From May 16 to 17, over 2,000 of Africa’s business leaders, investors, policy makers and political leaders as well as their counterparts from around the world met in Kigali, Rwanda under the auspices of the Africa CEO Forum 2024 to discuss the continent’s development, opportunities and challenges. The Africa CEO Forum is the largest international meeting of the African private sector, and is typically two days of conferences, debates, panel discussions and high-level meetings dedicated to highlighting the driving role of the private sector in the development of the continent. Rwanda is hosting it for the second time since its maiden edition, held in Geneva, 10 years ago. Last year, it was held in Abidjan and next year, it is going to somewhere in North Africa. Nigeria has never hosted it, and that’s surprising. You can think of the Forum as our own equivalent of the World Economic Forum (WEF), which holds in Davos, Switzerland, every January. The 2024 CEO Forum in Kigali was the biggest since its inception, according to the Chief Executive of the Forum, Amir Ben Yahmed. The theme this year was ‘’At the Table or On the Menu? A Critical Moment to Shape a New Future for Africa.” President Paul Kagame and a few African Heads of States and Governments were there. In attendance were many notable Nigerian businesses and NGOs. Kagame gave a brief opening statement.

The phrase, ‘’At the Table or On the Menu’’ was popularised by the US Secretary of State Antony Blinken at the Munich Security Conference last November. Responding to the moderator’s question concerning tensions in the US-China relations, Blinken had said ‘’if you are not at the table at the international systems, you’re going to be on the menu’’. Blinken had also used the same phrase in 2022 to describe relations between the two superpowers. But he did not invent this coinage. As far back as 1993, this phrase was used in an article in an American Middle East Affairs journal, describing the situation in Lebanon at that time. At a time that our continent seems to be making little progress in the global stage, it was therefore apt that the Africa CEO Forum 2024 adopted this same phrase as its theme. It was also the central point of discussions among panel members on the opening day of the summit. The panelists were Group CEO of MTN, Ralph Mupita; Regional VP for Africa, IFC, Sergio Pimenta; Access Holdings Chairman, Aigboje Aig-Imoukhuede; Rwanda Minister of State in charge of Public Investments and Resource Mobilization, Jeanine Munyeshuli, and President of Arab Bank for Economic Development in Africa, Sidi Ould Tah.

It was a very enriching and profound discussion on the experiences and future of our continent. Aig-Imoukhuede opened his contributions by acknowledging that the theme was quite poignant given that this year marks the 140th anniversary of the Berlin Conference. ‘’At the Berlin Conference, Africa was at the table, but that’s where they had us for breakfast, lunch and dinner,” he said, eliciting applause and laughter. “But Africa has come a long way since then. Today, there are many tables across the world in IMF/World Bank (finance), WHO (health), WTO (Trade), G20 (politics), etc, and it is important to note that Africans are CEOs of some international organisations in these areas,” he added. In as much as Africans are now at the table, he however wondered whether we are sitting on the right seats or low stools, eliciting another round of laughter and applause. The Access Holdings chairman elucidated further that Africans should create their own tables just like the Asians have done. ‘’Our big population, common markets and youths should give us a table for the future’’ he said. He noted that Africans have made considerable progress in finance, noting that foreign banks that have divested from the continent have been replaced by African banks.

He illustrated: ‘’If an African investor, for example, goes to the Eurobond market, he should be ready to be dictated to by the regulators and the operators in that market; and they necessarily don’t have your interest in mind. But if an African investor goes to an Afrobond market to raise capital, chances are that the market will be sympathetic to Africa’s needs and nuances, but the standards and regulations should not be lower than what you have in the Eurobonds markets.” He called for partnership between the public and private sectors in the continent and announced that Access Holdings and the Aig-Imoukhuede Foundation are launching a Super NGO which will provide funding and talent for transformational government initiatives that deliver much needed value. The Aig-Imoukhuede Foundation and Access Bank Group have pledged $300 million over the next 20 years. Access Bank has committed $200 million and the Aig-Inoukhuede Foundation committed $100 million.

The Africa-led Super NGO will be established in partnership with academics, experts and philanthropists across the globe who are committed to closing the gap between Africa and the rest of the world. The NGO will work with African governments to provide the funding, governance and talent He invited other businesses to join him in promoting the initiatives. The commitments, spread over 20 years, will fund African governments’ initiatives with proven potentials to transform national economic performance.

Said Aig-Imoukhuede: “African leaders cannot sit back and watch the 4th Industrial Revolution transform the rest of the world while leaving Africa falling further behind. We have to create our own ‘table’ by using technology to unlock the power of our youth, giving Africa a greater voice in the world. It’s today’s leaders who will determine whether or not we grab this opportunity.” The Africa CEO Forum and similar platforms provide ample opportunity for African businesses in general and Nigeria’s companies in particular to deploy the art of business diplomacy to their advantage and to the benefit of the continent. Just as Kigali event was kicking off, Roosevelt Ogbonna, Access Bank's CEO was speaking at Cannes International Film Festival on the importance of Nigeria's film industry and the roles of banks in funding the creativity industry.

Business diplomacy, according to specialists in that area, is the capacity to build and maintain strong relationships with several domestic and international stakeholders to shape and influence the environment and eventually create a favourable business environment and exploit new opportunities. It is an important business tool in today’s globalised markets, and its goal is to create and manage efficient networks of information that allow the company to influence the policy environments in their favour and predict future issues. This is why key African businesses and their partners have been the major sponsors of the CEO Forum, with the 2024 edition backed mainly by the MTN Group; IFC; Access Holdings; The Coronation Group and the Aig-Imoukhuede Foundation.

The Nigerian Education Loan Fund (NELFUND),  has announced May 24 as official date for the opening of portal for student loan applications.

The Managing Director of NELFUND,  Mr Akintunde Sawyerr, disclosed this on Thursday  in a statement made available to newsmen in Abuja by the Fund’s Media and Public Relations Lead, Nasir Ayitogo.

Sawyerr said the opening of the portal marked a significant milestone in the commitment of President Bola Tinubu to foster accessible and inclusive education for all Nigerian students.

According to him, through the portal, students could now access loans to pursue their academic aspirations without financial constraints.

He added that the portal provides a user-friendly interface for students to submit their loan applications conveniently.

“We encourage all eligible students to take advantage of this opportunity to invest in their future and contribute to the growth and development of our nation,” he said.

Sawyerr urged students to access the portal on www.nelf.gov.ng to begin application.

[Newsguru]

Popular singer, Oritsefemi, has narrated how his estranged wife Nabila Fash, dealt with him during their marital crisis.

According to the singer, Fash invited about 20 of her female friends to their home to overpower and physically assault him.

In a recent interview, the ‘Double Wahala’ hitmaker stated that he has been unlucky with marriages, claiming that his first wife also dumped him after sponsoring her to Dubai.

“My wife [Nabila Fash] asked her friends to come and beat me up in my house. I said, ‘Look at me o; a whole me, lion na he women dey pursue.’ They were about 20. They dealt with me. I’m not lying,” he said.

Recall that Oritsefemi’s marriage to Nabila Fash hit the rocks in 2022, with Fash accusing the singer of incessant cheating.

In October 2022, Fash officially filed for divorce from Oritsefemi over infidelity and domestic violence.

[Newsguru]

Kwara State Police Command has arrested five health workers over alleged mysterious disappearance of umbilical cord and placenta of a newly born baby in Oke-Ero local government area.

It was gathered that the incident happened at the cottage hospital in Iloffa last Sunday.

The suspects, Daily Trust learnt, who are currently being detained in Ilorin after interrogation on Thursday include one Dr Ajibola, nurses Rukayat Adeloye, Aishat Awolusi, Peace Alabi and Toyin Adewunmi, a ward attendant.

Sources said it took efforts from elders of Odo-Owa community to prevent the restive youths from torching the hospital over the incident.

Speaking on the issue on Friday, the traumatised mother of the baby who teaches English language in Orofa High School,Odo-Owa, Mrs C.B Williams, said she raised the alarm after the doctor and nurses who delivered the baby failed to produce the placenta and umbilical cord.

“Some of their staff started telling me they’re sorry that there was a mistake. The attendant said she had thrown the placenta inside a pit but they could not find it suggesting a dog might have eaten it.

“That was When I flared up with some members of my church who were also present that it’s not possible that they just have to present the placenta”.

Mrs Williams’ father, Mr Rufus Sanya, said he suspected foul play.

“How could an umbilical cord and a placenta of a new baby be missing when we all know the implication?

“I urge the police to do a thorough investigation and unravel the mystery behind this disappearance.That is only when justice would be said to have been served and we would be at peace with ourselves,”he said.

Contacted on Friday, spokeswoman of police command, Ejire-Adeyemi Toun, confirmed the incident, adding that operatives have commenced a discreet investigation into the matter.

[DailyTrust]

For the first time this year, Nigeria’s money supply has experienced a significant drop, a development closely linked to the Central Bank of Nigeria’s (CBN) recent hike in interest rates.

Data from the apex bank reveal Money Supply (M2) dropped marginally to N92.3 trillion in March 2024 from a record N93.9 trillion in February. April data is also anticipated as the apex bank meets to deliberate ton the MPC.

This drop, albeit marginal will be received with relief by officials of the monetary policy committee who meet next week to deliberate on the next course of action for its hawkish interest rate policy.  The drop also reflects the intricate dynamics of monetary policy and its impact on the broader economy.

In the past two years, Nigeria has seen a substantial rise in money supply, driven by expansive monetary policies under the Buhari administration. For example, Money Supply (M2) has risen from N51.7 trillion to a peak of N93.9 trillion in February.

The Central Bank of Nigeria, led by Governor Godwin Emefiele, lent the government over N20 trillion through the controversial Ways and Means provision. Additionally, trillions were injected into the economy as intervention funds to stimulate growth and support various sectors.

Money supply, a critical economic indicator, refers to the total amount of monetary assets available in an economy at a specific time. It includes various forms of money, such as cash, demand deposits, and other types of bank deposits that are easily convertible to cash. Economists categorize money supply into different aggregates, primarily M1, M2, and M3, each representing different degrees of liquidity.

According to the latest data, the overall money supply decreased, driven by notable changes in its components. Specifically, quasi money, which includes savings deposits, time deposits, and other near-money assets, saw a significant drop.

Conversely, narrow money (or M1), which encompasses physical currency and demand deposits, showed an increase.

Key highlights from the data

• Money Supply (M2): Experienced a decrease from From N93.9 trillion to N92.3 trillion , reflecting the drop in quasi money despite the rise in narrow money.
• Quasi Money: Decreased from N63.69 trillion to N59.8 trillion, indicating a shift in the types of assets held by the public, likely influenced by higher interest rates.
• Demand Deposits: Increased from N26.8 trillion to N28.8 trillion, suggesting a preference for more liquid forms of money among depositors.
• Currency outside banks: Increased from N3.4 trillion to N3.6 trillion as more Nigerians moved towards cash following the end of the controversial new naira note policy of the apex bank.

Impact of Higher Interest Rates

The CBN’s decision to raise interest rates is a strategic move aimed at controlling inflation by making borrowing more expensive and encouraging saving.

• Higher interest rates typically lead to reduced consumer spending and lower investment by businesses due to the higher cost of credit.
• By tightening monetary policy, the CBN aims to tame inflation and stabilize the economy. However, this shift also highlights the delicate balance required in managing economic growth and controlling inflation.
• As the economy adjusts to these changes, careful monitoring of money supply aggregates will be essential in assessing the long-term impacts of the CBN’s policies.

This monetary tightening can lead to a contraction in the money supply as people and businesses shift their funds into higher-yielding savings accounts and fixed deposits, thus decreasing the more liquid forms of money in the economy.

 [Nairametrics]

A tank farm in Apapa, Lagos State, reportedly owned by the Nigerian National Petroleum Company (NNPC) Limited, has caught fire, according to the Lagos Fire Service.

Margaret Adeseye, Director/CEO of Lagos State Fire Service, explained that the fire stemmed from a spillage of petroleum products within the tank farm’s perimeter.

She emphasised collaborative efforts with multiple emergency responders in the oil and gas industry to mitigate the situation.

Despite the challenges, she reassured that emergency operations are effectively managed to prevent further escalation.

In addition, Amodu Shakiru, spokesperson of the fire service, said the emergency call came in at 11:27 a.m.

He stated that the Iganmu and Ajegunle fire stations promptly responded to the call to prevent the fire from spreading further.

Read also: Incessant tanker fire accidents highlight Nigeria’s poor safety measures

However, Olufemi Soneye, the Corporate Communications Officer at NNPCL, clarified that the fire outbreak did not occur at the NNPC depot.

According to Soneye, the fire outbreak happened at a pipeline belonging to HOGL Energy Limited (formerly known as Honeywell Oil and Gas Limited).

[Businessday]

The Minister of the Federal Capital Territory, FCT, Nyesom Wike, has said he is not distracted by the ongoing political crisis in Rivers State.

Naija News reports that Wike made this disclosure on Friday while inspecting some key projects ready for commissioning by President Bola Tinubu, starting from May 27 to mark his one-year in office.

There are several insinuations that Wike is distracted by the current political crisis in Rivers state and he is not focusing on his job as the FCT minister.

However, Wike said if he was distracted by the crisis, many projects ready for commissioning in FCT would not be possible.

He said: “I am not distracted as FCT minister. If I’m distracted, you will not see all these projects in FCT.”

Fubara Taunts Wike

Meanwhile, Governor Siminalayi Fubara of Rivers State has said his government has defeated its political detractors and enemies.

Fubara stated this on Thursday during a gathering with the national and state leadership of the Ijaw Youth Council (IYC) as they embarked on a solidarity walk to the Government House in Port Harcourt.

The governor said his enemies could not sleep well again after they failed to achieve their plans while celebrating his one year in office.

While thanking the IYC members, Fubara encouraged the Ijaw nation to participate in celebrating the liberation of the state, adding that there would not be any need to disrupt the peace.

He stressed that every true Rivers indigene is a liberator, expressing his joy at welcoming them on such a significant day to reaffirm their collective commitment to liberation.

[NaijaNews]

Two senior staff of the National Assembly were in the early hours of Friday brutalized by operatives of the Department of State Services, DSS, for allegedly not properly identifying themselves at the second gate of the Complex.

The staff, Chris Odoh, a Deputy Director, and John Nnadi, of the Senate Committee on Petroleum (Downstream), ran into trouble with the DSS operatives who have been drafted to man the entire National Assembly Complex, at about 11:45 am, when they were asked to identify themselves at the gate.

The DSS officers claimed that the staff could not properly identify themselves but “just flashed their identity card at the gate”.

The operatives, thereafter, forcefully blocked the staff when they attempted to proceed to their offices at the White House, a section of the National Assembly Complex.

In the ensuing altercation, the National Assembly staff were assaulted by the security operatives, while other workers watched helplessly.

Efforts made by passersby to resolve the situation angered the DSS operatives, who after being joined by four of their colleagues, started rough handling the staff and any other person that tried to broker peace.

The operatives dragged the two staff from the linking point, which is about 125 metres in distance.

The incident attracted the sympathy of staff of the Unity Bank, United Bank for Africa, UBA, Senate Committee on Public Accounts and journalists in the Senate Press Centre, whose offices were in the area.

Miffed by the embarrassing scene, staff of the National Assembly from various offices at the White House, including the Mace Bearer in the Senate, spontaneously gathered at the front of the DSS office to demand the immediate release of the two staff.

It took the intervention of the Divisional Police Officer of the National Assembly, Alex Annagu, and the Deputy Clerk of the Senate, Legislative, Mrs Ilobah Isabella, who calmed frayed nerves as they appealed to the irate workers to go back to their offices.

Amidst the crisis, John Nnadi stormed out of the DSS office located underground and started shouting solidarity songs and was immediately joined by other workers who were still hanging around to see the outcome of the confusion.

Chanting ‘We no go gree o, we no go gree’, the irate staff marched to the office of the Clerk of the National Assembly to register their grievance, but he was yet to arrive before they were dispersed by the DPO, who appealed to them for calm.

In the past two weeks, the National Assembly management has replaced its official security arm, Sergeant-at-Arms, who are familiar with staff and the legislative aides and other personnel, with DSS operatives who are daily having altercations with those accessing the Complex.

[DailyPost]

The National Judicial Council (NJC) has recommended the appointment of 86 Justices and judges for the Court of Appeal, High Court of the Federal Capital Territory, Sharia Courts of Appeal, and Customary Courts of Appeal of states across the country.

Here is the full list of the recommendations:

JUSTICES, COURT OF APPEAL – 22

1. Hon. Justice Kwahar Polycarp Terna

2. Hon. Justice Ruqayat Oremei Ayoola

3. Hon. Justice Eleojo Eneche

4. Hon. Justice Asma’u Akanbi-Yusuf

5. Hon. Justice Abdullahi Muhammad Liman

6. Hon. Justice Abdu Dogo

7. Hon. Justice Fadawu Umaru

8. Hon. Justice Ishaq Mohammed Sani

9. Hon. Justice Zainab Bage Abubakar

10. Hon. Justice Abdulazeez M. Anka

11. Hon. Justice Nnamdi Okwy Dimgba

12. Hon. Justice Nwoye Victoria Tochukwu

13. Hon. Justice Nwabunkeonye Onwosi

14. Hon. Justice Okorowo Donatus Uwaezuoke

15. Hon. Justice Ngozika Uwazurunonye Okaisabor

16. Hon. Justice Ntong Festus Ntong

17. Hon. Justice Nehizena Idemudia Afolabi

18. Hon. Justice Nyesom-Wike Eberechi Suzzette

19. Hon. Justice Lateef Babajide Lawal-Akapo

20. Hon. Justice Akinyemi Abiodun Azeem

21. Hon. Justice Oyewumi Oyejoju Oyebiola

22. Hon. Justice Olukayode Adegbola Adeniyi

 JUDGES, HIGH COURT, FCT ABUJA – 12

1. Ademuyiwa Olakunle Oyeyipo

2. Bamodu Odunayo Olutomi

3. Anumaenwe Godwin Iheabunike

4. Odo Celestine Obinna

5. Hauwa Lawal Gummi

6. Abdurahman Usman

7. Buetnaan Mandy Bassi

8. Sarah Benjamin Inesu Avoh

9. Maryan Iye Yusuf

10. Ariwoola Oluwakemi Victoria

11. Lesley Nkesi Belema Wike

12. Munirat Ibrahim Tanko

JUDGES, IMO STATE HIGH COURT – 7

Akowundu Cletus Ndubuisi

Uchenna Mary Njoku

Chibuogwu Ojiugo Chukwumaeze

Ononogbo Chidi Linus

Adaego Peace Nosiri

Emeka Ozoma Orafu

Mathew Chinedu Ijezie

JUDGES, BAUCH STATE HIGH COURT – 6

1. Amin Umar Ilelah

2. Aliyu Bin Idris

3. Ahmed Shuaibu Ningi

4. Shafa’u Ladan Yusuf

5. Abdussalam Idris Waziri

6. Kawu A. Yerima

JUDGES, TARABA STATE HIGH COURT – 3

1. Hamidu Audu

2. Bibonga Jeniffer Nauma

3. Joel Daniel Ubandoma

JUDGES, LAGOS STATE HIGH COURT – 13

1. Sunmonu Tunde Bashiru

2. Azeez Fimisola Augusta

3. Alebiosu Olawale Lawal

4. Adewale Russel Musiliu

5. Popoola Oluwatosin Ajose

6. Anjorin-Ajose Tanimola Abdulwaheed

7. Muyideen Abdul-Raheem Tejumade

8. George Alfred Akingbola

9. Balogun Adegboyega Ganiu

10. Shonubi Adenike Kudirat

11. Badejo-Okusanya Yewande Jokotola

12. Layinka Oyeladun Amope

13. Ojuromi Nalirat Olayinka Oluwatosin

JUDGES, KOGI STATE HIGH COURT – 4

1. Ajesola Joseph Sunday

2. Ojoma Rachael Haruna

3. Kadiri Badama

4. Ezema Beatrice Ada

JUDGES, JIGAWA STATE HIGH COURT – 2

1. Mohammad El-Usman

2. Nilfa Abdullahi Gambo

KADIS, SHARIA COURT OF APPEAL, BAUCHI STATE – 5

1. Ishaku Magaji

2. Abdurrahman Hassan Sabo

3. Bello Mohammed Sambowal

4. Muhyiddeen Mohammed

5. Mahmoud Idris Shehu Tiyin

KADIS, SHARIA COURT OF APPEAL, KOGI STATE – 5

1. Muhammad Muhammad Bello

2. Okino Isah Saidu

3. Yakubu Adavenge Abbas

4. Shaibu Ridwan Aliyu

5. Idris Alhaji Abdullahi

KADI, SHARIA COURT OF APPEAL, JIGAWA STATE – 1

1. Mukhtar Shuaibu Adam

JUDGES, IMO STATE CUSTOMARY COURT OF APPEAL – 3

1. Everyman Ezenna Eleanya

2. Ofoha Sylvesta Uchenna

3. Ibeh Rosemond Oluchi

JUDGES, CUSTOMARY COURT OF APPEAL, TARABA STATE – 2

1. Esther Tata

2. Benjamin Samuila Bawage

JUDGE, CUSTOMARY COURT OF APPEAL, KOGI STATE – 1

1. Maryann Oziohu Otaru.b