The youth wing of the apex-Igbo sociocultural organization, Ohanaeze Ndigbo, has called on the new President General of the body, Chief John Azuta-Mbata, to prioritise the release of Nnamdi Kanu, leader of the Indigenous People of Biafra (IPOB) as one of his key assignments.

The call was made by the National Publicity Secretary of the Ohanaeze Ndigbo Youth Wing, Chika Adiele, who described the move as a critical step towards uniting the Igbo nation.

He said: “One of the most important tasks before him now is to bring all segments of Igbo leadership together on the same page. The youths expect him to take the issue of Nnamdi Kanu’s release seriously.

“That would be a monumental achievement for him. If he can champion the release of our brother Nnamdi Kanu, who was illegally renditioned to Nigeria and has been detained for so long, it would be a huge win not just for him, but for all of us.”

Beyond Kanu’s release, Adiele expressed confidence in Azuta-Mbata’s ability to address the challenges faced by Igbo youths, including unemployment, lack of empowerment and insecurity.

He stressed the urgent need to engage young people constructively to address the root causes of unrest in the South East.

“Igbo youths have suffered so much under our leaders. There’s a lack of jobs, no incentives, no empowerment. Today, we see pockets of insecurity across the South East, and when you look closely, you’ll find that most of the non-state actors causing this insecurity are young people.”

He called on the new leader to engage the youth in meaningful dialogue and find sustainable solutions to their challenges.

“We need him to sit down with the youths, have an honest conversation, and figure out how to pull us out of the bushes and bring us back to the centre. This is how we can salvage Alaigbo. It’s a big part of what we expect from him,” Adiele explained.

Recent developments in the long-standing investigation into Tupac Shakur’s murder have brought renewed attention to Sean “Diddy” Combs, the renowned music mogul.

Newly released legal documents, which include a transcript of a police interview, named Diddy in connection with the infamous case.

These documents emerged against the backdrop of ongoing legal challenges faced by the billionaire entertainer, who has been in prison since his arrest in September 2024.

The allegations suggest that Diddy may have offered substantial amount for the murders of both Tupac Shakur and Death Row Records’ founder, Suge Knight.

Notably, Diddy’s name appeared 47 times within the newly surfaced transcripts from a 2009 interview with Duane “Keefe D” Davis, who is currently awaiting trial for Tupac’s murder.

In the covertly recorded interview, Keefe D refers to Diddy as the “boss” and mentioned his association with three Southside Crips gangs that allegedly played a role in the murder.

When asked directly about Diddy’s involvement, Keefe responded affirmatively, stating, “Yeah,” and elaborated on what he described as Diddy’s intense hatred towards Knight, indicating that Diddy was willing to go to great lengths for revenge.

Diddy has however denied involvement in Shakur’s death, calling the allegations “completely ridiculous” and“pure fiction.”

Recall that Sean ‘Diddy’ Combs was arrested in New York few months ago.

The arrest followed a grand jury indictment, with Combs’ lawyer, Marc Agnifilo, expressing disappointment and criticism towards the US Attorney’s Office for pursuing what he considers an unjust prosecution.

Agnifilo highlighted Sean Combs’ voluntary cooperation with the investigation and his decision to travel to New York in anticipation of the charges.

For the first time in two years, credit to the manufacturing sector recorded a quarterly decline in 2024, following weakening appetite for bank loans among manufacturers as a result of the continuous interest rate hike by the Central Bank of Nigeria (CBN). In a bid to curtail the persistent rise in the inflation rate, the CBN in two years raised the benchmark interest rate, the Monetary Policy Rate, MPR, 13 times to 27.5 per cent November last year from 11.5% in April 2022. As a result, average maximum lending rates of banks rose to 31.06 per cent in November last year from 27.37 per cent in April 2022.

Vanguard investigations showed that the ensuing high interest rate regime has weakened appetite for bank loans among manufacturers. Industry experts and analysts, who confirmed this trend, said that manufacturers now either postpone investment decisions or seek alternatives to bank loans. Reflecting the impact of manufacturers’ apathy to bank loans, Credit to the Manufacturing fell by 6.67 percent, quarteron- quarter, QoQ to N8.67 trillion in the third quarter of 2024, Q3’24 from N9.29 trillion in the preceding quarter (Q2’24).

This represents the first quarterly decline in credit to the sector in two years since the third quarter of 2022, Q3’22. Analysis of the CBN statistics also showed that the credit allocation to the manufacturing sector maintained a quarterly upward trend from Q3’22 to Q2’24, before recording a decline in Q3’24. According to the apex bank, credit to manufacturers rose QoQ by 12.3 per cent to N5.10 trillion in Q3’22; and by 9.2 per cent to N5.57 trillion in Q4’22. This upward trend continued in 2023 as credit to the sector rose QoQ by 1.8 per cent to N5.67 trillion in Q1’23; by 23.1 per cent to N6.98 trillion in Q2’23; by 5.2 per cent to N7.34 trillion in Q3’23; and by 5.3 per cent to N7.73 trillion in Q4’23. Also in Q1’24, credit to manufacturers rose QoQ by 12.5 per cent to N8.70 trillion and again by 6.8 per cent to N9.29 trillion in Q2’24.

This upward trend was however reversed in Q3’24 when credit to the sector fell by 6.67 per cent to N8.67 trillion. Manufacturers seeking other funding options Speaking to Vanguard on this development, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, said many manufacturers may have opted for other sources of funding because it does not make sense to take fresh facilities at interest rates above 39 percent.

He stated: “The manufacturing sector is struggling at this time and it has been like that for the past two years. The challenges facing the sector are enormous and, unfortunately, those challenges have not abated. There is the challenge of the foreign exchange (FX) issue. Many of our manufacturers are highly import dependent. So they are very vulnerable to this weak currency or high exchange rate.

“There is the challenge of energy costs, the challenge of cost of logistics, the challenge of clearing cargoes at the ports, particularly their raw materials, and there is the challenge of weak purchasing power of the citizens. “So, the combination of all these factors may have been responsible for the decline in the manufacturers’ demand for credit. And in any case, with interest rates at over 30 percent, I don’t think it makes sense for any manufacturer to take fresh facilities at that cost. It makes more sense for them to seek other sources of funding.

“Most of what we have in the books of the banks now as credit still outstanding to manufacturers are existing credits that they are still struggling to service. “Very few manufacturers, if at all will go for fresh facilities at these very prohibitive and outrageous interest rates. “So, this is what must have been responsible for the decline. We are hoping that 2025 will be better, so that the manufacturers can have breathing space.”

Yusuf emphasised the need for the CBN to moderate its market oriented monetary policy in order to protect the real sector of the economy. According to him, it will be difficult for any business in the real sector, especially manufacturers and farmers, to thrive with an interest rate of over 32 percent and currency depreciation that has moved from nearly N500 to a dollar in June 2023 to over N1,600 per dollar since the return to orthodox monetary policy. High lending rates, output dcline discourage borrowing for investment- MAN On his part, Director General of MAN, Segun Ajayi-Kadir, stressed that the high lending rates coupled with other factors discourages borrowing to invest in manufacturing activities.

He said: “The 6.67% decline in credit to the manufacturing sector in Q3 2024 should not come as a surprise. There is hardly any positive indicator for the sector, as it has continued to struggle with increasing production cost and dwindling consumer purchases. “The sector is not insulated from the prevailing downturn in the economy occasioned by high energy cost, exorbitant exchange rate, escalating interest rate and rising inflation. These are disincentives to investment and expansion, and by extension, borrowing. “In specific terms, a high lending rate at above 30% would discourage borrowing to invest in manufacturing activities. Manufacturers mostly depend on credit to finance their operations, so when the cost of funding increases, they are less disposed to accessing credit.

“As I earlier mentioned, the astronomical increase in cost of power by 250%, together with incessant disruption decreases productivity and output, which also diminishes the loan appetite of the average manufacturer. When manufacturers produce less, they require less credit, and this will ultimately lead to a decline in credit to the sector.” stressed that the high lending rates coupled with other other factors discourages borrowing to invest in manufacturing activities He said: “The 6.67% decline in credit to the manufacturing sector in Q3 2024 should not come as a surprise. There is hardly any positive indicator for the sector, as it has continued to strugglewithincreasingproduction cost and dwindling consumer purchases. “The sector is not insulated from the prevailing downturn in theeconomyoccasionedbyhigh energycost, exorbitantexchange rate, escalating interest rate and rising inflation. These are disincentives to investment and expansion, and by extension borrowing. “Inspecificterms, ahighlending rate at above 30% would discourage borrowing to invest in manufacturingactivities.

Manufacturers mostly depend on credittofinancetheiroperations, so when the cost of funding increases, they are less disposed to accessing credit. “As I earlier mentioned, the astronomical increase in cost of power by 250%, together with incessant disruption decreases productivity and output, which also diminishes the loan appetite of the average manufacturer. When manufacturers produce less, they require less credit, and this with ultimately lead to a decline in credit to the sector.” Businesses postpone investment decisions Highlighting the various factors behind the decline in credit to the manufacturing sector in Q3’24, HeadofEquityResearch, FBNQuest Securities, Mr. Tunde Abidoye, said that the deceleration of credit growth to single digits can be attributed to the cautious stance of the banks, who are increasingly wary of accumulating non-performing loans (NPLs) in the context of a high-interest rate environment.

“According to data from CBN, banks ’NPLratiodeterioratedby 68 bps to c.4.58%, compared with 3.9% at the end of June 2024. “Beyond the banks’ conservative lending practices, another contributing factor may be the postponement of investment decisions by businesses, driven by the restrictive monetary policy implemented by the CBN. Also, analysts at Proshare noted that the growth in Nigeria’smanufacturing sector has been extremely modest in the past two years, reflecting the negative impact of the CBN’s hawkish monetary policy stance. They noted that in 2024, interest rates reached unprecedented levels, leading to elevated finance costs for numerous manufacturing companies. “Additionally, the high borrowing costs have significantly constrained the expansion of manufacturing activities. “Inflation has added a layer of pressure, as diminished purchasing power has resulted in lower sales volumes and output.

“The challenging macroeconomic conditions have led to several companies leaving Nigeria. In the first six months of last year, some manufacturing companies, including PZCussonsNigeria PLC, Kimberly-Clark Nigeria and Diageo Plc, exited the country, adding to the several multinationals that left in 2023. “In our view, the Federal Government must effectively implement feasible and proactive measures to encourage and boost production activities in the 13 sub-sectors of the manufacturing sector, especially food, beverage and tobacco, cement, and textile apparel & footwear – the top 3 drivers.

[Vanguard]

Rejection is hard to accept, even more so from those who seem undeserving of the upper hand. For France and its former African colonies, this has led to bruised egos and impulsive actions that defy accountability.

To understand the depth of France’s roots in Africa, reference has to be made to the “Scramble for Africa” in the late 19th century, which saw European powers, including France, rapidly expand their territories. The Berlin Conference of 1884-1885 formalised this partitioning, allowing France to annex vast areas in West Africa, including present-day Senegal, Mali, Burkina Faso, Benin, Guinea, Ivory Coast, and Niger Republic.

During this period, French policies were driven by economic interests, focusing on resource extraction and agricultural production. The imposition of heavy taxes and forced labour systems led to widespread dissatisfaction among local populations, as they were often exploited for their labour without adequate compensation or support.

Discontent began to manifest more visibly after World War I. The war had significant implications for colonial subjects; many Africans served in the French army but returned home with heightened expectations for rights and representation. Little of this was met. 

A similar pattern followed World War II as notable shifts in attitudes towards colonial rule began to spread. By the late 1950s, widespread protests and uprisings were triggered across French West Africa, culminating in a wave of independence movements.

Naturally, France backed off and could only play its hands on its former colonies from faraway Europe. Successes were recorded in some areas, like economic interventions, while other cultural tactics to ingrain France back into the hearts of citizens did not yield much fruit.

“Universally, a colonial policy can only have negative effects on those who suffer from it,” Barry Diawadou, a geopolitics and diplomacy expert based in Guinea, told TheCable.

“Colonisation consists of the domination of a culture, of a system of thoughts over another culture. From this postulation, which defines the reality of the phenomenon, no form of colonisation can have positive impacts, especially when we add time and demographic factors.

“French-speaking countries tend to compare French colonisation to English, German, Portuguese, Spanish, and Dutch colonisation in Africa. From these comparisons, a trend emerges which establishes that French colonisation was the least successful in Africa.

“For example, in the concert of economic nations, apart from the French-speaking countries of the Maghreb, the most dynamic African economies remain the English-speaking countries.”

Diawadou said the relationship France had with its former territories was almost parasitic.

It was only a matter of time before the scales tipped against one of Europe’s strongest economies.

MACRON IN, ‘TERRORISM OUT’

France arguably maintained its distance in the face of the growing discontent, but not for long. Islamist militant groups began threatening the stability of the Sahel region, notably after the 2011 Arab Spring, with significant developments occurring in subsequent years. The Arab Spring was a wave of pro-democracy protests and uprisings that began in December 2010 and spread across the Middle East and North Africa. 

Soon, armed groups began to spread terror in the Sahel, killing hundreds and displacing thousands. Their sophisticated weapons were no match for armed forces maintained under weak budgets. 

The incursion saw Mali turn to France for help to combat the terrorists, with the primary goal of regaining control over territory and preventing further advances towards Bamako, the capital. France launched Operation Serval in January 2013 to achieve this.

Following the success of Operation Serval, which concluded in July 2014, France expanded its military presence in the region through Operation Barkhane, which commenced on August 1, 2014. This operation aimed to provide ongoing support to five Sahelian countries — Mali, Burkina Faso, Niger, Chad, and Mauritania — collectively known as the G5 Sahel. 

“France’s military presence was effective. It is not demeaning to recognise this,” Diawadou added.

“For a very long time, it was able to deter rebel attacks, intrusion, and the proliferation of armed groups in these former colonies. But it is true that with the implosion of Libya and the resulting circulation of weapons in the Sahelio-Saharan strip, terrorist incursions have literally reached their peak.”

Initially, French operations were welcomed, but as insecurity persisted and public dissatisfaction with local governments grew, many began to associate France with ineffective governance and continued violence. 

The military juntas that came to power in Mali, Burkina Faso, and Niger Republic often used anti-French rhetoric to legitimise their rule, portraying France as complicit in the failures of previous administrations. They framed their actions as a rejection of both corrupt leadership and foreign interference, particularly targeting France for its perceived role in perpetuating instability through its military presence. France’s condemnation of the coups and a demand that democracy return did not sit well with the junta leaders.

Soon, they began to eject French troops out of their countries, starting with Mali, which first sought the European country’s help, then to Burkina Faso, Niger, Chad. They turned to Russia and China for military and economic cooperation.

FAR-RIGHT POLITICAL IDEOLOGIES COMPOUNDING MATTERS

Late last year, Senegal and Ivory Coast, both democratic nations, joined the growing list of former French territories snipping ties with France after they announced in November their plans to expel French troops.

The announcement came as a shock considering that the countries did not have a “solid reason”, such as growing coups or worsening Islamist militants in their nations. 

Diawadou explained that the discontent grew from the growing far-right politics in France and its ideologies.

Diery Diagne, a journalist and disinformation researcher in Senegal, affirmed Diawadou’s position.

“The Senegalese are more and more developing sentiments of rejecting France,” Diagne told TheCable.

“Senegalese citizens are open to collaboration with all countries. But they want to see on the part of the partners that they respect the interest of Senegal,” she added, noting that Senegal’s turn away from France is to seek a “win-win” collaboration.

In many African nations, political movements have historically leaned towards leftist ideologies that emphasise socialism or anti-imperialism. Leaders often advocate for national sovereignty, economic independence from former colonial powers, and social equity.

Far-right parties, on the other hand, often emphasise nationalism, advocating for strict immigration controls and prioritising the interests of native populations over immigrants. 

With far-right politics emerging in France, particularly under the leadership of parties like the National Rally, a sharp discontent is stemming from concerns over the implications of immigration policies, human rights, and France’s historical relationships with its former colonies.

“Some cooperation agreements, particularly in economic matters, are considered far too unbalanced and not to the advantage of African countries,” Diawadou said.

“As examples, there are big gaps with the following topics: the purchase price of raw material, the local content issue, technology transfer, and the revenue sharing between partners.

“If you add the political climate in France and the feelings of Africans who feel rejected and deprived of their most basic rights in their quest to obtain housing and a job in France, you will easily understand why many Africans no longer believe in the French model and privileged cooperation with France. 

“Every day, African civil society observes and notes the decline in the rights of their peers in France, not only through the international media and certain French media, which clearly display their political positioning, but also through the stories of Africans on social networks.”

MACRON WIDENS DISTANCE WITH ‘UNGRATEFUL’ COMMENTS

While the rejection ripple has continued to spread, Macron has refused to take the hit.

In a speech to French ambassadors gathered at the Elysee Palace, the president described Sahelian leaders as ungrateful.

He said France was right in 2013 for its intervention to fight Islamist militants “even if those same states had now moved away from French military support”.

The French president dismissed the notion that his country had been kicked out of the Sahel region, insisting that France left after citizens decided that they no longer wanted to prioritise combating terrorism.

“France no longer belonged there because we are not at the beck and call of coup leaders,” he added.

He said Sahelian leaders forgot to thank France for combatting terrorism but expressed optimism that one day it would come.

Nina Wilen, an analyst at the Belgian Egmont Royal Institute for International Relations, said Macron’s remarks were likely a strategic error.

“It’s hard to know whether these are thought-through comments.” Wilen said, “or whether it’s something that he wants to get out there because he feels that it’s the correct thing to do.”

“But, for sure, there are quite a few French officials and military officers who are working hard to shed the image that France has in Africa as an arrogant former colonial power.

“Comments like these made by Macron really undermine their efforts in doing this.”