
Admin
[OPINION] Nigeria’s triangle of incest - Lasisi Olagunju
“No man’s life, liberty, or property is safe while the legislature is in session.”
– Gideon J. Tucker
A Governor Bola Tinubu of Lagos would not vacate his seat for anyone appointed illegally from Abuja – or from anywhere. If the heavens wanted to fall, he would ask them to fall. He would not go hide somewhere in his wife’s handbag, and from the safety of his ghetto be issuing gutless press releases. If Abuja insisted on his suspension, he would mobilise the law and lawyers for eruptions of seismic proportions. He would ask the Supreme Court to determine whether the president could sack or suspend elected governors, appoint caretaker governors and take over the role of state Houses of Assembly. He would ask the apex court to reconcile this case with its earlier verdict which outlawed caretaker governments for one of our tiers of government. He would put everything he had into the mix; he would count the teeth of the tiger in Abuja. But Rivers is not Lagos, and Siminalayi Fubara is not Bola Ahmed Tinubu. The difference between both is the difference between courage and cowardice.
Until Saturday when he spoke on the Rivers State problem, ex-President Goodluck Jonathan walked the terrace of power with utmost carefulness. He avoided speaking truth to power the way the barefooted avoids walking a floor of broken glass. But on Saturday, he came out of his zone of reticence, and dared the dark, dangerous sherds of impunity. Jonathan spoke following President Bola Tinubu’s deployment of a Supreme Court judgment to meddle with and seize control of the nuts and bolts of our federation. In a fit of daring, calculative move for political advantage, Tinubu suspended democracy on a floor of the structure. And days after the act, without a whim of resistance, he got legislative approval for the mess. He left no one in doubt that all the powers and principalities of this realm are with him and that they work for him.
The three arms of government in Nigeria have become a triangular cult of iniquity. If the executive is after you, the other two quickly join in the clobbering. Jonathan identified the spring head of the problem. He saw: “a clear abuse of office, clear abuse of power, clear abuse of privileges, cutting across the three arms of government — from the executive through the parliament and to the judiciary.” Now, when those three institutions of democracy become citadels of abuse, what remains and what is next for us?
Yesterday, 23 March, 2025, was the 92nd anniversary of the enactment of Germany’s Enabling Act which gave Adolf Hitler the power to make laws without parliamentary approval.
Nazi Germany had a parliament known as the Reichstag. The decay and destruction of that institution started in very innocuous bits, very small. It took off by saying yes to everything the leader did or took before it. The parliament members, incrementally, thought the leader deserved not their check, but their cheeks. Reichstag began its descent and quickened its suicide by enacting laws without any real debate or opposition. Then it took many other self-destruct steps; the climax came on 23 March, 1933, when Reichstag passed the historic Enabling Act transferring its powers and functions to the head of the executive.
In this Rivers matter, the Supreme Court cast the foundation, the president laid the blocks, the legislature roofed the edifice of an emerging autocracy. Jonathan spoke on the executive dictating judgments to judges. He described Nigeria as a country where “government functionaries can dictate to judges what judgment they will give.” That was a huge one. We expect a reaction or denial from the judiciary now or never. The ex-president also spoke on the operatives of the three branches of government not giving a damn as the country burned. He said they were feigning sleep while a flood of badness swept through the land. What he spoke on was the treachery of the judiciary and the perfidy of the legislature, both of which act as palace courtiers, and as whores of benefit who have surrendered their functions, power and glory to the president.
Checks and balances. How often do we ask what they are and why they are at the core of this democracy? Destruction of checks and balances creates excesses that take rest of mind away from the society. Absolute power creates all the antonyms of peace and stability. It makes the nation the ultimate sick man on a roller coaster. It was exactly so for Hitler and his Germany. The Nazi leader, on 23 March, 1933, got the powers to make laws. The ease with which he got it made him think it was time for further consolidation. Thus, on 7 April, 1933, the leader put officials of his political party in charge of all local governments. On 14 July, 1933, Reichstag became a one-party parliament. January 1934, the ruling party took over all state governments. On 19 August, 1934, the leader announced himself president, chancellor and head of the army. The Fuhrer was born!
Our National Assembly would act Reichstag if it had not done so already. It spent the whole of last weekend denying taking bribes to approve the president’s illegal suspension of democracy in Rivers State. Our multi party Senate has 109 members; the House of Representatives has 360, elected from various parties. Yet, on a very critical day last week, members of the parliament collapsed their structures into a single party; they endorsed illegality with a single voice. The president suspended democracy, appointed and swore in a viceroy to serve as governor. He declared a state of emergency without parliament’s prior approval. He usurped the powers of the legislators and the legislators endorsed the usurpation without following the law. They used voice votes to announce that he was right!
Treachery has no other definition. What does it cost a leader to be told the truth? President Bola Tinubu himself called for truth two weeks ago. He told Catholic Bishops who paid him a visit that they should tell him the truth whenever he was missing the way: “I’m here open to you, ready to listen…I won’t shut my door,” he said. But he made that request to the wrong audience. The right audience for that demand is the National Assembly, a conglomerate of dank agents. They are his enemy. He also acts his own enemy, redacting his own records of resistance and activism.
Abuse of any power will happen where there are no checks. With the help of the legislature and the judiciary, Prime Minister Balewa abused the emergency law of his time. Olusegun Obasanjo did same. And, despite all the political and legal repercussions of what Balewa and Obasanjo did, Tinubu learnt nothing and has also done it. He now sits back, watches and smiles as we fret.
The president and all who cheer him would remember that this presidential democracy is not our creation. We copied it from America. And if they agree that we copied this system from the US, have they ever found out why an American president has never tried to suspend or remove a state governor under any pretext, including under emergencies which are provided for under their own laws? It is because US governors are not boys of the president, and both sides know this to be legally and historically correct.
Where the law is allowed to work, there are always consequences for aberrant behaviour. Whatever is happening in Donald Trump’s America today, the fact is that the US Congress had historically managed to contain the excesses of presidents who thought they were king. I cite an example:
President Andrew Johnson took over as US president following the 1865 assassination of Abraham Lincoln. But Johnson does not enjoy as much favours of history as Lincoln does. Why?
President Johnson ran into problems because of his Kabiyesi stance on procedural and constitutional issues. On August 5, 1867, Johnson asked Secretary of War, Edwin Stanton to resign because the secretary disagreed with him over Reconstruction plans. The man refused to resign. The president gave him a week of grace, the man remained recalcitrant; then the president suspended him on August 12 without the approval of the Congress.
Four months after that act (December 12), the president submitted his reasons for suspending Secretary Stanton to the Senate. On January 13, 1868, Senate refused to approve Johnson’s suspension of Stanton. The following day, the man who had been acting as Interim Secretary of War, Ulysses S. Grant, informed President Johnson that in view of Senate’s decision, he was vacating his post for the rightful owner, Stanton. He left.
Stubborn President Johnson, on February 21, 1868 in gross violation of the Tenure of Office Act, formally removed Stanton and gave the control of the War Department to General Lorenzo Thomas. With the law behind him, sacked Stanton glared down President Johnson’s decision. For the next two months, he stayed put, he slept and woke up (holed up) in his cabinet office, barricading himself in there.
The US Congress watched with consternation as the president usurped its powers. It saw what the president did as a blatant violation of the Tenure of Office Act. It proceeded to commence an impeachment process against the Commander-in-Chief. On February 24, 1868, the House of Representatives voted 126-47 to impeach Johnson.
On March 5, 1868, the Senate began its impeachment trial with Chief Justice Salmon P. Chase presiding. On May 16, 1868, the Senate voted 35-19 to convict President Johnson. The figure was, however, one vote short of the necessary two-third majority to get the man sacked. On May 26, 1868, the Senate gave the president a reprieve, it voted to acquit the president on two of the charges. It then adjourned and never voted on the remaining eight articles of impeachment.
Johnson escaped sack but the damage had been done. It was effectively the ‘end’ of Johnson as president. He never recovered.
On 11 July, 2024, Nigeria’s Supreme Court declared that state governors had no power to sack elected local government chairmen and councilors and constitute caretaker committees to run the local governments. The court further declared that a local government council was only recognisable with a democratically elected government.
“A democratically elected local government is sacrosanct and non-negotiable,’’ the apex court declared.
The Attorney-General of the Federation, Lateef Fagbemi, Senior Advocate of Nigeria, who was the plaintiff in that case saluted the Supreme Court for delivering justice. He said the judgment had effectively ended the practice of governors replacing democracy with autocracy by wantonly sacking elected council bosses and replacing them with unelected caretaker committees.
On Wednesday, 19 March, 2025, the same Fagbemi addressed a press conference in Abuja endorsing President Bola Tinubu’s appointment of a caretaker governor for Rivers State and the suspension of democratic structures there. “A lawyer’s truth is not the truth” (David Henry Thoreau).
Fagbemi is supposed to know (and he knows) that there is nothing like ‘suspension’ of governor or ‘suspension’ of the legislature in our constitution which governs all other laws and everything about our democracy. But he went further to threaten other governors with the fate of Fubara. He hinted them not to dare dare his boss: “It is Rivers State’s turn today, it can be anybody’s turn tomorrow, let the signal be clearly sent to those who want to foment trouble, who want to make the practice of democracy and the enjoyment of dividends of democracy a mirage to think twice.” In other words, when you slaughter a goat in the presence of another goat, the living will be sober; it will behave well.
But wait. If the emergency rule is declared by the president over the whole country, will he appoint himself sole administrator and suspend the National Assembly? Or who rules?
To Nigeria’s chief law officer, under an emergency rule, the president can become the electorate deciding who governs and who ceases to govern. He can also be the people of any or all the states; voters in INEC registers would become Shakespeare’s “blocks, stones …worse than senseless things.”
From the courts to the president’s office to the office of the Attorney-General, to the parliament, we could see the futility in hoping for acting right and talking straight. An incestuous triangle of the three arms or what David Wyatt called a “tyrannizing unity” of the powers, reigns.
Their ways remind us of a favourite passage in Jonathan Swift’s ‘Gulliver’s Travels’: “You have clearly proved that ignorance, idleness, and vice are the proper ingredients for qualifying a legislator. That laws are best explained, interpreted, and applied by those whose interest and abilities lie in perverting, confounding, and eluding them.”
Emergency rule started in Rome around the 3rd century BC. The Romans used the law to create what they called ‘office of the dictator’ to solve specific public (safety) problems. They had two main categories of such. The first they named the dictatura rei gerundae causa (dictatorship for getting things done). The second was dictatura seditionis sedandae causa (dictatorship for suppressing civil insurrection). The Romans did not, however, create the emergency rules and laws for free roamers to exploit. They limited the dictators’ term to six months. They also struggled to contain abuse of their powers. But, apparently because of abuses such as we saw last week in Nigeria, the Roman senate took direct control of resolving crises. It replaced the office of dictator with what was called ‘Ultimate Decree of the Senate’ (senatus consultum ultimum). The present controversy presents us an opportunity to also rethink our emergency law and everything connected with it.
Strong, uncontrollable leaders always put their nations in trouble. Keeping quiet, excusing their excesses or enabling their illegality put everyone in danger. Where big men reign above the law and below decency, people pay for what they did not buy. Italian dictator, Benito Mussolini was created and nurtured by a culture of acquisence. His appointment as Prime Minister in 1922 was approved despite his party holding only 35 seats out of 535 in the parliament. With intimidation and harassment of voters, his party pushed up its figure to 374 seats in the April 1924 election. In January 1925, Mussolini, right inside the parliament, declared himself dictator. The legislators heard him and applauded him. They proceeded to grant him more powers. They passed laws that dissolved opposition parties and shut down free press. Mussolini dismantled democratic institutions that won’t let him breathe and emit fire. He got the constitutionally recognised Chamber of Deputies, Italy’s equivalent of our House of Representatives, replaced by something called the Chamber of Fasces and Corporations, a body controlled by his Fascist Party. He made the parliament in his image transforming it for his use in outlawing the opposition and the law.
The National Assembly that sat last week in Abuja may go that way unless Kabiyesi, our president, does not want it to.
2027: Why we won’t be part of coalition to challenge Tinubu —The Patriots
•NNPP yet to decide on alliance —National publicity secretary
THE Patriots, a body of elder statesmen and leaders of thought in the country, at the weekend, explained why it could not be part of the ongoing efforts by some opposition politicians that unveiled a coalition to challenge President Bola Tinubu in the All progressives Congress (APC) in the 2027 presidency.
The organisation spoke against the backdrop of the unveiling of the coalition in Abuja last week by former vice president and candidate of the Peoples Democratic Party (PDP) candidate in the 2023 election, Alhaji Atiku Abubakar.
Other prominent politicians who attended the conference included the immediate past governor of Kaduna State, Mallam Nasir El-Rufai and former Secretary to the Government of the Federation (SGF), Babachair Lawal.
In an interaction with the Nigerian Tribune at the weekend, the Secretary General of The Patriots, Comrade Olawale Okunniyi said there was no relationship between The Patriots Organisation on formed by the opposition politicians.
He said the leaders of The Patriots were preoccupied with “bringing about a new Nigeria that works for all as a pan-Nigerian organisation.
According to Olawale, The Patriots, under the leadership of a former Secretary General of the Commonwealth, Chief Emeka Anyaoku, had succeeded in getting the buy-in of other stakeholders on the advocacy for a constitution that would reflect the wishes and aspirations of the diverse people of Nigeria.
In October last year, The Patriots inaugurated Zonal Advocacy Committees across the six geo-political zones to collect the inputs of stakeholders towards the actualisation of what the group called a People’s Constitution for the country.
The national chairman of Patriots’ Strategy and Advocacy Committee on constitutional reform of Nigeria, Professor Anthony Kila and the national secretary of the committee, Dr Bilikisu Magoro, had explained that the political reform advocacy was devolved to the zones, with members from each state and diverse groups in Nigeria.
Comrade Okunniyi referenced the setting up of the zonal committee while speaking to the Nigerian Tribune on the formation of the coalition by the opposition politicians ahead 2027, stressing that The Patriots remained focus on its strategic aim of bringing about a new Nigeria.
“The Advocacy and Mobilisation Committee of The Patriots have already enlisted the commitment of formidable voices in the six geo political zones of Nigeria to mobilise critical stakeholders and the general public to buy into the longstanding advocacy in Nigeria for a new democratic people’s Constitution for Nigeria towards resolving Nigeria’s national democratic and constitutional challenges
“To this end, Zonal Advocacy Committees have been constituted and inaugurated in the six geo-political zones since November last year and these have been holding strategy and consultative meetings and now rearing to launch nationwide outreaches in April this year
“However, the new coalition of opposition forces has no relationship with the Patriots as the Patriots as a body of eminent Nigerians, is a non-partisan, pan-Nigerian intervention group of eminent leaders of thought, statesmen and women, who are only committed to bringing about a new Nigeria that works for all via a popularly agreed Constitution by the diverse stakeholders and citizens of Nigeria. So the Patriots as a group will never entertain or embrace partisan politics.”
While inaugurating the People’s Constitution Strategy and Advocacy Committee of The Patriots in August, the Chairman of The Patriots, Chief Emeka Anyaoku (former secretary general of the Commonwealth of Nations) stated that the Advocacy Team Co-Chaired by Senator Shehu Sanni would be reaching out to various sectors of the peoples and citizens of Nigeria for buy-in and support towards actualising a new democratic people’s Constitution for Nigeria as
It would be recalled that The Patriots had earlier visited President Bola Tinubu to make a firm case for a legitimate federal constitution that can make Nigeria work for all.
In the meantime, there are indications that the New Nigeria Peoples Party (NNPP) is yet to make a firm commitment to the coalition announced last week in Abuja by Atiku.
This indication emerged at the weekend following inquiries made by the Nigerian Tribune from the national publicity secretary of the party, Mr Ladipo Johnson, on whether NNPP was a part of the coalition since the party was not represented at the unveiling of the coalition.
He said the party leaders were still holding consultations with other groups for the purpose of broadening the base of a platform capable of challenging the ruling APC in 2027, adding the question of being part of a coalition would come at a most auspicious time.
“The opposition platform is a very wide spectrum in this country. What I can assure you is that the NNPP members are also in talks with various groups and we choose to keep our interactions at this stage under wraps until positive decisions and timely decisions have been taken,” the NNPP spokesman said.
“Furthermore, looking at the opposition coalition announced by Atiku Abubakar, you would agree with me that people, groups or parties can join a coalition almost at any time.
“Some people or parties might decide that they are still in talks with some others. When the others come on board, you might decide that you want to join even a broader coalition or otherwise.
“So, I assure Nigerians that the NNPP is in consultations far and wide to ensure we contribute our bit to bringing about good governance in this country that will improve security; that we are working towards ensuring that the value of the Naira gets stronger, inflation is reduced and we give our youths and women the hope that the economy will improve and they will be able to make positive impacts on their entrepreneurship.
“This is what we believe and this is what we are working towards.”
[OPINION] Enablers of Authoritarianism in Nigeria - Dakuku Peterside
Democracy is often cast as the antithesis of authoritarian rule — a beacon of liberty standing firm against the shadows of oppression. Yet, history tells a more intricate tale. Authoritarian regimes rarely storm the gates; instead, they slip quietly through the corridors of power, emerging not as abrupt usurpers but as offspring of the very systems meant to guard against them. In our modern age, the fall of democracy is seldom marked by a single, violent coup. It is a slow, insidious unravelling — the steady decay of institutions, the quiet bending of norms. It is the gradual surrender of freedom, handed over piece by piece, often in the name of rule of law or security. Thus, the path to autocracy is not carved by force alone but paved with the very stones once laid to uphold democracy.
Authoritarianism, unlike ancient times, does not emerge like a light switch. So, we can rightly say that the intersection of democracy and authoritarianism is gradual. This gradual shift from democracy to authoritarianism is often enabled. In Nigeria, there is growing concern among political analysts that the country is witnessing the rise of authoritarian tendencies within its democratic institutions. The ruling All Progressives Congress (APC) has been accused of manipulating democratic processes to consolidate power. Therefore, the question is not whether authoritarianism is looming but how it is being enabled and perpetuated. Urgent action is needed to prevent further erosion of democratic norms.
Political analysts have argued that a significant tool to rein in most political actors is economic instability and impoverishment, which causes them to switch to survival mode. Nigeria’s social and economic conditions have created an ecosystem that makes manipulating democratic institutions easier than before. The ruling All Progressives Congress (APC) has been particularly instrumental in this erosion, using its enormous financial power to control the political class and, which is mainly in a survival mode and has no option but to become pliant to partake of the largesse of executive economic power.
Besides, poverty has been weaponised, and many people are either busy fighting to earn a living or just nonchalant about confronting a democratic government that is gradually sliding into authoritarianism. This ecosystem is on full display today in Nigeria. It only takes a political leadership interested in the benefits of authoritarianism to activate these enablers. The ruling APC has so much power to manipulate the democratic systems unchecked and with impunity.
Common enablers of authoritarianism are a rubber-stamp legislature, a compromised judiciary, and an impotent civil society, particularly a labour movement that has lost its virility. Other enablers include a media that prioritises propaganda and economic gains over national interest and, elite greed. A critical examination of how these enablers play out in our country today will help us appreciate the democratic backslide we are experiencing.
A functional legislature serves as a critical check on executive power. However, Nigeria’s National Assembly has increasingly become subservient to the executive. A legislature can enable autocracy either by deliberate design or by default. By default, rampant corruption among lawmakers has compromised the integrity of legislative oversight. Legislators fail to challenge executive overreach due to personal financial interests. Deliberately, if a dominant political party has an authoritarian agenda, it can use the legislature to rubber-stamp executive decisions. A subservient legislature is a National Assembly that goes against the constitutional procedure in every respect to please the Sovereign.
With its control of both legislative houses, the APC has weakened parliamentary independence. One of the most blatant examples of legislative subservience is the unconstitutional use of a voice vote in determining a two-thirds majority, as seen in critical decisions, such as approving President Tinubu’s emergency proclamations. The reasons are clear. Section 305(2) & (6)(b) of the 1999 Constitution of Nigeria (as amended) states that at least two-thirds must approve an emergency proclamation of all members of each House (Senate and House of Representatives). A voice vote (where members say “Aye” or “Nay”) cannot accurately count the required two-thirds majority. Democracy in its pure form is about counting numbers.
When a supermajority (such as two-thirds) is required, a recorded vote is necessary to ensure compliance with the constitutional requirement. The Senate and House Standing Orders typically require a roll call or electronic voting system to determine numerical compliance for such critical decisions. A voice vote is insufficient for determining a two-thirds majority in the National Assembly for an emergency proclamation. A formal recorded vote must be conducted to confirm the exact number of lawmakers in support.
So, the procedure adopted by the House of Representatives and Senate in approving President Tinubu’s Proclamation is wrong. You cannot determine 2/3rds in a voice vote. It is both illegal and undemocratic. Hussaini Abdu aptly captures the state of the legislature: “The National Assembly has long abandoned its role as a representative body meant to hold the executive accountable. Instead, it has devolved into a transactional arena where self-enrichment and power negotiations take precedence over democratic responsibility.”
The judiciary, as the last line of defence for democracy, is expected to uphold the rule of law. However, judicial decisions in Nigeria have increasingly been seen as influenced by personal and external interests rather than strict legal principles. Corrupt judges deliver judgments that favour those in power. Political infiltration of judicial institutions has eroded public trust in the judiciary. Judicial interpretations are frequently skewed to justify undemocratic actions. A notable case was the recent Supreme Court ruling on the Rivers State crisis that dumbfounded many legal experts and the public and exacerbated the political embroglio in the state that led to the president’s declaration of a state of emergency. When the judiciary ceases to be independent, democratic governance crumbles, leaving citizens with no recourse for justice. In Nigeria, there is a widespread belief that judicial rulings—especially in election disputes—are determined by political and financial considerations rather than legal merit.
A robust civil society is essential for holding government accountable. However, Nigeria’s civil society has suffered from a severe decline in effectiveness due to various factors. There is a total breakdown of the structures that enable citizens to organise, advocate, and hold power accountable. The absence of nationalistic political consciousness has fragmented advocacy efforts. Many civil society groups have been co-opted by political elites, diluting their activism. The legacy of prominent activists like Gani Fawehinmi, Hajia Gambo Sawaba, Chima Ubani, and Pa E.K. Clark is fading, with few emerging leaders willing to take up the mantle of resistance. Prof Wole Soyinka has gone past his prime. Olisa Agbakoba
and Femi- Falana have done their bit. Where is the successor generation of activists? Without an organised and vibrant civil society, authoritarian tendencies can flourish unchecked, as there is little resistance from the populace. The need for a strong civil society is more pressing than ever.
Labour unions have historically played a crucial role in resisting authoritarian regimes. However, Nigeria’s Labour Congress (NLC) and Trade Union Congress (TUC) have become increasingly toothless. The government has effectively neutralised the power of labour unions through economic pressures and divide-and-rule tactics. The NLC’s repeated failure to execute nationwide strikes has eroded its credibility. In 2023, despite multiple announcements of planned nationwide strikes to protest fuel subsidy removal and inflation, the strikes were either suspended or ineffective due to government interference. Abiodun Oluwadare captures it this way: “The NLC’s inability to deliver on its threats and repeated backing down from strikes have led to a loss of public trust. This makes mass mobilisation difficult, allowing governments and businesses to ignore its demands.” Labour has not since 2023 successfully influenced the government to change its position on any matter of public interest.
A free press is a fundamental pillar of democracy. However, Nigerian media has increasingly prioritised propaganda and financial interests over journalistic integrity. Many media houses align with political or ethnic factions, reducing objectivity. Journalists are often financially compromised into silence. Government-friendly narratives dominate mainstream media, limiting access to dissenting views. This erosion of media independence has led to a public that is either misinformed or deliberately kept in the dark about crucial national issues.
Aso Rock is interested in controlling all “levers of power” often overshadowing other arms of government. This concentration of power has led to reduced institutional checks and balances, presidential interest overriding legislative decisions. Nigeria is seeing a resurgence of authoritarian tendencies in silencing dissenting voices. A full-fledged authoritarian regime is only a matter of time. Nigeria has become less liberal over the last two years, thanks to the manipulation of critical institutions of democracy. The judiciary frequently validates undemocratic actions under legal pretexts, and lawmakers serve executive interests rather than the electorate.
The enablers of authoritarianism are well-entrenched in Nigeria’s political landscape. A weak legislature, a compromised judiciary, a fragmented civil society, an ineffective labour movement, and a politicised media have all contributed to the country’s democratic decline. The unchecked concentration of power in the presidency has further exacerbated this trend. Urgent action is needed to safeguard Nigeria’s democracy. Strengthening institutional independence to prevent executive overreach, reviving civil society, re-establishing activist movements to demand accountability, ensuring media objectivity and independence, and encouraging active citizen participation in governance.
Democracy is not self-sustaining. It requires constant vigilance and commitment from both the leadership and the citizenry. Nigerians must recognise the warning signs of authoritarianism and take proactive steps to resist its encroachment before it becomes thoroughly entrenched. A Nigeria where democratic institutions are genuinely independent, and governance is driven by transparency and accountability is still possible. However, it requires a collective effort to push back against authoritarian enablers and restore the democratic principles upon which the nation was founded.
Obasanjo decries Oyan Dam neglect, incessant borehole drillings
…Warns on repercussions of such act
• Oyo commits to provision of clean water
Former President Olusegun Obasanjo has decried the neglect of Oyan Dam by successive Ogun State governments to mitigate the challenge of water scarcity in Abeokuta, the state capital.
Obasanjo said that due to the negligence of the dam, residents of Abeokuta had embraced digging boreholes to source water, stressing that repercussions of such could be devastating.
The former President gave the lamentation when the management and staff of the Ogun-Osun River Basin Development Authority (O-ORDA), led by its Managing Director, Dr. Adedeji Ashiru, visited him on the occasion of the World Water Day, yesterday.
He, however, called for elimination of wastages of water resources, stressing that it would be impossible to achieve food sufficiency and security without effective water management.
“We cannot de-emphasise the importance or usefulness of water to human life and this is why we do say water has no enemy.
“If we have to only depend on rain for agriculture, we shall not get it right. Rain may come too early or too late, there may be droughts or floods all of which have a telling effect on food production and security,” he said.
He said that the dam was meant to generate nine megawatts of electricity, saying that if the dam could be made to generate such, it would have a profound impact in boosting power supply.
Speaking earlier, Ashiru said that they decided to pay the former President a visit and salute him for his foresight which made him create the 11 river basins 48 years ago.
RELATEDLY, Oyo State Government, through the Oyo State Rural Water Supply and Sanitation Agency (RUWASSA), has promised to ensure clean and safe drinking water for residents.
In a statement, yesterday, Chairman of RUWASSA, Babalola Afobaje, gave the assurance that the Oyo State government will continue to collaborate with relevant stakeholders to expand access to potable water, enhance climate-resilient infrastructure, and strengthen policies that guarantee a water-secure future for Oyo State.
[Guardian]
We were threatened with beheading for plucking mangoes – Borno students
It was a near death experience for 13-year-old Hajara and Hauwa, 11, when they were beaten for illegally plucking 10 mangoes belonging to Muhammed Shettima in Pompomari area, Maiduguri, Borno State.
The video of the incident went viral at the weekend prompting the arrest of Shettima and his wife, who recorded the incident and posted it.
Recounting their ordeals to our correspondent, the two biological sisters, Hauwa and Hajara Goni, said they were on their way to school when they went to Shettima’s house to pluck mangoes.
They said they asked for permission from a boy in the house to pluck the mangoes but the owner who came in soon after plucking the mangoes saw them.
“The boy told us to quickly enter and remove two each but we plucked five each. Unfortunately, the owner of the compound returned home and saw us with the mangoes,” said Hajara.
She said the owner of the mango tree attempted to chop their heads with a cutlass but his wife intervened and gave him canes.
“He locked the gate, brought out a cutlass, threatened to hack us to death but his wife stopped him and brought some sticks for him.
“We were terrified when he cut the head of his chicken with the cutlass, saying he will do the same to us. He later picked the stick, chased us around the house and beat us repeatedly.
“He later opened the gate, but when the wife noticed that I urinated in my trousers, she asked him to beat me more, that’s when I fainted.
“It was one keke napep rider who happened to know our brother that pitied our condition and brought us close to our home,” she said.
The brutal beating of the two school children had triggered outrage on social media.
In a trending video of the assault, Shettima was seen beating the two girls while his wife was heard encouraging him to ‘beat them more’.
In an interview with Daily Trust, the mother of the girls, Falmata Abubakar, said her heart skipped when she was called to pick up her two daughters dumped outside her house.
“It was like a dream to me. In fact, I couldn’t believe my eyes. It wasn’t more than 10 minutes they left home for school – hale and hearty – but were brought to me in a tricycle, one of them almost lifeless.
“I asked Hauwa, what happened? She lied that they fell from upstairs on their way to school. I rushed Hajara home. Her father quickly boiled water and started pressing on her body.
“He resuscitated her before we rushed her to a nearby clinic. We didn’t even have the money to settle the bills until some of our relatives supported us,” she said.
Falmata said she was attending to the children at the clinic when her husband came to tell her that social media has been awash with brutal beating of their children.
“I shed tears when I saw the kind of sticks he used on my daughters. I’m sure my daughters were afraid to tell me what happened to avoid my punishment, but what he did was inhumane,” she sobbed.
The father of the girls, Muhammad Goni, said the children had to receive three days’ treatment before they recovered from pains of the merciless beating.
“After spending two days treating the children, the state government and human rights groups had to take them to University of Maiduguri Teaching Hospital for more treatment. They spent 24 hours in the trauma centre,” he said.
He called on the state government to help him ensure that justice is served to his two children.
How video triggered outrage
However, the video of the brutal beating has reignited calls by parents, government officials and advocacy groups for swift justice and measures to prevent such abuses.
Executive Director, Women in the New Nigeria and Youth Empowerment Initiative (WINN), Comrade Lucy Dlama Yunana, said the incident was so traumatic.
She thanked the Nigerian police for arresting and detaining the suspect, adding that criminal charges would be pressed against him.
“The Nigerian constitution does grant children the right to protection on inhumane treatment and degrading punishment and it also protects them from mental or emotional injury, “she said.
In a statement, the Police Public Relations Officer, Borno State Command, said the couple were apprehended with the assistance of concerned citizens and operatives of the Nigeria Security and Civil Defence Corps (NSCDC), Borno State Command.
“On 19th March 2025, an 11-year-old girl, Hauwa Mohammed Goni, a Primary 5 pupil of Bolori Primary School, Federal Low Cost, entered the residence of one Mr. Muhammad Shetima 33yrs, in Pompomari to pluck mangoes. In response, Mr. Shetima and his wife, Mrs. Aishatu Abubakar 23yrs, accosted the child and subjected her to severe flogging.
“During the assault, Mrs Aishatu Abubakar recorded the incident and shared the video on social media.
“Concerned citizens and civil society organisations, including a petition filed by Potential Attorneys, swiftly raised the alarm, leading to the couple’s arrest.
“They were apprehended with the assistance of concerned citizens and operatives of the Nigeria Security and Civil Defence Corps (NSCDC), Borno State Command.
“The victim has since been taken to the University of Maiduguri Teaching Hospital (UMTH) for medical attention and she is responding to treatment.
“The suspects are currently at the Gender Unit, State Criminal Investigation Department (SCID) Maiduguri as investigations are ongoing before prosecution.
“The command assures the public that the case will be thoroughly investigated, and the suspects will be prosecuted under relevant sections of the Child Protection Law and the Borno State Penal Code Law.
“For accountability and transparency, the command will continue to provide updates on the progress of the case,” the statement read.
The Borno State government has also taken legal action against Mamman Sheriff and his wife.
The Attorney-General of the state, Hauwa Abubakar, assured that justice would be served to the victims.
Also, relevant ministries that include, the ministry of women Affairs and Social Development, the Ministry of Education, have provided support to the families in different ways.
Meanwhile, the forum of Senior Special Assistants (SSAs) and Special Assistants (SAs) to Governor Babagana Zulum condemned the brutal act on the victim, calling for a thorough investigation and punishment to the perpetrator(s) if found guilty.
The secretary of the forum, Hon. Yusuf Sawa in an interview described the incident as “barbaric, inhumane, child abuse and contrary to societal norms and values.
“We the entire SSAs and SAs Forum to His Excellency, Governor Babagana Zulum, watched the viral video with utmost shock.
[Full fixtures] UEFA Nations League: 4 teams qualify for semi-finals
Germany qualified for the semi-final of the UEFA Nations League on Sunday night, despite drawing 3-3 with Italy.
A Joshua Kimmich masterclass in the first half saw him score a penalty and provide two assists for Jamal Musiala and Tim Kleindienst, as they took a 3-0 lead at the break.
Moise Kean grabbed a double to rattle the hosts, before Giacomo Raspadori converted a stoppage time penalty to give Italy a glimmer of hope.
But Germany survived a spirited second-half fightback to reach the last four with a 5-4 aggregate.
Portugal are also through, thanks to a 5-2 win over Denmark on the night, after losing 1-0 earlier in the week.
France won 2-0 against Croatia in the second leg to draw the tie 2-2 on aggregate, before winning 5-4 on penalties.
Spain were also held to a 3-3 draw by the Netherlands and won the shoot-out 5-4.
Semi-final ties:
Germany vs Portugal
Spain vs France
[DailyPost]
CBN rejects Adeleke’s nomination of ex-Aregbesola’s commissioner as Osun Bank Director
The Central Bank of Nigeria (CBN) has rejected Governor Ademola Adeleke’s nomination of ex-Finance Commissioner, Wale Bolorunduro, as a Director of Osun-owned Living Trust Mortgage Bank.
The Nation reports Adeleke appointed Boluwaduro, who served under the administration of Ex-Governor Rauf Aregbesola as the Director and Chairman of Living Trust Mortgage Bank in 2024.
But the CBN in a letter obtained by The Nation with reference number: OFI/SG2/CON/PLI/018/171 dated March 21st 2025 titled: “Re: Resolutions Reached At The Settlements Helf on August 28, 2024 In Relation to LivingTrust Mortgage Bank PLC” declined the nomination of Boluwaduro.
The letter signed by the Director, Other Financial Institutions Supervision Department, Oluwasola Ajewole of the apex monetary authority approved the nomination of 10 others nominated as Managing, Executive, Non-Executive, Independent Non-Executive Directors.
The letter reads partially; “Dr. Adewale Bolorunduro’s approval is declined due to his involvement in the board crisis as ascertained in the investigation carried out by the CBN Examiners as at May 31, 2024.
“The OSSG will be required to replace him with a neutral person to ensure stability on the board.
“However, you are required to forward the following additional documents in respect of the below appointees within three months from the date of this letter. Failure to do so would nullify the approval of the appointments of Mr. Afolabi Olanrewaju Olatunji and Mr. Ogungbile Adeola Olusola.”
The letter directed that Olatunji should provide letter of undertaking that he would make good the non-performing loan with Prudential Mortgage Bank while Ogungbile should make available a Executed Code of Conduct form for Directors of Other Financial Institutions.
“Also, note that Mrs. Olaitan who had served on the board between 2018 to date, has only four years remaining as an Executive Director, In line with Section 2.5 of the Revised Guidelines for Mortgage Banks.
” Likewise, Mr. Michael Omolaja who had served between 2016 to 2023, has only one year remaining as an Independent Non-Executive Director in line with Section 2.5 of the Revised Guidelines for Primary Mortgage Banks in Nigeria,” the CBN added.
[TheNation]
Naira-for-crude: Marketers fear price hike as FG suspends sale to Dangote
•IPMAN slams depot owners for stockpiling product, FG, Dangote resume talks today
Following the Dangote Petroleum Refinery’s suspension of the sale of petroleum products in naira, some filling stations have started stockpiling Premium Motor Spirit, otherwise known as petrol, The PUNCH reports.
The retailers are storing the product to ensure they have enough to sell at a higher rate, having projected that the price of petrol would go up soon as a result of the failure of the Federal Government to continue the sale of crude oil to the Dangote refinery in the local currency.
However, the Independent Petroleum Marketers Association of Nigeria warned these retailers to stop panic buying as they may run into heavy losses.
Last week, the Dangote refinery announced that it had temporarily halted the sale of petroleum products in naira as the naira-for-crude talks between it and NNPCL appeared to have failed.
The 650,000 barrels per day capacity refinery lamented that there was a mismatch between its sales proceeds and its crude oil purchase obligations, which it said are currently denominated in US dollars.
“Dear valued customers, we wish to inform you that the Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in naira. This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in US dollars.
“To date, our sales of petroleum products in naira have exceeded the value of naira-denominated crude we have received. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency,” the firm announced.
Immediately after the announcement, the cost of loading petrol at private depots in Lagos jumped to about N900/litre. It was less than N850/litre before the announcement.
In an interview with our correspondent on Sunday, the National Publicity Secretary of IPMAN, Chinedu Ukadike, said depot owners were profiteering even as some owners of filling stations were in a rush to stockpile fuel.
According to him, the demand for PMS has risen since Wednesday, when Dangote made the announcement. As a result, depot owners were said to have raised their prices to make more profit.
It was observed that players in the downstream petroleum sector have been left to continue speculating on the prices of petroleum products as the Federal Government had kept mute since the announcement made by the Dangote refinery.
Five days after the announcement, the refinery has yet to tell marketers how the dealers will buy PMS going forward.
Private depot owners wasted no time in jerking up their prices in anticipation of a possible hike in petrol prices. Although owners of filling stations have yet to increase their prices, they are already buying to sell for more gains when the price goes up later.
But Ukadike condemned depot owners for profiteering from the impasse between the Federal Government and the Dangote refinery, saying that is not good for the economy.
He warned marketers not to panic-buy because the Dangote refinery may crash the price.
“Some depot owners are already increasing the price. But we are also asking our marketers not to panic-buy. Because definitely when the Dangote refinery comes back and reverses the price, it will be a huge loss for these marketers. Depot owners are using this opportunity to profiteer. This is not good for the economy.
“Some marketers are also stockpiling PMS in a bid to increase the price based on the suspension of naira sales by the Dangote refinery. They speculate that the price will go higher and they will make more money from the fuel they are buying now. It may not be so. This issue will be resolved,” Ukadike stated.
He warned all marketers against buying large volumes of petrol to avoid running into debt.
“We, the independent marketers, are asking our members not to buy so much goods because when they buy so much volume of fuel at a higher rate from the depot owners, at the end of the day, it might result in losing a lot of capital.
“Dangote may crash the price and most of them with high volumes of PMS will run into problems. So, all marketers should be careful to avoid losses,” he advised.
The IPMAN spokesman disclosed that the Federal Government and Dangote refinery are resolving their misunderstanding to allow the resumption of the naira crude sales. He stated that stakeholders are waiting to hear the conclusion from either party.
“I have gathered that the Federal Government and Dangote refinery are almost resolving this matter.
“The two of them are reviewing the naira-for-crude deal to continue the sale of crude oil in naira to the refinery again. But the official statement has not come out. We are waiting for the official statement,” Ukadike revealed.
Sources from the Federal Ministry of Finance and the Federal Ministry of Petroleum Resources had earlier confirmed that the Technical Sub-Committee on the Naira-for-Crude Policy would reconvene today (Monday) to deliberate on the matter.
It was gathered that the committee had mandated the Nigerian Upstream Petroleum Regulatory Commission to come up with options that would be reviewed by the panel as it struggles to return the naira-for-crude deal.
The insider familiar with the workings of the naira-for-crude said the transaction would not be halted permanently. The source, who spoke in confidence due to lack of authorisation to speak on the matter, pointed out that NNPCL had issues with crude availability.
Industry experts and oil marketers warned that the halt in naira sales by the Dangote refinery could increase the pressure on the foreign exchange market, as dealers would now have to access the United States dollars in large amounts to buy petroleum products.
This came as multiple industry sources familiar with what prompted the failure in the naira-for-crude talk decried the Nigerian National Petroleum Company Limited’s humongous forward sale of crude.
They stressed that the national oil company had used large volumes of its yet-to-be-produced crude oil to acquire loans from various international financial institutions, making it tough for the oil firm to have enough crude to supply the domestic market.
Earlier, the NNPC spokesman, Olufemi Soneye, announced that it had initiated fresh negotiations with the Dangote refinery over the renewal of the naira-for-crude agreement, as talks were underway in anticipation of the expiration of the first phase which started in October 2024 and ends this month.
Soneye said 48 million barrels of crude had been supplied to the Dangote refinery since October.
The Dangote refinery’s suspension of the sale of petroleum products in naira means marketers would have to source dollars before buying petrol from the facility.
The National Vice President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, said there could be pressure on the naira, and it would lose the stability it had gained lately.
Experts have said that the naira-for-crude deal emboldened the Dangote refinery to lower the prices of PMS repeatedly, forcing the NNPC to do so even when it was affecting its margins.
The PUNCH reports that fuel importers lost billions of naira with the repeated reduction of fuel prices by the $20bn facility.
At a point, the Petroleum Products Retail Outlet Owners Association of Nigeria, which once commended Dangote for the price slashes, kicked against it, asking the regulator to make it mandatory that prices should only be slashed after six months.
Meanwhile, industry sources said stopping the naira-for-crude deal might be a calculated attempt to reduce the influence of the Dangote refinery, which some players in the downstream accused of planning monopolistic tendencies.
Reacting, domestic crude oil refiners argued that the halt in crude supply in naira was the latest ploy to frustrate the Dangote refinery and bring back the full importation of refined petroleum products.
The National Publicity Secretary of the Crude Oil Refinery-owners Association of Nigeria, Eche Idoko, disclosed that suspending the deal defeats the efforts of all stakeholders in the sector to achieve energy security.
The PUNCH reports that seven vessels carrying imported Premium Motor Spirit, popularly called petrol, were expected to berth at seaports along the nation’s borders between March 17 and 23.
According to a document obtained from the Nigerian Port Authority on Thursday, these vessels carrying 115,000 metric tonnes representing 154.22 million litres of PMS will bring in products through three seaports to improve fuel supply nationwide.
An analysis of the document from NPA showed that the commodities landed at the Tincan port in Lagos, the Lekki Deep Seaport in Lagos, and the Calabar port in Cross River State.
The document also revealed that the Dangote refinery imported 654,766 metric tonnes of crude oil within the same period.
Fuel crisis
Recall that the Dangote refinery in Lekki, Lagos State, was greeted by crude challenges when it began operations last year.
The President of the Dangote Group, Alhaji Aliko Dangote, had cried out, saying some international oil companies were planning to sabotage the investment by refusing to supply crude.
The Dangote Group had alleged that the IOCs insisted on selling crude oil to its refinery through their foreign agents.
It said the local price of crude would continue to increase because the trading arms offered cargoes at $2 to $4 per barrel, above the official price.
The group also alleged that the foreign oil producers seem to be prioritising Asian countries in selling the crude they produce in Nigeria.
Despite the intervention of the Nigerian Upstream Petroleum Regulatory Commission in July, the group insisted that the IOCs were still frustrating the refinery.
The Vice President, Oil & Gas, Dangote Industries Limited, Mr Devakumar Edwin, said, “If the Domestic Crude Supply Obligation guidelines are diligently implemented, this will ensure that we deal directly with the companies producing the crude oil in Nigeria as stipulated by the Petroleum Industry Act.”
Edwin insisted that IOCs operating in Nigeria had consistently frustrated the company’s requests for locally-produced crude as feedstock for its refining process.
He highlighted that when cargoes were offered to the oil company by the trading arms, it was sometimes at a $2 to $4 (per barrel) premium above the official price set by the NUPRC.
The issue escalated and drew angry reactions from many Nigerians when the Chief Executive of the NMDPRA, Farouq Ahmed said local refineries were producing fuels less in quality than imported ones.
Concerned by the controversies, President Bola Tinubu, during a Federal Executive Council meeting on July 29 proposed the sale of crude to local refineries in naira.
The Federal Executive Council adopted the proposal by Tinubu to sell crude to the Dangote refinery and other upcoming refineries in the local currency.
FEC approved that the 450,000 barrels meant for domestic consumption be offered in naira to Nigerian refineries, using the Dangote refinery as a pilot.
A media aide to the President, Bayo Onanuga, said in July that “the exchange rate will be fixed for the duration of this transaction.”
[Punch]
[OPINION] Nigerian journalists: Walking from yesterday towards tomorrow - Owei Lakemfa
Nigerian journalists, wearing medals of bravery in fights against colonialists and politicians and, bearing the scars of battles against military dictatorship, are marking the 70th anniversary of their union.
No, journalism in the country did not start seven decades ago. It was the Nigeria Union of Journalists, NUJ, that was established at that time. Proper journalism began in 1859, that is 166 years ago with the publication of the first newspaper ‘Iwe Irohin’. Since then, the bulk of journalists have strived to be the voice of the people. ‘The Lagos Weekly Record’ published by John Payne Jackson, from 1891-1930, was a torn in the flesh of the colonialists. It combined journalism with political activism, including organising protests against the colonialists.
Five years before the 1914 Amalgamation of Nigeria into a single country, the colonialists had enacted the Seditious Offences Act of 1909 to repress and suppress the press. One of the most outstanding journalists of the anti-colonial era was Ernest Ikoli. He was the Editor of the ‘Daily Express’, Member of the Legislative Council and President of the Nigeria Youth Movement, NYM. He mentored towering nationalists like Obafemi Awolowo. As the Second World War raged, the colonialists imposed the General Defence Regulations of 1941 which curbed workers activities and virtually made strikes in any establishment an illegal act.
The fragmented trade unions knew that they were no march for the formidable British colonial power. Although he was not a trade unionist, Ikoli used his position as the President of the NYM to call a unity meeting of the trade unions in the country. That was in October 1942. All the trade unions turned up, and Ikoli presided at what was to become the first labour centre in the country. There was Anthony Enahoro who, at 21 in 1944, became the youngest Editor of a mainstream newspaper, the ‘Southern Nigeria Defender’. He was jailed three times by the colonialists for offences which included inciting workers to attack the police and, chairing a national conference in which ‘A Call For Revolution’ was made to overthrow the colonial government.
The NUJ was created on March 15, 1955 to cater for all journalists. It remains a unique union because while generally, the three arms in industrial relations: the employee, senior staff and employers, have separate unions, the NUJ accommodates all three under a single umbrella. The only proviso in its constitution is that anyone who sits on the side of management at meetings with the union, cannot hold an elective office in the NUJ. The NUJ has led journalists through bruising periods such as when media houses were shut down by the Shagari administration. The Buhari military regime built on this by issuing Decree 4 of 1984 under which the publication of the truth or falsehood could be criminal offences. Under Decree 4, two journalists, Tunde Thompson and Nduka Irabor, were sent to prison.
The Babangida regime tried to intimidate the press mostly by mindlessly shutting down media houses and detaining journalists without trial. In one of the most bizzare instances, that regime, in the wake of the 1990 Orkar attempted coup, seized 19 journalists and accused some of them of complicity, a treasonable crime that carried the death penalty.
Four years before then, a leading Editor, Dele Giwa, was murdered when a letter bomb sent to him exploded. Given the dangers journalists faced, some of them in the late 1980s decided to reform the NUJ and prepare it for the battles ahead. They established a movement, the New Trend, to practise a journalism of social relevance which placed the people at the centre of professional practice. The movement won the NUJ presidency in 1990 and uniquely, established a Journalists in Distress Fund. This effort, which raised huge sums, collapsed due to mismanagement and transparency challenges.
Eventually, the movement itself collapsed leading to marked degeneracy in the union. This was to the extent that in 2020, the NUJ leadership was linking the COVID-19 outbreak, to the roll out of the G5 network! The NUJ had in a salutary move far back in September 1989, empowered women journalists by establishing the Nigeria Association of Women Journalists, NAWOJ.
The Nigerian newspaper, like its counterparts across the globe, was faced with the issue of a 24-hour newspaper which would report the news round the clock. The defunct ‘Daily Times’ had begun publishing its ‘Evening Times’. The ‘Vanguard Newspapers’ and the ‘Guardian Newspapers’ also introduced evening editions, while veteran Editor, Muyiwa Adetiba, published a wholly evening newspaper ‘Today’s News Today’, TNT. However, all these did not prepare the Nigerian newspaper for the on-coming revolution of a round-the-clock newspaper publication which the age of the internet imposed.
The newspapers, in order to survive and remain relevant, had to introduce electronic copies to the hardcopy newspapers they published. Now, the major newspapers, apart from their electronic version, also have their News TV. In fact, some have established full television stations. Today, the demarcation between the newspaper and electronic media has become blurred. All these have implications for journalists as all media can be accessed online virtually for free. These have had serious implications for advert and income which have led some media to collapse, while some journalists are unpaid for months.
These were not challenges the NUJ envisaged, but now at 70, has to face. There is also the advent of Citizen Journalism carried out by non- professional journalists or, anybody who can buy data. Also compounding the problem is the advent of media influencers many of who ride on the back of sensationalism, unverified news, blackmail and, sometimes, outright falsehood in order to make a living or become rich.
The NUJ has played significant roles in the life of the country, but has more tasks to carry out such as the constitutional responsibility of the journalist to hold government accountable to the people. It also needs to ensure that the Freedom of Information, FOI, Act is observed by all.
There are certainly lots of battles ahead as many politicians muddle the Constitution and turn our political landscape into crime scenes.
There is also the danger of weaponising the Cyber Crime Act to criminalise journalism practice and fundamental human rights. This will be intensified as governments realise that in the age of the internet, it will be far more difficult to control information.
Many elites, including those in government have risen to congratulate the NUJ at 70. It is truly an age to roll out the drums, but journalists know that amongst those congratulating them are enemies of press freedom. All lizards crawl on their stomach, we don’t know which have bellyache. May the next 70 years be more beautiful for generations of journalists. Ameen.
Stock market volatility persists, records 4th consecutive week downturn
The volatility in the Nigerian stock market continued last week with market recording a fourth consecutive week downturn following losses recorded by highly capitalised stocks across the sectors.
Analysts have emphasised that the volatility experienced last week were compounded by the global economic uncertainties, coupled with the political upheaval in Rivers State which had continued to put pressure on the stock market.
Meeanwhile, analysis of trading last week showed that BUA Cement’s stock price declined by -10.0% followed by Transcorp -7.8% and GTCO losing -4.6% to drive the Nigerian Exchange Limited , NGX , All-Share Index (ASI) lower by 0.9% Week on Week, W/W to close on Friday at 104,962.96 points from 105,955.13 points the previous week.
As a result, the Month-to-Date and Year-to-Date returns moderated to -2.7% and +2.0%, respectively.
Trading activity mirrored the broader market sentiment, as both volume and value fell by 12.1% W/W and 25.3% W/W respectively.
Similarly, sectoral performance was predominantly negative, with the Industrial Goods Index declining by -3.4%, Insurance Index -2.9% , Banking Index -2.6%, and Oil & Gas -1.1% , while the Consumer Goods Index up by 0.1%
Commenting on market outlook, analysts at Cordros Research stated: “In the coming week, we anticipate continued market volatility as investors analyse a slew of audited earnings reports and associated dividend announcements set to be released during the week”.
Commenting on market performance, analysts at InvestData Consulting Limited, said: “The global economic uncertainty and other local concerns in the events that are unfolding in Rivers State are affecting investor confidence, which had continued to put pressure on the stock market, even with rates in the fixed income market inched higher. In all this, NGX pullbacks or corrections are creating new entry opportunities for discerning investors and smart traders to position in value stocks ahead of influx of corporate earnings and end of the quarter window dressing by fund managers and other market operators”.
On market outlook, the analysts stated: “We expect mixed sentiment on bargain hunting, even as market players digest Treasury bill, TB, auction rates in the midst of profit taking, portfolio reshuffling and digesting of corporate action/ Q1 earnings forecast, as more earnings are expected to hit the market with dividend announcement”.
[Vanguard]