FORMER BANK OF CHINA CHAIRMAN SENTENCED TO DEATH ON CORRUPTION CHARGES. (PHOTO).

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 Former Bank of China chairman sentenced to death on corruption charges Liu Liange, former Party chief and chairman of Bank of China, was sentenced to death with a two-year reprieve in a first-instance trial on Tuesday for accepting large sums in bribes. The sentence was delivered by the Jinan Intermediate People's Court in East China's Shandong Province, according to China Central Television (CCTV). During his tenure from 2010 to 2023, Liu took bribes of 121 million yuan ($16.7 million) to assist with loans, projects, and personnel arrangements. He approved illegal loans amounting to 3.32 billion yuan from 2017 to 2020, causing losses of over 190.7 million yuan. Liu was sentenced to death with a two-year reprieve, stripped of his political rights for life and had all personal assets seized. He also received a 10-year prison term and a 150,000 yuan fine for illegal loan issuance. His illicit gains and their proceeds will be seized and handed over to the state treasury, accordin
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SENATE MOVES TO REQUIRE 20% CASSAVA FLOUR IN WHEAT PRODUCTS. (PHOTO).

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 Senate Moves to Require 20% Cassava Flour in Wheat Products


The Nigerian Senate has moved forward with a bill requiring the inclusion of 20% high-quality cassava flour in wheat used by local producers or imported into the country. The bill, which successfully passed its second reading, aims to reduce Nigeria’s annual wheat importation costs, currently exceeding $3 billion.


The proposed legislation seeks to promote cassava farming, create a sustainable market for cassava flour, and regulate the proportion of cassava to wheat in flour production. Senator Saliu Mustapha, the bill's sponsor, highlighted the potential for the initiative to cut wheat import costs, support Nigeria’s position as the world’s largest producer of cassava, and stimulate job creation in agriculture.


The bill also proposes tax incentives for wheat and cassava flour producers and importers, with an emphasis on reducing Nigeria's food import bill and boosting rural development and food security. This move aligns with a 2021 policy by the Federal Ministry of Agriculture and Food Security to encourage cassava flour inclusion in wheat products.

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