According to the National Bureau of Statistics, Nigeria’s headline inflation rate stood at 33.95% in May 2024, the highest level recorded in 28 years. However, there is a glimmer of hope as the month-on-month inflation rate has decelerated since March 2024. The Governor of the Central Bank of Nigeria (CBN), Dr Yemi Cardoso, attributed this decline to the effectiveness of the Bank’s monetary policy measures; which includes an increase in the benchmark interest rate. The World Bank, however, has expressed skepticism about the hike in the baseline interest rate; if it will tame inflation. The private sector also raised concerns that it would lead to a hike in business costs in an already hostile environment.

One of the significant factors contributing to the deceleration of inflation is the drop in the exchange rate from nearly N2000 to about N1500. Also, the country is gradually feeling the impact of the reduction in diesel costs, thanks to the production and sales of diesel by the Dangote refinery. Diesel cost is a significant expense for businesses due to inadequate power supply by the government.   The decline in the purchasing power of individuals and the increase in the benchmark interest rate by the Central Bank of Nigeria (which is aimed at slowing demand, has reduced household consumption. Consequently, businesses are cautious about passing on costs to consumers, with some reducing their prices of goods and services to maintain sales.

When the new minimum wage is finalized and implemented, the CBN may need to raise the benchmark interest rate further to minimize the demand-pull inflation it could cause. It should be noted that the benchmark interest rate has its downsides, as it increases government domestic borrowing costs. Therefore, it should be a carefully considered process, especially in a country like Nigeria with very high debt servicing costs to revenue ratio

It is important to note that the impact of the new electricity charges is gradually coming to bear on the prices of goods and services. For example, many hotels have increased their bills, citing the new electricity tariff. Additionally, the recent depreciation in the naira in the last few days, signals that the battle against inflation may not yet be won. The government should ensure further decline is not experienced.

Nigeria’s inflationary woes cannot be solved through the central bank's monetary policies alone if Nigeria aims to achieve sustainable long-term results. The country needs to increase its revenue and improve its trade balance by aggressively diversifying the economy. Agriculture, solid minerals, and tourism are some sectors that have not been fully harnessed. Nigeria should boost its oil and gas production, get its refineries functioning, and deal with its insecurity woes as soon as possible. The role of the political will of those at the helm of affairs cannot be over-emphasised

An improved balance of trade will result in a stronger and more stable naira; thereby reducing inflationary pressures.  An increase in Agricultural activities will also result in a drop in food inflation. The prices of diesel and premium motor spirit will drop significantly, If the local refineries are operational, and crude oil is supplied to them domestically. This has a far-reaching effect on the price of goods and services.

While the headline inflation rate in May 2024 is concerning, the month-on-month decline since March 2024 provides some encouragement. In order to tame inflation in the long term, a comprehensive approach is required. This includes further monetary policy adjustments, economic diversification, ramping up oil production, and addressing insecurity. The political will of people at the helm of affairs is a critical success factor.

 Kenechukwu Aguolu   FCA, PMP, CBAP

Abuja, Nigeria

Last Sunday on my X (formerly Twitter) page, I opened a discourse on the animousity that public officials have developed to private citizens visiting their offices coming in with their phones. Today, I believe the topic deserves a broader treatment as I am very much concerned about the rate at which public officials now bar citizens visiting their offices from bringing in their mobile telephone devices. In a rapidly evolving digital age, mobile phones have become indispensable tools for communication, information access and even personal security. Yet, an alarming trend is emerging in some public offices: the barring of citizens from entering offices with their mobile phones.

This practice not only undermines transparency and accountability but also diminishes the very essence of public service. Public offices are, by definition, institutions meant to serve the populace. Their primary function is to facilitate the needs of the citizens they represent. By denying entry to individuals with mobile phones, these offices create an environment of opacity and mistrust. Mobile phones are not merely devices for personal use, they are also tools that enable citizens to document their interactions, ensuring that their rights are protected and that public servants are held accountable for their actions.

Barring of mobile phones can be perceived as a deliberate attempt to shield public officials from scrutiny. Eni ti ko ba se ohun itufu, ko gbodo maa kiye si ehinkule. The depth of wisdom promoted by this Yoruba saying is best rendered literally by saying that he who has not engaged in illicit practices need not be watching over his shoulders. Of what use is it when you shield your official activities from public glare while claiming to be representing the public? This practice can foster an environment where misconduct or negligence goes unchecked, as citizens are deprived of the means to gather evidence or report abuses in real time. Transparency is the cornerstone of a healthy democracy and good governance, and any measure that diminishes it should be viewed with suspicion and contempt. Mobile phones are critical for the efficiency of day-to-day activities of most citizens and this is why many of us have become reliant on our phones. Citizens visiting public offices often rely on their phones for various purposes, such as accessing important documents, receiving updates, or even making payments.
By prohibiting mobile phones, public offices are not only inconveniencing citizens but also hindering the very processes they are meant to facilitate. Consider the elderly or those with disabilities who depend on mobile technology for assistance. Forcing them to leave their phones behind exacerbates their challenges, making the simple act of accessing public services an ordeal. This practice is not only inconsiderate but also discriminatory, as it disproportionately affects those who are most vulnerable. To protect citizens’ rights, mobile phones have become sine qua non and this cannot give way to any shoddy excuse as may be sought to be advanced by corrupt officials of government. It is the realization of this need for transparency and protection of human rights that made the draughtsman of the Administration of Criminal Justice (Amendment) Law, 2021 to amend the principal law to include the rights of suspects to be recorded on video while being interrogated and volunteering confessional statement.

Rights have become recognized as rights after being made subject of consistent abuses, which have led to loss of lives and property. Only God knows how many citizens have been wantonly murdered extra-judicially in police custody as a result of police highhandedness and blood-thirstiness. Such officials that enjoy violation of rights will never support citizens having access to their offices while accompanied by their mobile phones. The Economic and Financial Crimes Commission (EFCC) has made it a standard practice over the years that no mobile phones shall be allowed in their premises and members of the public are made to deposit their phones in a receptacle at the gate to the premises. Even public offices where civil transactions are supposed to be carried out have also adopted this practice of preventing private citizens coming for meetings from accessing the offices with their mobile phones in their possession.

The efficacy of mobile phones in holding public officers to accountability can be seen in the number of police officers whose criminal activities have been exposed by private citizens who document their extortionist or murderous activities on our roads. Police authorities have been proactive in dealing with such officials and thanks to the Inspector General of Police who has consistently maintained that no police officer has the right to inspect the contents of the phones of a private citizen. On the other hand, mobile phones have also assisted in exposing highhandedness of citizens against diligent and responsible public officials. The commendably professional restraint exercised by the police officer assaulted by Seun Kuti the other day would have gone unnoticed if not for mobile phones. A number of cases of private citizens’ assault on police officers have been exposed by the prying eyes of street ‘journalists’. The public would probably have turned the case around against such victim police officers due to the general animosity that people have against police officers. Cases of police officers being used and abused as domestic servants and handbag carriers have been assisted by mobile phones of citizens who courageously document them and by which the rights of such officers are being protected and their dignity elevated.
Again, the government daily denounces corruption in public offices while regrettably and correspondingly encouraging the barring of access to phones while visiting public officials. This is huge contradictions in objectives and approaches. In today’s world, personal safety is closely linked to the ability to communicate. Mobile phones are lifelines in emergencies, providing quick access to help when needed. Public offices, often crowded and sometimes bureaucratic, can be daunting places for many. The reassurance that comes from having a mobile phone at hand cannot be overstated. Moreover, the policy of barring mobile phones raises questions about the security within these public offices. If the presence of mobile phones is seen as a threat, it suggests a deeper issue with the security measures in place. Rather than penalizing citizens, public offices should focus on improving their internal security protocols to ensure a safe environment for all.
The campaign for the adoption of civil approach to policing has been of international recognition and our police or public offices need not be unduly militarized for them to be effective. From a legal perspective, the barring of mobile phones can infringe on citizens’ rights. The right to information and the right to report are fundamental in a democratic society. Any attempt to curtail these rights must be critically examined and challenged. Ethically, public servants have a duty to facilitate access to services and ensure that their conduct is beyond reproach. The saying, “Caesar’s wife must be above suspicion,” is an old proverb that places premium on high standards of behaviour that are naturally associated with public offices and are expected from those in authority. This is also extended to close associates of public officers as Caesar was said to have divorced Pompeia upon mere allegation of engaging in a wrongful act. Banning mobile phones runs counter to these principles, reflecting a troubling disregard for accountability and service. Holding public officers to higher etiquette of public performance is a norm in all civilized climes and he who has nothing to hide, has nothing to fear from public scrutiny.

The best of our efforts as public officials is the one done in the privacy of our offices without the fear of public assessment. A public officer should rather hold himself to public scrutiny without the prompting of the law. He who has so much to hide, has very little right to be in public space. The attitude of public servants barring members of the public from entering their offices with mobile phones is a disservice to democracy and an affront to the principles of transparency, efficiency, and personal safety.
It reflects a troubling trend towards opacity and control, undermining the trust that citizens place in their public institutions. Except we are deceiving ourselves, the essence largely is to foster corruption but nothing else. Mr. President needs to quickly intervene as the situation is fast degenerating. We may not even need the President to make an Executive Order on this as every head of a public office or parastatal ought to promote transparency in his place of assignment and among his subordinates. Nothing stops a Minister, Directors General of government parastatals etc. from making a directive that no member of the public should be prevented from having his phones on him while accessing public offices or public service under him. Local government chairmen, cabinet members at all levels and even bureaucrats at virtually all levels now relish in this unholy practice of veiling their offices from public exposure.
The claim of national security or national interest by some officers is just a phony excuse designed to prevent them from being held accountable and transparent. Public offices must embrace the digital age and recognize the essential role that mobile phones play in modern society. Instead of barring these devices, public servants should work towards creating environments that are open, secure, and accommodating to all. Only then can they truly fulfill their mandate of serving the public and upholding the values of a democratic and civilized society. our public offices must really work for the public and this is when the occupiers can answer the name ‘public officers’ within the provisions of the Constitution which has put in place a Code of Conduct for Public Officers.
There is no way a public officer can demonstrate his openness, transparency and accountability other than to make his activities behind the closed doors of his office a ready host of public appreciation and assessment at all times. The slender margin of trust and appreciation that private citizens have in public officers can then only become robust when an officer rightly discharges his duty. It is only a public servant without a sense of personal integrity that fears his dark privacy above his legitimate public concerns and for so long as the public, both local and foreign, nurses distrust in our orientation and system, for so long it will be difficult to attract the necessary confidence eminently required to attain greater development.

If public exposure of a government document will compromise national security, a public officer should not be careless in displaying same on his table while playing host to members of the public in the discharge of his duties. The government should do everything necessary to make our public officers more accountable, responsible and transparent. One of such things to be done is to prevent them from creating a veil against public assessment of the citizens they are meant to serve and protect. No officer should be afraid of a mobile phone if he is not engaged in illicit activities.

It is with deep regret and sorrow that we announce the passing of Mr. Uche Nwokedi, SAN, who peacefully departed from this world on the 28th of June, 2024, in London.

Mr. Uche Nwokedi, SAN was an alumnus of St. Gregory's College, Mayfield College, and the University of Lagos, where he successfully obtained his Bachelor's Degree in Law - LLB(HONS).

His professional journey commenced as a Legal Counsel at Ashland Oil (Nigeria) Company from October 1984 to October 1985. Subsequently, he joined the esteemed law firm of Chief Rotimi Williams’ Chambers as an Associate Counsel for a period extending from January 1986 to October 1991 serving for a period of 4 years and 10 months. In October 1991, Mr. Nwokedi SAN founded the legal practice of Uche Nwokedi & Co, Legal Practitioners, where he served as the Principal Counsel until his recent passing.

Mr. Uche Nwokedi, SAN, was widely recognized as a preeminent commercial lawyer, renowned for his expertise in commercial litigation and international commercial arbitration. His advocacy skills earned him the reputation of being a 'calm and extremely persuasive advocate' as acknowledged in the Legal 500, Euromoney’s Guide to the World’s leading Energy and Natural Resources Lawyers (Legal 500). Additionally, he was the Editor-In-Chief and Publisher of Nigerian Oil and Gas Cases, a comprehensive compilation of oil and gas case laws in Nigeria.

Beyond his legal illustriousness, Mr. Nwokedi, SAN, was a passionate enthusiast in the field of entertainment. Noteworthy among his endeavors was the acclaimed musical production, Kakadu the Musical, which garnered critical acclaim on its tours in Nigeria, Davos Switzerland, and South Africa. Through his youth development foundation, The Playhouse Initiative, Mr. Nwokedi SAN mentored young talents through music and drama, fostering meaningful communication and development. The Playhouse Initiative has presented various successful musicals in Nigeria, such as Jesus Christ Superstar, Joseph and the Amazing Technicolor Dreamcoat, under license from the Really Useful Group, and other enthralling productions including recitals and choral concerts.

Mr. Nwokedi, SAN, was the creative force behind the renowned M-Net Africa Magic legal TV drama series, "E.V.E: Audi Alteram Partem", which garnered accolades and nominations. He contributed insightful opinions on socio-political matters to several national dailies in Nigeria. With a keen interest in sports and sports development, he held the prestigious title of a third-degree Black Belt in Shotokan Karate and served as the President of the Karate Federation of Nigeria from 2001 to 2005.

Noteworthy among his literary works is "A Shred of Fear", Mr. Nwokedi's poignant memoir that encapsulates a child's experiences during the Biafran War. Written in evocative prose, the narrative strikes a delicate balance between heartwarming and tragic, depicting the challenges faced during the war and the subsequent struggles for reconciliation.

Mr. Uche Nwokedi leaves behind his loving wife and three children.
In this time of profound grief, we offer our deepest condolences to his family and loved ones, and we pray for the solace and eternal peace of Uche Nwokedi, SAN and our departed colleagues. Amen.

Further details regarding the funeral arrangements will be communicated promptly upon receiving information from his family.

Signed:

Mr. Olumide Sofowora, SAN
Secretary

Nigeria’s debt-to-GDP ratio crossed 50% for the first time ever last week after the Debt Management Office published the country’s latest public debt figures.

According to the DMO, Nigeria now has a public debt portfolio of N121 trillion, consisting of domestic debt of N65.6 trillion and a foreign debt portfolio of $42.1 billion (which converts to N56 trillion when converted to Naira).

As of December 2023, Nigeria’s total gross domestic product (GDP) was N229.9 trillion in nominal terms, though it grew by only 2.74% in real terms. This suggests that the country’s debt-to-GDP ratio is now above 50% for the first time.

Nigeria’s latest Debt to GDP

In the first quarter of 2024, Nigeria recorded a nominal GDP of N58.5 trillion, up from N51.2 trillion in the corresponding period in 2023.

• However, in the second and third quarters of 2023, the nominal GDP figures were N52.1 trillion and N60.6 trillion, respectively.
• The fourth quarter GDP rose to N65.9 trillion, making the trailing four-quarters GDP total N237.5 trillion.
• Based on the 2023 GDP figure of N229.9 trillion, Nigeria’s debt-to-GDP ratio is 52.9%, marking the first time the country has reached such a high debt-to-GDP figure.
• Using the trailing four-quarter GDP figure of N237.5 trillion, the country’s debt-to-GDP ratio also stands at 51.2%

Why this matters: Nigeria has often viewed its ‘low’ debt-to-GDP ratio as a sign of the country’s economic resilience, suggesting there was more room to expand its borrowing capacity.

• For example, as of 2023, Ghana had a debt-to-GDP ratio of about 84.9%, while South Africa’s ratio stood at 72.2%. Kenya and Egypt had ratios of 70.1% and 95.8%, respectively.
• While these countries have significantly higher debt-to-GDP ratios compared to Nigeria, the challenge has always been Nigeria’s ability to meet its debt service obligations due to its high debt service-to-revenue ratio.
• Now, with Nigeria’s debt-to-GDP ratio surpassing 50% and continuing to rise, the country has limited room to further expand its borrowing capacity while grappling with current economic challenges.

Nigeria’s rising debt profile

Nigeria’s debt profile has risen over the last 8 years as the country faced a string of fiscal challenges brought about by low crude oil proceeds amid rising budgetary expenditure.

• For example, under the Buhari administration, public debt rose from N12.6 trillion in 2015 to N97.3 trillion in 2023. Between December 2023 and March 2024, public debt in Naira terms have risen by as much as N24.3 trilion.
• However, the Debt Management Office (DMO) explained the increase noting that the N24.33 trillion increase in the total debt was a result of a combination of fresh borrowing and naira devaluation. 
• The DMO further clarified that Nigeria’s fresh borrowing was N7.71 trillion in the first quarter of 2024.
• The fresh borrowing includes N2.81 trillion as part of the new domestic borrowing of N6.06 trillion provided in the 2024 Appropriation Act and N4.90 trillion as part of the securitization of the N7.3 trillion Ways and Means Advances approved by the National Assembly. 

Global ratings agency, Moody’s also stated that Nigeria’s interest spending on debt might consume up to 36% of the federal government’s revenue in 2024.  

According to the firm, the hawkish monetary policy stance of the CBN has pushed interest rates for local borrowing by the federal government from an average of 12.8% in 2023 to around 19% in the first five months of 2024. 

[Nairametrics]

The controversy ignited when, on June 4, the PSC announced the successful recruitment of 10,000 applicants, a list that was later rejected by the police force on June 15.

The police, in a statement by its spokesperson, Muyiwa Adejobi, claimed the recruitment process was fraught with corruption and irregularities, noting that the list included names of individuals who “did not even apply” for the positions.

The rejection of the recruitment list by the police led to a sharp response from the PSC’s union, which called for the removal of the Inspector General of Police, Kayode Egbetokun, accusing him of misrepresenting facts related to the recruitment process.

In a defiant stance, the PSC maintained that the recruitment was conducted transparently and in accordance with the law.

PSC’s Head of Press and Public Relations, Ikechukwu Ani, affirmed on June 25 that the final list of successful candidates would remain unchanged, urging the police force to provide evidence to back their allegations of corruption.

The spokesperson for the Ministry of Police Affairs, Bolaji Kazeem, in a chat with Punch, emphasized the minister’s commitment to resolving the issue discreetly and efficiently, stating, “Minister working underground to resolve the issue between the two organisations. He doesn’t want the matter to go out of hand.”

[NaijaNews]

After two international investors absorbed 60 per cent stake in Royal Exchange General Insurance Company (REGIC), and Royal Exchange retaining the remaining 40 per cent, the insurer has now rebranded to Rex Insurance Limited.

To this end, it launched a new brand identity and commissioned a state-of-the-art head office, with renewed strength to offer top notch services to customers.

The chairman of Rex Insurance Limited, Ike Chioke, while speaking at the event said, the last three years saw the coming of international investors, Blue Orchard through its Insuresilience Fund and Africinvest through its Financial Inclusion Vehicle (Five) into the company.

The decision to move to the state-of-the-art head office, he said, was driven by the firm’s vision to create a workspace that not only meets the needs of its employees, but also symbolises its forward-thinking ethos.

The new facility, he noted, is more than just a building; it represents a new era for the company, one where it is better equipped to serve its customers, foster collaboration, and drive innovation, adding that, ‘it is a space designed to inspire creativity, enhance productivity, and support our mission to deliver exceptional service.’

“Staff well-being is paramount to the organisation as we believe our employees are our primary stakeholders. To enhance their health and wellness, we have installed a state of the art-of-the art gym facility for our use. To foster a family-friendly work atmosphere that prioritises the needs of working parents, we have also set up a creche for our nursing mothers,” he submitted.

He noted that customers are at the heart of everything the company does, adding that the new head office embodies the firm’s unwavering dedication to providing the highest level of customer service.

“With advanced technologies and improved facilities, we are poised to enhance the customer experience significantly. Every element of this building has been designed with our customers in mind, ensuring that we can respond more swiftly, efficiently, and effectively to their needs,” he pointed out.

Similarly, its managing director/CE, Ebelechukwu Nwachukwu said, the moment marks a significant milestone in the company’s journey that started since 1918 and a testament to the hard work, dedication, and vision of everyone involved adding that the firm is truly a transgenerational company and today’s occasion is to celebrate this.

“We have gone through the digitisation and digitalisation of our processes as part of our Digital transformation journey. We have transformed our approach to customer services and improved our human resources. Revamping of Brand today is to reflect all of the changes that have already happened to the business and the transformation that is still ongoing,” she posited.

She stated that, as they unveil the new brand identity, they believe that the brand is a true representation of who the are and what they stand for, a digital, customer focused company, with great simplified products, a commitment to developing climate based Agric  insurance products, develop simple inclusive products to serve the growing retail market and a customer excellence culture that serves corporate customers and brokers.

“These core values we intend to drive as our culture that will be reflected in everything we do and will drive all our interactions, with all our internal and external stakeholders’” she posited.

According to her, the firm had also revamped all its locations in Abuja, Port Harcourt, Ibadan, Benin while setting up services on Ikorodu road, all in an on-going process to ensure the same standards across all the locations where it operates.

The governor of Lagos State, Babajide Sanwo-Olu, performed the commissioning of the building. The governor, who was represented by the Commissioner for Finance Lagos State, Abayomi Oluyomi, prayed for the company and pledged the state’s support to the company.

 [Leadership]

A former Chief of Defence Staff, Admiral Ibrahim Ogohi, has died after a brief illness.

Family sources said he had been clinically ill due to old aged related sickness for weeks before he died in his Abuja home in the early hours of Sunday.

“Admiral Ibrahim Ogohi passed on to glory a few minutes ago, early Sunday morning,” a family source said.

The late Admiral was Chief of Defence Staff between 1999 and 2003.

He was the first Naval officer to reach four star rank in the Nigerian military, including being the first chief of Defence Staff from Navy.

The late chief of Defence Staff hailed from Okura, Lafia in Dekina Local Government Area of Kogi State.

[DailyTrust]

Bayern Munich legend, Lothar Matthaus has named former Manchester United midfielder, Marcel Sabitzer as the best player at Euro 2024 so far.

Sabitzer has played a key role for Austria at Euro 2024.

The Borussia Dortmund star helped his nation finished top of Group D ahead of France and the Netherlands.

He will hope to lead Austria to victory when they play Turkey in the last-16 on Tuesday.

“My player of the tournament so far is Marcel Sabitzer,” Matthaus wrote in his column for German outlet Sport.

“I saw him live in Berlin during Austria’s 3-2 win over Holland.

“His speed, his lightness, his finesse, the way he uses his teammates, the way he works in the back, the speed with which he plays forward – I have hardly seen him like this in Dortmund.

‘”Sabitzer stands out in this impressive Austrian team.”

[DailyPost]

The Federal Capital Territory Commissioner of Police, Benneth Igweh, has ordered a clampdown on vehicles plying the roads with single or no plate numbers across the nation’s capital.

He also directed the arrest and prosecution of defaulters.

In a statement on Saturday by the command’s spokesperson, Josephine Adeh, Igweh also warned car dealers against parking their vehicles in an unauthorised parking lot and driving beyond the stipulated time.

Adeh stated that the CP said defaulters would be made to face the full wrath of the law. 

The statement partly read, “The Commissioner of Police FCT, CP Benneth C. Igweh, has given a marching order that vehicles plying the roads with a single or no number plate should be impounded, with the driver arrested and prosecuted. Also, he warns car dealers against parking their vehicles in an unauthorised parking lot and driving beyond the stipulated time, which is 6 pm., as defaulters will be made to face the full wrath of the law.”

Adeh noted that the command had observed motorists and car dealers driving cars with single or no plate numbers beyond the stipulated time.

She added that cases of “one chance” operators in the FCT had been linked to the practice, urging motorists and dealers to desist from such acts.

Adeh said, “The FCT Police Command has observed with serious concern how motorists and car dealers drive around the territory with single or no number plates and car dealers beyond the stipulated time, which is 6:00 AM to 6:00 PM. Section 25 (5) of the Federal Capital Territory Road Transport Regulation Act, 2005.

“It is no news that several recorded cases of armed robbery, popularly known as ‘one chance,’ are mostly associated with vehicles with single or no number plates. This unlawful act has pricked the attention of the populace, who have now begun to question the effectiveness of the police in addressing the menace.

“Also, he reiterates that in the effort to ensure the safety and security of residents of FCT, no motorists or car dealers who come in conflict with the substantive laws with be spared.”

[Punch]