Media personality, Reno Omokri, has emphasised the importance of education while hammering on the low chances of getting rich from the four walls of the classroom.  

Sharing his thoughts on how to get rich, he argued school could not teach a person how to be rich, and that if the school could, then teachers would be the richest, expressing that a lot of teachers were hardly rich.

He explained on his X account that school is not a ticket to wealth despite its importance. 

Reno also revealed that while financial education is taught in school, financial intelligence is what is learnt on the street.

He warned his followers not to limit their learning to the four walls of a school.

“If school could teach you how to be rich, the first people that would be rich would be your teachers. But they are hardly rich. School is important. Stay in school. Graduate. 

“But don’t expect your certificate to be your ticket to wealth. Financial education is taught in school, but financial intelligence is learnt on the streets.

“Don’t limit your learning to the four walls of a school. Remember that Bill Gates, Mark Zuckerberg and Steve Jobs don’t have degrees. Yet, they have billions,” he wrote.

[TheNation]

The Nigerian Electricity Regulatory Commission, on Wednesday, approved an increase in electricity tariff for customers under the Band A classification.

The Vice Chairman, NERC, Musliu Oseni, said the increase will see the customers paying N225 kilowatt per hour (KW/h) from the current N66.

PUNCH Online notes that customers under Band A are those who enjoy 20-24 hours of electricity supply daily while those in Band B are subscribers who enjoy 16 to 20 hours. Those in Band C enjoy 12 to 16 hours daily.

Also, Band D subscribers are beneficiaries of eight to 12 hours daily and Band E subscribers only enjoy four to eight hours of electricity consumption everyday.

Speaking at a press conference in Abuja, Oseni said customers in Band A represent a 15 per cent of the 12 million electricity customers in the country which is about 1.8 million subscribers.

He added that the review will not affect customers on the other bands.

Citing sources, Bloomberg had on Tuesday reported that power companies will be allowed to raise electricity prices to N200 ($0.15) per KW/h from N68 for urban consumers.

It quoted people in the presidency with knowledge of the matter saying this was in a bid to attract new investment and slash about $2.3 billion spent to cap tariffs.

In this report, PUNCH Online highlights the Lagos State subscribers of the Band A tariff plan who benefit from the 20 to 24 hours of Ikeja Electricity Distribution Company daily consumption in a document prepared by NERC.

1. Ijaiye (33-Ota TCN-AMJE) in Abule-Egba Business Unit enjoys 998 KW/h

2. Ijaiye (33-Ota TCN-Abeokuta Expressway) in Abule-Egba Business Unit enjoys 930KW/h

3. Able-Taylor (11-EkoroINJ-T1-Ekoro) in Akowonjo Business Unit enjoys 920KW/h

4. Egbeda (11-AlimoshoINJ-T8-Alimosho) in Akowonjo Business Unit enjoys 889KW/h

5. Anifowoshe (11-New AlausaINJ-T4-Siyanbola) in Akowonjo Business Unit enjoys 929KW/h

6. Anifowoshe (11-Adeniyi JonesINJ-T1-Ajao) in Akowonjo Business Unit enjoys 941KW/h

7. Anifowoshe (11-New AlausaINJ-T6-Awolowo) in Akowonjo Business Unit enjoys 889KW/h

8. Anifowoshe (11-Adeniyi JonesINJ-T1-Adeniyi Jones) in Akowonjo Business Unit enjoys 982KW/h

9. Ogba (11-OgbaINJ-T3-Oba Akran) in Akowonjo Business Unit enjoys 888KW/h

10. Ogba (11-Oke IraINJ-T2-Kayode) in Akowonjo Business Unit enjoys 867KW/h

11. Ogba (11-Oke IraINJ-T2-Mangoro) in Akowonjo Business Unit enjoys 943KW/h

12. Ojodu (11-OjoduINJ-T2-River Valley) in Akowonjo Business Unit enjoys 910KW/h

13. Oregun (11-MarylandINJ-T2-Ojota) in Akowonjo Business Unit enjoys 973KW/h

14. Oregun (11-OpebiINJ-T1-Olusosun) in Akowonjo Business Unit enjoys 924KW/h

15. Oregun (11-New AlausaINJ-T5-Kudirat) in Akowonjo Business Unit enjoys 977KW/h

16. Oregun (11-New AlausaINJ-T6-Ogundana) in Akowonjo Business Unit enjoys 981KW/h

17. Oregun (11-New AlausaINJ-T4-Allen) in Akowonjo Business Unit enjoys 989KW/h

18. Oregun (11-New AlausaINJ-T5-Alausa) in Akowonjo Business Unit enjoys 945KW/h

19. Oregun (11-New AlausaINJ-T4-Oregun) in Akowonjo Business Unit enjoys 980KW/h

20. Oregun (11-New AlausaINJ-T5-Morrison) in Akowonjo Business Unit enjoys 950KW/h

21. PTC (11-IlupejuIJN-T4-Ikorodu) in Akowonjo Business Unit enjoys 892KW/h

22. PTC (11-MarylandIJN-T1-PTC) in Akowonjo Business Unit enjoys 858KW/h

23. PTC (11-IlupejuIJN-T1-Bhojson) in Akowonjo Business Unit enjoys 923KW/h

24. PTC (11-PTCIJN-T2-Awuse) in Akowonjo Business Unit enjoys 991KW/h

25. PTC (11-IlupejuIJN-T3-General Hospital) in Akowonjo Business Unit enjoys 892KW/h

26. Lasunwon (33-IkoroduTCN-Fakale Source) in Ikorodu Business Unit enjoys 890KW/h

27. Odogunyan (11-OdogunyanINJ-T2-Centex) in Ikorodu Business Unit enjoys 854KW/h

28. Ago (11-ItireINJ-T3-Ago) in Oshodi Business Unit enjoys 851KW/h

29. Ago (33-ItireTCN-Ago 1) in Oshodi Business Unit enjoys 933KW/h

30. Ajao (11-AjaoINJ-T2-New Estate) in Oshodi Business Unit enjoys 906KW/h

31. Idimu (33-EjigboTCN-AGODO) in Oshodi Business Unit enjoys 956KW/h

32. Ikosi (11-MarylandINJ-T3-Demurin) in Shomolu Business Unit enjoys 947KW/h

33. Ilupeju (11-IlupejuINJ-T3-Coker) in Shomolu Business Unit enjoys 960KW/h

34. Ilupeju (11-IlupejuINJ-T3-Palmgroove) in Shomolu Business Unit enjoys 960KW/h

35. Magodo (11-MagodoINJ-T2-Bashiru) in Shomolu Business Unit enjoys 939KW/h

36. Magodo (11-MagodoINJ-T1-Emmanuel Keshi) in Shomolu Business Unit enjoys 998KW/h

37. Mende (11-MarylandINJ-T3-Sylvia) in Shomolu Business Unit enjoys 944KW/h

38. Mende (11-MarylandINJ-T2-Westex) in Shomolu Business Unit enjoys 981KW/h

39. Olateju (11-IlupejuLocal-T1-Industrial) in Shomolu Business Unit enjoys 982KW/h

40. Oworonshoki (11-OworoINJ-T1-Hospital) in Shomolu Business Unit enjoys 985KW/h

41. Oworonshoki (11-OworoINJ-T1-Anthony) in Shomolu Business Unit enjoys 965KW/h.

[Punch]

My name is Yuki Gambaryan, and I am pleading with you from the bottom of my heart as the wife of Tigran Gambaryan to please allow my innocent husband to come home.

Tigran is first and foremost an incredible father, loving husband, and supportive friend to everyone who meets him. He has a deep respect for Nigeria and its people, and in fact, he had expressed excitement to me at the prospect of starting to work in your country.

I understand and respect your decision to scrutinize his employer, Binance. I realize that this whole situation has arisen from your commitment to your country and its citizens.  However, Tigran is merely an employee.  He does not have authority over Binance’s corporate decisions or policies that might have impacted Nigeria. He spends his workday investigating and pursuing criminal activity on the platform.

His very job is to help governments, like yours, prosecute and prevent illicit activity. Sadly, any influence he might have had at Binance to help the company leaders understand your position in this disagreement is trapped in that cell with him.

Tigran is globally recognized for his significant contributions in solving crimes involving cryptocurrencies. I know many of his peers, including in Nigeria, would say that Tigran’s continuous efforts not only decrease illicit activity on Binance’s platform but for all cryptocurrencies across the world.

Tigran and I have two young children. This is the longest their Dad has ever been away from them, and they don’t understand why he hasn’t come home to them. They ask me every day when he will be coming home, and still I cannot give them an answer. This week is going to be especially difficult as it is our youngest’s 5th birthday on Friday. I never imagined Tigran would not be here with us to celebrate it. 

Meanwhile, his aging mother spends her days in tears, praying for the safe return of her only son. She raised Tigran almost all on her own. He is her everything, the thought of him being in a country so far away from her and in these  circumstances is beyond devastating to her. 

A small part of me chips away every day without Tigran by my side. He is the love of my life, and I cannot imagine a life without him. I plead with you from the depths of my heart to release Tigran. Please let our children see their father. Your act of mercy would be eternally appreciated.

Yours Faithfully,

Yuki Gambaryan

A federal high court in Abuja has fixed April 19 for the arraignment of Binance, a cryptocurrency firm, and two of its executives.

On February 28, Tigran Gambaryan, Binance’s head of financial crime compliance; and Nadeem Anjarwalla, Binance’s regional manager for Africa; were detained by the Nigerian authorities.

Although Anjarwalla escaped from the custody of the office of the national security adviser (ONSA), both executives, alongside Binance, are expected to be charged by the federal government for tax evasion and money laundering 

TAX EVASION 

On March 25, the Federal Inland Revenue Service (FIRS) filed a criminal charge against Binance for “tax evasion”.

According to the service, the move aims to uphold fiscal responsibility and safeguard the economic integrity of the country.

The lawsuit, designated as suit number FHC/ABJ/CR/115/2024, is said to “implicate Binance with a four-count tax evasion accusation”.

When the case was called, Moses Ideho, prosecution counsel, said they were unable to effect service on Gambaryan because they could not reach him.

“My lord, the prosecution has not been able to serve a copy of the charge on the second defendant (Gambaryan),” Ideho said.

“As a result, we mobilised the court bailiff to serve the second defendant but he was denied access, too.”

Thereafter, Ideho prayed the court to allow him to effect service on the defendant in court.

After serving the court processes on the defendant, the prosecution prayed the court to either issue a stand down or adjourn the case to a later date to enable the defendant confer with his lawyers.

Since there was no opposition from the defence counsel, Emeka Nwite, presiding judge, adjourned the matter to April 19 for arraignment of the defendants.

There was no legal representation for Binance and Anjarwalla.

[TheCable]

Nyesom Ezenwo Wike, Minister for the Federal Capital Territory, (FCT), is an extremely lucky man. The fact that he has remained a permanent fixture at various levels on the nation’s political canvas has been very well established. From the nondescript corners of a local government chairman and chief of staff to his predecessor, Rotimi Amaechi in Government House, Port Harcourt, Rivers State, Wike has consistently hugged the klieglights of provincial and national politics. As President in 2011, Goodluck Jonathan appointed Wike his Minister of State for Education. He subsequently functioned as “Supervising Minister” of the ministry when the substantive Minister resigned to pursue political interests. Wike went on to become governor of the affluent Rivers State, a very important extension of Nigeria’s socioeconomic tripod, Lagos and Kano being the other two. Delta, Ogun, Oyo and Kaduna states could as well be the second concentric ring of the nation’s socioeconomic expansion. Wike has therefore featured in the politics of the Fourth Republic for a quarter of a century now.

Wike did well in the development of salient infrastructures in Rivers State. Nigerians were periodically entertained by live telecast of the commissioning ceremonies of many projects built by his administration. Roads, flyovers, bridges, educational facilities in tertiary institutions topped the list of the attainments of his regime. Professor of law, Senior Advocate of Nigeria, (SAN) and immediate past Vice President Yemi Osinbajo beaded Wike with the glowing moniker of “Mr Projects” to underscore the former Rivers State helmsman’s exertions in that sector. Politicians and political figures of all hues queued for opportunities to headline participation in the inauguration of these projects. They were allegedly assured generous honoraria supposedly denominated in foreign currencies from Wike’s vaults courtesy of his oftentimes impulsive and reckless philanthropy.

Nigerian politics has no doubt been kind to Wike. From the little-known Port Harcourt attorney who barely practiced before launching into politics, Wike reportedly has grown a very deep pocket during his years as a most privileged public servant. In the flux and frenzy which attended the conclusion of the presidential primary of the Peoples’ Democratic Party, (PDP) in May 2022, Wike pitched for designation as running mate to Atiku Abubakar. The first Vice President of this republic won the primary, while Wike was runners-up.The imperative for geopolitical balancing impelled the choice of Atiku’s running mate from the South South zone. Sources close to Atiku have suggested that Wike purportedly offered to fund the presidential campaign to the tune of N50 Billion if he was chosen! If this presumption has any validity, it may offer a glimpse into how Wike has prospered in the last 24 years.

Wike covets the high stool. He is an undisputable power monger who has been so soaked in the soothing sauna of high office that he cannot conceive of existence outside of the power ring. From campaign dais ahead of the general elections in 2023 to his countrywide consultations ahead of the PDP presidential primary two years ago, Wike was almost psychotic about the “power of the pen.” In this instance he was not referring to the proverbial mighty pen of the journalist but that of an elected official especially a governor or president. He is obsessed with the the appurtenances of office notably unfettered access to the public till, fawning security details around him, not forgetting the protocol architecture. He loves the official lectern and those oftentimes meaningless live television interviews. Wike doesn’t cut the image of someone who can survive outside of public office.

Wike seems to have transposed his verbal incontinence and rambunctiousness from the provinces to the capitol. He is so all-knowing that he wouldn’t make himself available to meet with the senator representing the FCT, Ireti Kingibe, which he superintends on behalf of the President. But he will spontaneously obey parliamentary summons when seeking consideration and approval of his ministry’s budget. Wike actually fancies himself some kind of “Michael Jackson” who is sought by many but who chooses those to dance for. The Tinubu government had barely settled last year when Wike in November 2023, blew the bugle of the 2027 presidential election. Blabbing as usual during his self-serving television appeared, he restated his commitment to the success of the Tinubu government. To this extent he would subsume his ambition for the presidency in 2027.

Last February at a thanksgiving service for Barinada Mpigi, senator representing Rivers South East, Wike re-echoed his November trailer on 2027. He boasted about his uncommon political wizardry which had coalesced the APC and the PDP into a unified bloc in Rivers State. He assured the 2027 polls will be a walkover under his marshal plan. Wike’s overly narcissistic politics is the variant rejected by the Yoruba adage to wit: a ki je meji ni aba Alade. This translates as “you are at liberty to choose between roasted yam or the boiled one in Alade’s hut. You are not permitted to savour both at once.” Wike’s amphibious political brinkmanship reminds of Janus the double-faced god in Greek mythology. Janus is at once the god of beginnings, gates, transitions, time, duality and endings, concurrently!

Not content with his primary responsibility as FCT minister, Wike has been an agent of destabilisation in Rivers State his last duty post. He claims he single-handedly installed Siminalayi Fubara former accountant-general of the state as his successor, yet he wouldn’t allow him a breather to operate. In Wike’s most recent interview on Channels Television, he restated the fact of being Fubara’s benefactor. He said he was correct insisting on a “50/50 sharing” of political offices and freebies between him and Fubara. Wike re-echoes the lines of Louis XIV of France and Navarre” on April 13, 1655, that L’Etat, cest moi, which translates as “I am the state.” He is the de facto owner of Rivers State as it were. The entire gamut of Wike’s political structure while he held sway in Brick House was initially wholly imposed on Fubara. This was before Wike’s recent proposal of a “50/50” template.

It has also been alleged that Wike left instructions for the remittance of a particular percentage of accruals from the internally generated revenue, (IGR) of the state to him in person. He is not satisfied with his implied derivations from his outpost in Abuja which budgetary allocation has for the first time in history reached and surpassed the N1trillion mark! Wike’s voluptuous consumptiveness must be supplemented by spin-offs from Rivers State strong rooms! Wike purportedly exercises monarchical control over the two aircraft belonging to the state. For daring to dissent with some of these stifling terms and conditions, Fubara has been serially threatened with impeachment by the Wike segment of the Rivers State parliament. These and other developments have largely unsettled governance in the state, its pulse hallmarked by unending palpation.

Wike is at daggers-drawn with the political establishment in his state. He has disowned the most eminent first governor of Rivers State, Peter Odili who provided the springboard for his political ascendancy back in 1999. He is at war with elders in his state notably Rotimi Amaechi his predecessor; Celestine Omehia, governor for a few months before Amaechi and Abiye Sekibo, a former transport minister. He is sparring with Austin Opara, a former deputy speaker of the House of Representatives; Lee Maeba, a former senator and Uche Secondus, a former national chairman of the PDP; Tele Ikuru, deputy to Amaechi, among others. Not much of Chibudom Nwuche has been seen around Wike these days, so it is just possible both men have parted ways. Wike has brushed aside key opposition elements in the state notably Tonye Cole who many assumed would have been favoured by Tinubu as the eyes and ears of Rivers State in the federal executive council. This is the kind of polarisation Wike’s belligerence and uncouth manners have bequeathed on Rivers State and its politics.

I decidedly described Wike as an extremely lucky man in the very first sentence of this essay. He is serving in the administration of a President whose capacity for restraint and accommodation can only equate the legendary thick torso of the hippopotamus. I served in the administration of President Olusegun Obasanjo and I can speak for the limited elasticity of his patience with any public official whose focus and pursuits ran counter to the core objectives and focus of his administration. Such an official was unceremoniously shown the door. Obasanjo it was who began the culture of requesting public servants keen on elective office to resign and concentrate on their ambitions. He also released senior appointees desirous of coordinating his own reelection in 2003 for instance from his cabinet.

Wike must be put on leash with immediate effect. He is neither an exemplar of the “renewed hope agenda” of the the APC under which he presently serves, nor the PDP’s “let’s make Nigeria work again” theme. Rivers State is too important to the socioeconomic life of Nigeria to be pocketed and unsettled by the malevolent desires of a control freak. Rivers State is the undisputable second place holder to Lagos in IGR aggregation for example. Beyond accruals from the federation account therefore, Rivers State capably augments such earnings with its IGR, in the provision of services and development for its people. Wike’s knee must be forced off the neck of Rivers State so the geopolitical entity can breathe. The FCT is in the grips of security and developmental challenges while Wike is trying to be a “Minister-Governor,” under a President, Commander-in-Chief. Come to think of it, the FCT minister is the face of government in many ways. As minister of the capitol, Wike is the first port of call of many diplomats, respected international figures and eminent statesmen. I will be reluctant to honour a scheduled meeting with Wike if I only just watched his petulant interview on global television.

Tunde Olusunle, PhD is a Fellow of the Association of Nigerian Authors, (ANA)

Before The Human Flow was published, Jonathan, one of Europe’s most accomplished foreign affairs columnists and journalists, had talked with excitement about the book. It was his first novel. Like a woman who became pregnant when she thought she was past child-bearing, Jonathan, 82, couldn’t wait to make Mary Wesley look like a child prodigy.

Sam Omatseye’s book, Beating All the Odds: Diaries and Essays on How Tinubu Became President, on the other hand, is part diary, part essay. The diary would have been difficult to script even if a fiction writer had tried to imagine the outcome of events in the months leading up to the 2023 general elections in Nigeria, Africa’s most populous country.

The thing about diaries is that you never know. When the Action Congress of Nigeria (ACN), a legacy member of the ruling All Progressives Congress (APC) was compiling A Witness to History, for example, the party could not have imagined that it was writing the final chapters of the People’s Democratic Party (PDP) government that had lost its way for good.

This gift of the unknown is also exemplified in The Diary of a Young Girl, the story of Anne Frank, a young Jewish girl caught up in the turmoil of the Second World War, but who in spite of it produced a diary that has become both a record of history and also a work of moral philosophy.

Damned either way

From the first part of Sam’s 349-page book, it’s improbable that he knew exactly which way the wind would blow when he started journaling ahead of the February 2023 presidential election, two months after the APC presidential primary in 2022. 

Unlike former military president General Ibrahim Babangida who famously said he didn’t know who would succeed him but he knew those who wouldn’t, President Muhammadu Buhari appeared confused about both. His body language, which became a metaphor for his government’s malaise, suggested that the front-runner, Bola Ahmed Tinubu, the subject of Sam’s book, was not his preferred candidate.

Even though Tinubu had picked the APC’s presidential ticket when Sam started his diary and decency required that Buhari would rally the party behind its candidate, the party became Tinubu’s worst enemy. It wasn’t just the usual horse-trading, feather-ruffling, and back-stabbing that come with internal party politics. It was a betrayal of Judas-like proportions, plotted to swallow Tinubu alive. 

“I have looked at the whole situation,” Tinubu tells Sam, “I told myself, if I didn’t run, I’m damned. If I ran, they may want to damn me. So, I had to run, anyway.”

Inside Ota lair

Sam’s diary opens with an entry on August 19, 2022, about Tinubu’s pilgrimage to the Ota, the lair of one of Nigeria’s political gods, President Olusegun Obasanjo. Whatever the sacrifice Tinubu offered at the Ota shrine on that visit, his token may have fallen short. 

In spite of the photo-ops and pretensions of ethnic solidarity, Obasanjo whom Sam describes as “the old fox of Nigeria’s politics,” later cast his lot with the Labour Party candidate, Peter Obi, reopening old memories of mutual distrust between Obasanjo and Tinubu.

Three main issues dominate the diary: One, the conspiracies within the APC, right up to the Presidency, to subvert Tinubu’s ambition; two, the division within the PDP, which split the party into at least three irreconcilable factions, the Nyesom Wike faction being the most potent; and three, the bitter pushback by anti-Tinubu groups – masquerading sometimes as the religious police, sometimes as ethnic tin-gods, and yet at other times as the youth avantgarde – all sparing neither mud nor kitchen sink in their desperate attempts to stop him. 

“It seems obvious,” Sam says in his February 17, 2023 entry, “that the worries that Asiwaju Bola Ahmed Tinubu expressed about efforts to scuttle his path to victory have never been better revealed than when the President (Buhari) went on national television and defied the Supreme Court ruling (on the currency crisis) …the president gave ammunition to the other contestants.”

The Atiku Syndrome

The bulk of the entries however centres on the Atiku Syndrome, a condition that makes the sufferer utterly unable to see or seize an opportunity even if beaten on the head with it; and the unrestrained bitterness of “Obidients” towards the Tinubu campaign. 

Sam, whose diary makes no pretence of his support for Tinubu, not only highlights the misery that the division between Atiku and Wike’s G-5 brought upon the PDP, he also invokes the worst of Atiku’s politics, and takes no prisoners amongst “Obidients” who wanted his head on a platter, especially after his controversial article, “Obi-tuary”.

Even though the opposition’s divided house set the ducks of Tinubu’s victory on a row, Sam had his anxious moments not a few.  At one point, he asks Tinubu if there is a Plan B, because, he says, “I knew Buhari did not want him and the vampires around him did not want him.” 

The rest is history, enriched by the second part of his book – a careful curation of a decade’s worth of some of his most engaging weekly columns in The Nation.

Love story

In The Human Flow, Jonathan took a different tack away from – but enriched by – his commentary on foreign affairs published for decades on many platforms across the world. The novel is a love story expressed as a tragedy of our modern existence: the trafficking of West African migrants.

In some ways, the book reminded me of Sina Odugbemi’s Japa,a slim but horrific personal account of the author’s search for greener pastures through the Sahara Desert, complete with tales of his Maghreb nightmares. 

Or perhaps Olusegun Adeniyi’s From Frying Pan to Fire, a searing account of the human tragedies experienced in the elusive chase for a better life in Europe by thousands of African migrants who are consumed by the unforgiving desert or trafficked as slaves long before they can achieve their dreams.

The difference, perhaps, is that while Odugbemi’s and Adeniyi’s accounts are based on real-life stories, The Human Flow is a narrative prose fiction of the life of a Tanzanian-based white British journalist, Jon, whose quest to expose the evils of human trafficking led him into an odyssey of a complicated romance, adventure and tragedy.

Complicated affair

The main characters in the book are Jon, and his Tanzanian girlfriend, Agnes. In their pursuit for truth, they fall in love. Their affair is deepened by Agnes’s brief kidnapping and the search for her that led Jon into romantic entanglement with a married Spanish journalist, Ana. 

The quest also reveals a web of human traffickers comprising religious leaders, local chiefs, border police, hustlers and deadly gangs. These forces sometimes work for or against each other, but unfailingly prey on the desperation of their victims for that basic human instinct of a better life.

In the end, Jon and Agnes are captured by a deadly guerilla movement in Morocco and murdered in Libya. 

In the former world, European migrants to Africa were impeded by geography and tropical diseases but they overcame by guile and gunpowder. In today’s reverse migration, hope and dinghies are the main vessels for African migrants. 

Conclusion of the matter

Unfortunately, as we see from The Human Flow the brutal realities confronting African migrants range from human traffickers to deadly gangs and compromised or hostile border police, leaving the migrants with forlorn hopes and broken dreams, if they survive.  

There’s a place where Sam’s poetic prose and Jonathan’s enthralling story-telling meet: leadership. The failure of leadership is responsible for the booby traps and chaos thrown on Tinubu’s path in the runup to the 2023 election on Buhari’s watch. It also explains why African youths are risking everything to escape the continent. 

Both diary and novel meet at the crossroads of Africa’s biggest problem: leadership.

…as Abati, NANTAP president task government, stakeholders on repositioning the sector

Last Wednesday was this year’s World Theatre Day (WTD), a globally recognised event that celebrates the magic and impact of theatre on society. The WTD is a day set aside to promote theatre in all its forms across the world; to make people aware of the value of theatre in all its forms; and to enable theatre communities to promote their work on a broad scale so that governments and opinion leaders are aware of the value and importance of dance in all its forms and support it. Initiated in 1961 by the International Theatre Institute (ITI), it is celebrated annually on March 27 by ITI Centres and the international theatre community. This year, the National Association of Nigerian Theatre Arts Practitioners (NANTAP) hosted an incredibly enriching and captivating celebration, with various activities, including a plenary session, discourse, and performances, in Lagos, that showcased the remarkable talent and insightful conversations on the theme “Unbundling Nigeria’s Creative Economy: Rebuilding Theatre Culture for a Sustainable Future”, which encapsulates the challenges and opportunities ahead.

Inspiring and thought-provoking plenary

The celebration began with a thought-provoking plenary session held in Blue Pictures Cinema, City Mall, Onikan, Lagos, on the theme “Unbundling Nigeria’s Creative Economy for a Sustainable Future”, which set the tone for the day. Renowned theatre directors and producers, thespians, filmmakers, critics, arts and culture promoters, art afficionadoes, and several other dignitaries, including Dr. Ikenna Nwosu, who was the lead keynote speaker; NANTAP president, Mr. Israel Eboh fta; Managing Director, Leadway Assurance Co. Ltd. Gbenga Lesi; Ngozi Obigwe-Kunuji; Mr. Abodunrin Roberts; award winning filmmaker and writer, Femi Odugbemi; publisher, journalist, art and culture advocate, and the Secretary General of Committee for Relevant Art (CORA), Toyin Akinosho; veteran actress, Joke Silva; Interim Chairman of Lagos State Chapter of NANTAP, DT Steph Ogundele; the Group Managing Director of Royal Roots and former president of NANTAP, Greg Odutayo; former president of NANTAP, Peter Tade Adekunle; celebrated theatre director and playwright, Makinde Adeniran; celebrated actor, Sam Uche Anyamele, who was the compere, and other key stakeholders were in attendance. It was indeed, a dynamic discourse on the challenges and future of live theatre in Nigeria. Through their animated discussions, they shed light on the need for innovation, collaboration, capacity building and understanding the workings of “the components that make the creative economy one of the largest growing global economies.” Ms. Obigwe-Kunuji and Mr. Roberts presented papers on the theme. The engaging and thought-provoking plenary session provided a platform for profound insights. It was truly inspiring to witness the collective wisdom and passion of these accomplished individuals, who shared their personal experiences and offered valuable perspectives to the issues. In his address, NANTAP, Israel Eboh, urged practitioners to make theatre a creative business and stop what he called “creative exhibitionism”. He underscored the need for practitioners to take part in the creative economy, stressing that, “we must reinvent ourselves and be willing to collaborate. We must understand the business of risk sharing and mitigation. “We must be engaged in constant capacity building and understanding the workings of the many components that make the creative economy one of the largest growing global economies.” Reminiscing on the early days when NANTAP started, Joke Silva noted that it has withstood the test of time. According to her, “it has stayed as the motherboard. I pray it continues to be the motherboard and as the nature of a mother, to bring everybody together. And to be one of the organisations the government can speak to.” Speaking on the theme of the celebration, she noted, “Creative economy means a lot of structures. And when we talk of creative economy, because of the kind of person I am, I want to speak through the area I am in: theatre and film.” Highlight of the event also included a performance by Yinka Davies. Significantly, Mr. Anyamele ensured that there was no dull moment as he compered the event with characteristic finesse.

Abati tackles govt

From Blue Pictures at Onikan, the celebration continued at the historic and vibrant Freedom Park, Broad Street, Lagos, where the Lagos State Chapter of NANTAP, feted guests and practitioners to another intellectual discourse on the theme “Unbundling Nigeria’s Creative Economy: Rebuilding Theatre Culture for a Sustainable Future”, spiced with thrilling theatrical performances. At the event, organised by the Lagos Chapter of NANTAP, renowned journalist and television anchor and newspaper columnist, Dr. Reuben Abati, expressed concerns over the conditions of the National Theatre and other art and culture centres in Nigeria. He lamented the loss of the National Theatre’s former glory, despite government efforts to renovate and restore it, noting that, “some parts of the theatre have been turned to beer parlor. The trees are no longer there. What is happening at the national theatre, is that transformation?” Drawing from his own experience in the theatre community, Dr. Abati emphasised the importance of preserving cultural heritage. He noted that the right to cultural identity is enshrined in the constitution and called for a centralised approach to support the arts, culture, and creative industries. Abati also noted that the theme of this year’s World Theatre Day, “Unbundling Nigeria’s Creative Economy for A Sustainable Future,” underscored the need for government support in creating a sustainable economy for artists. He urged the government to adopt a more positive attitude towards the sector to achieve this goal saying, “The right to cultural identity is a legitimate constitutional right and theatre is an important part of the heritage that we all share. That is why we have National Galleries, National Museums, and monuments.” The event brought together notable thespians, members of NANTAP and other stakeholders in the arts and culture sector. Attendees enjoyed The World Theatre Day event served as a platform for reflection and celebration of Nigeria’s rich theatrical tradition. The event was not all about speeches, as there rich theatrical performances including music, dance, and the stage presentation of ‘Yoruba Romance’, a play written by Tyrone Terrence and directed by Kenneth Uphopho fta. The three-cast play humorously addressed the challenges of inter-tribal marriage, celebrated the uniqueness of each Nigerian tribe, and explored the challenges of singlehood. As with the plenary at Blue Pictures Cinema, City Mall, Onikan, Mr. Anyamele, who was also the compere at Freedom Park, ensured that there was no dull moment.

Transcorp Power Plc, one of the power subsidiaries of Nigeria’s leading listed conglomerate, Transnational Corporation Plc, has released its audited financial statements for the year ended December 31, 2023.

The Company reported gross earnings of N142.1 billion for the 12 months, marking a strong increase of 57.30%, from N90.34 billion reported in FY 2022. Profit before tax showed a similar impressive year-on-year growth, surging by 84.61% to N52.8 billion, from N28.6 billion reported in the previous year.

Commenting on the results, Peter Ikenga, Managing Director/CEO of Transcorp Power attributed the substantial growth to the Company's strong operational capabilities and effective business strategies.

"We are proud of the significant progress we have made in delivering value to our shareholders and other stakeholders. This performance is a testament to the dedication and hard work of our team, as well as our focus on operational efficiency and ingenuity," Ikenga stated.

With earnings per share standing at N92.25, Transcorp Power continues to deliver significant returns to its investors, reaffirming its position as a leading player in the power sector. The Company, which was listed on the main board of the Nigerian Exchange on March 4, 2024, has continued to enjoy impressive market confidence.

In line with its commitment to shareholder value, the Board of Directors has proposed a final dividend of N3.13 to shareholders. This dividend payout reflects the Company's strong financial position and underscores its dedication to rewarding shareholders for their support and investment in the Company.

Transcorp Group continues to demonstrate its position as a major player in the African power sector, with a focus on delivering reliable power solutions to meet the needs of its customers and stakeholders, in line with its mission of improving lives and transforming Africa. Transcorp Power operates the 972 MW gas-fired Ughelli Power Plant, while non-quoted Transcorp Group subsidiary TransAfam Power operates the 966 MW gas-fired Afam Power Plant, with total joint installed capacity of approximately 2,000 MW. In 2023, executing its strategy of value chain optimisation, Transcorp Group invested in the Abuja Electricity Distribution Company (AEDC) to ensure power gets to the last mile users safely and reliably.

Transcorp Power Plc is one of Nigeria’s principal power generation companies and an electricity generating subsidiary of Transnational Corporation Plc (“Transcorp Group”), a leading African listed conglomerate, with strategic investments in the power, hospitality, and energy sectors. Transcorp Power is committed to creating value, driving economic growth and ensuring social good, through access to plentiful and robust electricity supply.

www.transcorppower.com

The Cross River Government has said Governor Bassey Otu inherited an empty treasury from his predecessor, Benedict Ayade.

The Commissioner for Works and Infrastructure, Ankpo Edet, made this known on Wednesday during a press briefing in Calabar, the state capital.

He also revealed that the present government inherited poor infrastructure, adding that it has commenced some road rehabilitation across the state.

Edet said the Otu administration will not abandon any task started by the previous governments and has achieved significant progress in urban development.

He said: “The level of infrastructure decay we met on the ground was such that I was confused as a commissioner when I went around Calabar upon resumption.

“I am happy to announce that we have done a lot in rehabilitating most of these roads in spite of the Sen. Bassey Otu-led administration meeting empty treasury.

“Just like we had in Calabar municipality and Calabar south, so were there several unmotorable roads in Cross River north and Cross River central.

“These projects are being carried out with taxpayers’ money and so, we will work on them and also not abandon any of those we are working on now.

“You will see the serious work on the parliamentary extension road. We are using this road to be our super highway since the one embarked upon by the immediate past administration didn’t see the light of the day.”

[NaijaNews]

According to data from the Debt Management Office (DMO), the total public debt in Nigeria is an estimated N97.34 trillion ($108.23 billion) as of December 2023.

This figure was an increase of 146% from N39.56 trillion ($95.77 billion) at the end of the previous year.  

The major reason for the significant increase is the addition of CBN’s N20 trillion ($48 billion) in Ways and Means lending to the government and about 60% devaluation of naira.   

The federal and state governments owe a combination of domestic and foreign debts. Domestic debt is made up of FGN securities, treasury bills, and more recently, CBN’s Ways and Means. On the foreign scene,

Nigeria owes countries like China, France, Germany and Japan (bilateral debts) and multilateral institutions like the World Bank, International Monetary Fund (IMF), Islamic Development Bank (IsDB) and the African Development bank (AfDB).  

 Domestic Debt 

The federal and state government mostly borrows money by issuing bonds to the domestic market in the local currency, the naira. According to the data from the DMO, Nigeria’s total domestic debt is about N59.12 trillion out of which the states owe N5.86 trillion.  The biggest sources of domestic debt as of December 2023 are FGN securities, making a total of N59.12 trillion, which make up 40% of Nigeria’s total debt.  

FGN Bonds N42.2 trillion (+169.5% YoY)  

• These are long term bonds issues by the federal government and mostly used to finance the country’s budget deficit.  
• Nigeria’s FGN Bonds increased 169.5% YoY mostly due to the addition of Ways and Means into the FGN Bonds.   
• FGN Bonds are traded on the FMDQ, Nigeria’s official market for trading government securities. It is also traded on the NGX, Nigeria premier markets for stocks and bonds.  
• Among the holders of Nigeria’s FGN Bonds include institutional investors, retail investors, foreign portfolio investors and domestic investors in general.  

Nigeria Treasury Bills N6.5 trillion (+47.5% YoY)  

• These are short term securities issued by the government via the central bank. 
• Treasury bills tenors are either 91 days, 182 days or 364 days attracting respective interest rates.  
• The data reveals Nigeria has a total of N6.5 trillion in Treasury Bills as of December 2023 up from N4.4 trillion recorded same period 2022.  
• Among the buyers of Nigeria’s Treasury bills are institutional investors, foreign portfolio investors and high net worth individuals.   

Promissory Notes N1.33 trillion (+150.8% YoY) 

• Nigeria’s issuance of Promissory Notes increased by 150.8% year-over-year, reaching N1.33 trillion, indicating a robust utilization of this financial instrument. 
• Nigerian government offer issue promissory notes to settle arrears, fund infrastructural projects and settle judgement debts. 
• This year-over-year jump also underscores the government’s reliance on these instruments to potentially ease liquidity constraints, implying that there may be an increasing number of contractors, pensioners, or other entities to whom the government owes money. 

FGN Sukuk Fund N1.09 trillion (+47.1% YoY) 

• FGN Sukuk Fund in Nigeria grows to N1.09 trillion, an increase of 47.1% compared to the previous year’s N742.56 billion.  
• Sukuk bonds are usually used to funding for infrastructure projects like roads and bridges in the country.  
• Funds raised by the DMO through the different Sukuks have been used to facilitate the construction and rehabilitation of over 4000 kilometers of roads and bridges in Nigeria. 

FGN Saving Bonds N39.18 billion (+42.4% YoY) 

• Nigeria’s FGN Saving Bonds rise to N39.18 billion, an increase of 42.4% increase year-over-year. 
• It reflects greater public investment in government-backed savings, and indicates confidence in federal savings instruments. 
• The DMO offers savings bonds monthly to interested investors. 

 Foreign Debt 

The latest data as of December 2024, confirms Nigeria’s total external debt balance is $42.5 billion (N38.22 trillion), with states owing $4.61 billion (N4.15 trillion)  

Islamic Development Bank $238.17 million (+70.01% YoY) 

• The Islamic Development Bank (IsDB) is a multilateral creditor. 
• It has significantly increased its lending to $238.17 million as of December 23, marking a substantial year-over-year surge of 70.10% from the previous $140 million. 
• This notable rise reflects the bank’s growing engagement and support for developmental projects within its member countries. 

Africa Growing Together Fund $23.35 million (+28.50% YoY) 

• Under the multilateral category, the Africa Growing Together Fund is managed by the African Development Bank (AfDB) 
• It saw a positive change as the fund’s contribution grew from $18.17 million to $23.35 million, an encouraging 28.50% increase year-over-year. 
• This uptick signals an expanded commitment to fostering sustainable growth on the continent.   

Exim Bank of China $5.17 billion (+20.30% YoY) 

• In the bilateral category, the Exim Bank of China continues to play a crucial role in financing development, with its loans rising to $5.17 billion, up by 20.30% from the previous year’s $4,293.63 million. 
• This increase underscores the strengthening financial relationship between China and its partner nations, with a focus on long-term investments in infrastructure and development. 
• Chinese loans have been used for critical infrastructures, especially in the transportation sectors. For instance, the loans have been used to fund a number of railway projects in Nigeria. 
• China is owed the highest with about about 86.7% of the total owed to countries.  

International Development Association $14.96 billion (+11.30% YoY) 

• The International Development Association (IDA) is a part of the World Bank Group. 
• Classified under multilateral debt, it has increased its financial support to $14.96 billion, marking an 11.30% increase from $13.45 billion the previous year. 
• The IDA’s consistent lending growth indicates sustained support for poverty reduction strategies and economic development programs. 

International Fund For Agricultural Development $277.4 million (+9.80% YoY) 

• The International Fund For Agricultural Development (IFAD), also a multilateral entity, has a lending increase to $277.4 million, a 9.80% rise from $252.74 million. 
• This increment demonstrates the IFAD’s ongoing commitment to agricultural development and rural poverty reduction, emphasizing the importance of the agricultural sector in driving economic progress and food security. 

What this means: Nigeria’s total public debt of about N97.34 trillion is about 42% of the country’s gross domestic product (GDP), which according to international standards is well within limits but above Nigeria’ self-imposed limit of 40%.  

• More importantly, Nigeria is largely exposed to debts dominated in naira, with about 61% of the debts in local currency.  
• This effectively means the Nigerian government has a moderate grasp and control over how it manages its domestic debts. It can, for example, be in an unlikely situation where it is unable to pay down local debts and when due, print more naira to meet this obligation.  
• About 39% of the total value of debts are in foreign currency. Most of the debts are also medium to long-term Eurobonds and owed to diverse creditors. The DMO recently noted that a significant portion (63.79%) of its external debt is derived from loans from multilateral and bilateral lenders. These loans are primarily concessional or semi-concessional, indicating efforts to manage the debt burden effectively.  
• While this is a manageable figure, it is more than Nigeria’s external reserves and is becoming expensive to service.  

Nigeria is not in any favorable position to take on more foreign debts at the current rates considering the state of government revenues and the devaluation of naira. However, to meet its large budget deficits, it is likely to keep borrowing, especially by issuing more FGN securities.  

[Nairametrics]