Bill Ackman: Trump losing Confidence of Business Leaders

A billionaire investor, Bill Ackman said that America was heading toward a self-inflicted “economic nuclear winter” as a result of the U.S. President Donald Trump’s tariff policy rollout.

“By placing massive and disproportionate tariffs on our friends and our enemies alike and thereby launching a global economic war against the whole world at once, we are in the process of destroying confidence in our country as a trading partner,” the American business guru asserted.

Ackman, who had endorsed Donald Trump during the elections, wrote on the social media platform, X.

President Trump’s latest tariffs, signed into effect Wednesday, 2nd April 2025 set a 10% baseline levy on all imports, hitting over 180 countries and hammering global markets.

China faces the highest tariffs, with the Trump administration having imposed 54% in duties since January. Beijing has retaliated with 34% tariffs on all goods imported from the U.S.

U.S. equities capped off a vicious week for investors last Friday, being April 4, 2025 down 9.08%, according to data from FactSet, as Trump’s moves stoke fears of a global economic slowdown.

J.P. Morgan last week lifted the odds for a U.S. and global recession to 60% by the end of the year, up from 40% previously.

“Business is a confidence game. The president is losing the confidence of business leaders around the globe,” Ackman said.

“The consequences for our country and millions of our citizens who have supported the president — in particular low-income consumers who are already under a huge amount of economic stress — are going to be severely negative. This is not what we voted for,” the hedge fund manager said.

Trump has the opportunity to call for a timeout for any negotiations to resolve any “unfair” tariff deals.

“Alternatively, we are heading for a self-induced, economic nuclear winter, and we should start hunkering down.” he reiterated.

FN Blog

Nigeria Considers Extension of NYSC Service Duration

The Nigerian Government is considering extension of the National Youth Service Corps (NYSC) service year beyond 12 months.

The Minister of Education, Dr Tunji Alausa made this known while receiving the Director-General of NYSC, Brig.-Gen. Olakunle Nafiu at his office in Abuja.

Alausa stated that the extension would enable every Nigerian youth to be fully trained in at least one skill of their choice, thereby making them relevant in the job market.

The Director of Press in the Ministry of Education, Folasade Boriowo, in a statement on Saturday, April 5, 2025, quoted Alausa as saying this would allow NYSC members to make deeper contributions to national development after acquiring market-ready skills.

The minister emphasized the need to reposition the NYSC scheme to align with national development goals.

He noted that such an extension would serve as a strategic solution to unemployment by providing young Nigerians with more time to acquire market-ready skills.

According to him, this initiative would allow corps members to make more meaningful contributions to national development while enhancing their employability and entrepreneurial potential.

Alausa reaffirmed his belief in the potential of Nigerian youth as the country’s greatest asset for advancing education and economic growth.

The minister also proposed the Teacher’s Call initiative, aimed at engaging NCE holders as temporary teachers in underserved areas, as well as a rural health corps to deliver medical training to rural communities.

He advocated for a comprehensive reform of the orientation programme to incorporate vocational, entrepreneurial, agricultural, and ICT training that enhances employability and reduces youth unemployment.

He described Nigerian youths as “the greatest asset for advancing education and economic growth”, and stressed that they should not be neglected.

The Minister of State for Education, Prof. Suwaiba Ahmad, applauded the NYSC for its pivotal role in maintaining educational standards and protecting the integrity of academic certificates, especially in light of challenges with transnational education.

The NYSC DG, in his remarks, expressed appreciation for the ministry’s continued partnership and noted ongoing reforms within the NYSC to improve national service delivery.

Nafiu advocated for the creation of a pre-departure database to track Nigerian students studying abroad, combat certificate fraud, and ensure qualification integrity.

He further commended the Skills Acquisition and Entrepreneurship Department (SAED) of NYSC and called for sustained partnership with the ministry to advance education and youth empowerment.

Ojulari Assumes Duty As NNPC Boss

The new Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Bayo Ojulari, has officially taken over the reins of the company from his predecessor, Mele Kyari.

In a brief handover ceremony held at the NNPC Towers on April 4, 2025, Ojulari commended Kyari for his contributions to the growth of the NNPC Limited and his sterling service to the nation.

He further stated that the objective of his management was to consolidate on the successes of his predecessor and take the company to the next level.

The new GCEO said though the targets set for his management were quite enormous, he would be relying on the co-operation of the management and staff of the NNPC Limited, as well as the counsel of his predecessor to achieve set targets.

“I will be counting on your support. I will need it. I will be coming around to seek your counsel,” Ojulari told Kyari.

Earlier in his remarks, Kyari congratulated Ojulari and thanked the management and staff of the NNPC Limited for their support while in office.

He pledged to do everything within his power to support the new management to succeed, stressing he was only a call away.

NNPC Announces Appointment of New Team

The Nigerian National Petroleum Company (NNPC) Limited has announced the appointment of a new 8-man senior Management Team.

The NNPCL announced this via a statement issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Friday, April 4, 2025.

Soneye stated that the development followed the appointment of the company’s Group Chief Executive Officer and Board of Directors.

The team, which would be headed by the GCEO, Bayo Ojulari, has Rowland Ewubare as Group Chief Operating Officer; Adedapo Segun as Group Chief Financial Officer; and Olalekan Ogunleye as Executive Vice President Gas, Power and New Energy.

Other members of the team are Udy Ntia as Executive Vice President Upstream; Mumuni Dangazau as Executive Vice President Downstream; Sophia Mbakwe as Executive Vice President Business Services; and Adesua Dozie, as Company Secretary and Chief Legal Officer.

According to Soneye, all appointments are with immediate effect.

Supreme Court Sacks Abure As LP Chairman

The Supreme Court of Nigeria has nullified the judgement of the Court of Appeal in Abuja recognizing Mr. Julius Abure as the National Chairman of the Labour Party (LP).

In a unanimous judgement on Friday, April 4, 2025, a five-member panel of the Supreme Court held that the Court of Appeal lacked the jurisdiction to have pronounced Mr. Abure as the party's National Chairman having earlier found that the substance of the case was about the party’s leadership. The apex court declared that the issue of leadership is an internal affair of a party over which courts lacked jurisdiction.

The court however added that Mr. Abure’s tenure had since expired. The Supreme Court allowed the appeal filed by Senator Ester Nenadi Usman and one other, hence pronounced that it was meritorious.

It proceeded to dismiss the cross-appeal filed by the Mr. Abure faction of the LP for being unmeritorious.

Ojulari Replaces Kyari As NNPC Boss

President Bola Tinubu of Nigeria has sacked the Group Chief Executive Officer (CEO) of the Nigerian National Petroleum Company Limited, (NNPCL), Mele Kyari.

Tinubu also dissolved its board, removing the Chairman, Chief Pius Akinyelure.

This latest development was disclosed on 2nd April 2025 from the State House, Abuja. According to the Press Release, Tinubu invoked his powers under section 59(2) of the Petroleum Industry Act (PIA) 2021 to carry out the sweeping reconstitution, citing the need for “enhanced operational efficiency, restored investor confidence, and a more commercially viable NNPCL”.

Hence, Tinubu approved a new 11-man board, which has Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as non-executive Chairman.

It's noteworthy that Engr. Ojulari is the erstwhile Chief Executive Officer (CEO) of the defunct Shell Petroleum Development Company Limited (SPDC).

The statement said, “Adedapo Segun, who replaced Umaru Isa Ajiya as the chief financial officer last November, has been appointed to the new board by President Tinubu. “Six board members, non-executive directors, represent the country’s geopolitical zones. They are Bello Rabiu, North West, Yusuf Usman, North East, and Babs Omotowa, a former managing director of the Nigerian Liquified Natural Gas( NLNG), who represents North Central.

“President Tinubu appointed Austin Avuru as a non-executive director from the South-South, David Ige as a Non-executive director from the South West, and Henry Obih as a non-executive director from the South East. “Mrs Lydia Shehu Jafiya, permanent secretary of the Federal Ministry of Finance, will represent the ministry on the new board, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources”.

The statement further mentioned that all the appointments take effect from April 2, 2025.

Malawi Warns Institutions, Recipients on Honorary Doctoral Degrees, others

The Malawian National Council for Higher Education (NCHE) has issued a strong warning to all indigenous and foreign Institutions on higher education in Malawi.

It clarifies that receiving an honorary degree does not automatically qualify an individual for the title of "Doctor" or "Professor", as the case may be.

In a statement released on March 27, 2025, the NCHE emphasised that honorary degrees are purely symbolic recognitions, hence do not hold the same academic weight as a PhD or a Professorship.

While warning that only accredited and recognized institutions were permitted to award honorary doctoral degree (honoris causa) to distinguished individuals, it cautioned them to desist from recognizing anyone with professorship award.

The council noted an increasing trend where individuals who had been conferred honorary degrees begin to use academic titles without completing the rigorous scholarly processes required for those qualifications.

“An honorary degree is a recognition of one’s contributions to society, but it does not equate to an earned academic qualification,” the statement read.

NCHE further cautioned institutions against misleading the public by allowing honorary degree recipients to assume academic titles. The council stressed that only accredited institutions and duly qualified individuals can rightfully hold and use such titles.

This warning comes amid growing concerns that some individuals in Malawi are falsely portraying themselves as professors or doctors after receiving honorary degrees from unaccredited institutions.

The NCHE has urged all stakeholders to hold hands in upholding the integrity and dignity of higher education in the country.