.

‘The proposed section requires a provider to ensure the availability and safety of its service, publish the policies, terms and conditions governing the use of its service, establish a complaint redress mechanism,’ the Bill states.

Some illegal online activities under Kenya’s Computer Misuse and Cybercrimes Act include cyberbullying and harassment, offences that attract fines of up to Sh20 million or imprisonment.

Most social media platforms also prohibit sexual exploitation, human trafficking, abuse of children and adults, harassment, and doxing – publishing someone’s private information online without their consent.

Other activities that could fall under the regime include digital piracy involving the unauthorised sharing of copyrighted films, electronic newspapers, music, software and subscription codes, as well as identity theft, impersonation, cyber fraud, phishing campaigns and the sharing of terrorist or extremist content.

Some platforms, including TikTok, already publish periodic transparency reports detailing the number of videos removed and accounts suspended for violating their terms of service.

The proposed law would, however, create a statutory obligation to report such activity and the remedial action taken to the CA.

Facebook, WhatsApp, Instagram, China’s TikTok and X, owned by the world’s richest man, Elon Musk, are among the most widely used social media platforms in Kenya.

The government has previously considered requiring social media companies to establish local offices to improve oversight of their operations, although this requirement is absent from the latest Bill.

Google, the owner of YouTube, and Microsoft, which owns LinkedIn, have physical offices in Nairobi.

In 2023, TikTok agreed to establish a Nairobi office following pressure from Parliament over concerns about explicit content on the platform.