A seemingly innocuous memo from the Central Bank of Nigeria (CBN) to all banks regarding their audited financial results in the first-half, 2023, has turned controversial. The memo has in fact become a cause for serious concern to the generality of bank shareholders, investors and, indeed, the general public. The memo focuses on the unprecedented quantum leap in the incomes and profits of most banks vis-à-vis the past years’ levels of their performance. Specifically, the memo signed by the CBN’s director, banking supervision department, Haruna B. Mustafa, puts what amounts to a caveat on the incomes and profits of the banks.

According to the memo dated September 11, 2023: “banks shall not utilize their forex revaluation gains to pay dividend or meet operating expenses.” This, the memo says, is because “the CBN has reviewed the impact of the recent foreign exchange (FX) rate regime change on the banking system and observed its potential to significantly increase Naira values of banks’ foreign currency (FCY) assets and liabilities, resulting in varying levels of FX revaluation gains or losses across the industry.” And truly, most banks, sequel to the impact of the Naira floatation or exchange rates unification in June, recorded three-to-four hundred percentage jump in practically all their performance indicators, compared to figures of first-half of last year.

As it were, in compliance with the apex bank’s directive, many of the banks with established culture of paying half-year interim dividend to their shareholders, have opted to declare none (a few did, however). But in their normal cash flow (or income) expectations, bank shareholders (up until the CBN memo) have been counting on their usual interim dividend pay-out from the banks. So, to these millions of (individual) shareholders, the import of the CBN memo is a shocker—an unprecedented vicarious punishment for the fallouts of an impetuous FX policy. Half-yearly interim dividend payment by most banks has remained part of their competitive edge over the years; and their shareholders always eagerly look forward to such inflow. Even if the banks at year-end 2023 declare dividend that capture the already reported first-half of this year, the shareholders would have lost much, considering the time value of money in a hyper-inflationary environment that Nigeria is. The worth of 100 Naira in January this year is no longer the same by today: devaluation and inflation is ravaging everything!

Unwittingly, too, the CBN caveat is de-marketing the banks as far as potential investors are concerned. No discerning investor would be moved to acquire interest in business entities whose financial results are snidely taken as bubbles or mere windfall. Indeed, as we have not seen the last of what becomes of the Naira owing to its full floatation, who knows what ‘fiat’ the CBN or the powers that be could come up with, by year-end. The CBN’s memo has gone viral; and is available to the entire world. The memo therefore serves as an alarm and alert to the global village as to the volatility that rules Nigeria’s banking system—and, by extension, the entire economy.

If the body called Bankers’ Committee (comprising all bank chief executives, top officials of the CBN and headed by the apex bank’s boss) were relevant and effective, wouldn’t whatever are the likely implications of the FX policy be discussed by this August body? And consequently, these bank chiefs would then discretely manage the identified headwinds. Now, by a stroke of the pen, literally, the CBN has put a huge question mark on the performances of the banks. As it is, international financial analysts and rating agencies will certainly factor-in the reservations and opinions of the CBN in assessing and ranking Nigerian banks, going forward. The CBN memo also serves as a strong warning to stockbrokers to beware of over-pricing of the assets (stocks) of the ‘performing’ banks.

On the other hand, most banks ‘favoured’ by the FX regime change (as the CBN calls it) have practically rolled out drums for the celebration of their astounding performances. In a highly competitive industry which banking is, the ‘favoured’ ones are already riding on their latest figures to outdo the competition, and further expand even their market shares. The chief executive of one of them in his euphoria said: “the Group recorded strong double-digit growth in revenues and profits from its operations; the results also reflects the effect of sizeable revaluation gains, arising from the harmonization of currency exchange rates in Nigeria.” He continued: “our reporting currency found a new exchange level at about N756 to US$1 as of 30 June 2023, compared to N465 at the beginning of the year. The results again demonstrate the benefits of our long-held diversification strategy across Africa and globally.”

As these banks celebrate the ‘windfall’, who knows what awaits them in the rest of the year, and beyond, given the policy somersaulting proclivity and indiscretion of the Tinubu administration, so far? Unfortunately, the ‘sterling’ financial performances of the banks courtesy of the ruinous new FX regime, is also a direct indictment on them for making “paper profits” just merely from exchange rates manipulations. This shows clearly how largely ‘de-linked’ the banks are from the real sector of the economy: as most operators in the real sectors are practically being asphyxiated, the banks are reporting triple-figure increases in all performance indicators. This irony exposes the outlandishness of the Nigerian economy, and why the banks usually fail on their part in the transmission mechanism.

Unfortunately, due to motely structural and environmental challenges of the Nigerian economy, as the banks focus more on managing their risk assets, their ‘little’ credit exposure still makes them vulnerable to some headwinds. For instance, as the FX revaluation gains are rising, banks’ non-performing loans (NPLs) have begun to grow. This is in part due to the scorching effects of recent monetary and fiscal policies of the current Administration that have sent the Naira on a tailspin and pushed inflation to runaway levels. Petrol or diesel, raw materials, machineries and many critical inputs are no longer affordable to most manufacturing concerns, especially the small and medium-scale enterprises (SMEs). Not a few have closed shop; yet, others are faced with bankruptcy prospect—with the exchange rate at about N950/$ and inflation rate at almost 26 per cent!

These beleaguered business entities hit by economic policy fallouts, are customers and debtors to the banks. As they are hard hit unexpectedly by the rash economic policies, their tendency to default in loan servicing increases—all reflecting, with time, as NPLs in the books of the banks. This reality of the Nigerian business ecosystem compel the banks to pander to the credit needs of blue chips, multinationals and ‘big names’ in the oil and gas, telecoms and a few other sub-sectors. This leaves the start-ups, SMEs and MSMEs to be scorched by environmental, policy and internal factors—including little or no access to credit.

In the final analysis, as the new FX regime and kindred policies have heightened uncertainty in Nigeria’s business environment, the CBN has alerted the whole world that banks’ performances are a bubble; and unsustainable. Indeed, the apex bank has warnsed of impending prudential guidelines, and insists that they (banks) should “increase their resilience against potential volatility and/or economic shocks.”

• The author, Okeke, a practising Economist, Business Strategist, Sustainability expert and ex-Chief Economist of Zenith Bank Plc, lives in Lekki, Lagos. He can be reached via: This email address is being protected from spambots. You need JavaScript enabled to view it.

The United States-based counsel to the detained leader of the Indigenous People of Biafra (IPOB) Nnamdi Kanu, Bruce Fein, has called on President Bola Ahmed Tinubu to release the pro-Biafra activist immediately.

In an open letter to President Tinubu entitled, “Continued Criminal Detention of Mazi Nnamdi Kanu,” dated September 23, 2023, Fein stated that Kanu’s continued detention is illegal and criminal.

While describing the IPOB leader’s arrest as kidnapping, he demanded the release of Kanu from detention in compliance with the order of the United Nations Human Rights Council Working Group.

In the letter, the American lawyer told Tinubu: “You confront a choice between becoming a firefight or being the fire. The former would crown you with a possible Nobel Prize. The latter could consign you to Dante’s Seve Circles of Hell as portrayed in his Divine Comedy. You would become a firefighter by immediately ending the criminal, illegal detention of Nnamdi Kanu as ordered by the United Nations Working Group on Arbitrary Detention and Nigeria’s Court of Appeal over a year ago.”

He said the Nigerian government, earlier headed by President Muhammadu Buhari, exemplified lawlessness.

According to him: “On multiple occasions, the Nigerian government denied me the right to meet with my client or to be present in the courtroom to observe Nnamdi Kanu’s proceedings and to consult (but not to act as a licensed Nigerian practitioner).

“Nnamdi Kanu is every bit as much the leader of Biafrans as Nelson Mandela was for South Africa’s blacks.”

Fein told President Tinubu to emulate the government of South Africa under President F. W. de Klerk, which “released Nelson Mandela from Robben Island and negotiated an end to black subjugation.”

According to him, “for his political courage, vision, and magnanimity, President de Klerk was awarded the Nobel Peace Prize in 1993 jointly with Mandela,” adding: “Persisting in the wrong thing will bring you no respite. In the matter of Nnamdi Kanu’s release from criminal detention, the cause endures, the hope still lives, and the dream will never die until fulfilled.”

Recall that despite an Appeal Court judgment setting Kanu free, the Federal Government has continued holding him at the detention facility of the Directorate of State Security Service (DSS) while appealing the case with the Supreme Court.

The Labour Party (LP) has lamented the growing insecurity in the southeast, particularly the recent killings in Imo State which resulted in the death of some security operatives.

The Southeast Chapter of the Labour Party in a statement over the weekend said the general state of insecurity in the area and particularly the recent killing in Umualumaku, Ehime Mbano Local Government Area of Imo State is unnecessary and unjustified.

Naija News recalls gunmen killed no less than eight security agents in the state last week. The security agents comprised soldiers, policemen, and the Nigeria Security And Civil Defence Corps.

Reacting, the LP in a statement in Enugu weekend by the National Vice Chairman, Southeast LP, Chief Innocent Okeke lamented the killing of the security agents.

According to him, “These officers had families who depended on them for daily survival, and it is unjust that they had to answer for national calls with their lives.”

Okeke said there were many more incidents involving the killing of security operatives in the area but most were unreported and not investigated.

He lamented that no significant measures are being put in place to forestall further occurrences which has made the region further descend into a state of lawlessness and total anarchy where individuals were uncertain about their safety and residents leave in fear of death.

“The state of Imo has been tragically reduced to a graveyard, where the populace no longer fears the sight of blood and death as it flows and litters the streets daily. The sounds of firearms of varying calibres have engulfed the state, causing tensions that pose serious health concerns to both adolescents and the elderly,“ he submitted.

The North Central Forum of the All Progressive Congress (APC) has warned the Minister of the Federal Capital Territory (FCT), Nyesom Wike, against using his position to make moves for his presidential ambition in 2027.

Chairman of the Forum, Saleh Zazzaga, stated this over the weekend in Jos, the Plateau State capital, after an emergency meeting to assess and review the election tribunal judgement in the state.

Zazzaga claimed that the former Rivers State Governor is still backing the Peoples Democratic Party (PDP) in many of their endeavours and activities, particularly in the post-election cases in the court.

He asked Wike to come out clean and take a stand on the party he really belongs to, saying that they would not hesitate to initiate several actions against him, including legal action, should his actions run contrary to the APC’s interest.

He said, “Reports reaching us suggest that some appointive office holders like Wike are still playing double games, since he is part of the APC by appointment, while he still remains a member of the Peoples Democratic Party (PDP).

“We gathered he is still backing the PDP in many of their endeavours and activities, particularly in the post-election cases in the court.

“It is high time Wike comes out clean and takes a stand on the party he really belongs to, otherwise, should his actions run contrary to that of the APC’s interest, they will not hesitate to initiate several actions against him, including legal action.

“As someone who is holding an appointive position of the APC, a Lawyer by profession and someone reputed for doggedly fighting political-legal battles right from Rivers State, he (Wike) should come out strong and be seen to be supporting and strategising for victory for the candidates of the APC in the courts, at least in the North-Central Region, under which the FCT falls.”

Zazzaga advised Wike to be cautious in FCT demolition, land revocation and other administrative policies that will have negative outcomes, as the North Central will be the first region to bear the brunt and take the full heat of any unpalatable occurrence in the FCT.

He said the region is already going through many challenges, including security, and they would not want anything to aggravate the situation further.

The APC chieftain called on all party leaders, supporters and members alike to support all their candidates pursuing legal post-election matters in the courts.

He also urged Nigerians in general to support Tinubu, Secretary to Government of the Federation, George Akume, all the ministers and those holding appointive positions so that they can excel in their responsibilities and deliver the dividends of democracy to the nation.

A former Senate president, David Mark, has described the large number of committees in the National Assembly as unwieldy, saying having too many panels would make it difficult for them to function efficiently.

There are 152 committees in both chambers of the National Assembly. The Senate has 71 special and standing committees while the House of Representatives has 81.

The US Senate has a total of 24 committees made up of four special committees, 16 standing committees and four joint committees.

Speaking at a retreat for principal officers of the 10th National Assembly weekend at Ikot-Ekpene, Akwa Ibom State, Mark said creating many committees for patronage and political expediency is counter-productive.

He also said a situation where a lawmaker is allowed to serve in six committees was unwise because he or she will not be able to participate effectively or efficiently in the committee assignments.

Mark, who served as President of the 6th and 7th Senate, said, “The total of 71 committees (8 plus 63) in the Senate and 81 committees (7 plus 74) in the House of Representatives, in my opinion, is unwieldy. You must understand that not every senator or house member can be a chairman of a committee.

“A ranking member of a committee is as effective and influential as a chairman of the committee. Creating so many committees for patronage and political expediency is counter-productive.

“In constituting the committee, it will be advisable to ensure expertise, party spread, geographical balancing and ranking. I must emphasise the issue of ranking; it is very important in the legislature.”

[NaijaTimes]

The Attorney General of the Federation and Minister of Justice, Lateef Fagbemi has revealed why he accepted to serve in the cabinet of President Bola Tinubu.

According to the legal luminary, he accepted to serve in the administration of President Tinubu in order to contribute his quota to the progress and development of the country.

The Senior Advocate of Nigeria who said he was surprised by his nomination as a minister because he did not lobby for it, added that the time had come for the professionals and technocrats in the country not to leave the business of governance alone to the politicians but join the fray to make a change

Fagbemi spoke in Ado-Ekiti, the Ekiti state capital at the weekend when he was hosted to a reception by members of the Emmanuel Chambers led by the leader and founder of the Afe Babalola University, Aare Afe Babalola, SAN.

The event was attended by top lawyers in the country including Chief Akin Olujimi, SAN ; Chief Niyi Akintola,SAN ; Adebayo Adenipekun,SAN and the national secretary of the All Progressives Congress, Senator Ajibola Bashiru.

The minister, who was the second lawyer from the chambers to be made Attorney General of the Federation after Chief Akin Olujimi, explained that he was already collating views and ideas of stakeholders towards having a blueprint for the nation’s justice system in line with the agenda of the president for the country.

While commending his colleagues and friends for organizing the reception, he stated that the contributions of Afe Babalola to his success and achievement in the legal profession were immeasurable and unmatched, promising not to disappoint the chambers in his new role.

According to him, “ I did not submit any application nor lobby to be made the minister. I know a lot of people have been insinuating and I can say that I don’t know anything about the ministerial nomination. The president told me that, ‘ don’t allow anyone to deceive you, I want you that is why I appointed you. In fact, I did not have a CV as of the time I was nominated because I have never needed it in my life and when I got to the DSS , they were surprised I didn’t have a prepared CV.

“ I have accepted this responsibility and all I need is your advice. We cannot all be saying the way they(Politicians) have been doing it we don’t like it , then you leave them. I am not a politician but we should be there to make a change in our country.

“ Getting to a position is not the issue but maintaining the status of such a position is the issue and that is why I said it is a challenge because I know hopes are high. As I mentioned earlier, you don’t just come out and say this is what I will do, you must also follow up with how you will do it. And that is why all the critical stakeholders are being engaged to have their inputs, harmonize their views, then come out with what I will call a blueprint, in line with the Mr President’s Renewed hope agenda.”

On the call for a transformation of the country by speakers at the event, Fagbemi emphasized the need for the three tiers of government to collaborate and bring ideas together for the effective growth and development of the nation.

“ The issue of transformation of the country is not a one man business. People make the mistake of thinking that it belongs to the federal government alone, that is not correct. The correct position is to appreciate the fact that Nigeria is a federation and when you talk about a federation, each segment has to man its post.

“ In order to have any meaningful impact, progress and development, you need to engage each of these tiers of government to be on the same page and sing from the same hymn so that we can all present what I will call comprehensive development or progress in the nation,” he said.

Speaking, the ABUAD founder, Afe Babalola eulogized the achievements of Fagbemi in the legal profession since he joined his Emmanuel chambers in 1985 as corps member and conferred with the rank of SAN at the age of 37.

He called on the new Attorney general to use his office to engineer the needed change in the political system in the country with a new constitution , which he said would help the nation survive its current challenges across major sectors.

The renowned lawyer said, “ I know Lateef Fagbemi, he is an uncommon man doing uncommon things and achieving uncommon results. He is a pride to the chambers because he had learnt how to turn things around.

“ While the government may be studying the situation, the truth is that Nigerians are becoming more and more impatient. The age long adage is that we should not treat leprosy with the drugs meant for scabies. I repeat that what we need is a New Constitution.

“ I believe that with his experience , Lateef Fagbemi can turn things around and build a new Nigeria through a new constitution under which politics shall no longer be regarded as a transactional business.”

On his part, the Ekiti state governor, Biodun Oyebanji who hailed Babalola for the achievements recorded by his chambers in the legal profession by producing two Attorneys General, urged the minister to remain committed in upholding the principle of justice, fairness and the rule of law in the country.

Justice Binta Zubairu of the Court of Appeal on Sunday in Zaria said judges are not the cause of delay in the dis­pensation of justice as erro­neously believed by some Nigerians.

Zubairu made this known on the sidelines of a recep­tion organised in her honour in Zaria on recent elevation as a Justice of the Court.

Judges are being wrongly accused of delay in dispens­ing justice by the public.

“Judges work as a team with the prosecution, law­yers and others. Speedy dispensation of justice re­quires the prompt efforts of the police, prosecution, as­sembling of exhibits by law­yers and presenting them correctly before the judges in court in accordance with the laws.

“Most times the judges or magistrates are ready to ad­judicate but the prosecution would not be ready or the lawyers will come with one excuse or the other.

“These are facts that are glaring in courts but be­cause we the judges can’t voice out their frustration, all the blames are shifted and heaped on us,” she said.

She said most times it takes the police longer than usual to conclude investiga­tion in a simple case.

Zubairu commended the Zazzau Emirate for identi­fying and rejoicing with her over her promotion and ap­pointment.

According to her, her elevation to the Court of Appeal is for the joy of the entire Zazzau Emirate and humanity.

She expressed gratitude to the Almighty God for making her the first female in the Zazzau Emirate to be elevated to the rank of Jus­tice of the Court of Appeal.

“As a child, it was not my wish to be a magistrate or a judge. I wanted to be a prin­cipal of a school.

“I wanted to be a princi­pal because as a kid I desired to see that all children go to school to be educated.

“I have not in my wildest imagination, thought I will be a judge but destiny took me to the judiciary,’” she said.

Earlier, the Emir of Zaz­zau, Malam Ahmad Bamal­li said, “The emirate was proud of Justice Zubairu as the first female from the emirate to attain that height in the judiciary.”

The emir enjoined the cel­ebrant to be good ambassa­dor of the emirate by exhib­iting high sense of honesty and professionalism in her endeavour.

Also speaking, the Chair­man of the Presidential Task Force Committee on Prison Decongestion and former FCT Chief Judge, Justice Ishaq Bello, urged young judges to imbibe the culture of hard work and dedication to enable them excel.

Bello, while congratulat­ing Justice Zubairu, advised her to follow the ethics of the profession for effective delivery.

Again, despite previous experience and warnings from the relevant authorities, several states and local governments across the country have been caught unprepared for the yearly devastating rains and floods.

Investigation by the LEADERSHIP showed that despite repeated warnings by NiMET, most of the states of the federation this year suffered severe setbacks as the rains and the consequential floods swept away residents, houses and farmlands and public infrastructure such as bridges, which collapsed, especially in Bauchi, Gombe, Katsina and Plateau states.

The collapse of bridges and caving in of some highways led to parts of these states being cut off from the rest of the country.

Although most of the states were not forthcoming with the casualty level, findings showed that four states recorded 15 deaths, with Katsina having the highest (10) deaths, Kebbi (4), Plateau (3) and Lagos (1).

Officials of other states contacted by LEADERSHIP said they have the data in place.

Over 33,000 persons in 10 states were affected by floods this year, says NEMA.

[Leadership]

The Special Assistant on Public Communications to former Vice President, Atiku Abubakar, Phrank Shaibu, has urged Nigerians to be weary of what he described as a deliberate ploy by the President Bola Tinubu’s administration to use propaganda to deceive citizens.

Shaibu in a statement in Abuja, on Sunday, said Nigerians shouldn’t be deceived by the apology issued by the President’s Special Adviser on Media and Publicity, Chief Ajuri Ngelale and others because “they are only sorry they got caught.”

According to him, the President’s handlers have been caught in at least 10 embarrassing lies which are part of the orchestrated propaganda siege on Nigerians over a 117 days period.

He further said, “The fact that Tinubu has more media aides than economic and security advisers is enough to prove that his administration would rely on propaganda as a state policy.

“My advice to the Nigerian media is to always fact-check any claim made by this government as this would help maintain their credibility. If the Tinubu government says it is morning, go outside to verify if the sun is shining.”

Shaibu further said, “These are the 10 lies of the Tinubu regime I have compiled so far:

“1. The first lie that was told by Bola Tinubu was in his inaugural speech, where he stated that petrol subsidy is gone. With oil prices now at $94 per barrel and naira exchanging at N1,000/$1, the price of diesel has risen to about N1,000 per litre while petrol remains at about N620 per litre. It is obvious to the discerning mind that petrol is now being subsidised, a position which all oil marketers have espoused. Nigerians should not be deceived. Tinubu’s claim that there is no subsidy is a lie from the pit of hell, and the fact that they are even hiding the information means there is no transparency, and the money is probably being stolen again.

“2. The second lie told by these charlatans was that the United Arab Emirates had lifted the visa ban on Nigerians immediately and that all Nigerians were free to visit Dubai. This lie was well celebrated by many undiscerning Nigerians whose only crime was to believe the deceptive words of an illegitimate government. UAE authorities later confirmed to CNN that it was all a lie. What a national embarrassment!

“3. A third lie told by this deceptive government is that Tinubu was the first African President to ring the NASDAQ bell. It has since been established that Malawian President, Jakaya Kikwete, rang the bell on September 21, 2011.

“4. Another lie was a statement issued by Ajuri Ngelale on August 27, 2023 where US Presidential Envoy and Assistant Secretary of State for African Affairs, Ambassador Molly Phee, was quoted as saying, “President Joe Biden is asking to meet with you on the sidelines of UNGA and you are the only African leader he has requested to meet. It is a mark of his high regard for your leadership.” Well, this has turned out to be another embarrassing lie as Tinubu has departed UNGA and never met President Biden.

“5. A fifth lie was a claim made by Tinubu on the floor of NASDAQ where he stated that “We have retooled the exchange rate to a reliable, dependable one figure floating of the naira. You are free to take in your money and bring out your money.” But this is another lie from the pit of hell. The exchange rate on the I&E Window is about N780/$1, while the rate at the parallel market is about N1,000/$1. Besides, foreign airlines still have over $600m funds stuck in Nigeria. Tinubu, therefore, lied when he said “you are free to take in your money and bring out your money.”

“6. On August 14, 2023, the Nigerian government said on its official Twitter handle that the Nigerian Air Force struck terrorists gathering at Kurebe in Shiroro LGA in Niger State. The government claimed that the terrorists were neutralised. Well, Premium Times has now revealed in its latest report that this is nothing but propaganda as those who were killed were innocent civilians. Is it not tragic that the Bola Tinubu administration has now infected the military with its lies? Indeed, once the head of the fish is rotten, the body cannot escape corruption.

“7. As part of Bola Tinubu’s propaganda programme, the Central Bank of Nigeria said on September 6, 2023 that within two weeks, it would inject $10 billion into the foreign exchange market to clear the FX backlog. Days after the deadline passed, not a single cent has been injected into the system as the naira continues its free fall. The institution that Tinubu’s leadership cannot destroy does not exist.

“8. In his inaugural speech, Tinubu said, “As your President, I shall serve with prejudice towards none.” But this has turned out to be another barefaced lie. Tinubu has been running a government of the clannish, by the clannish and for the clannish, with all key appointments in every sector going to a section of the country including CBN, FIRS, customs, army, police, immigration while he himself is the petroleum and gas minister. Tinubu appointed 10 ministers from the southwest and only five from the southeast. If this isn’t prejudice, I don’t know what it is.

“9. Last month, the Nigerian National Petroleum Company Limited claimed they had obtained an Afrexim loan of $3bn with which it would help stabilise the naira. We raised the alarm that it was all a ruse to deceive Nigerians. Now, we have been justified as the naira is now trading at $1/N1,000 on the black market, while Afrexim Bank has refused to speak on it. This was just audio money.

“10. Perhaps the biggest scam and deceit of the Tinubu administration was the Student Loan Act, which he signed on June 12. The new law provides loans for students’ tuition only. It doesn’t cover any other educational expenses. After the law was signed, all federal government schools began increasing school fees. But Dele Alake, the Special Adviser on Media as he then was, said in a statement that tuition in all government schools remains free and that the only fees that were increased were accommodation, laboratory, library and other costs. So if tuition is free and the Students Loan Act covers only tuition fee, that means the Student Loan Act is pointless, and no money will be released. In essence, Tinubu’s government has prodded government schools to increase fees while no loans will be given to the students. This is the height of deception and wickedness.”

France will withdraw its ambassador and end all military cooperation with Niger sequel to the coup, President Emmanuel Macron, has said.

“France has decided to withdraw its ambassador. In the next hours our ambassador and several diplomats will return to France,” Macron said.

The president added that military cooperation was “over” and French troops would leave in “the months to come”.

A military junta seized power in Niger on July 26, ousting President Mohamed Bazoum.

The decision followed months of animosity and protests against the French presence in the country, with regular demonstrations in the capital Niamy.

The move hampers France’s counter-terrorism operations in the Sahel and France’s influence in the region, but Mr Macron said France would “not be held hostage by the putschists”, he said on France’s TF1 and France 2 television stations.

The French president said he still regarded Bazoum, currently held hostage by the coup leaders, as the country’s “sole legitimate authority” and had informed him of his decision. He described the deposed president as a “hostage”.

“He was targeted by this coup d’etat because he was carrying out courageous reforms and because there was a largely ethnic settling of scores and a lot of political cowardice,” he said.

The Niger’s military leaders had told French Ambassador, Sylvain Itte to leave the country after they overthrew Mr Bazoum on July 26.

But the 48-hour ultimatum for him to leave, issued in August, passed with him still in place as the French government refused to comply, or to recognise the military regime as legitimate.

Macron’s statement also came hours after Niger’s coup leaders banned “French aircraft” from flying over the country.

The regional air safety organisation, ASECNA, said that Niger’s airspace was open to all national and international commercial flights except for French aircraft or aircraft chartered by France including those of the airline Air France”.

The air space would remain closed for “all military, operational and other special flights”, unless receiving prior authorisation, the message said.