Paris Saint Germain have accepted a €300 million offer to sell French striker, Kylian Mbappe to Saudi Arabian club, Al-Hilal.

According to sports journalist, Fabrizio Romano, PSG accepted the mouth-watering offer and gave the player permission to discuss personal terms with the Saudi club.

The offer which will be the world transfer record if completed includes other performance-related bonuses.

Should he accept the offer, Mbappe will become the highest paid player earning €700 million per year.

Meanwhile, Real Madrid and Arsenal are leading in the race to sign the Frenchman.

Mbappe earns around €100 million net per season. Madrid reportedly agree to pay 250 million for Mbappe.

Mbappe has for long signaled he is not interested in staying beyond the end of his current contract with the Parisians.

Al Hilal already signed Matheus Pereira from West Brom for €18.00m.

Trade Union Congress (TUC) of Nigeria has issued a fresh two-week ultimatum, demanding that the federal government fast track planned palliatives measures to ease the burden on the citizens caused by the fuel subsidy removal.

The stipulated time frame came in the light of the federal government’s apparent delay, several weeks after it hosted organised labour in a meeting where both parties agreed on the palliatives.

TUC said it felt that the Presidential Steering Committee is not working at an anticipated speed while Nigerians are suffering.

The labour centre at a briefing with journalists in Abuja said that the congress would no longer continue to hear “big grammar” around the proposed palliatives while Nigerians trek long distances to their places of business.

TUC national president, Comrade Festus Osifo, asked the Presidential Steering Committee on the palliatives to conclude its work quickly to meet the yearnings of “battered” Nigerian masses.

Osifo also demanded that the federal government lead by example and reduce the cost of governance rather than pushing the burden of the subsidy removal and making an injury to the poor Nigerians.

The congress vowed to mobilise action against the National Assembly if the legislative arm failed to justify the planned purchase of exotic vehicles for its members.

“We all know the suffering that Nigerian workers are passing today and indeed the entire Nigerian masses.

We understand the difficulty that workers are passing through as it stands today,” he noted.

He said,” We want the government to fast track and ensure that between now and the next two weeks all the committees must have submitted their work.”

He added that this is one of those things they felt that as the Trade Union Congress of Nigeria, they must bring to the limelight, saying that they would do everything possible to ensure that the government listens to them and the government fast track these processes.

“Government cannot continuously ask the workers and  the  Nigeria masses to continuously tie their belts. We have adjusted our belt while in government, they are continuously increasing the largesse.

“If they tell us that it is not a business as usual, it should not be to the detriment of the battered Nigeria masses or the downtrodden Nigerian workers. They should live by example… in a situation whereby they are pushing a log of poverty to the masses and they are living in affluence, we will not allow that to work”, he added.

Other issues raised at the briefing include; government decisive action against insecurity, reinstatement of the Lagos State chapter of RTEAN, and policies that will support a good exchange rate, among others.

[Leadership]

The Nigeria Police Force (NPF) have reaffirmed that there is no going back on the decision to withdraw officers from very important persons (VIPs) in the country.

In June, Olukayode Egbetokun, acting inspector-general of police (IGP), said personnel of the police mobile force (PMF) will no longer carry out VIPs escort and guard duties.

Egbetokun said the force will conduct an assessment of all the duties of the mobile police to ensure effective utilisation.

He said a special committee has been created to evaluate the strategies and how they will be enforced, adding that the team would be headed by the deputy inspector-general of police.

In a statement on Monday, Muyiwa Adejobi, force spokesperson, said the policy remains valid, adding that there is “no going back”.

Muyiwa said the special committee established for the policy had submitted its report to the IGP while a process for the creation of the police quick intervention squad has been “activated”.

“The force wishes to clarify that the decision to withdraw the PMF personnel from escort and guard duties stands firm, and there will be no going back on this critical policy change,” the statement reads.

“The withdrawal process has already commenced with a comprehensive report, which has been submitted by the constituted committee assigned to oversee the seamless implementation of this directive; and the IGP has activated the mobilisation process for the establishment of the police quick intervention squad which precedes the withdrawal policy.

“The decision to withdraw police mobile force personnel from VIP duties is part of ongoing efforts to optimize the allocation of resources and enhance the efficiency of the Nigeria Police Force in its core mandate of safeguarding the lives and properties of all citizens.

“While poised to ensure a smooth transition, the Nigeria Police Force is committed to providing adequate security arrangements for VIPs who are entitled to such protection.

“Meanwhile, the force will carefully consider the provisions of sections 23 to 25 of the police act 2020, in recruiting more supernumerary officers, to handle VIP security responsibilities.

“No VIP or critical infrastructure will be left unprotected as a result of the new policy.”

[TheCable]

The Nigerian Navy Ship, Pathfinder said its operatives arrested over 150 suspected oil thieves and seized about 100 boats in various parts of Rivers State in the last 16 months.

The outgoing Commander, NNS Pathfinder, Commodore Suleman Ibrahim, disclosed this while fielding questions from newsmen shortly after a send-forth parade in his honour in Port Harcourt on Monday.

Ibrahim said, “We arrested hundreds of large wooden boats. We also arrested over 150 persons for illegal oil bunkering.

“The arrest we made is quite huge and the arrested suspects were handed over to the relevant agencies for prosecutions.

“We have taken some arrested suspects to the Economic and Financial Crimes Commission and the Nigeria Security and Civil Defence Corps.”

Ibrahim thanked the commanders and heads of sister security agencies for the synergy the base enjoyed which which he said was responsible for the relative peace being enjoyed in Rivers State.

[Punch]

Nigerian banks are strategically gearing up for a major capital raise in response to various factors shaping the country’s economic landscape.

Industry insiders and market intelligence from Nairametrics indicate that several banks are actively planning to bolster their capital reserves, with some institutions already taking concrete steps to attract potential investors. 

Access Holding has taken the lead, having announced in April the successful completion of a $300 million (N240 billion assuming $800/$1) capital investment into its flagship subsidiary, Access Bank Plc.

The bank holding company notably employed a non-dilutive approach to raising the capital, signaling its innovative approach to meet capital requirements. 

Following Access Holding’s move, other banks in Nigeria have been prompted to assess their own capital needs and adopt proactive measures.

One of the major players in the Nigerian banking sector, Fidelity Bank announced plans to raise capital via a combination of a public offer and a rights issue. At the current share price of N7.3, the sales could fetch the bank fresh capital of about N96.3 billion. 

Other banks are expected to follow suit and explore similar capital-raising strategies. While not all banks have disclosed their plans officially, many are expected to include capital raise proposals as part of their upcoming Annual General Meetings (AGMs). 

FBN Holding is anticipated to announce its own capital raise soon, according to a reliable source who informed Nairametrics. 

Why the need for more capital?

In a bid to arouse the interest of institutional investors and pension funds, some banks have commenced road shows, seeking to secure substantial investments.

These engagements are seen as crucial steps in securing the necessary capital for their growth and expansion plans. 

Market experts believe that several key drivers underpin the surge in capital-raising activities among Nigerian banks.

Macro-Economic Headwinds – Firstly, the country’s economy has faced challenging headwinds, leading banks to fortify their capital base to absorb potential losses and maintain healthy balance sheets.

The increase in non-performing loans has further emphasized the importance of shoring up capital to remain compliant with regulatory capital adequacy ratios.

In discussions with Nairametrics, a pension fund manager expressed the belief that Tier 2 and regional banks should seek to raise new capital to safeguard against falling below the required 15% and 10% Capital Adequacy Requirements, respectively.  

• Additionally, such capital would facilitate the enhancement of their technology infrastructure, enabling them to compete more effectively.
• Conversely, the pension fund manager does not perceive an immediate need for Tier 1 banks to raise additional capital, as these banks possess well-established FinTech capabilities, enabling them to handle technology improvements internally. 

According to insights from an investment banker, the primary concern lies in placements and investments from an institutional perspective.

• Banks falling below the threshold required for pension funds to conduct business with may face limitations in securing placements and investments in their capital market transactions.
• This dynamic underscores the significance of maintaining adequate capital levels to attract and retain potential investors.  

The central bank recently released key financial indicators for the banking sector as of April 2023. According to the disclosure, the Capital Adequacy Ratio (CAR) stood at 12.8 per cent, the Non-Performing Loans (NPLs) ratio at 4.4 per cent, and the Liquidity Ratio (LR) at 45.3 per cent.

Changes at CBN – While these indicators may currently seem positive, there are skeptics who believe they could deteriorate under renewed scrutiny. 

• As the appointment of a new CBN Governor is imminent, analysts predict that banks will face increased scrutiny of their financial books.
• This heightened oversight may lead to loans that were previously classified as performing to be reevaluated and potentially disclosed as non-performing upon closer examination. 

Basel III – Additionally, the implementation of the latest Basel III requirements has prompted banks to seek additional capital to meet global capital adequacy benchmarks.

• Complying with these international standards is paramount to ensuring stability and resilience in the face of economic uncertainties.
• Nigeria’s central bank had set a November deadline for Nigerian banks to begin implementation of Basel II guidelines, however, no new directives or updates have been made since then. 

Competition– FinTechs, with their well-capitalized presence, have emerged as formidable competitors to traditional banks in Nigeria.

• The scarcity of the Naira earlier this year served as an eye-opener for most banks, revealing vulnerabilities in their IT infrastructure when facing the pressure of online transactions.
• During this challenging period, many banks experienced difficulties, and their IT systems crumbled under strain.
• In stark contrast, FinTech companies showcased their resilience and efficiency, as their superior and modern IT infrastructure withstood the pressure effortlessly.
• This advantageous position allowed FinTechs to gain market share, capitalizing on the opportunity presented by the shortcomings of traditional banks.

As technology continues to play a pivotal role in the industry, the ability to handle online transactions seamlessly has become a crucial factor for banks to retain their market standing and effectively serve their customers.  

Govt Policy – The Nigerian government’s signal towards a market-driven economy has opened doors for capital-intensive projects.

• Banks are positioning themselves to take advantage of economic expansion opportunities and secure significant deals that may arise in this dynamic environment.
• The government plans to spend around N30 trillion according to information contained in some of their policy documents.
•  Another critical consideration is the recent unification of the naira, which has resulted in a smaller dollar-denominated balance sheet for banks.

Pan Africa – As Nigerian banks continue with their Pan-African expansion plans, raising additional capital becomes imperative to support cross-border operations effectively.

•  The Nigerian banking sector has been strategically positioning itself for the full implementation of the African Continental Free Trade Area (AFCFTA).

Market confidence appears to have anticipated the sector’s growth, as the banking index has impressively surged 68% year-to-date, outpacing the 26.8% growth of the All-Share Index. 

As banks take proactive measures to secure capital and adapt to the changing market dynamics, investors and stakeholders are closely watching how these strategic moves will shape the future of the banking sector in Nigeria. 

 [Nairametrics]

Let me begin with the golden words of Friedrich Gustav Emil Martin Niemöller, a German theologian and Lutheran pastor. He is best known for his opposition to the Nazi regime during the late 1930s and for his widely quoted 1946 poem: "First they came for the socialists, and I did not speak out--because I was not a socialist. Then they came for the trade unionists, and I did not speak out--because I was not a trade unionist. Then they came for the Jews, and I did not speak out--because I was not a Jew. Then they came for me--and there was no one left to speak for me."

Interestingly, Nigerians are their own problems: sociopathic, subversive, sinister, religiously intolerant, and ethnic bigots. In the recent past months, I have written extensively on the subject of "Destructive" tendencies typically characterized by strong dispositions and self-advertising drives similar to the pre-'civil war' era in the sixties in Nigeria. Fast-forward to the pre and post 2023 general elections - it has been hell let loose. The concerns about the Justices presiding over the Presidential Election Petition Court (PEPC) and the Independent National Electoral Commission (INEC) having been under siege, unwarranted attack, intimidation, and harassment in recent past weeks.

Before going further, let me share with us the profound words of Chinua Achebe, a Nigerian novelist, poet, and critic who is regarded as a central figure of modern African literature. "Things Fall Apart" (1958), Achebe’s first novel, concerns traditional Igbo life at the time of the advent of missionaries and colonial government in his homeland. His principal character cannot accept the new order, even though the old one has already collapsed. In the sequel No Longer at Ease (1960) he portrayed a newly appointed civil servant, recently returned from university study in England, who is unable to sustain the moral values he believes to be correct in the face of the obligations and temptations of his new position. Reflecting on our situation and circumstances 'THINGS' have fallen apart.

First, we overlook evil, Then we permit evil. Then we legalize evil. Then we promote evil. Then we celebrate evil. Then we persecute those who still have the boldness to call it evil. Let me be very clear when the foundation of where we are today as a nation was laid, 'block by block' by former President Olusegun Obasanjo who championed and institutionalized election rigging, particularly the 2007 general elections. Obj commissioned a certain Prof Maurice Mmaduakolam Iwu, who conducted a shambolic election, the worst election in modern era. Then, it was ok! It presupposed that there was nothing wrong as long as the "Headless mob" are not offended by the outcome of the fraud. One would have expected to see the same reactions that is currently deployed at the time that the foundation was laid.

It is against this backdrop, that I begin to reflect on the post-election activities of some disgruntled elements pushing for change through unorthodox means. Firstly, it was the balkanisation of our cherished Institutions. For example the Joint Admissions and Matriculation Board, JAMB, and Mmesoma Ejikeme, but for the confession of the young lady the mob hiding behind ethnicity and religion are up on arms against JAMB on account of their biases; hypocrisy, extremism, and exuberance without corresponding wisdom. Sadly, the flip side of this is to infer that all our institutions are not worthy of the trust of our citizens. In the recent past few weeks, the same measure of incongruous has visited the Judiciary and other establishments like INEC.

These folks are brainwashed religionists and so-called extremists described by Prof Chukwuma Soludo as a "Headless mob" They're a conglomerate of "Educated" guys and gals, the only thing they lacked excessively is a political permutation. No politically savvy team will think the same line without anyone of them assuming or presuming what can their movement bring that's unwanted. I once told one of them who takes pleasure in regaling the opinions and wishes of their groups; I made it emphatically clear... (I have nothing against your perception, you own it and it is your right. However, I stand firmly on my conviction that you can't destroy state Institutions on the basis of unfounded allegations) Justice shall be done regardless of any blackmail. It was after the usual tough talk about the consequences of overrated self-delusions of judgement that must reflect their own wishes. Nevertheless, as a people, we are more concerned about Nation-building not massaging anybody's ego.

Granted that Nigeria is a very religious country and it is run by 'men of God' and Imams or prophets who encourage their congregation to practice religious rituals. An average church in Nigeria will most likely ask you to keep praying for a change instead of working for it. The value system of the country is MIRACLE instead of PRINCIPALS, PROCESSES, and PROCEDURES. Ironically, the same set of our later-day progenitors of good governance who were romancing the power that be then, just suddenly wake up to the reality of having been part of enablers of evil. The truth is that hypocrisy has completely debased our natural sense of judgement and good reasoning.

Thankfully, Prof Wole Soyinka, a 1986 Nobel Prize in Literature, succinctly captured their mood, WS posited: "...that makes them all the more noxious, for they hide behind some phony moral force. Kongi warned of populist symbolism as crass opportunism, which could set voters on a joy ride to nowhere, and ultimately end in tears." More relatively, Anyone who is too extreme and unbending in a stance be it politics, religion or any other is too biased and blinded by their beliefs to see reasons in others. This is part of the warnings and cautions that was completely ignore by those who are wishing for the impossible. IT IS TIME FOR HEALING, LET US REBUILD OUR NATION.

Richard Odusanya is a Mind Restructuring Enthusiast.

At the meeting of the National Economic Council presided over by Vice President Kashim Shettima, the issue of palliatives to mitigate the current economic hardship in the country was discussed. In the communique issued after the meeting, it was agreed that the social register used for cash transfer by the Buhari administration would be subjected to integrity test by the State Governors. Other policy measures agreed upon include reduction in the cost of governance at Federal and sub-national levels; upward review of salaries of workers; release of essential food items by the National Emergency Management Agency (NEMA); cash award for civil servants; energy transition plan from the use of fuel to gas for mass transportation as well as provision of agricultural inputs for farmers to boost food production
in the country.

However, one very vital palliative which is missing in the communique is the issue of privatization of moribund Nigerian National Petroleum Company's refineries to stimulate local production of fuel. This is the real palliative to relieve the hardship caused by continuous dependence on fuel importation. It seems that collective amnesia is a major challenge confronting the country. The truth of the matter is that the pump price of fuel will continue to rise as long as the country depends on fuel importation for domestic consumption. Fuel importation is subject to the exchange rate of the Naira which is volatile. At present, the Naira has become a very weak currency as a result of official devaluation by the Central Bank of Nigeria and the vagaries of so-called "market forces".

For the past three decades, Nigeria has been importing fuel while the local refineries remain wasting assets. This is despite abundant crude oil reserves. It is indeed a national shame and huge embarrassment that Nigeria is unable to refine a litre of fuel. It is obvious that the NNPC is incapable of running the local refineries efficiently and optimally. Huge amount of resources have been spent on "Turn Around Maintenance" without tangible result.

Another fundamental issue which requires urgent attention is the nefarious activities of currency speculators. The situation in the foreign exchange market is largely determined by the so-called black or parallel marketoperators who operate as a cartel and hold the country to ransom. There is a lot of distortion, manipulation and sabotage in the determination of the real value of the Naira relative to foreign currencies due to racketeering.

There is no way the Central Bank of Nigeria (CBN) can compete with the black market operators in determining the exchange rate of the Naira. The Naira will continue to fall while the citizens are the victims of economic exploitation. Millions of people are swimming in the ocean of poverty.

In Nigeria today, poverty walks on four legs. The people can no longer breathe due to economic suffocation. Nigeria's economy is largely import-dependent and monolithic as the major source of foreign exchange is crude oil. The primary motive of currency speculators is maximization of profit at the detriment of the macro-economy. In order to sanitize the foreign exchange market and curb the activities of economic saboteurs, only the commercial banks should be allowed to operate as foreign exchange dealers under the proper supervision of the CBN. This policy recommendation will go a long way to stabilize the exchange rate of the Naira. It is very dangerous and counter-productive to leave the economy and the fate of millions of Nigerians in the hands of foreign exchange speculators and racketeers.

*Afolabi Faramade is Programme Director and Editor-in-Chief of Journalists Against Poverty. ( Twitter. com//@JournalistsAga3)

Former Edo State Governor and Senator representing Edo North, Adams Oshiomhole, has expressed displeasure over the vandalisation of National Assembly properties by former lawmakers.

Naija News reports that Oshiomhole, during an interview on Channels Television’s Sunday Politics, accused the former lawmakers of looting office properties despite the presence of security men and women.

According to the former National Chairman of the All Progressives Congress (APC), the immediate past senators and House of Representatives members looted television sets, carpets and chairs.

He also said many of the lawmakers’ offices were left in shambles with holes in the wall, stressing he had to pay to fix his office before using it.

Oshiomhole added that the vandalisation also took place in the offices vacated by past Principal Officers of the National Assembly, whose names he will not mention.

He said, “Let me tell you one thing the National Assembly is not talking about and I don’t know why those who have a duty to speak are not speaking about it.

“I was shocked by the level of vandalisation of properties of the National Assembly. Televisions were carted away, carpets were carted away, Senators’ chairs were carted away. I had to use my money and someone also decided to deliver to me a printer, to give me a laptop to use in my office. I had to buy the carpet and pay the cost of fixing it. I had to pay some young people to clean the office to restore the new carpet. I had to pay to repaint my office. I will produce you the receipt.

“I can’t understand why and how a senate that sat on Sunday before we were inaugurated on the following Tuesday, and that level of vandalisation took place, and we have hundreds of security men and women in the National Assembly. I can never understand what happened. You find holes on the wall, even in the offices of principal officers of the senate, who I won’t get to mention.

“People told me there’s also the same level of vandalisation in the House Representatives”

The lead counsel for Endsars petitioners, Adeshina Ogunlana, has voiced his disagreement with the Lagos State Government’s stance on a leaked memo approving the mass burial of 103 EndSARS victims.

The memo, which surfaced on social media on Sunday, suggested that the state government had approved N61,285,000 for the mass burial of 103 individuals identified as victims of the 2020 EndSARS protests, causing significant public outcry.

In response to the leaked memo, the Lagos State Government clarified that those scheduled for the mass burial were not victims of the infamous Lekki Tollgate shooting.

During an appearance on Channels Television’s Sunrise Daily on Monday, Ogunlana criticized the state government’s explanation, stating it was being “clever by half.”

He said, “The government is being clever by half and they are not telling the absolute truth. Yes, I agree with the position that the 103 bodies were said, not all of them were picked up from the Lekki toll gate and its environs.

“To use the word the pathologist used at the panel, that is Professor Obafunwa, he said bodies were scavenged, and corpses were picked from different places. But around the area of Lekki Toll Gate, they were corpses too, some of them were dumped at the General Hospital, Lagos Island and all that.

“For the government now to be saying oh no there is no named citizen, the question I want to ask them is this, even the 103 corpses that they want to dispose of, do they have any names? There was no name.

“The bodies that were taken around the environment of Lekki toll gate when Baba Fafunwa was speaking, he at least identified three that were perforated with missiles.

“People saying that the 103 is proof that actually 103 people were killed at the Lekki toll gate is a very grave error and I will not join anybody saying that.

“But to say that there was no body recovered in the environs of the Lekki toll gate incident of 2020 is completely wrong,” he said.

Ogunlana asserted that government was attempting to “profit from the cruel loss of lives” by approving as much as over N60 million for the mass burial.

He added, “Even now the system of government that we have in Lagos State and by extension Nigeria is showing that they want to profit by cruel loss of lives.

“How could you say that you have approved N61 million to bury 103 degraded bodies in a mass grave? People that are unidentified, people that nobody came up to claim and all that, I mean that is horrendous.”

The Federal Government has said the tuition of students in Federal Government Colleges, also known as Unity schools, excludes tuition.

According to the government, the hike only affected boarding and textbook fees, as well as uniforms.

Naija News reported on Friday that school fees of Federal Government Colleges, otherwise known as Federal Unity Colleges, across the nation, increased from N45,000 to N100,000.

The platform gathered that the Federal Government, through the Federal Ministry of Education, has directed that new students of these colleges across the federation would pay N100,000 on resumption.

The new directive was contained in a circular from the Office of the Director of Senior Secondary Education Department of the Federal Ministry of Education, reference number ADF/120/DSSE/I, dated 25th May 2023 and addressed to all Principals of Federal Unity Colleges.

However, the government had clarified that the additional N49,500 added to the fees of JS1 students in the new school fees regime reflected on uniform, boarding, medical, utilities, textbooks, notebooks, and prospectus fees.

The documents also show that the increase in the fees for J.S.1& S.S.1 (new students) was not in tuition fees.

Similarly, other contents in the same circular ADF/120/DSSE I, addressed to Principals of the Federal government colleges for J.s.1,2 & Senior Secondary School 1&2, indicated an increment of N15,000 in boarding fees, N3000 in textbooks, and the sum of N2000 added for notebooks.

Speaking to the fee hike, the office of the Director, Senior Secondary Education Department of the Federal Ministry of Education said overheads in the federal government college system are still very low.

The office revealed that the government released funds for April 2023 two weeks ago, so fees paid by students are used to augment their feeding and other school running costs.

The office said, “The school fees were reviewed by the last administration. If you check the date on the circular, it was before President Bola Tinubu assumed office, and we released it in May to sensitise parents.

“So the slight increase is not in tuition fees. As a matter of facts, with evidence, tuition fee is still free because which child will you put in school that you will not buy books for and also buy uniform?

“The increase is insignificant as projected in the media. True be told, we don’t charge school fees. Which school will you put your child and feed him or her for three months with N30,000?

“The entire fees were reviewed across the board, not only for JS1 students.

“Uniform was added because of adulterated uniforms procured by parents for uniformity’s sake the school changed the idea so that all parents will buy same color of uniform.”

Below is a document obtained by VON with break down of the hike: