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Reps pass bill to give foreign investors Nigerian citizenship - BUSINESSDAY
Godsgift Onyedinefu
The House of Representatives has passed a bill to give foreign investors Nigerian Citizenship for second reading.
The proposed legislation titled , “A Bill for an Act to Alter the Constitution of the Federal Republic of Nigeria, 1999 to include Citizenship by Investment as one of the classes of Citizenship in Nigeria, provide for the Acquisition of Nigerian Citizenship by Qualified Foreign Investors who meet Specified Investment Thresholds and for Related Matters (HB. 2059)” was sponsored by the, Benjamin Kalu, the deputy speaker and some other lawmakers.
The bill is among the constitutional amendment bills which the Green Chamber is considering.
According to the explanatory memorandum of the Citizenship by Investment Bill, it seeks to alter the Constitution of the Federal Republic of Nigeria, Cap C23 Laws of the Federation of Nigeria 2004 to introduce a new class of citizenship known as Citizenship by Investment.
The proposed alteration aims to attract foreign direct investment by granting Nigerian citizenship to individuals who invest in the Nigerian economy above a specified financial threshold or in strategic sectors critical to national development.
Nigeria moves to become third African country to offer citizenship by investment program - BUSINESS INSIDER
BY
- Nigeria is considering introducing a citizenship by investment (CBI) program to attract foreign investors
- Egypt and Mauritius are currently the only African nations offering formal citizenship by investment schemes
- The proposed alteration aims to attract foreign direct investment and reshape Nigeria's economic landscape
Nigeria is taking steps to become the third African nation to introduce a citizenship by investment (CBI) program.
The citizenship by investment program will allow foreign investors to obtain Nigerian nationality in exchange for significant economic contributions.
This move aligns with global trends where countries leverage CBI programs to attract foreign capital, boost economic growth, and increase foreign direct investment.
Currently, Egypt and Mauritius are the only African nations offering formal citizenship by investment schemes.
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DON'T MISS THIS: Here are African countries that offer citizenship by investment programs
Nigeria’s entry into this space could position it as a key player in attracting wealthy investors, entrepreneurs, and high-net-worth individuals seeking access to Africa’s largest economy.
The CIB program in focus
Egypt and Mauritius offer distinct Citizenship by Investment (CBI) programs.
Egypt requires a $250,000 non-refundable contribution or investment in approved real estate or business.
The citizenship by investment program allows foreign investors to obtain Nigerian nationality in exchange for significant economic contributions
Mauritius offers a Permanent Residency by Investment route, requiring a $375,000 real estate investment for a 20-year residence permit, with citizenship eligibility after seven years.
Nigeria's potential CBI program may follow either model, depending on its economic priorities and political stance.
CIB as bait for foreign investors?
Nigeria's House of Representatives has taken a significant step towards granting citizenship to foreign investors who meet specific financial thresholds.
The Citizenship by Investment Bill, sponsored by the Deputy Speaker, Benjamin Kalu and other lawmakers passed its second reading and aims to introduce a new class of citizenship known as citizenship by investment.
This move is designed to attract substantial foreign direct investment by offering nationality to individuals who make significant economic contributions to the country.
Although specific details about Nigeria’s program—such as the minimum investment threshold, qualifying sectors, and application criteria—are yet to be unveiled, experts suggest it could include investments in real estate, government bonds, or key economic sectors like petroleum, manufacturing and technology.
The proposed alteration aims to attract foreign direct investment by granting Nigerian citizenship to individuals who invest in the Nigerian economy above a specified financial threshold or in strategic sectors critical to national development.
If implemented successfully, Nigeria’s citizenship by investment program could reshape its economic landscape, making it a more attractive destination for global investors while strengthening its position as a major African economic hub.
WestJet launches Wi-Fi service powered by Elon Musk's Starlink - CANADIAN PRESS
BY Christopher Reynolds
MONTREAL — WestJet has launched an on-board Wi-Fi service powered by Starlink, the satellite internet technology made by Elon Musk’s rocket company, SpaceX, sparking a limited backlash from Canadians.
In an email, the airline confirmed it activated the service earlier this month and now offers free Wi-Fi on 16 of its nearly 140 planes after receiving federal certification.
Spokesman Josh Yeats said WestJet plans to complete hardware installations on its narrow-body fleet by the end of this year and on its wide-body aircraft before 2027.
The higher-speed connectivity comes alongside growing controversy around Musk, thanks to his close ties to U.S. President Donald Trump as well as recent expressions of support for far-right groups.
Amid a surge in Canadian patriotism following threats to the country's economy and sovereignty from the White House, some have called out WestJet and demanded it roll back its Wi-Fi plans.
"Sorry, @WestJet, I don’t want to fly in a plane that’s wrapped in the loving arms of Starlink," said novelist Jeffrey Luscombe in a post Monday on social media platform X, formerly known as Twitter — currently owned by Musk.
However, others said they were "thrilled" about the faster internet speeds or pointed to the apparent contradiction of using a Musk-owned service to criticize WestJet for using another Musk-owned service.
Major carriers including United Airlines and Air France have partnered with Starlink, while more than half of Canada's provincial and territorial governments buy critical internet and emergency communications services from it.
The reliance on a Musk-owned enterprise has prompted unease in communities stretching from Ontario to the North.
“How much are we going to be dependent on this foreign company that has (the) ability to change its level of service, or turn it off if they get mad?” Jesse Fiddler, director at KNet, an Indigenous-owned company that offers internet and cellular service to more than 26 First Nations in northwestern Ontario, asked in an interview.
Earlier this month, Ontario Premier Doug Ford responded to U.S. tariffs by scrapping the province’s contract with Starlink. The Northwest Territories is also “exploring alternatives to Starlink” as part of a Team Canada approach to protect the country’s “economic resilience, sovereignty and security,” a government spokesperson said in an email.
WestJet said it chose Starlink in a multi-year agreement between the two parties and Telus that was announced in July after a competitive bidding process that began in 2023.
"Notably, we selected the vendor that offers the best guest experience," Yeats said.
"WestJet Wi-Fi will soon deliver enough bandwidth for everyone on board to use their device like they would on the ground to stream content, play online games and more."
Starlink comprises a low-Earth orbit constellation of satellites that can deliver broadband internet to remote locations as well as airplanes more quickly than so-called geostationary earth orbit satellites, which float at far higher altitudes.
Starlink flies more than 7,000 satellites that serve about five million subscribers, with Canada as the company’s largest market outside of the United States.
— With a file from Sarah Smellie in St. John's, N.L.
This report by The Canadian Press was first published March 26, 2025.
Christopher Reynolds, The Canadian Press
Canadians spurn flights to US as trade war resistance grows - BLOOMBERG
(Bloomberg) — Fewer Canadians are flying to the US as an escalating trade war between the nations alters vacation habits.
Air Canada has seen the transborder market soften, and WestJet bookings have shifted from the US to other destinations, according to spokespeople from Canada’s top two passenger air carriers.
Bookings made from Canada to the US fell by 13% in February and March compared with a year ago, according to data from Canadian website FlightHub.com. Searches for travel within Canada surged over the same period, toppling the US as the most-searched destination.
“The timing and magnitude of the booking decline, especially following the February 1 tariff announcement, suggest consumer confidence in cross-border travel was significantly impacted by geopolitical uncertainty,” FlightHub Chief Executive Officer Henri Chelhot said in a statement.
The change in travel patterns is part of a larger boycott of American products in response to US President Donald Trump’s tariffs on Canadian goods and his desire to annex Canada. “Donald Trump wants to break us so America can own us,” Prime Minister Mark Carney warned at a campaign rally this week.
For airlines, the drop in US flight demand could hurt profits at a time when their bottom lines are already under pressure from weakness in the Canadian dollar and recession fears.
Air Canada, the country’s largest air carrier, said in an email that it’s responding to softer transborder demand by using smaller aircraft or reducing route frequency. For example, its previously non-stop flight between Vancouver and Washington, DC, now includes a stopover in Toronto. The airline also reduced capacity for routes to US leisure destinations such as Florida, Las Vegas and Arizona, it said in its latest earnings call.
WestJet has adjusted its schedule to fly more to Mexico, the Caribbean and transatlantic destinations, a spokesperson said by email.
Jet travel isn’t the only mode of transportation affected by Canadians’ boycott. Cross-border road trips by Canadian residents in February plunged 23% year over year, according to Statistics Canada.
—With assistance from Mathieu Dion and Mary Schlangenstein.
Myanmar Quake Toll Reaches 1,644 as Foreign Rescue Teams Arrive - BLOOMBERG
(Bloomberg) -- Myanmar’s death toll from Friday’s powerful earthquake reached 1,644 amid extensive damage in the second-largest city of Mandalay, as international rescue teams arrive to help search for survivors.
The 7.7-magnitude earthquake, Myanmar’s biggest in a century, also injured more than 3,408 people while another 139 are missing, the State Administration Council said late Saturday. Authorities said about 2,300 buildings, including homes and temples collapsed, in Mandalay, which has a population of about 1.5 million.
Teams from China, India and Russia were among those who arrived with professional rescuers, medical personnel and equipment and are heading to Mandalay and the administrative capital Naypyidaw, they said. International airports in the two cities are closed until further notice.
Countries including the US have pledged to send rescue teams and emergency aid following the junta’s rare request for international help.
“It was a nightmare, I am still scared,” said Kyaw Moe Aung, who witnessed the collapse of a condominium in Mandalay’s Aungmyaythazan township, where he lived. “Hundreds of buildings collapsed here and there” and “there were several aftershocks until late at night,” he said.
Most telephone lines were down due to a day-long power outage in major cities, and residents in the commercial capital of Yangon are limited to a maximum of four hours of electricity a day, according to the Electricity Supply Corporation.
More than 600 monasteries and nearly 300 pagodas in Mandalay were wrecked, as well as 60 schools and three bridges in the region. The quake also damaged some parts of Yangon-Mandalay Expressway and some dams in Upper Myanmar.
Rescuers in northern Thailand are still searching for dozens of people missing from a collapsed high-rise building in Bangkok. An investigation is underway on the 30-story building that was under construction, and officials will report their findings within a week, Prime Minister Paetongtarn Shinawatra said.
Authorities in Bangkok said nine people were killed and about 100 are missing. Thailand’s Disaster Prevention and Mitigation Department said 57 of 77 provinces in the country felt the tremors, while damage has been reported in 13 of them.
The government has declared the quake a level 3 disaster, categorized as major, and is coordinating rescue and relief operations accordingly.
Bangkok city authorities have also ordered safety audit of public and government buildings, Bangkok Governor Chadchart Sittipunt said. Three hospitals in Bangkok were inspected on Friday night and one of them, Ratwithi Hospital, was instructed not to use the building due to damage from the earthquake, according to authorities.
There have been 6,000 reported cases of cracks in buildings across the capital, Chadchart said. Two cases involving residential buildings are considered critical, and tenants have been informed about safety measures, he said.
Authorities in the Thai capital also opened 11 temporary shelters to accommodate people affected by the quake. The government will provide assistance and financial relief to those affected, Paetongtarn said after a meeting on Saturday.
Some rail services operated by Bangkok Expressway and Metro will remain closed on Saturday to ensure safety before resuming service, according to local broadcaster PPTV.
Thailand’s stock and futures exchanges halted trading on Friday because of evacuations triggered by the earthquake. The stock exchange said all activities at its headquarters will be halted through Tuesday, though it is not immediately clear if it means exchanges won’t resume trading.
The Tourism Authority of Thailand said businesses have resumed operations, and tourist attractions, as well as various convention centers, are open as usual. However, periodic assessments will continue to be conducted to ensure maximum safety, it said in a post on X.
Siam Piwat, owner and operator of several shopping malls in downtown Bangkok, said its buildings are structurally safe and will resume operations on Saturday, according to a statement posted on Facebook.
Thailand is also a major manufacturing hub, although firms like Samsung Electronics Co. said there was no disruption to their operations there.
--With assistance from Thomas Kutty Abraham.
(Updates with latest death)
Reps pass bill to return Nigeria to parliamentary system - THE GUARDIAN
By Sodiq Omolaoye, Abuja
A bill seeking to return Nigeria to the parliamentary system of government passed second reading at the House of Representatives on Thursday.
The bill seeks to establish the office of the Prime Minister as Head of Government and the President as Head of State.
The proposed legislation was among the 32 constitutional amendment bills passed by the lawmakers during a plenary session presided over by Deputy Speaker Benjamin Kalu.
The proposed legislation, sponsored by Minority Leader Kingsley Chinda and 59 others, seeks to alter the 1999 Constitution to introduce a parliamentary framework that will shift executive authority from the President to a Prime Minister elected by the legislature.
The bill is titled: *”A Bill for an Act to Alter the Provisions of the Constitution of the Federal Republic of Nigeria, 1999 to Provide for the Office of the Prime Minister as Head of Government and the Office of President as Head of State and to Provide for a Framework for the Mode of Election to the Said Offices and for Related Matters.”*
Recall that Nigeria previously operated a parliamentary system in the First Republic, with Sir Abubakar Tafawa Balewa serving as Prime Minister and Dr. Nnamdi Azikiwe as the ceremonial President.
The system, which lasted from 1960 until the 1966 military coup, allowed executive authority to reside in the Prime Minister, who was chosen from the majority party in parliament, while the President served as the Head of State.
In February 2024, some 60 members of the House of Representatives sought amendments to the 1999 Constitution to transition from the current presidential system to the parliamentary system of government.
Led by a lawmaker representing Lagos State under the All Progressives Congress, Wale Raji, the lawmakers identified the need to reduce the cost of government and foster robust policy debates, among other reasons, for demanding a return to the parliamentary system.
The lawmakers, drawn from different party affiliations, anchored their positions on the need to adopt a parliamentary system at the Federal, State, and Local Government levels.
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