Niger’s junta has threatened to kill ousted President Mohamed Bazoum if neighbouring countries attempt any military intervention to reinstate him.

According to a report by The Associated Press on Thursday, two “Western officials” said the putschists issued the threat while speaking to a top U.S. diplomat.

This came shortly before the Economic Community of West African States (ECOWAS) said it had directed the deployment of a “standby force” to restore democracy in Niger, after its deadline of Sunday to restore Bazoum’s government expired.

The threat to the deposed president raises the stakes both for ECOWAS and for the junta, which has shown its willingness to escalate its actions since it seized power on July 26.

Niger was seen as the last country in the Sahel region south of the Sahara Desert that Western nations could partner with to counter jihadi violence linked to al-Qaeda and the Islamic State group that has killed thousands and displaced millions of people.

The international community is scrambling to find a peaceful solution to the country’s leadership crisis.

The AP report disclosed that a Western military official, speaking on condition of anonymity because of the sensitivity of the situation, said representatives of the junta told U.S. Under Secretary of State Victoria Nuland of the threat to Bazoum during her visit to the country this week.

A U.S. official reportedly confirmed that account, also speaking on condition of anonymity, because they were not authorised to speak to the media.

The threats from both sides escalate tensions but hopefully nudge them closer to actually talking, said Aneliese Bernard, a former U.S. State Department official who specialised in African affairs and is now director of Strategic Stabilization Advisors, a risk advisory group.

“Still, this junta has escalated its moves so quickly that it’s possible they do something more extreme, as that has been their approach so far,” she cautioned.

Nine leaders from the 15-member West African bloc met Thursday in Abuja, to discuss their next steps.

Speaking after the talks, President of the ECOWAS Commission, Omar Alieu Touray, said he could only reaffirm the decisions by “the military authorities in the subregion to deploy a standby force of the community.”

Financing had been discussed and “appropriate measures have been taken,” he said.

He blamed the junta for any hardship caused by the sanctions imposed on Niger and said further actions by the bloc would be taken jointly.

“It is not one country against another country. The community has instruments to which all members have subscribed to,” he said.

A former British Army official who has worked in Nigeria told the AP the ECOWAS statement could be seen as the green light to begin assembling their forces with the ultimate aim of restoring constitutional order.

With regard to the use of force, the official, who was not authorised to speak to the media, said there was currently nothing in place other than Nigerian forces. Without enablers and the support of other regional armies, it’s unlikely they’d enter, the official said.

ECOWAS has imposed harsh economic and travel sanctions on Niger, but analysts say it may be running out of options as support fades for intervention. The bloc has failed to stem past coups in the region: Niger is the fourth of its member states to undergo a coup in the last three years.

The Central Bank of Nigeria released its long-awaited audited accounts for the year ended December 2022 showing it made a profit after tax of N103.8 billion up from N75.1 billion reported a year earlier.

The results which are published on the website of the apex bank included audited results for 2016, 2017, 2018, 2019, 2020, and 2021.

The apex bank’s results also show it reported a profit after tax every year for the last 8 years consecutively despite facing currency depreciations and doling out intervention funds, and loans to the government amongst other development finance activities.

Until now, the results have been withheld from the public under Godwin Emefiele. However, the recent decision of President Tinubu to investigate the apex bank’s operations under the suspended CBN Governor may have triggered the release of the financial statements.

Details of the results

The latest result which was signed by Godwin Emefiele and audited by EY and KPMG shows the apex bank has relied on a combination of higher interest income, fees, and commissions to remain profitable.

A cursory analysis of the results shows the apex bank earned a net interest income of N1.8 trillion compared to N1 trillion a year earlier representing an 80% surge in net interest income.

Net operating income was N1.2 trillion compared to N1.1 trillion same period in 2021. Total operating expenses also rose from N1.1 trillion in 2021 compared to N1.2 trillion in 2022.

Ways and Means Income Surge: A major source of interest income was from loans and advances in the form of overdrafts given to the federal government.

• The loans totaling N23 trillion and also known as “Ways and Means” generated interest of N1.9 trillion for the apex bank compared to N1.2 trillion in the prior year.
• The controversial loan has been criticized for its size and flouting of the central bank act that only allows the apex bank to lend a maximum of 5% of prior year FG revenues to the government.

According to the audited accounts of the apex bank, the Ways and Means provision is priced at a whopping MPR+3%.

The apex bank’s results also show it earned an additional N247 billion and N156 billion from AMCON and via FGN Securities respectively.

The apex bank also reported another N422.7 billion in income derived from “debt instruments measured at fair value through profit and loss (FVTL). FVTL is a way companies account for certain investments they own. Instead of noting the investment’s original cost, the company regularly updates the investment’s value to reflect its current market price.

This method ensures that the financial statements reflect the most up-to-date value of the investment.

Forex Income: Rounding up its major income sources was N104.5 billion income earned from commissions from the sale of foreign currency and other related transactions.

Another N15.9 billion was earned from processing currency, Bureau de Change application and registration, commission on fund transfers, and other banks and financial institutions’ application and licensing fees.

Expenses loaded intervention, fx, and credit-related losses

But as the apex bank’s income surged through the extension of loans to the federal government and from forex transactions, it also incurred huge expenses on forex and loan impairments.

A key feature of the expenses was N888.3 billion incurred by the apex bank as “other operating expenses” during the year (N884.2 billion in 2021).

• A breakdown of the amount reveals closer to half of the expenses (N346.2 billion) were losses arising from foreign exchange revaluation losses.
• Also included is another N155.5 billion incurred as “rebate expenses” which the apex bank explained was connected to RT 200 and Naira4Dollar, a policy under CBN led Godwin Emefiele to attract forex inflows.

For example, the RT 200 allowed the apex bank to pay exporters an incentive for repatriating their dollars.

• “Rebate expenses represent expenses incurred by the CBN in connection with the RT200 and Naira 4 Dollar schemes which the Bank introduced to enhance foreign currency inflow, diversify the sources of FX inflow, increase the level of non-oil exports, ensure stability and sustainability of FX inflows, and support export-oriented companies to expand their export operations and capabilities.

The Bank stated it incurred N137 billion in 2022 on the RT200 scheme and  In 2021 Naira 4 Dollar expense was N4 billion. This policy has since been dropped since the unification of the naira was announced.

FG Expenses: Another major expense item reported by the central bank and included in the “other operating expense” was N125 billion (N45 billion in 2021) which it incurred in connection to national security, the federal government, and security agencies. While the expenses are actually an extension of loans to the federal government, it is expensed on the FG repays the loans

• intervention activities expenses represents expenses carried out by CBN in connection with national security, federal government, state securities, armed forces, financial sector capacity building where there is important need for the fund. All payments made in relation to intervention activities embarked on by the Group are expensed as incurred. However, payments made by the Group in relation to intervention activities on behalf of the Federal Government are recognized as receivables and are fully impaired after 12 months if the amount is not received from the Federal Government.

Credit Losses: The apex bank also reported a whopping N875.2 billion in credit losses almost double the N498.2 billion reported a year earlier.

• This suggests most of the interest earned was dented by impairment on its loans.
• The apex bank did not break down which of its borrowers have or are defaulting. However, its balance sheet shows a total loan of about N31.4 trillion.

The apex bank’s balance sheet expanded by about N22 trillion from N35.5 trillion in 2018 to about N57.9 trillion in 2022.

Nasir Idris, Kebbi State governor has approved N675 million for the payment of furniture allowance to the elected 21 local government area chairmen in the state.

The governor’s chief press secretary disclosed this in a statement he made available to Journalists at the Government House in Birnin Kebbi, the state capital, on Thursday.

Idris quoted the Permanent Secretary Ministry for Local Government and Chieftaincy Affairs, Alhaji Mohammed Sani Umar as saying that “the approval is for 2022 to 2024.”

While appreciating the governor for the gesture, the permanent secretary commended him for making life meaningful to the people and for executing projects that have direct bearing on them.

Reacting to the development, the ALGON chairman, who also doubles as the chairman, Birnin Kebbi local government area, Alhaji Aminu Ahmed, expressed appreciation to the governor on behalf of his colleagues.

He said the money would capture furniture allowance for the local government chairmen, councillors and secretaries.

The Central Bank of Nigeria (CBN) has provided a detailed breakdown of its financial performance and expenses for the 12-month period in 2022. Notably, an expenditure of over N29 billion was allocated to the printing and disposal of Nigerian currency notes. This sum covers the meticulous process of creating, processing, distributing, and retiring currency notes throughout the year.

The CBN, in accordance with Section 18(d) of the CBN Act 2007, is authorized to undertake the secure destruction of unfit banknotes on a regular basis. This process ensures the integrity of the currency in circulation and adheres to stringent security protocols.

The financial statement released by the CBN on its official website unveiled that a total of N29.64 billion was expended on activities related to currency notes in 2022. This figure represents a significant increase compared to the N15.23 billion allocated to the same operations in the previous year.

The Nigeria Security Printing and Minting (NSPM) Plc, along with occasional collaborations with international firms, is responsible for the printing and minting of Naira notes and coins. The CBN maintains legal responsibility for quality assurance and the receipt of finished currency materials.

The CBN’s annual report further divulged a breakdown of expenses related to printing new Naira notes over the years:

2016: N33.37 billion
2017: N49.52 billion
2018: N64.04 billion
2019: N75.52 billion
2020: N58.62 billion

Additionally, costs incurred for disposing of unsuitable notes were also provided:

2016: N1.43 billion
2017: N594.62 million
2018: N662.21 million
2019: N647.82 million
2020: N538.59 million

It’s worth noting that figures for the year 2021 have not been made available, and the statistics for 2022 are pending release.

Moreover, an intriguing report introduces Folashodun Adebisi Shonubi as the new acting Governor of the CBN. Shonubi’s professional journey is detailed, including his selection for the role by President Tinubu among four deputy governors: Aisha Ahmed, Edward Adamu, and Kingsley Obiora. According to legal stipulations, one of the deputy governors is required to complete the tenure initiated by Emefiele, which was originally set to conclude in May 2024

Details of the Consolidated Financial Accounts of the Central Bank of Nigeria for the year 2022 has revealed that the bank is indebted to JP Morgan, Goldman Sachs, and other liabilities.

The CBN Consolidated Financial Statements showed that it owes JP Morgan, N3.2trn or $7bn and Goldman Sachs N0.23trn or $500m, while N3.1trn or $6.3 is owed as foreign currency forwards.

This is the first time the apex bank is releasing its Consolidated Financial Statements since 2016.

The books showed that the apex bank generated revenue of N2.87trn up from N1.96trn in 2022.

Profit during the period was N103.85bn up from the N75bn posted in 2021.

External reserves fell from N15.38trn in 2021 to N14.9trn in 2022, according to the accounts.

The securities lending agreement which was received in cash forms part of the apex bank’s external reserves of N14.9trn.

The CBN statement said, “Also included in convertible currencies (time deposits and money placements, current accounts with foreign Banks, other foreign securities and domiciliary accounts) is cash received from Goldman Sachs and J. P. Morgan.

“The Group entered into a securities lending agreement with Goldman Sachs and J. P. Morgan and as part of the agreement, the Group pledged its holdings on foreign securities in return for cash. The cash received from Goldman Sachs is N0.23 trillion ($500 million), 2021: N0.22 trillion ($500 million) and JP Morgan N3.23 trillion ($7 billion), 2021: N3.05 trillion ($7 billion) is recognised in other foreign securities.”

The accounts show that CBN reserves comprised of Time deposits and Money Placements of N4.68trn, Other foreign securities of N5.88trn, Current Accounts with foreign banks N3.34trn, domiciliary accounts of N294.8bn, sundry currencies and traveler’s cheques of N199.8bn and the N578.6bn Gold Bullion which is 16kg.

Further analyses based on currency showed that reserves had convertible currencies in United States Dollars worth N12.45bn; N1.6trn worth of Chinese Renminbu; N134.5bn worth of British pound; N75bn worth of Euro; N33bn worth of Japanese Yen and N66bn worth of other currencies.

Burkina Faso‘s government, controlled by the junta, suspended Radio Omega on Thursday after an interview was aired that was seen as “insulting” to Niger’s new military leaders.

The station is part of the Omega media group and owned by journalist and former foreign minister, Alpha Barry.

Communications Minister Rimtalba Jean Emmanuel Ouedraogo announced the immediate suspension “until further notice,” saying it was “in the higher interests of the nation.”

The interview featured Ousmane Abdoul Moumouni, a spokesman for a new Nigerien group aiming to return President Mohamed Bazoum to power after a coup on July 26.

Naija News had earlier reported that a former rebel leader and politician, Rhissa Ag Boula initiated the Council of Resistance for the Republic (CRR), opposing the military junta that seized power on July 26.

The CRR aims to reinstate the detained President Bazoum.

Ouedraogo in reaction to the interview denounced Moumouni’s “insulting comments” and said his organization was “clearly campaigning for violence and war” in efforts to restore Bazoum “by every means.”

Burkina Faso, having experienced two military coups in 2021, promptly aligned with Niger’s new leadership, even warning against military intervention to reinstate Bazoum.

In recent months, the authorities have also suspended several French media outlets, reflecting growing tension between the government and the press.

President Alassane Ouattara of Ivory Coast, has given his voice on the coup in Niger Republic, saying the declaration of the Economic Community of West African States, ECOWAS to deploy a standby force is not Nigeria against Niger, but ECOWAS against Niger.

President Ouattara made this submission while addressing newsmen after the ECOWAS Extraordinary Meeting in Abuja on Thursday.

He said, “As you are aware that ECOWAS has taken many decisions in the past legal and factual about coup d’etat and the community has always condemned coup d’etat.

“The coup d’etat has affected many countries in the sub-region ECOWAS in the past in Liberia, Sierra Leone, recently in Gambia, in Guinea Bissau and today we have a similar situation in Niger. I would like to say that ECOWAS cannot accept this. This is not a matter of Nigeria against Niger, not at all.

“The decision that we have made today and I hope it won’t be implemented immediately is a decision of ECOWAS. All the Head of States think that we’ve tried to dialogue [with the military junta] We’ve sent delegation, high personalities like former president Abdusalami Abubakar, the sultan of Sokoto, Sanusi Lamido Sanusi and many other persona;ities in this important country to talk to the people of Niger,” he said.

President Ouattara further said, “However, they are keeping president Bazoum as a hostage. I personally consider this a terrorist act and we cannot let this continue, we have to act.

“The position of Cote D’ivoire which has been endorsed by all heads of states is that we have been able to tell this coupist that their place is in the barracks, they should go to fight a terrorist, and not try to kidnap a democratically elected president.

“So we believe that this is for the credibility of ECOWAS, all of us are concerned and involved in this decision,” he said.

Recall that ECOWAS, on Thursday, ordered its standby force to restore constitutional order in NIger Republic.

The President of ECOWAS, Omar Alieu Touray made the declaration while reading the resolution of ECOWAS on the Niger coup at the ECOWAS Extraordinary meeting in Abuja on Thursday.

It also called on the African Union, AU, partner countries and institutions to support the resolution taken by the sub-regional body.

ECOWAS said all efforts made to dialogue with Niger Republic military junta have been defiantly rejected by coup leaders as they condemn continuous detention of President Mohamed Bazoum and his family members.

The resolution partly reads, “Direct the committee of the Chief of Defence Staff to activate the ECOWAS stand-by force with all its elements immediately.

“Order the deployment of the ECOWAS stand-by force to restore constitutional order in the Republic of Niger.

“Underscore its continued commitment to the restoration of constitutional order through peaceful means.”

The details of any eventual military deployment by ECOWAS states and its impact on Niger were not immediately clear.

“All is not lost yet” for a “peaceful solution, as a roadmap to restore democracy and stability”, said Nigeria’s President Bola Tinubu, who chaired the crisis meeting.

But he added, “No option is taken off the table, including the use of force as a last resort.

“If we don’t do it, no one else will do it for us.”

Before the closed-door talks, Tinubu had insisted that “we prioritise diplomatic negotiations and dialogue as the bedrock of our approach.”

The Central Bank of Nigeria has increased the number of accredited cheque printers and personalisers in Nigeria, a move to promote efficient payment and settlement system.

The apex bank made the disclosure in a circular with reference number: BKS/SCO/CON/001/002, seen by THE WHISTLER. The circular was signed by the Director of Banking Services Department, Sam Okejere.

The circular said, “In furtherance of its mandate to ensure an efficient Payment and Settlement System, the Central Bank of Nigeria, in collaboration with the MICR Technical Implementation Committee, conducted the re-accreditation of Cheques Printers and Cheque Personalisers in line with the NICPAS qualification criteria.

Seven banks received approval as cheque personalisers and they include Zenith Bank Plc, Ecobank Plc, Stanbic IBTC Bank Plc, First Bank Ltd, Keystone Bank Ltd, Wema Bank Plc and Providus Bank Ltd.

The number of printers and personalizer rose from four to six.

They include, Superflux International Limited, Tripple Gee and Company, Yaliam Press Limited, Marvelous Mike Press, KAS Arts Services Limited and Papi Printing Company Ltd.

As of May, THE WHISTLER reports that KAS Arts Services Limited and Papi Printing Company Ltd were not part of the list.

The Lagos State Traffic Management Authority (LASTMA) has threatened to prosecute skit and film-makers caught using the agency’s uniform and kits without approval.

This was disclosed by the General Manager of LASTMA, Bolaji Oreagba, on Friday, according to a statement by the Director, Public Affairs and Enlightenment Department of the agency, Adebayo Taofiq.

Oreagba frowned at the demeaning manner in which movie and skit makers portray LASTMA in their movies and skits, as well as the way they use the agency’s uniform without recourse to Section 79 of the Criminal Law of Lagos State 2015 which criminalize such unauthorized use.

According to Oreagba “film or skit makers who portray as LASTMA Officer without applying for, and being duly issued a permit letter for such portrayals, to desist with immediate effect or face the full wrath of the Law.”

He believes that such sanity in movies production, regulation of possession and usage of LASTMA uniform will curb the proliferation of the agency’s kits, uniforms and accoutrements in the state.

Oreagba also pleaded with the National Association of Nigeria Theatre Arts Practitioners (NANTA) and other affiliated bodies to warn their members against unauthorized use of the agency’s uniform.

“We implore National Association of Nigeria Theatre Arts Practitioners (NANTA) and other affliated bodies to warn their members as anyone caught using LASTMA Uniform without an approved permit would be prosecuted,” he added.

The acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi has blamed the continuous of fall of Naira against Dollars on unofficial diaspora remittances.

Folashodun Shonubi disclosed this on Thursday, August 10, while presenting a Distinguished Personality lecture titled: “Diaspora Remittances and Nigeria Economic Development” at the National Institute for Security Studies, Abuja, for members of Executive Intelligence Management Course (EIMC) 16.

The acting Governor of the apex bank claimed that many diaspora remittances which come in Dollars are not recorded officially before moving to black or parallel markets.

Shonubi said;

“With those remittances, the dollars have come in, we know the dollars have come in but we don’t see them in the official system. So, they must be going somewhere and somewhere.

“And the challenge with the black market, unofficial market or parallel market or whatever name you want to call it, it is as a result that it is not regulated, and it becomes an easy place to have criminal activities.

“We investigate bankers, not just bankers, anybody who has committed an offence, the first thing they want to do is to run to the black markets, change it to the dollars because it is less money to carry around.

“Some of the funding in the black markets are actually from diaspora remittances. That’s why it important we need to know a lot of what’s going on there. We can’t play the sentiment game. If we don’t understand the dynamics, we usually go with the literature which does not necessarily work for us.”

Shonubi who also stated that many countries have remittances as the major source of dollars or income, added that it would be helpful if measures can be put in place to control illegal remittances and identify these channels so as to ensure remittance flows into the proper channels, and harness maximum benefits to grow the economy.

He said;

“We have countries that earn about 1.5 million dollars in remittances. Everywhere, any place you go even in developed countries such as India, China among others.

“We intend to use more of the banking system to, sending money to Sub-Saharan Africa cost highest because we don’t have masses. It would be helpful if we can work together to identify these channels because we just want the flows into the proper channels, there we can get maximum benefits to grow the economy.

“We talk about black markets, that also creates its own problems. Management of foreign exchange market and the efficacy of our policies to manage the exchange rate becomes difficult due to the insignificance of our diaspora remittances which are going to other markets.

“Today, someone called me privately that and said this thing (Naira) has gone up to some levels in the black markets, my question was, what do you want me to do? Do I operate in the black markets? I don’t know the basis of pricing in the black markets.

“The other thing people don’t realise is that, because you don’t have full information, and I will give you an example since we started I&E window. We found out that some people would deliberately wait to the last minute and do one transaction of $5,000 and that becomes the closing rate.

“We can’t do without diaspora remittances. For many countries, that’s their main source of income.”

This is coming after the Naira plunged to a record low of N910/$1 on the parallel market on Wednesday as demand for foreign currency outstripped supply.