Burkina Faso dissolves all political parties
Burkina Faso’s military government dissolved all political parties on Thursday and ordered their assets transferred to the state. Interior Minister Emile Zerbo said the decision was part of efforts to rebuild the state after what he described as widespread abuses and dysfunction in the country’s multiparty system.
The decree, approved by the Council of Ministers, found that the multiplication of political parties had fueled divisions and weakened social cohesion. Before the 2022 coup, Burkina Faso had over 100 registered political parties, with 15 represented in parliament after the 2020 election. The West African nation is led by Captain Ibrahim Traore, who seized power in September 2022, eight months after an earlier military coup had overthrown democratically elected President Roch Marc Kabore.
Trump to announce Federal Reserve chair pick today
President Donald Trump said Thursday he will announce his nominee to replace Federal Reserve Chair Jerome Powell on Friday morning, ending months of speculation about the future direction of the central bank. Speaking at the premiere of the film about first lady Melania Trump, the president described his pick as an outstanding person who is very respected and known to everybody in the financial world.
Former Fed Governor Kevin Warsh emerged as the leading contender after visiting the White House on Thursday, with prediction markets putting his odds at more than 85 per cent. Trump has indicated the final candidates included Warsh, National Economic Council Director Kevin Hassett, current Fed Governor Christopher Waller, and BlackRock chief investment officer for fixed income Rick Rieder. The nominee must first be appointed as a Fed governor starting February 1, succeeding Stephen Miran.
Oil posts biggest monthly gain in years
Oil prices fell more than 1 per cent on Friday but remained on track for their biggest monthly gain in years, driven by escalating geopolitical tensions. Brent crude settled down $1.15 at $69.56 per barrel, while US crude dropped $1.18 to $64.24 per barrel.
Despite Friday’s decline, both benchmarks are set to gain more than 10 per cent for January, the strongest monthly performance since early 2023. Tensions remain high as President Donald Trump continues to weigh options regarding Iran, having deployed the Abraham Lincoln Carrier Strike Group to the Middle East and warned Tehran that time is running out to make a deal on its nuclear program.
FAAN announces cargo tariff increase from February
The Federal Airports Authority of Nigeria will implement tariff increases for cargo operations at all its airports starting February 2, 2026. FAAN’s Director of Commercial and Business Development, Adebola Agunbiade, said the authority needs to review its tariff structure to ensure it remains fair to stakeholders while supporting financial obligations.
FAAN currently derives 92 per cent of its revenue from aeronautical sources, with non-aeronautical activities contributing only 8 per cent, a divergence from global standards where non-aeronautical revenues often exceed 40 per cent. The authority said it would notify service providers early enough before implementing the increases. FAAN is also transitioning to fully automated and contactless payment systems, phasing out all cash transactions at payment points.
Diezani’s lawyer says she was merely a rubber stamp
Former Nigerian oil minister Diezani Alison-Madueke had no real influence over awarding government contracts and was merely a rubber stamp for official recommendations, her lawyer told a London court Thursday. Jonathan Laidlaw argued at Southwark Crown Court that Alison-Madueke signed off on oil and gas contracts awarded by the Nigerian government but had no ability to exercise influence.
Laidlaw said purchases were made on Alison-Madueke’s behalf because Nigerian ministers are forbidden from having bank accounts abroad, and that all expenses were reimbursed either personally in Nigeria or from government coffers. Prosecutors allege Alison-Madueke enjoyed a life of luxury in London between 2010 and 2015, with oil and gas figures providing high-end properties and lavish gifts worth over £2 million at Harrods alone. The trial is expected to conclude in April.
