It was another week of anti-dollar vituperations as developing and emerging economies under the BRICS group met in Johannesburg South Africa.

Former Nigerian President Chief Olusegun questioned the need for the dollar as the international reserve currency and medium of global trade.

Bloomberg reports the ex-Nigeria leader saying “I want to buy from India. Why should I use dollars? which received a loud cheer in response. Nigeria earns most of its dollars from crude oil sales but in recent times has been facing FX scarcity as a result of rising imports.

Opinions of other leaders

But it was not only the former Nigerian leader who voiced his discontent with the greenback, leaders from Brazil and Russia promoted calls for a move away from the USD and advocated for a new medium of international trade. Russia’s Vladimir Putin said in a recorded speech “The objective, irreversible process of de-dollarization of our economic ties is gaining momentum”

He went further saying the BRICS group would work to achieve the aspirations of the majority of the world’s population.

  • He said “We cooperate on the principles of equality, partnership support, and respect for each other’s interests, and this is the essence of the future-oriented strategic course of our association, a course that meets the aspirations of the main part of the world community, the so-called global majority”

Brazil’s Lula Da Silva called for an alternative currency for international trade that doesn’t jeopardize national currencies. He said,

  • “I have defended the idea of adopting a reference unit of account for trade, which will not replace our national currencies”

Why anti-dollar rhetoric is getting louder

Experts opined that the revitalized advocacy for a move away from the US dollar was necessitated by the sanctions by the United States government against Russia. Some of the sanctions include freezing Russia’s central bank assets and banning Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the international financial communication system, in February 2022. Hence there is a fear among nations that if they fall out with the West, the fate of Russia will befall them.

Long walk away from the dollar

However, creating an equitable alternative currency for international trade is not an easy task as there are many contentious questions with no easy answers.

  • Last month, the Chief financial officer of the New Development Bank (NDB)- a financial institution created by the BRICS group said “The development of anything alternative is more a medium to long term ambition. There is no suggestion right now to create a BRICS currency,”

The Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, has said that her office will probe the activities of the former Minister of Humani­tarian Affairs, Disaster Manage­ment and Social Development, Hajia Sadiya Umar Farouq.

According to Edu in an inter­view on Wednesday, the ministry will operate on transparency and so it’ll start by reviewing the so­cial register.

She said, “We’ll look at all the programmes that were done by the previous administration. What their achievements and challenges were, how money was spent and we’ll do our best to see that these challenges are over­come as we go into improving and expanding on the social safety net of our country.

“History is important. It’ll help direct, help in­form our decisions for the present and for the future. It’s important for us to look into the books.”

On the social register, she said, “We’ll go back to it and look at it in detail and verify that these people are truly the ones we intend to reach. It’s a new adminis­tration and we don’t un­derestimate the work done by the World Bank and the Office of the National Safe­ty Net.

“However, we need to be very critical of what we’re doing because Nigerians are watching and people will be held accountable”, Edu said.

She added, “President Bola Tinubu truly wants these interventions to get to those who sincerely need it. Some governors have raised concerns and this is just the right way to go about it.

“The register must be verified and updated. The people who don’t deserve to be there based on criteria will be taken off the regis­ter.

“Those who are truly poor by the criteria, and deserve to be on the social register will be included. No one will be left behind. The most important is that we must work with the state and local governments to be able to get a true social reg­ister for our country.

“I listened to some of the presentations just started at the different depart­ments, units and agencies and some of the things I could pick out was the fact that some of the registra­tions were done truly and however, the involvement of the state government and in some cases local gov­ernments was not robust as it should be.

“We’ll ensure that we have the right register that we can implement properly and hold people account­able so that truly poor peo­ple are lifted out of pover­ty,” she said.

Yet-to-be determined number of people were feared dead and many others trapped in a multi-storey building, which collapsed amidst heavy downpour on Wednesday night in Abuja.

The building is located at the ever-busy Lagos Street in Garki village area of Garki II district of Abuja.

An eyewitness, Tanko Dabo, who was at the scene after the incident, said the building was housing many apartments, while the ground floor was full of shops.

He said the building collapsed during the heavy downpour, which started around 11:50pm late Wednesday night.

“There was wailing all over the place after the building collapsed. Dozens of people are either dead or trapped as the building was fully occupied.

“It was a scene of helplessness with people screaming and running helter-skelter, while the heavy rain continued,” he said.

Meanwhile, a Facebook user and former aide to the immediate-past Minister of the FCT, Ikharo Attah, who took to his Facebook page to post the incident in the wee hours of Thursday, said seven persons had so far been rescued and evacuated to hospital, while others were still trapped.

He confirmed that a rescue team and other first responders were on ground at about 2am carrying out rescue operations.

He lamented that the rescue operation was, however, slow due to the ongoing rain at the time.

“They are making frantic efforts at getting an excavator to remove people from the rubble,” Attah wrote.

The current prices of calls, data, and other telecommunication services are no longer sustainable, telecom companies have stated.

This, according to them, is because of the current market realities such as increases in energy costs, inability to access foreign exchange, and more. This concern was voiced by the Chairman, Association of Licensed Telecommunication Operators of Nigeria, Gbenga Adebayo, during his industry address speech on Wednesday, at the second edition of the Nigerian Communications Commission’s Nigerian Telecommunications Indigenous Content Expo in Lagos.

He explained that even though the conversation to review prices is hard, it must be had for the industry to continue to deliver communication service in the country.

Adebayo said, “We also must have one hard conversation, I know it is difficult, but it is one we must have. The current pricing regime of the industry is not sustainable. We are basically selling below cost. It is not easy to talk about, but we cannot continue like this. We must allow market forces to determine prices. On our end, we must look at a more realistic pricing offering because today’s pricing regime is not sustainable.”

Telcos have been insisting on increasing the prices of their services following the increase in the cost of operation caused by rises in the cost of diesel and the devaluation of the naira.

In his address, the ALTON chairman congratulated the new minister of communications, Bosun Tijani, on his appointment and wished him well. However, he noted that the independence of the NCC is sacrosanct to the success of the ICT sector in Nigeria.


Adebayo opined that the politicisation of the industry has been responsible for most of the current issues besieging it. He explained that the USSD debt with banks would have cleared if political agendas had not prevailed.

He stated, “We must not subject our regulator to political agendas. The biggest problems that we have today, that we are dealing with as an industry, are some simple policy issues that have subjected to politics.

“Let me speak for a bit about the issue of USSD debt. That was a simple commercial agreement that entered into political intervention and has led us to these points. The people dealing with the problems today, both at the level of the NCC, the ministry, CBN did not create the problem.

“USSD is a provided service under a willing-buying pattern. We provide the service, and get paid for the service that was rendered. We provide the service, we don’t get paid, then we follow the rules. But when that time comes, and the policy makers intervenes, then it becomes a problem.”

He urged that the NCC must be allowed to remain independent under the new administration.

Also at the event, the Executive Vice Chairman/ Chief Executive Officer, NCC, Prof. Umar Danbatta, stated that the sector is home to two of the most valuable listed companies in Nigeria with a collective market capitalisation in excess of N10.45tn.

He also stated that the commission in 2021 and 2022, generated revenue in excess of $820m from the auction and grant of 3.5GHz Spectrum band licences to three operators for the deployment of Fifth Generation (5G) services in the country.


The EVC, who was represented by the Executive Commissioner (Technical Services), Ubale Maska, noted, “In order to sustain and further improve Quality of Service and Quality of Experience in telecommunications services in Nigeria, we must embrace indigenous content and value creation within the telecoms value chain, otherwise, increase in telecoms tariff will be inevitable.”

The EVC further added that the local SIM card industry is now worth N55bn following the ban on foreign SIM cards last year.

Last modified on Thursday, 24 August 2023 07:18

The reported death of the leader of the Russian mercenary group, Wagner, Yevgeny Prigozhin in a plane crash yesterday has raised tension and speculations around the world especially concerning the alleged plot by the militant group to back the military junta in Niger Republic.

The Niger junta led by General Abdourahmane Tchiani which toppled President Mohamed Bazoum in July was alleged to be in serious talks with Wagner for military assistance to contain a possible attack by the ECOWAS standby force after the regional bloc threatened to restore Bazoum to power through military intervention.


Unconfirmed reports said that Prigozhin was seen in Niger trying to negotiate with the junta towards counter the threat issued by the ECOWAS Heads of State and Government to use force to restore Bazoum to power if diplomacy fails.

The death of Prigozhin may have changed the equation in the country, further deepening the crisis in Niger, but experts are looking at the issue with a deep sense of caution due to Russia’s alleged deft moves in complicating issues of this nature.

Prigozhin was reported to be on the list of passengers on the aircraft that crashed in the Tver Region, Russian authorities said.

The Russian Emergencies Ministry has said that private aircraft “came down” near the village of Kuzhenkino – and all in it were killed.

The ministry said the jet was flying from Moscow to St Petersburg, and that 10 people, including three crew members, were on board. Eight bodies have been found at the crash site, according to Russian news agency. It’s not been confirmed if Prigozhin was amongst those.


Prigozhin has been keeping a low public profile since heading his short-lived mutiny in June, which lasted only 24 hours.

He last appeared in a video earlier this week which was said to have been filmed in an unspecified location in Africa.

The Wagner mercenary group was founded in 2014 and was highly active in the Ukraine war until the June mutiny.

Speaking to our correspondent yesterday on this development, Professor Femi Badejo of the Department of Political Science and International Relations, Chrisland University Abeokuta , said the reported death of Prigozhin will not alter the situation if indeed the mercenary group had an interest to protect the regime in Niger.

He said, “Wagner is a structured group; it is not a one-man show. If he is dead a new leader will arise. So, let us not personalise the group.”

The academic also castigated the idea of the threat of the use of force by ECOWAS to restore democratic order in the beleaguered West African country, stressing that there is nothing like a standby force within the context of the regional bloc.

He added that the initial threat of the use of force was just a bluff as the ECOWAS will find it very difficult to mobilise troops of such magnitude to intervene militarily in Niger if diplomacy fails. Also speaking to our correspondent on the matter, an international affairs expert, Charles Onunaiju concurred that Prigozhin’s death will not affect the situation in Niger as Wagner, he said, “is not playing any role. Even Tchiani admitted that Prigozhin is not playing any role in Niger, therefore his death will not be the end of Wagner.”


Onunaiju, who is also the director of the Centre for China Studies, an Abuja-based intellectual think tank, added that Russia’s strategic interest in Africa and especially in Niger will remain the same as Russia has found new grounds to express more antagonism towards other Western powers, especially seeing an opportunity to thwart the ambitions of NATO members in the region.

Also speaking to our correspondent, international affairs expert, Majeed Dahiru said, “I don’t think his death will change anything especially Russia ‘s interest. If Wagner is useful to Russia’s strategic interest, then Prigozhin’s death will not dissuade Russia from its territorial ambitions in Africa, which is to counter the moves of the Western powers. ”

 

UK Defence Minister Backs ECOWAS

The United Kingdom Minister for the Armed Forces, James Heappey MP, has given his country’s full support to the Economic Community West African States (ECOWAS) efforts to restore democratic order in Niger Republic following the July 26 military coup that toppled the democratically elected president Mohamed Bazoum.

Heappey arrived in Nigeria this week to meet top Nigerian defence leaders and military chiefs, to deepen defence cooperation between both countries and discuss the situation in Niger, a statement issued on Wednesday by the UK mission in Nigeria said.

During his visit, Minister Heappey met senior leaders on Wednesday within the Nigerian Ministry of Defence, as well as the Chief of Defence Staff and Chief of Army Staff.


He also met with the President of the Economic Community of West African States (ECOWAS) Commission, where he reiterated the UK’s support for ECOWAS’ ongoing diplomatic efforts to ensure a peaceful return to democracy in Niger.

Heappey said: “I’m delighted to return to Nigeria for the third time in three years. “The UK and Nigerian armed forces have a longstanding partnership through which we continue to tackle violent extremism and other security threats in West Africa and the Gulf of Guinea.

“The UK supports ECOWAS in calling for the peaceful restoration of constitutional order and democracy in Niger and we’ll work with both ECOWAS and our partners across West Africa to support them in that aim.”

He added that the UK and Nigeria enjoy a deep and long-standing security and defence relationship, underpinned by a shared desire to support regional and international peace and security.

He noted that the UK’s support to the Nigerian Armed Forces is a focus of the relationship, helping to build Nigerian capabilities to tackle security threats and instability.

“Nigeria is a key partner in promoting regional security and countering violent extremism in West Africa, including the Lake Chad Basin.

“The Nigerian Armed Forces are a leading contributor to the Multinational Joint Task Force (MNJTF), showing the resolve of its constituent nations to deliver security in the region.

“The UK recognises Nigeria’s diplomatic mediation efforts to peacefully restore democracy in Niger, through its membership of ECOWAS, and condemns in the strongest possible terms the ongoing coup against Niger’s elected-leadership.

“We stand with ECOWAS in condemnation of the illegal detention of President Mohamed Bazoum, his family, and members of the government, as well as the unacceptable conditions under which they are being held, and call for their immediate release,” he said.

 

Fagge Suggests Diplomatic Solutions

A don, Prof. Kamilu Fagge has urged the Economic Community of West African States (ECOWAS) to prioritise diplomatic solutions to resolve current political impasse in Niger Republic.

It would be recalled that Niger, one of the 15 member states of the ECOWAS had been enmeshed in political imbroglio sequel to Coup d’eta.

In a swift reaction, the ECOWAS imposed series of sanctions against the junta and threatened military action if the coup leaders failed to restore the ousted President Mohamed Bazoum.

Fagge, a lecturer with the Department of Political Science, Bayero University, Kano, made the call in an interview with the News Agency of Nigeria (NAN), yesterday in Kano.

He stressed the need for the Commission to embrace dialogue and diplomatic response to the situation.


“The best way is for the leaders to sit down to negotiate through diplomatic response to achieve an amicable political solution.

“In some cases you buttress your diplomacy with a show of force but the most stable way of resolving the crisis is through dialogue.

“This is not the first time we are having similar things, there are a lot of instances when either ECOWAS, African Union (AU) or United Nations promote dialogue and negotiations between the coup leaders and the third force want to negotiate.

“And when you reach that conclusion sometimes it is so stable.

“The irony of it is that, in this case, many of the people who are now calling for war or intervention in Niger, actually if you look at them, they too staged coups in their countries. Some were military leaders who have now ‘civilianise’, some are civilians but they staged civilian coup by distorting the constitution, and by getting themselves into office for so many years.

“We have not exhausted all those options yet, we have to exhaust those options first before opting for war.

“And in any case, war should not be an option,” he said.

According to Fagge, people welcome democratic government because it allows for freedom of expression and it comes about as a result of the concept of the people and also it is the people that decide who would rule them.

“Democracy is important in the eyes of the people. It is a government that engenders development. This is because it is accountable to the people, it promotes development and peace.

“Once you have people there are bound to be differences,” he said.

Fagge warned that the conflict portends serious economic implications for both the country and the region at large, adding the closure of Nigeria’s borders with Niger Republic compounded the problem of hunger and poverty among its citizens.

“Nigeriens get most of their things here and Nigeria is also bearing the brunt of this decision.

“It has been estimated that Nigeria loses not less than N13 billion every week by stopping trade with Niger.

“And there are speculations that Nigeria and Niger trade is a formal trade that accounts for over N170 billion annually.

“While the informal trade between the two countries accounts for over N580 billion annually.

“So, when you put these things together, it range from N900 billion to about N1 trillion that we are going to lose in terms of trade.

“Most of the people to be affected are Nigeriens who are business people transacting all sorts of businesses with Nigeriens.

“This has serious economic implications for both countries and for the region as a whole,” he said.

A local security outfit in Port Harcourt, Rivers State, Port Harcourt Local Government Authority (PLGA) Security Watch, has explained how it unravelled the burial of a newborn child by suspected cyber crime fraudsters.

The Security Watch said the infant was buried alive at Andoni waterfront in Eagle Island, Rivers State capital on Wednesday.

The outfit had identified the spot following credible information from residents that sighted a group of boys allegedly conducting incantation and digging the ground by the waterfront.

The Security outfit stormed the scene where they observed an abnormality around the waterfront. They subsequently dug the spot where the infant was suspected to have been buried.

Speaking to the press on Wednesday, the Chairman of PLGA Security Watch, Victor Ohaji said, “When we dug the place, we saw a newborn baby, a bouncing baby boy. Very fine boy that they buried.

“Immediately I called the Situation Officer of Eagle Island and informed him of our discovery so that he can relate to the Divisional Police Officer he is working with.

“The police and neighbourhood watchmen joined us. So we started going around Eagle Island to see if we could find the suspects.

“We even moved from one hotel to another in the area, and lo and behold, we saw them coming out from a hotel. And as soon as we alighted from the car, they (suspects) started running.

“So, we chased after them and apprehended them. There were twelve of them. So we took them to the police station and the baby.”

“While we were there, the leader of the yahoo boys was shouting, ranting that his father is a Major General and that nothing will happen.

“He said even if they bury full human being, nothing will happen. The boy went on ranting that his father was coming. So we handed them to the police.”

On their part, the State’s Police Command said the matter has been transferred to the State Criminal Investigation and Intelligence Department for proper investigation.

The Osun State Government on Wednesday disclosed that it is still expecting the N5bn federal government pledged to make available to the state to cushion the effect of subsidy removal.

This is as the committee set up for the distribution of the rice components of the palliative disclosed that it has decided to wait for the second batch before distributing the rice to the vulnerable members of the society.


The Commissioner for Information and Public Enlightenment, Kolapo Alimi while addressing newsmen on Wednesday at the Governor’s office in Osogbo, disclosed that the state government has received the 3,000 bags of 50kg rice for the first batch but is yet to receive N5bn promised by the federal government.

“Yes, we have received all the 3,000 bags of 50kg rice from the federal government, but we have not received any amount from the N5bn it pledged to the state. I am not speaking for any state, but here in Osun, we are still expecting it and when we get it the whole world will know.

“We are still waiting for another consignment of 14,000 bags as well as 3,200MT of maize. Governor Ademola Adeleke is running an open administration, when we get it, we will definitely make public”, he said.

Also, a member of the committee on distribution, Sheikh Mustapha Olawuyi said it has decided to wait for the second batch of 14,000 bags of rice before it will distribute it to the populace.

“The State Governor, Ademola Adeleke handed over the delivered goods to us. We have drawn a template for the distribution but decided that the second batch arrived before we embark on its distribution”, he said.

The Nigeria Air Force (NAF) will soon receive 18 attack helicopters, according to the Chief of Air Staff (CAS), Air Marshal Hassan Abubakar.

Abubakar made the remarks during a one-day tour of NAF 115 Special Operations Group (SOG) formations and units in Port Harcourt on Wednesday.

He stated that the US would provide 12 attack helicopters, while the Turkish government would provide another six helicopters in September.

We are not deterred by recent developments as the Federal Government has approved the acquisition of 12 AH1 Zulu Cobra and six T129 Helicopters from the United States and Turkey respectively.

The first two T129 helicopters are scheduled to come into operation by September, to enhance our operational capabilities.

So, yes, we are saddened by the recent loss of our airplane (MI 171 helicopter) but then, we have a lot more (aircraft) coming in and our capabilities are increasing, he said.

Abubakar said he visited the state to commiserate with families of the NAF pilots and crew that died in the ill-fated helicopter crash in Niger on Aug. 14.

So, we came here to express our deepest condolences to the immediate family members of the crew that we lost.

The 115 special operations group is the home base for the airplane and all the crew that were onboard the unfortunate crash of our MI-171 helicopter.

Aside from this, we are also here to interact with the officers and men of the unit to encourage and assure them of our support in Operation Delta Safe, he added.

The deceased crew onboard the crashed aircraft included the pilot, co-pilot, and two airmen who oversaw the cabin, according to the Air Force chief.


He stated that the Air Force was currently putting measures in place to end military aircraft crashes in the country.

According to him, one of the measures was the formation of an air crash investigation board to determine the probable causes of the crash and to prevent future occurrences.

Abubakar stated that the air force would continue to increase the number of attack helicopters deployed to combat illegal refineries in the Niger Delta.

He claimed that joint operations with sister security agencies had resulted in the destruction of several illegal refining sites as well as the seizure of vessels used to steal crude oil from the region.

Mr Peter Obi, the Labour Party’s (LP) presidential candidate in the February 25 election, has explained why he did not hold local government elections while governor of Anambra State.

Obi claimed he was prevented from holding local government elections due to court action.


The former governor announced the party’s mega rally in Benin to rally support for LP candidates ahead of the Edo State local government elections on September 2.

Obi said;

"As Anambra governor, I was prevented by arms of legal and litigation from conducting local government elections for over six years in the state."

The Labour Party’s Presidential Candidate, Peter Obi, will launch the party’s campaigns for the November 11 governorship election in Imo state today.


The event will take place at Owerri’s Kanu Nwankwo Stadium.

The governor of Abia State, Alex Otti, the party’s national chairman, Julius Abure, and other national officers and chieftains would join Obi to launch the campaigns in the state officially.

Athan Achonu, the LP’s governorship candidate in the state, told journalists in Owerri that everything was in place to welcome Obi and his entourage.

He stated that the party’s goal was to run an issue-based campaign in the hope of unseating the state’s All Progressives Congress government.

Achonu stated that the LP members and all supporters were looking forward to Obi’s arrival in Owerri on Tuesday.

Achonu, who was in the Senate in 2015, described Obi as a transformational leader and said the former Anambra governor inspired him to join the LP.

He claimed that his candidacy and the LP’s unwavering support in the state had already positioned the party as a lovely bride.

He stated that his campaign slogan, “Bring Investment Home,” would significantly address insecurity and food insecurity issues while promoting agriculture, education, investments, health, tourism, human capacity development, infrastructure development, and housing projects.

The Lagos State House of Assembly, on Wednesday, confirmed 22 out of the 39 cabinet nominees sent recently by Governor Babajide Sanwo-Olu for screening.

The Speaker of the House, Mudashiru Obasa, who presided over the day’s plenary, said the confirmation followed a rigorous and detailed screening of the nominees by an ad hoc committee led by the Chief Whip of the House, Fatai Mojeed.

Obasa commended the committee for its effectiveness and urged the confirmed nominees to always remember that they are in office to serve the people of the state and not individuals.

He also promised that the House would continue to do its best in the interest of the state.

Seventeen nominees were, however, rejected during the confirmation which was done through a voice vote as Obasa mentioned the name of each of the nominees.

The lawmaker representing the Ikorodu Constituency II in the House, Aro Abiodun, when contacted by our correspondent on why the 17 nominees were rejected, said he could not speak for the House but only for his constituency.

Also, when contacted by The PUNCH, the chairman of the screening committee and Chief Whip of the House, Mojeed, simply said in a text message, “It was a decision of (all) 40 members (of the House).”

However, a former member of the House who pleaded anonymity said such rejection could be for several reasons.

“A nominee may be rejected for several reasons. It may be for not having the (APC) party membership card or for presenting a controversial qualification. Other reasons could be security-related or criminal records, unexplained dismissal from office, among others.”

Asked if there would still be an opportunity for the rejected nominees to be cleared later, the ex-lawmaker said, “No. They won’t be cleared. The governor will have to send other names.”

Meanwhile, the Chief Press Secretary to Governor Sanwo-Olu, Gboyega Akosile, in a telephone chat with The PUNCH late Wednesday said the outcome of the screening and confirmation had yet to be transmitted to the governor, hence the governor had yet to know the reason for the reported rejection of some nominees.

“Mr Governor has not received it officially, but we are just hearing from the media. So, we will wait for when the Speaker transmits it to the governor, then we will know the appropriate reaction from the governor,” Akosile said.

The rejected nominees are: Folashade Adefisayo, Akin Abayomi, Yomi Oluyomi, Folashade Ambrose, Barakat Bakare, Gbenga Omotosho, Olalere Odusote, Rotimi Fashola, Bolaji Dada, Sam Egube, Olalekan Fatodu, Solape Hammond, Mosopefolu George, Aramide Adeyoye, Seun Osiyemi, Rotimi Ogunwuyi, and Olumide Oluyinka.

Last modified on Thursday, 24 August 2023 06:27