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Italy’s PM To Resign Over Financial Crisis

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15 years ago

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Italian Prime Minister Silvio Berlusconi said he would resign after the country’s budget is passed. The 75-year old Berlusconi has been a dominant force since forming the Forza Italia party in 1994, and his pending departure marks the end of an era for Italian politics.

But while the political spectacle that came with Berlusconi could now fade, the financial show might be just beginning. The pricing – set by traders who are selling Italy’s bonds – hit 7.3% by mid morning after breaking through 7% a short while earlier. “It’s like tectonic plates,” a desk analyst told CNN. “You have this pressure and then it breaks.”

To put Italy’s bond yields in context: Ireland bond yields were just over 8% before the country was bailed, Greek yields touched 10% and Portugal’s hit 9%.

Italy and Spain – the eurozone’s third and fourth largest economies – are those often referred to as too big to fail. So far, the eurozone countries and the European Central Bank have actively kept the bloc’s struggling economies afloat.

But their powers may be limited when it comes to Italy. The numbers are huge, and the political – and financial – capacity to continue supporting the bloc’s weak will face a mighty test should Italy stumble.

The numbers are brutal. Italy’s economy makes up 17% of the eurozone. Combined, Greece, Ireland and Portugal – the countries currently living off Europe’s bailout fund and the International Monetary Fund – make up less than 6%.

Italy’s debt stands at €1.9 trillion ($2.6 trillion), or 120% of gross domestic product. Compare that to the combined Greece, Ireland and Portugal’s debt – around €640 billion as at full year 2010, according to Eurostat, the statistical office of the European Union.

Italy faces around €380 billion in bond repayments and deficit costs by the end of 2012, according to Evolution Securities’ analyst Elizabeth Afseth. Its next major payment is €26 billion, due in February next year. With its funding costs now over 7%, that could prove an huge hurdle.

The oft-quoted 7% figure is, by and large, arbitrary. It is regarded as the level at which countries can no longer fund themselves – but depends on how long it stays at that level and how much the country needs to raise.

Vitally, however, it is a measurement of confidence and that – in these volatile markets – matters. When yields hit 7% it is extremely difficult to pull them back. According to Afseth, it is seen by investors as a “point of no return.”

And Italy’s situation is probably worse than the bond yields suggest, with the ECB’s intervention keeping the price of its funding down. According to Evolution Securities, the ECB began buying Italian and Spanish bonds on August 8 this year, after yields hit 6.08%. The following week, the ECB settled €22 billion of purchases. Last week, the bank settled €9.52 billion in purchases – the bulk of which were most likely Italian bonds, according to Afseth.

While the ECB – whose presidency has just been taken up by Italy’s Mario Draghi – has proved a key player in the survival of the eurozone to date, its patience appears to be growing thin. This week Yves Mersch, the governor of Luxembourg’s central bank and a member of the ECB’s governing council, told Italy’s La Stampa the bond buys should be “limited in quantity and in time.”

He said if the bank’s interventions are being undermined by a lack of effort from national governments, “we should ask ourselves about the problem of incentives.”

If Italy is forced to turn to Europe’s bailout fund, the outcome looks ugly. The fund is being enlarged to a lending capacity of €440 billion. Of that, around €140 billion has been committed to the bailouts of Greece, Ireland and Portugal, according to Afseth.

That leaves €300 billion – a sum that Italy would suck up, before needing more.

Plans to leverage the bailout fund, part of the triple-pronged attack on the crisis revealed after European leaders’ crisis meeting in October, will also suffer from the market’s plummeting confidence.

And so the markets watch and wait, as Italy’s “too big to fail” economy teeters on its financial tightrope.

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‘The Scholar of Evidence, Integrity and Community Leadership’

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1 week ago

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May 13, 2026

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In legal philosophy, silence is often romanticized as wisdom. But within the law of evidence, silence may carry a very different implication — it can amount to an admission. This thought-provoking paradox forms part of the intellectual reflections of Professor Chris C. Wigwe, SAN, an accomplished legal scholar whose contributions to legal education and jurisprudence continue to shape conversations within Nigeria’s academic and professional legal circles.
Professor Christian Chizindu Wigwe stands among the distinguished figures produced by Nigeria’s legal academy. A Senior Advocate of Nigeria and seasoned scholar, he built a reputation for intellectual rigor, disciplined scholarship, and principled leadership in the study and teaching of law.
His academic journey reflects the making of a global legal mind. Wigwe obtained his Bachelor of Laws degree from Ahmadu Bello University, Zaria, before proceeding to the Nigerian Law School where he qualified for the Nigerian Bar. His quest for deeper scholarly engagement later took him to the United Kingdom, where he earned a Master of Laws degree from Middlesex University and subsequently a PhD in Public International and Economic Law from the University of Leeds.
These academic attainments did not merely decorate his curriculum vitae; they laid the intellectual foundation for a career that has consistently bridged theory and practice within the legal profession.
Over the years, Professor Wigwe has distinguished himself in the fields of jurisprudence, international law, criminal law and the law of evidence. His scholarship reflects a deep interest in how legal systems respond to economic realities, international cooperation and evolving global norms.
Within Nigeria’s university system, his name became closely associated with the Faculty of Law at Rivers State University in Port Harcourt, where he served as Dean from 2022 until November 2025. His tenure coincided with renewed conversations about strengthening legal education and positioning the faculty for global competitiveness.
Under his watch, the faculty intensified efforts to deepen research culture, strengthen postgraduate training and pursue partnerships capable of elevating the institution’s standing among law faculties in Africa.
Professor Wigwe also consistently emphasized the importance of institutional collaboration and alumni support in sustaining academic excellence. In public engagements, he urged graduates and stakeholders to support universities in building research centres and scholarship opportunities for students.
That perspective reflects his broader understanding that legal education must go beyond classroom instruction. For Wigwe, the development of law faculties must be anchored on strong research infrastructure, vibrant intellectual discourse and international engagement.
Beyond administrative leadership, he has remained an active contributor to legal scholarship through books and research publications. His works cover diverse aspects of legal theory, international institutions and corporate law practice.
Among his notable publications are texts such as Legal Research Methodology and Practice, Introduction to Company Law and Practice, and scholarly works exploring the economic dimensions of international institutions and monetary law.
These contributions have become reference materials for students and scholars seeking a deeper understanding of legal research and the dynamics of international economic law.
What distinguishes Wigwe’s scholarship is his ability to situate legal principles within the realities of global economic systems. His writings frequently interrogate how international institutions exercise power and how developing economies can navigate complex legal frameworks within global trade and finance.
Such perspectives have increasingly become relevant in a world where international law influences domestic economic policy, cross-border transactions and global governance.
Within the classroom, colleagues and students often describe him as a meticulous teacher who believes that legal reasoning must be sharpened through intellectual discipline and ethical responsibility.
His academic philosophy emphasizes the importance of integrity in the legal profession. For him, legal education must produce not only technically competent lawyers but individuals whose character can withstand the ethical demands of justice.
This emphasis on integrity resonates strongly within the Nigerian legal system, where the credibility of institutions often rests on the moral courage of those entrusted with authority.
Indeed, Wigwe’s professional life reflects the principle that law is not merely a technical craft but a moral enterprise aimed at preserving fairness and order in society.
His elevation to the prestigious rank of Senior Advocate of Nigeria further affirmed his standing within the legal profession. The SAN rank, often regarded as the pinnacle of legal practice in the country, is reserved for practitioners and scholars whose careers demonstrate excellence and integrity.
Yet, beyond titles and accolades, his legacy lies in the countless students he has mentored over decades of teaching.
Across courtrooms, law firms, government institutions and international organizations, former students continue to carry forward the intellectual and ethical lessons instilled during their time under his tutelage.
Mentorship remains one of the most enduring contributions of any academic. Through it, knowledge is transmitted across generations, shaping the legal culture of a society.
Professor Wigwe has consistently viewed mentorship as a responsibility rather than a privilege. For him, the success of students represents the true measure of a teacher’s impact.
His leadership style within academia reflects calm authority rather than flamboyance. Colleagues often describe him as a scholar who prefers substance over spectacle, focusing on institutional growth rather than personal acclaim.
This disposition aligns with his belief that universities must remain centres of reason, inquiry and ethical reflection.
Beyond the walls of academia, Professor Wigwe’s influence extends meaningfully into community life. His dedication to secular and communal activities has earned him admiration within his hometown of Isiokpo.
Recognizing his contributions to community development, leadership and social cohesion, the people of Isiokpo honoured him with a traditional chieftaincy title — a cultural recognition reserved for individuals whose lives exemplify service and integrity.
The honour reflects the deep respect he commands not only as a scholar but as a community figure committed to the welfare and progress of his people.
Traditional institutions in many African societies remain important custodians of culture, identity and moral leadership. When communities confer chieftaincy titles, they are often acknowledging a life lived in service to collective advancement.
For Professor Wigwe, this recognition underscores a broader philosophy that scholarship should not exist in isolation from society.
Rather, knowledge must translate into service — guiding communities, strengthening institutions and inspiring future generations.
The influence of scholars like Wigwe becomes even more significant in societies navigating complex governance challenges. Legal scholars provide the intellectual frameworks through which institutions interpret constitutions, enforce rights and resolve disputes.
In this regard, the Nigerian legal system continues to benefit from the contributions of academics who combine scholarship with practical insight.
Figures such as Professor Wigwe represent a bridge between legal theory and real-world governance.
Such individuals are invaluable to both national and international institutions that require legal minds capable of navigating complex regulatory and diplomatic environments.
The global legal community increasingly recognizes that expertise in international economic law, institutional governance and evidence law is essential for addressing contemporary challenges.
From trade negotiations to international arbitration and human rights enforcement, the need for scholars with strong analytical foundations has never been greater.
Nigeria, like many developing nations, possesses a reservoir of intellectual talent within its universities. However, such expertise is often underutilized in global governance spaces.
Scholars with the depth of experience and credibility of Professor Wigwe deserve broader platforms where their insights can contribute to shaping international legal discourse.
Positions within multilateral organizations, international arbitration panels, global academic networks and legal reform commissions could greatly benefit from the perspectives of scholars who understand both local realities and global legal frameworks.
The strength of any legal system ultimately depends on the integrity and intellectual courage of those entrusted with responsibility.
When individuals who embody these virtues are elevated to positions of trust, institutions become stronger and public confidence grows.
Professor Chris C. Wigwe’s career illustrates the enduring relevance of scholarship grounded in integrity, intellectual discipline, community service and responsible leadership.
In a time when public institutions require credible voices capable of guiding policy with wisdom and ethical clarity, figures of his calibre stand out as valuable assets not only to Nigeria but to the wider international community.
Ultimately, the story of Professor Wigwe is not merely about academic achievements or professional titles. It is about the quiet but powerful influence of a scholar committed to the ideals of justice, knowledge, community service and ethical leadership.
And in the long arc of legal history, it is often such scholars — patient builders of institutions, mentors of generations, and respected sons of their communities who leave the most enduring imprint on the pursuit of justice.
King Onunwor
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City Crime

Report Against Lecturer Mere Witch-Hunt – RSU Management

Published

1 week ago

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May 13, 2026

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A top management official of Rivers State University has described the recent allegations against a lecturer of the institution as a calculated witch-hunt aimed at tarnishing the image of both the academic and the university.
The management source, who spoke on condition of anonymity, maintained that the allegations bordering on the purported use of a forged appointment letter were misleading and failed to reflect the true circumstances surrounding the lecturer’s employment history.
According to the official, the university has an established administrative structure for recruitment, documentation and confirmation of staff appointments, stressing that no employee could remain in service for years without due verification by relevant departments.
The source explained that the matter had already attracted internal scrutiny and preliminary findings did not support claims being circulated in some quarters against the lecturer identified as Dr. Dike Harcourt Whyte.
He noted that the lecturer had continued to discharge his academic responsibilities diligently and had not been indicted by any panel or court of competent jurisdiction over the allegations.
The management official further alleged that certain individuals were sponsoring petitions against the lecturer due to personal disagreements and internal rivalries unrelated to the university’s academic standards.
He expressed concern that attempts were being made to drag the name of the university into avoidable controversy, especially at a time the institution was making significant progress in academic development, research and infrastructural expansion.
The source reiterated that the university administration under the Vice Chancellor remained committed to fairness, due process and the protection of staff members from harassment, intimidation and malicious attacks.
He stated that the institution would not act based on public sentiment or social media pressure, but would instead rely on verifiable records and official procedures in addressing any matter involving members of staff.
The official also warned against the spread of unverified information capable of causing reputational damage to individuals and the university, noting that such actions could undermine public confidence in the institution.
Meanwhile, some staff members who spoke in defence of the lecturer described him as a committed academic who had contributed positively to teaching, research and mentorship within the university community.
They therefore called on the public to disregard what they termed a smear campaign against the lecturer and allow the university authorities to handle the matter professionally and in accordance with established regulations.
When contacted, Whyte declined comment, but said on the University authority has the legal right to speak on the matter.
Meanwhile, the Vice chancellor of the University, Prof Isaac Zeb-Obipi, in his response said he was not the VC when Dr. Whyte was appointed.
“I wasn’t the VC when he was appointed. He was appointed several years ago; and I am not aware of any petition against his appointment”, he said.
Prof. Zeb-Obipi stressed that he had requested a meeting with the petitioners as part of efforts to investigate the allegations.
“How come I just became Vice Chancellor and they are writing a petition? To investigate the petition, I have requested to meet with the petitioners,” he said.
King Onunwor
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City Crime

Women In STEAM: Overcoming underrepresentation: A Nigerian woman’s journey in Asian tech, design

Published

2 months ago

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March 23, 2026

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In this episode of Women in STEAM, Nabhel Harmony, a Nigerian product designer living in Indonesia, reflects on her journey navigating the global tech industry as an African woman in the room.

Ms Harmony says underrepresentation is a major challenge, often leading to bias and underestimation.

PT: What inspired you to pursue a career in product design?

Ms Harmony: I began as a graphic designer in 2017, first learning CorelDRAW to help my mom with flyers, then building skills with Adobe Suite and working at a printing press. The real shift happened during my master’s programme when I came across a Microsoft UX video. That moment, along with learning Figma, inspired me to pursue product design. Since then, I have focused on creating intuitive, human-centred digital experiences, driven by the belief that design should be both impactful and useful.

PT: What experiences or skills do you think are essential to break into the field?

Ms Harmony: I think the essentials for breaking into design right now come in two layers. First, you still need a strong foundation in UX, understanding user needs, problem-solving, and being able to communicate ideas clearly. Tools like Figma are great, but more important is learning how to think like a designer: how to frame problems, test assumptions, and iterate.

The second layer is adaptability. With the rise of AI-powered tools like Stitch, Claude, Cursor, Lovable and others, the way we design is evolving. These tools can speed up workflows and even generate starting points for us, but they do not replace the need for critical thinking or empathy. I always encourage new designers to learn the traditional UX process and experiment with AI tools to see how they can supercharge creativity and productivity.

Finally, I would say, the designers who will thrive are those who are curious, willing to explore, and able to use both human insight and machine assistance to create experiences that feel truly meaningful.

PT: Can you share an example of a project that had a significant social impact, and how you approached designing for that specific challenge?

Ms Harmony: One project with real social impact was the redesign of iglooconnect, a platform that links smart locks with services like Airbnb. The old system was clunky and confusing, creating barriers for property managers, small businesses, and international users, sometimes even affecting safety and livelihoods. I approached it with empathy, becoming a user myself, gathering insights from support teams, and studying competitors.

We streamlined user flows, simplified navigation, and improved accessibility. The result was a platform that now supports thousands globally, helping property managers focus on hospitality, enabling small businesses to grow, and making the experience intuitive for international users. It reinforced for me that good design isn’t just about looks, it’s about equity, trust, and opportunity.

PT: As a senior product designer, what qualities do you look for in a design team, and how do you foster a collaborative and innovative environment?

Ms Harmony: As a senior product designer, I look for curiosity, empathy, and resilience in a design team. Curiosity drives exploration, empathy ensures we design for people and collaborate well, and resilience helps us embrace feedback and ambiguity. To foster collaboration and innovation, I focus on building trust, encouraging open dialogue, celebrating collective wins, and creating a safe space for experimentation and growth.

PT: As a design tutor, how do you approach mentoring junior designers, and what advice would you give to those looking to grow in their careers?

Ms Harmony: I mentor by focusing on mindset over tools. I encourage juniors to see design as problem-solving, not just screen-making. I give them small, real projects to build confidence, and I make feedback a two-way process so they learn to see critique as growth.

My advice is simple: stay curious, build portfolios that show your process (not just polished screens), and find a design community to learn with. Skills evolve, but curiosity, empathy, and resilience will always set great designers apart.

PT: Can you discuss your approach to designing accessible and user-centred solutions, and how you balance business needs with user requirements?

Ms Harmony: My approach to accessible, user-centred design starts with empathy. I focus on understanding user pain points, then simplify flows to make products clear, inclusive, and intuitive. To balance this with business needs, I connect user pain points to outcomes such as efficiency, adoption, and retention. For example, in one of my recent projects, I simplified access flows for property managers by creating an integrated dashboard which not only improved usability but also reduced support tickets, creating value for both users and the business.

PT: What challenges have you faced as a woman of African descent in the tech and design industries, and how have you overcome them?

Ms Harmony: One of the biggest challenges I have faced as a woman of African descent in tech and design is representation. Living in Asia, particularly here in Indonesia, I have often found myself as the only African woman in the room, which sometimes meant dealing with bias, being underestimated, or having to work harder to prove my expertise.

I have overcome this by leaning into resilience and community. I built networks with other designers and used those connections for support and growth. More importantly, I let my work speak for itself, focusing on delivering impact and creating meaningful solutions.

PT: How do you think designers can give back to the community, and are there initiatives you have been involved in to promote design education and awareness?

Ms Harmony: One of the most meaningful ways designers can give back is by creating access to knowledge, to opportunities, and representation. For many people, design may feel like an unfamiliar career path, especially now with the rapid rise of AI. And the first barrier is often simply not knowing where to start. By mentoring, sharing resources, and opening doors, we can demystify design and make it more inclusive.

ALSO READ: Women in STEAM: Excellence Joshua speaks on navigating motherhood, building a career

I have been mentoring women who are breaking into tech and design through She Code Africa. Additionally, I mentor on ADPList, guiding emerging designers worldwide on career growth. Last year, I partnered with the Interaction Design Foundation (IxDF) to provide free and discounted memberships, extending access to high-quality courses that many may not otherwise be able to afford. I also run a Telegram tech community of over 800 designers, where I regularly share opportunities like jobs, internships and courses that can help someone to take the next step in their career. Altogether, these efforts have allowed me to support hundreds of aspiring designers in building strong foundations and finding their place in the industry.

PT: How do you stay up-to-date with the latest design trends and technologies, and what resources would you recommend for others looking to do the same?

Ms Harmony: I stay up to date by staying active online, especially on Twitter (X). It may sound a little cheesy, but it genuinely works for me. I follow thought leaders and official design team accounts like Google Design, Microsoft Design, and tools like Figma and Framer on Twitter (X) and LinkedIn. I also make it a point to experiment with new tools as they are released, particularly AI-powered ones like Figma Make, Cursor, Lovable, and Stitch. From time to time, I complement this with online courses, which help me strengthen my foundation and stay adaptable.

For others, I would recommend a balance: structured learning through platforms like the Interaction Design Foundation or Coursera, paired with mentorship opportunities on ADPList or She Code Africa for aspiring African women in tech. That mix of formal education, community learning, and hands-on exploration is what keeps you not only up to date but truly adaptable in such a fast-moving field.

PT: What message would you like to convey to women and underrepresented groups who are interested in pursuing a career in tech and design, but may be hesitant or unsure?

Ms Harmony: My message would be simple: you belong here. Tech and design can sometimes feel intimidating, especially when you don’t see many people who look like you in the room, but your perspective is not just valid, it’s valuable. The industry needs diverse voices and experiences to create solutions that work for everyone. If you are hesitant, start small. Take a course, join a community like She Code Africa and surround yourself with people who will support and encourage you. Do not wait until you feel “ready”; none of us ever really does. Growth comes from trying, learning, and showing up consistently.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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